Northland analyst Carl Byrnes says the CMS is taking action to curb skin substitute spending with its 2026 physician fee schedule proposed rule released last night. The rule would eliminate separate selling prices and 6% reimbursement in physician offices and replace it with a single capped payment rate, the analyst tells investors in a research note. Northland expects the hospital outpatient prospective payment system proposal to post imminently and follow a similar structure. It sees this as a “key positive” for MiMedx (MDXG). The new framework supports reimbursement stability for the company and preserves access to clinically justified products, contends the firm. It keeps a Buy rating on MiMedx with a $12 price target The stock in premarket trading is down 11% to $6.05.
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