Penumbra and Veterans Health Administration to Expand Access to Rehabilitative Care using Virtual Reality

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Apr 04, 2023, 09:00 ET

Penumbra enters a three-year collaboration with VHA Office of Healthcare Innovation and Learning to test, co-develop and scale virtual reality solutions
Collaboration to develop and implement therapy software and programs on Penumbra's REAL y-Series platform to address critical veterans' needs, including remote therapeutic rehabilitation

ALAMEDA, Calif., April 4, 2023 /PRNewswire/ -- Penumbra, Inc. (NYSE: PEN), a global healthcare company focused on innovative therapies, today announced that it will collaborate with the Veterans Health Administration (VHA) Office of Healthcare Innovation and Learning (OHIL) to test, co-develop and implement rehabilitative health care solutions through virtual reality (VR).

"VHA is one of the most impactful and forward-thinking innovators in healthcare, constantly promoting discovery and adoption of the latest technologies to advance care delivery and service," said Gita Barry, president of Penumbra's Immersive Healthcare business. "It is a great honor to work with the VHA on such an important initiative to not only maximize the key benefits of rehabilitation therapy with virtual reality, but to also broadly implement these tools so veterans, whether at a VA facility or in a remote location, will have access to these offerings."

Building on Penumbra's REAL y-Series technology, the collaboration will focus on developing targeted therapy tools that address the most critical rehabilitation needs of veterans, increasing access to care by scaling VR solutions to remote areas and gaining a deep understanding of their needs to help inform future health care offerings. REAL y-Series is the only hands-free, non-tethered, multi-disciplinary VR rehabilitation platform to address high acuity to high functioning patients.

These solutions will largely be used for veteran neurorehabilitation and chronic condition management. Additionally, VHA OHIL will be able to further adopt and scale new technologies for remote therapeutic rehabilitation, remote therapeutic monitoring, and remote patient management as this solution will support asynchronous patient-provider interactions.

The REAL y-Series is currently being used in clinics and hospitals across the country to address physical rehabilitation, core and balance, cognition, functional uses, and activities of daily living.

About the REAL Immersive System Platform
Penumbra's REAL Immersive System is a platform of products that leverages virtual reality to deliver engaging, immersive healthcare designed to promote better health, including furthering functional skills, cognition and stress management. Built on advanced technology with a growing library of VR-based activities and experiences, the REAL Immersive System platform is comprised of two product solutions: REAL y-Series for clinical rehabilitation and REAL i-Series for wellness.

For more product information, please visit www.realsystem.com. For information regarding safety and risks, please visit https://www.realsystem.com/usermanual/ and https://www.realsystem.com/yseries-brief-summary/.

About Penumbra
Penumbra, Inc., headquartered in Alameda, California, is a global healthcare company focused on innovative therapies. Penumbra designs, develops, manufactures and markets novel products and has a broad portfolio that addresses challenging medical conditions in markets with significant unmet need. Penumbra supports healthcare providers, hospitals and clinics in more than 100 countries. For more information, visit www.penumbrainc.com and connect on Twitter and LinkedIn.

Forward-Looking Statements
Except for historical information, certain statements in this press release are forward-looking in nature and are subject to risks, uncertainties and assumptions about us. Our business and operations are subject to a variety of risks and uncertainties and, consequently, actual results may differ materially from those projected by any forward-looking statements. Factors that could cause actual results to differ from those projected include, but are not limited to: the impact of the COVID-19 pandemic on our business, results of operations and financial condition; failure to sustain or grow profitability or generate positive cash flows; failure to effectively introduce and market new products; delays in product introductions; significant competition; inability to further penetrate our current customer base, expand our user base and increase the frequency of use of our products by our customers; inability to achieve or maintain satisfactory pricing and margins; manufacturing difficulties; permanent write-downs or write-offs of our inventory; product defects or failures; unfavorable outcomes in clinical trials; inability to maintain our culture as we grow; fluctuations in foreign currency exchange rates; potential adverse regulatory actions; and the potential impact of any acquisitions, mergers, dispositions, joint ventures or investments we may make. These risks and uncertainties, as well as others, are discussed in greater detail in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 23, 2023. There may be additional risks of which we are not presently aware or that we currently believe are immaterial which could have an adverse impact on our business. Any forward-looking statements are based on our current expectations, estimates and assumptions regarding future events and are applicable only as of the dates of such statements. We make no commitment to revise or update any forward-looking statements in order to reflect events or circumstances that may change.

Contact

Jennifer Heth
Penumbra, Inc
[email protected]
510-995-9791

SOURCE Penumbra, Inc.