MIGS LCD withdrawals ‘takes some upside off table’ for Glaukos, says Truist

Truist notes that several MACs had published proposed local coverage determinations, or LCDs, earlier this year that broadly would have had the effect of restricting coverage for the use of multiple MIGS devices in one Combo-Cataract procedure, removing coverage for Sight Sciences’ (SGHT) OMNI and other MIGS devices, and limiting coverage for goniotomy, but points out these proposed LCDs appear to have been withdrawn. The firm thinks some investors had hoped that these proposed LCDs, if finalized, could have helped to drive share gains for Glaukos’ (GKOS) U.S. Combo-Cataract MIGS business and their withdrawal “likely takes some upside potential off the table,” but it sees this as unlikely to have a significant impact on its estimates for Glaukos. Truist maintains a Buy rating and $100 price target on Glaukos shares.