Lake Street analyst Frank Takkinen lowered the firm’s price target on CVRx to $12 from $18 and keeps a Buy rating on the shares after the 2025 Medicare Hospital outpatient reimbursement proposal, released yesterday, proposed Barostim back into level 5 APC code 5465 from new tech APC 1580. The effect of this proposed change would reduce reimbursement for Barostim in the outpatient setting from $45,000 to about $31,000, effective January 1, 2025, notes the analyst, who sees the firm’s 2025 estimate to take a 10-15% haircut if the proposal is finalized as is. The firm expects headline uncertainty to weigh on the multiple in the near term, the analyst noted.
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