RTTNews | Jul 14, 2021 10:05AM EDT

10:04 Wednesday, July 14, 2021 (RTTNews.com) - Shares of Glaukos Corp. (GKOS) are slipping nearly 25% on Wednesday's trading after the company commented on the proposed physician fee schedule for 2022.

GKOS is currently trading at $55.76, down $17.81 or 24.21%, on the Nasdaq. The stock has traded between $38.46 and $99.00 in the 52-week period. Glaukos has gained over 45% in that period.

The Centers for Medicare and Medicaid Services (CMS) recently released fee schedule for calendar year 2022.

On Wednesday, Glaukos, an ophthalmic medical technology, said it was disappointed over CMS' proposed physician fees for its trabecular microbutton bypass technology, that's used in conjunction with cataract surgery.

Glaukos estimates a proposed 2022 physician fee for Category I CPT Code 669X2 of about $565.23, representing incremental physician fee payment for the insertion of an aqueous draining device of around $34.25 versus the proposed 2022 physician fee of approximately $530.98 for Category I CPT Code 66984.

CEO Thomas Burns said, "While this is unwelcomed and unexpected news that we believe is unjustified, we are eager to engage with our key ophthalmic societies and are committed to exploring every option during the public comment period in hopes that medical providers across our network are paid appropriately for conducting these types of procedures. We remain steadfastly dedicated to transform the treatment of chronic eye diseases for the benefit of patients worldwide."

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