On Track to Profitability, Price Target Increased (MST), page-36

Nova were bullish on profitability in February 2024 when they were trying to raise capital (before the Mixed MIGS LCD was issued). But they haven't reiterated that cash flow breakeven guidance since then. And they haven't done a Call either.

They can purchase claims data to see how their products are being used. If they really didn't know, they wouldn't be able to state: "Nova Eye current revenue stream has benefited partially from, but does not rely on, Mixed MIGS usage by surgeons." Personally I think they just don't want to say.

Sight Sciences 10-Q is more candid than their Earnings Call. They actually admit their Revenues & financial condition could deteriorate due to the LCD. In the call they pretend it's all upside.

iStent is minimally invasive, more ubiquitous, and cheaper. This is probably where the bulk of the market will gravitate towards IMO. I think Glaukos is better placed in the short term.

I agree that iTrack does potentially look the superior device. But the current lack of a prospective RCT does make standalone efficacy uncertain vs iStent or OMNI, in the eyes of medical professionals.

CMS is giving canaloplasty a leg up with the temporary device intensive price uplift for a year or two. Time will tell if surgeons can be induced to see the value of iTrack as a standalone, or whether Mixed MIGS was behind the recent growth.

Good luck to all! Davo