On July 10, 2024, the Centers for Medicare and Medicaid Services (“CMS”) issued proposed payment rates for hospital outpatient and Ambulatory Surgical Center (“ASC”) services. That same day, Piper Sandler released a note stating that under the proposed CMS rules, reimbursement for CVRx’s Barostim heart failure device has been reduced by 38.1% for ASC services and by 32.9% for Hospital Outpatient Department services.
Following this news, CVRx’s stock price dropped over 38% the same day.