PRCT- Quick Take- CMS Office G-Code Proposal for PAE Could Further Enhance PAE Economics for Office Based Interventions (We Think)

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PRCT- Quick Take- CMS Office G-Code Proposal for PAE Could Further Enhance PAE Economics for Office Based Interventions (We Think)

Truist Securities

Equity Research Report July 15, 2026

HEALTHCARE: Hospital Equipment/ PROCEPT BioRobotics Corporation (PRCT)

Supplies

PRCT- Quick Take- CMS Office G-Code Proposal for PAE Could

Richard Newitter Further Enhance PAE Economics for Office Based Interventions

212-319-5883 Richard.Newitter@truist.com (We Think)

Ravi Misra Yesterday, CMS released its proposed Physician Fee Schedule (PFS) for 2027 [LINK],

212-590-0973 which included a new G-Code (effective July 1 2026) for vascular embolization

Ravi.Misra@truist.com procedures done in the office (e.g., prostatic artery embolization, [PAE]). We aren't

reimbursement experts, but our understanding is that G-codes are proposed by CMS usually

Felipe Lamar when CMS wants to bypass the AMA CPT code change process (or the agency doesn't

212-326-6137 feel like the AMA is moving fast enough/in right direction). This code, G0577, appears

Felipe.Lamar@truist.com to represent a substantially higher reimbursement vs. the current PAE office based

lab (OBL) payment and other interventional procedures to treat benign prostate

Kunal Sharma hyperplasia (BPH) in the office -- and could represent another (purely economically

212-590-0907 motivated) utilization headwind for PRCT. There will be a comment period and CMS is

Kunal.Sharma2@research.truist.com asking for feedback on the proposed G-code pricing.

Assuming we're doing the math right behind G0577, it looks like the payment in the

office/OBL could be $12.5K, or +50% next year. It seems very high to us which made us

Current Price (Jul. 14, $19.31 question whether we were interpreting it correctly, but we did check with a reimbursement 2026)