Inspire Medical downgraded at Oppenheimer after CMS issues correction

As previously reported, Oppenheimer downgraded Inspire Medical (INSP) to Perform from Outperform and removed the firm’s price target after the Centers for Medicare & Medicaid Services issued a correction, essentially stating “it incorrectly added Obstructive Sleep Apnea as a covered indication under the vagus nerve stimulation NCD.” Billing under CPT 64582 and modifier 52 “ends up being net negative” for Inspire, says the analyst, who confesses that “the timing of our upgrade given this reimbursement blunder” was “unfortunate.”