May 13, 2026
(META, GOOGL, SNAP, TikTok) AB 1709 Watch: Timeline and Outlook for California’s Youth Social Media Bill
Below we provide an update on AB 1709, legislation in California that would ban kids under 16 years old from creating accounts on social media platforms (META, GOOGL, SNAP, TikTok) with addictive features. We continue…
May 12, 2026
UNH’s Flat-Fee PBM Model Seems in Response to Rivals and Regulators [UNH, CI, CVS]
UNH’s new Optum Rx model, which shifts PBM and group purchasing organization compensation in its commercial business toward transparent flat fees, appears designed to modestly outpace similar transparency initiatives from CI and CVS while aligning…
May 11, 2026
Capitol Policy Weekly: Trump/Xi Summit, Reconciliation, E15, Warsh, Crypto, and Social Media Stocks in Play
With both the House and Senate back for the next two-week stretch before the Memorial Day recess, there is a lot happening in Washington that matters for investors, including: President Trump and President Xi’s two-day…
May 7, 2026
iRhythm (IRTC): Final LCD Signals Relief, Modest Headwind
We suspect iRhythm (IRTC) faces both relief and little more than a modest growth headwind following a finalized local coverage determination (LCD) from its primary Medicare Administrative Contractor (MAC) this morning. In keeping with expectations…
May 7, 2026
INSP: MAC Modifier Mandate
Medicare Administrative Contractor (WPS) WPS – with jurisdiction over ~13% of INSP implants – this morning updated its hypoglossal nerve LCD billing article to instruct physicians to bill for Inspire V services with a -52…
May 7, 2026
Medicare Advantage: Policy Risk Panoply
With 1Q26 earnings now largely complete for the major Medicare Advantage (MA) insurers [UNH, HUM, ALHC, CVS, ELV, CNC, MOH], near-term MA policy risks remain less acute, though far from extinguished. Congressional cuts remain unlikely…
May 5, 2026
Inspire Medical & Messy Medicare Modifiers
We view Inspire Medical’s (INSP) commentary / guidance on the risk of persistent coding and reimbursement headwinds throughout 2026 (-$120M to -$150M) as appropriately characterizing the current uncertainty, with limited prospects for near-term clarity. In…
May 4, 2026
(META) New Mexico Public Nuisance Remedies Trial Begins – Material Downside Risk and Precedent Implications
The remedies phase of State of New Mexico v. Meta Platforms (META), Inc.—a landmark public-nuisance bench trial—opens this morning in Santa Fe District Court before Judge Bryan Biedscheid, who also oversaw the earlier jury trial…
May 1, 2026
(NVDA, AMD) Congress Adds China Chip Risk, But Trump Likely Wants Flexibility
Sen. Jim Banks (R-IN) introduced his version of the AI Overwatch Act yesterday, which would, among other things, impose a two-year ban on sales of high-end AI chips such as Nvidia’s (NVDA) Blackwell systems to…
May 1, 2026
Medicaid Work Requirements: Despite Certain Restrictive Actions, Overall State Flexibility Likely Limits Risk [CNC, MOH, HCA, THC, UHS]
A wave of state actions (AR, IA, ID, IN, MO, MT, NC, NE, NH) on Medicaid community engagement requirements (aka work requirements), spanning both accelerated implementation like today’s launch in NE and in some cases,…