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While Trump said yesterday that he wants a reconciliation bill limited to funding for ICE and CBP, we think:  The odds slightly favor Republicans eventually including in the same package the administration’s ~$200 billion in defense funding to replenish stockpiles as a result of the Iran conflict.  We also think the…

As the prospects have risen for another budget reconciliation bill, so has the risk for another legislative round of healthcare spending cuts, pressuring insurers, hospitals and home care and hospice agencies as a partial pay-fors…

With government policy in a seemingly endless state of flux, we offer investors our quarterly lookahead to what we view as the most relevant catalysts across the medtech, biopharma, diagnostics, and life science tools (LST)…

With CMS set to release in the coming weeks FY27 Medicare payment proposals for inpatient providers (inpatient hospitals, hospices, inpatient rehab facilities, skilled nursing facilities, inpatient psych facilities, and long-term care hospitals), we expect most…

Recent developments on the AI front – including the Trump administration’s recently released AI policy blueprint and a letter made public today from Sens. Jim Banks (R-IN) and Elizabeth Warren (D-MA), urging an immediate pause in Nvidia (NVDA) AI chip exports to China, highlighting that while there will continue to be a great deal of sound coming out of DC, we’re…

Our review of comment submissions for CMS’s most favored nation (MFN) drug pricing model proposals in Medicare Part D (GUARD) and B (GLOBE) leave us with just ~30% odds of their being implemented. The risk…

With both chambers in session this week ahead of a scheduled two-week recess, Washington’s focus remains concentrated on a narrow set of issues, including:  The evolving U.S.-Iran conflict, which is expected to include another War Powers resolution in the Senate….

While this morning’s Senate Commerce Committee hearing, entitled “Liability or Deniability? Platform Power as Section 230 Turns 30,” was lively and somewhat surprisingly well attended, we seriously doubt any material erosion of Section 230 protections for social media companies such as Meta (META), Alphabet’s YouTube (GOOGL), and Reddit (RDDT) will pass…

We estimate roughly a 35% probability that Congress will enact a youth online safety legislative package, including the Kids Online Safety Act (KOSA), COPPA 2.0, and the Kids Off Social Media Act (KOSMA) or similar legislation. The combo of these measures would be negative for Snap (SNAP), Roblox (RBLX), Meta (META), and Alphabet’s…

We continue to expect CMS’s final CY27 rate announcement for Medicare Advantage (MA) insurers [HUM, ALHC, UNH, CVS, ELV, CNC], affecting their contracted value-based care providers [PRVA, ASTH, EVH], to produce a low single-digit increase…