Medtech

Despite some speculation, we do not expect CMS to increase hospital payments for LNTH’s Pylarify from CY25’s mean unit cost (MUC) [$3.1K] to an average sales price (ASP) methodology [$5.8K] (+85%) in the draft CY26…

Today’s hearing on the FY26 NIH budget before a Senate Appropriations Subcommittee bolsters our view [see note] that lawmakers are highly unlikely to endorse the White House request for an $18B (40%) cut, with flat…

We suspect the timeline for Medicare coverage expansion will be longer than investors anticipate for EW’s asymptomatic transcatheter aortic valve replacement (TAVR) indication. While we see eventual reductions in procedure volume requirements – expanding eligibility…

We continue to expect FY26 NIH funding to remain largely flat YoY, despite White House calls for a -40% cut weighing on life science tools (LST) names, with the House likely to produce its own…

Nearly five hours of testimony from HHS Secretary RFK Jr. yesterday on the administration’s FY26 budget request leaves us with little additional confidence in the overall trajectory for NIH spending and – by extension –…

With GKOS shares down pre-market amid questions on its earnings call last night regarding the Medicare policy issues affecting iDose and iStent sales, we offer the following takeaways: We generally agree with the company that,…

Late last week the U.S. Supreme Court (SCOTUS) ordered the parties in Kennedy v Braidwood – evaluating mandatory cost-free coverage of preventive services recommended by the U.S. Preventive Services Task Force (USPSTF) – to submit…

Following oral arguments this morning, we continue to believe that the Supreme Court will preserve HHS authority to enforce mandatory cost-free coverage of U.S. Preventive Services Task Force (USPSTF) recommendations, preserving the positive status quo…

With the Supreme Court (SCOTUS) to hear oral arguments this morning 10-11 am ET [live stream] on the legality of mandatory cost-free coverage of U.S. Preventive Services Task Force (USPSTF) recommendations, we reiterate our long-held…

With press reports indicating that the White House will seek NIH funding cuts of more than 40% in its upcoming FY26 budget release, the overhang on life science tools (LST) names [BRKR, ILMN, AVTR, A,…