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With Nvidia (NVDA) exports to China once again making headlines, we see roughly a 40–50% probability that the company will be permitted to export China-specific versions of its Blackwell chips as early as next year. …

Listening to recent earnings calls held by various Medicare Advantage (MA) insurers and value-based care providers [HUM, ALHC, AGL, UNH, CVS, ELV] leaves us with the following thoughts on the MA regulatory policy environment for…

Following reports yesterday [here, here] that the White House may announce an agreement with LLY and NVO as early as tomorrow to make obesity products available for $149 / month, “in return for coverage” under…

We continue to give ~60% odds that the Trump administration sees a partial loss in the International Emergency Economic Powers Act (IEEPA) case, which will be argued before the Supreme Court (SCOTUS) tomorrow. However, as…

Consistent with our expectations, we view MDXG and CTEC.LN as most exposed to CMS’s finalized Physician Fee Schedule (PFS) policy to reduce skin substitute payments from current Average Sales Price (ASP) / invoice levels to…

CMS’s final CY26 Medicare Physician Fee Schedule (PFS), released late Friday, offered a split-screen picture for physicians, largely depending on whether they provide care in the office / freestanding center (positive) or in a facility…

We see three topics that will be front and center in Washington this week: The government shutdown, which we believe will end this week. Tuesday’s gubernatorial elections in New Jersey and Virginia and the redistricting…

CMS’s final CY26 Physician Fee Schedule (PFS) released late Friday will reduce payments for PRCT Aquablation services by -29% in 2026, going from a volume-weighted $765 across the seven Medicare Administrative Contractors (MACs) to $542,…

We remain skeptical of MMSI’s prospects for a Wrapsody Medicare hospital outpatient transitional pass-through (TPT) payment following company confirmation last night that its application relies on an $8K list price, rather than the $5.8K net…

With President Trump in Asia and trade agreements expected between the U.S. and various countries, including at least a narrow deal with China, we held a conference call yesterday with trade expert Dr. Derek Scissors. …