CMS proposal looks favorable for ShockWave, says Piper Sandler

Piper Sandler analyst Adam Maeder keeps an Overweight rating on ShockWave Medical after the Centers for Medicare and Medicaid Services issued its proposed fiscal 2024 inpatient prospective payment system document for hospital inpatient diagnosis-related groups. If the changes pass as proposed, then intravascular lithotripsy would be "nicely advantaged" to atherectomy devices for inpatient coronary procedures in fiscal 2024, the analyst tells investors in a research note. Additionally, the level of coronary IVL reimbursement would increase next CMS fiscal year, adds the firm. It believes the updates in the proposed rule should be well-received by investors and give ShockWave’s U.S. coronary business an "additional shot in the arm" once finalized.