passedQORM · 2026-04-15
QORM — CMS 2026-Q2 code update is a real number, not a marketing line
Walks the CMS code expansion against QORM's reimbursable-test mix and shows where the consensus model is stale.
Fact
The CMS update, verbatim
CMS published the 2026-Q2 code expansion on 2026-04-02. Three of QORM's commercial assays move from category-III to category-I codes effective 2026-Q2.
Calculation
Mix-weighted impact
Mapping the three affected assays to FY25 disclosed test volumes implies roughly 38% of QORM's tested volume picks up the higher-reimbursement code. Holding price-per-test flat at the new code's median, that's a +14% revenue tailwind annualized into FY26-H2.
Opinion
Why this isn't fully priced
cites:Form 10-K · FY25
The single-coverage model has not been refreshed since the CMS publication. If consensus rebuilds the FY26-H2 estimate with the new codes, the rerating is mechanical, not narrative.
Disclosure: The desk and/or its principals may hold positions in QORM. Memos are independent research, not investment advice. Every material claim above ties to the citation ledger of the underlying company profile.