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Convatec Group PLC (CTEC)
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ConvaTec lifts InnovaMatrix outlook after US LCD proposals postponed
(Alliance News) - ConvaTec Group PLC on Monday increased guidance for its wound dressing treatment InnovaMatrix after proposed legislative changes in the US were postponed.
The London-based medical products and technologies company now expects InnovaMatrix sales of around USD75 million in financial 2025, up from USD50 million previously forecast.
Shares in ConvaTec opened up 3.2% at 255.40 pence in London on Monday.
On Friday, the US Centers for Medicare & Medicaid Services postponed Local Coverage Determinations for skin substitute grafts/cellular and tissue-based products for the treatment of diabetic foot ulcers and venous leg ulcers.
Under the planned LCDs, Convatec's InnovaMatrix would not be covered by Medicare for DFU/VLU treatments.
Convatec said it is "committed to continuing to work collaboratively" with the US administration and CMS on the development of future policies.
"We believe any future policies for skin substitute products should focus on serving the best interests of patients, protecting patient and provider choice, and delivering value for payors. It is vital that responsible and innovative companies like Convatec can continue to invest in pioneering skin substitute products in the US," the firm said in a statement.
Convatec said there is no change to any other financial guidance. A four-month trading update will be published on May 22.
By Jeremy Cutler, Alliance News reporter
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