Medtech

Despite the nearly ubiquitous opposition of stakeholders, we think CMS will likely finalize its intention to include continuous glucose monitors (CGMs) [DXCM, ABT] in the next round of the Competitive Bidding Program (CBP), along with…

With CMS reopening its coverage policy for colorectal cancer (CRC) screening yesterday after the close, it seems likely that the space will get a bit more crowded for EXAS and GH, as we would expect…

We remain skeptical of Merit Medical’s (MMSI) prospects for a Medicare hospital outpatient transitional pass-through (TPT) payment for its Wrapsody Cell Impermeable Endoprosthesis (CIE), following confirmation of its application last week, setting it up for…

We view the FY26 NIH funding bill released by the House Appropriations Committee last night, in advance of its markup at 5pm ET this afternoon, as positive for life science tools (LST) manufacturers, with both…

With the House Appropriations health subcommittee announcing a markup of its FY26 HHS funding bill on Tues., Sept. 2 [available here], we maintain our view that topline funding numbers for NIH will likely remain flat…

This morning’s Senate Appropriations Committee’s markup of the FY26 Labor / HHS funding bill, which includes a $400M increase (+0.8% YoY) for NIH, should serve as an interim clearing event for life science tools (LST)…

We view CMS’s clinical laboratory advisory panel today as an incremental positive for Guardant Health (GH), despite what appears to be a lack of endorsement for the company’s request that payments for Reveal (0569U: $1,644)…

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…

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 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…