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CMS’s CY26 hospital outpatient proposal last night hews closely to our expectations going in: INSP: With the company targeting use of LIVN’s cranial nerve code for its Inspire V device, payment group reassignment likely would…

We want to highlight four issues this morning: 1) Russian sanctions; 2) trade; 3) Fed Chair Jerome Powell; and 4) increased T-bill demand as a result of the GENIUS Act—all four of which for the…

We view MDXG and ORGO as most negatively exposed to CMS’s proposed skin substitute policy issued last night, which would pay physicians a flat $125 / cm2 rather than product-specific rates based on Average Sales…

While Monday night’s proposed CY26 Medicare Physician Fee Schedule (PFS) provides an annual rate increase for physicians of 3.3%+ compared to cuts during prior years, closer examination of the proposal reveals some potential reimbursement headwinds…

CMS’s draft CY26 Physician Fee Schedule (PFS) released this evening would reduce payments for PRCT’s Aquablation by -28% in 2026, going from a volume-weighted average of $765 across the seven Medicare Administrative Contractors (MACs) to…

The main focus in Washington this week will likely be on trade, as negotiations between the U.S. and various trading partners continues.  Speculation surrounding whether President Trump might yet fire Fed Chair Jerome Powell could…

We view CMS’s coverage proposal for renal denervation (RDN) [Medtronic (MDT), Otsuka (4578.JT)] as an incremental positive relative to our expectations, but likely to be largely in line in terms of its effects. With patients…

With the U.S.’s Eighth Circuit Court of Appeals vacating the Federal Trade Commission’s (FTC) “click-to-cancel” rule yesterday, we have two main takeaways:  While companies who make it difficult to cancel subscriptions dodged a bullet yesterday,…

We believe legislation to take the 90% gambling loss deduction back to 100% is ultimately likely to become law, but finding a legislative vehicle this year may not be easy. Should enactment leak into next…

While we still agree with consensus about the negative bias towards hospitals and Medicaid insurers from the One Big Beautiful Bill Act (OBBA) signed into law last Friday, we note a few tweaks in the…