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We wanted to provide an update on the potential breakup of Live Nation and Ticketmaster (LVY) after receiving some client questions on the topic. Our bottom line is that we see a 60-65% probability that…

We expect trade, appropriations and the Epstein controversy to dominate the news flow this week. Both the House and Senate are in session this week with the Senate tentatively scheduled to consider a group of…

We want to provide an update on state legislation that would allow ride-hail drivers for companies such as Uber (UBER) and Lyft (LYFT) to unionize in California. We think that California legislation, AB 1340, the…

With shares of MMSI off today – we suspect in part on investor disappointment over the lack of any discussion of the company’s Transitional Pass-Through (TPT) payment application for its Wrapsody product in CMS’s CY26…

Hospitals [CYH, ARDT, UHS, THC, HCA] were on the losing end of the stick under CMS’s proposed CY26 Medicare reimbursement rule for hospital outpatient departments (HOPDs) and ambulatory surgery centers (ASCs) for a variety of…

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…