Irhythm Technologies Inc Stock Price, News & Analysis

iRhythm Technologies (NASDAQ: IRTC) reported updated reimbursement rates for CPT codes 93243 and 93247 by Novitas Solutions, set at $103 and $115, respectively, retroactive to January 1, 2021. Despite this increase, iRhythm expressed disappointment, stating that the rates do not reflect the value of its Zio® XT service, leading to the potential discontinuation of the service for Medicare. The updated rates could have negatively impacted 2020 revenue by $41.3 million, reducing total revenue from $265.2 million to $223.8 million. Preliminary Q1 results indicate a 9% volume growth but a projected $13 million revenue decline due to the new rates.

iRhythm Technologies (NASDAQ: IRTC) announced a conference call to discuss Novitas Solutions' updated reimbursement rates for CPT codes 93243 and 93247, published on April 10, 2021. The new rates are retroactive to January 1, 2021, at $103 and $115, replacing earlier rates from January 29, 2021. iRhythm is evaluating the impact of these changes and will provide insights during the call on April 12, 2021. This announcement highlights the company's focus on enhancing cardiac care through innovative digital health solutions.

iRhythm Technologies (NASDAQ: IRTC) reported strong financial results for Q4 and full year 2020. Q4 revenue surged 33.3% to $78.8 million, driven by Zio XT volume expansion. However, gross margin slipped to 74%, reflecting rising costs. Full year revenue reached $265.2 million, a 23.6% increase, with net losses narrowed to $43.8 million. The firm's Zio XT obtained a NICE recommendation, indicating a promising future. While the company expects 5% volume growth in Q1 2021, guidance on revenue and operating expenses remains uncertain due to reimbursement challenges.

iRhythm Technologies has announced significant findings from the SCREEN-AF study published in JAMA Cardiology, demonstrating a tenfold increase in atrial fibrillation (AF) detection using its Zio wearable ECG monitoring solution compared to standard care. The study involved 856 participants aged 75 and older with hypertension. Results indicate that 75% of newly diagnosed patients were prescribed blood thinners to prevent strokes. This highlights Zio's efficacy in identifying undiagnosed AF and its potential role in improving stroke prevention strategies.

iRhythm Technologies (NASDAQ: IRTC) will announce its Q4 and full year 2020 financial results on February 25, 2021, after market close. A conference call will follow at 1:30 p.m. PT/4:30 p.m. ET, providing insights into the company's performance. iRhythm is recognized for its innovative digital healthcare solutions, particularly in cardiac care, utilizing wearable technology and advanced data analytics to enhance arrhythmia detection. This approach aims to improve clinical management and patient outcomes.

iRhythm Technologies, Inc. (NASDAQ: IRTC) has commented on Novitas Solutions' publication of rates for CPT codes 93241, 93243, 93245, and 93247. Following the CMS Calendar Year 2021 Medicare Physician Fee Schedule Final Rule, iRhythm is working with industry participants to establish appropriate pricing. A meeting with Novitas has been requested but not scheduled. The Company believes the new rates are derived from existing codes for electrocardiographic recording. Further updates will be provided as more information is obtained from Novitas.

iRhythm Technologies (NASDAQ: IRTC), a leader in digital healthcare for cardiac care, will present at the 39th Annual J.P. Morgan Healthcare Conference on January 12, 2021, at 2:50 p.m. Eastern Time. The event will be accessible via a live and archived webcast on their website. iRhythm specializes in diagnosing cardiac arrhythmias using advanced wearable biosensor devices and sophisticated data analytics to enhance patient management.

iRhythm Technologies (NASDAQ: IRTC) announced a leadership transition with Kevin King retiring as President and CEO effective January 12, 2021, and Mike Coyle stepping in. Under King's leadership, iRhythm's annual revenue grew from $5 million in 2011 to an estimated $263 million in 2020, with market capitalization increasing from $80 million to over $5.5 billion. King will remain on the board and serve as an advisor. Coyle brings extensive experience from Medtronic, positioned to leverage iRhythm's innovative Zio platform in cardiac care as the company seeks continued growth.

iRhythm Technologies (NASDAQ: IRTC) commented on the CMS 2021 MPFS Final Rule, which was released on December 1, 2020. This rule introduces new Category I CPT codes (93241-93248) for long-term ECG monitoring, replacing previous temporary codes. These codes are expected to increase reimbursement efficiency starting January 1, 2021. iRhythm anticipates widespread adoption of these codes by U.S. payors. However, the CMS did not finalize national pricing for certain ECG-related services, which may impact reimbursement negotiations with contractors.