Irhythm Technologies Inc Stock Price, News & Analysis

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.

iRhythm Technologies (NASDAQ: IRTC) has received a positive recommendation for its Zio XT remote cardiac monitoring service from the National Institute for Health and Care Excellence (NICE). This recommendation follows NICE's evaluation of digital health technologies, recognizing Zio XT as a valuable tool for patients with suspected cardiac arrhythmias who require ECG monitoring for more than 24 hours. The guidance highlights Zio XT's convenience, patient compliance, and potential cost savings compared to traditional 24-hour Holter monitoring.

iRhythm Technologies (NASDAQ:IRTC) announced the results of the three-year mHealth Screening to Prevent Strokes (mSToPS) study at the 2020 American Heart Association Scientific Sessions. This study highlights Zio's effectiveness in detecting atrial fibrillation (AF) in moderate-risk individuals. Key findings include a 48% increase in AF diagnoses compared to routine care, a significant drop in serious cardiac event incidence (8.4 vs. 13.8 per 100 person-years), and fewer hospitalizations due to bleeding. The results affirm the potential of proactive AF monitoring to enhance healthcare outcomes.

iRhythm Technologies (NASDAQ: IRTC) will present its 3-year clinical outcomes from the mSToPS trial at the AHA Scientific Sessions on November 16, 2020. The study involved 5,214 Aetna members at risk for atrial fibrillation (AF), with 1,738 enrolled for monitoring using the Zio XT patch. The trial aimed to evaluate the effectiveness of digital monitoring in diagnosing AF and its clinical consequences. A webcast will follow the presentation, discussing the implications of these findings for cardiac care. This event highlights iRhythm's commitment to improving arrhythmia detection.

iRhythm Technologies reported a robust third quarter for 2020, with revenue reaching $71.9 million, representing a 31.6% increase year-over-year and a 41.4% increase from Q2. Gross margin remained high at 74.7%, consistent with the previous year, while adjusted EBITDA turned positive at $14.8 million. The company completed a follow-on offering, generating $206.8 million in net proceeds. Cash and short-term investments totaled $327.2 million at quarter end. CEO Kevin King highlighted increased demand for the Zio XT service despite ongoing pandemic challenges.

iRhythm Technologies, Inc. (NASDAQ: IRTC) will announce its third-quarter 2020 financial results on November 5, 2020, after market close. A conference call will be held at 1:30 p.m. PT (4:30 p.m. ET) to discuss the results. Interested investors can access a live and archived webcast via the company’s website.

iRhythm specializes in digital healthcare solutions for cardiac care, utilizing wearable biosensors and advanced data analytics for improved arrhythmia diagnosis.