The shares of Glaukos Corporation (GKOS) fell -19.94% to $58.90 during pre-market trading. Glaukos stock closed Tuesday session at $73.57, down -4.45%. GKOS stock volume remained at 0.36 million shares, which is higher than the 0.34 million shares average daily within the previous 50 days. In the last year, shares of GKOS rose 88.64%, and they fell -10.86% last week.

GKOS’s stock has lost -11.3% in the past three months, and -4.69% over the past six months. GKOS currently has a market value of $3.44 billion, and it has 45.71 million outstanding shares. After commenting on the proposed physician fee schedule for 2022, GKOS stock is falling.

Which proposal was it?

Glaukos offers treatments for glaucoma, corneal diseases, and retinal diseases in the form of medical technology and pharmaceuticals. Among GKOS’ many accomplishments is the pioneering of Micro-Invasive Glaucoma Surgery, or MIGS, which changed the paradigm of glaucoma treatment and management.

As part of its MIGS device portfolio, there is the iStent, GKOS’ first MIGS device, that was introduced in 2012, the next-generation iStent inject that was introduced in 2018 and the iStent inject W that was introduced in 2020. In addition to creating a micro-scale surgical and pharmaceutical profile in glaucoma, corneal health and retinal disease, GKOS is also developing a proprietary portfolio of micro-scale diagnostics and therapeutics.

In a recent press release, Glaukos commented on Medicare’s proposed fee schedule for calendar year 2022, recently released by the Centers for Medicare and Medicaid Services (CMS).

• This proposal updates Medicare payment policies for services provided under the Physician Fee Schedule beginning on or after January 1, 2022.
• Upon the release of the Proposed Rule, a 60-day public comment period will close on September 13, 2021, culminating in the CMS’ release of the Final Rule, which is expected in November 2021 for implementation on January 1, 2022.
• It is therefore possible that the Proposed Rule will change.
• A new Category I Current Procedural Terminology (CPT) code, 669X2 (for non-complex) and 669X1 (for complex) cataract extraction in conjunction with an aqueous drainage device is included in the proposed rule and accompanying addenda.
• Using CMS 2022 Proposed Rule’s assigned facility Relative Value Units (RVUs) and associated conversion factor, GKOS estimates a proposed physician fee of $565.23 for Category I CPT Code 669X2.
• GKOS’ estimate represents an incremental physician fee of approximately $34.25 for insertion of an aqueous drain over the proposed physician fee for category I CPT Code 66984 of approximately $530.98.

GKOS said what?

Gloukos (GKOS) has expressed disappointment over CMS’ proposed physician fees for its trabecular microbutton bypass technology, that’s used in conjunction with cataract surgery. Even with this unwelcome and unjustified news, GKOS is committed to engaging its key eye societies to explore every option during the public comment period.