LSCP Laserscope (MM)

Laserscope Application for New Medicare Classification for Photo-Selective Vaporization of the Prostate is Accepted New Technology Service APC to Become Effective April 1, 2004 SAN JOSE, Calif., Nov. 4 /PRNewswire-FirstCall/ -- Laserscope , a pioneer in the development and commercialization of medical lasers and advanced fiber-optic devices, today announced that the Centers for Medicare and Medicaid Services (CMS) has notified Laserscope that its application for assignment of Photo-Selective Vaporization of the Prostate (PVP) to treat Benign Prostatic Hyperplasia (BPH) to a new technology Ambulatory Payment Classification (APC) has been accepted. CMS has determined that PVP meets the new technology APC qualification criteria and will be assigned a new APC code effective April 1, 2004. Until that time, PVP will continue to be reimbursed under current designated codes. Details regarding the specific coding information and the new associated reimbursement rates will be forthcoming prior to the reassignment. "This is extremely exciting news for us," said Eric Reuter, Laserscope's President and CEO. "Demonstrated to be a revolutionary way to treat BPH, PVP possesses both the clinical efficacy and the safety profile that separates and distinguishes it from any other known technology. Until now, however, access to this exciting new technology has been restricted due to the fact that reimbursement for the procedure was unfavorable in many geographic areas relative to the costs of the equipment and resources required to provide the procedure. We have had very constructive meetings with CMS over the past few months as we have sought ways to ensure that PVP gets fair and equitable reimbursement on both the hospital outpatient side as well as the fee schedule, or physician reimbursement, side." Reuter added, "We applied for placement of PVP in a new technology APC for two reasons. First, because PVP is a new technology, no existing Current Procedural Terminology (CPT) code fully describes the nature of this distinct procedure. As a result, information regarding the cost of furnishing PVP was being masked by claims related to other technologies. Second, we wanted to ensure that Medicare reimbursement reflects the costs incurred to furnish PVP today and in the future." "This announcement is very positive -- it indicates that CMS has recognized the uniqueness of PVP," continued Reuter. "Over the next few months, we will continue to work closely with CMS and the American Urological Association (AUA) to ensure that the hospital outpatient and physician reimbursement rates for furnishing PVP reflect the appropriate costs of performing the procedure." About Laserscope Laserscope designs, manufactures, sells and services on a worldwide basis an advanced line of medical laser systems and related energy delivery devices for the office, outpatient surgical center, and hospital markets. More information about Laserscope can be found on the Company's web site at http://www.laserscope.com/. Except for historical information presented, the matters discussed in this announcement may contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. These risks are detailed from time to time in the Company's public disclosure filings with the U.S. Securities and Exchange Commission (SEC). Copies of Laserscope's public disclosure filings with the SEC, including the most recent Annual Report on Form 10-K and the most recent forms 10-Q are available upon request from its Investor Relations Department. For further information, please contact Eric Reuter, President & CEO, or Dennis LaLumandiere, CFO, of Laserscope, +1-408-943-0636; or Tricia Ross, Analyst Contact, or, Linda Chien, General Inquiries, of FRB|Weber Shandwick, +1-310-407-6555, for Laserscope. DATASOURCE: Laserscope CONTACT: Eric Reuter, President & CEO, or Dennis LaLumandiere, CFO, of Laserscope, +1-408-943-0636, or Tricia Ross, Analyst Contact, or, Linda Chien, General Inquiries, of FRB|Weber Shandwick, +1-310-407-6555, for Laserscope Web site: http://www.laserscope.com/

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