Why Are iRhythm Shares Soaring Today?

  • iRhythm Technologies Inc IRTC commented on the CMS (Centers for Medicare and Medicaid Services) Calendar Year 2022 Medicare Physician Fee Schedule (MPFS) Final Rule.
  • In the Final Rule, CMS did not issue national pricing and continued carrier pricing on Category I CPT codes 93241, 93243, 93245, and 93247 for extended external ECG (electrocardiograph) monitoring, the relevant codes for the Company’s Zio XT service.
  • The Company and other industry participants have been working with Medicare Administrative Contractors (MACs) to establish pricing for the codes. 
  • iRhythm said it could not provide certainty on the potential outcomes of the discussions with the MACs or on the timing of any action to be taken.
  • The Company will provide further commentary, including remarks on this latest ruling by CMS, during its Third Quarter 2021 Earnings Call tomorrow.
  • Price Action: IRTC shares are up 43.20% at $110.01 during the market session on the last check Wednesday.
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