Piper says Sight Sciences reimbursement update positive, still sees ‘work to do’

Piper Sandler analyst Matt O’Brien notes that five Medicare Administrative Contractors, or MACs, announced that they are withdrawing their final Local Coverage Determinations, or LCDs, for MIGS that were scheduled to take effect on January 29 and calls the fact that there will be no change in January to the current CMS coverage for MIGS procedures performed with OMNI a ” clear positive” for Sight Sciences. However, there is “still work to be done to restart the revenue engine,” adds the firm, which reiterates its Neutral rating and $2.50 price target on Sight Sciences shares.