Sight Sciences Inc (SGHT)

Sight Sciences Inc (SGHT) stock dropped by 5.63% due to the decision by five Medicare Administrative Contractors (MACs) to withdraw their final local coverage determinations (LCDs) for Micro-Invasive Glaucoma Surgery (MIGS) that were scheduled to take effect on January 29, 2024. Here are the key details:

• Withdrawal of LCDs: The five Medicare Administrative Contractors (MACs) that previously published LCDs on MIGS, including procedures like canaloplasty in combination with trabeculotomy ab interno performed with Sight Sciences' OMNI Surgical System, have decided not to implement these final LCDs on the scheduled date of January 29, 2024.
• Impact on MIGS Coverage: The initial LCDs had identified certain MIGS procedures as investigational for glaucoma management in patients over the age of 18. This raised concerns about potential impacts on Medicare coverage for these procedures.
• Support from Sight Sciences: Sight Sciences expressed support for the decision to withdraw the final LCDs, indicating that it appreciates the careful consideration of stakeholder concerns by the MACs and the Centers for Medicare & Medicaid Services (CMS). The company looks forward to continued engagement with the MACs and CMS to ensure appropriate access to MIGS procedures for glaucoma patients.
• Acknowledgment of Stakeholder Efforts: Sight Sciences acknowledged the efforts of glaucoma surgeons, national and state eye care societies, medical associations, and patient advocacy groups in providing feedback and support during the review process. The drop in SGHT stock may be due to uncertainty or concerns related to changes in Medicare coverage for MIGS procedures and the potential impact on the company's OMNI Surgical System. Investors often react to news that could affect the market and financial prospects of healthcare companies, which could lead to stock price fluctuations.