iRhythm plunges as Baird says Novitas posts rate that looks 'really low' (update)

Jan. 29, 2021 10:39 AM ETiRhythm Technologies, Inc. (IRTC)IRTCBy: Joshua Fineman, SA News Editor
  • iRhythm (NASDAQ:IRTC) plunges 36% after Novitas posted rates this morning that they appear to be "way lower than" the T-codes, according to Baird.
  • One rate in Texas zone 18, likely the most important rate, is posted at $42.68, while the old rates for 0297T were about $311, according to Baird.
  • "This is a massive slash on the face in the most important MAC jurisdiction for iRhythm," according to the Baird analyst.
  • IRTC remains neutral at Baird, PT $170.
  • Update 2pm: IRTC said in a statement that it believes that the published rates by Novitas today are "crosswalked from CPT codes 93224 and 93226, which are existing CPT codes for external continuous electrocardiographic recording up to 48 hours."
  • iRhythm submitted a meeting request with Novitas on Jan. 3 and anticipates meeting with Novitas, but the meeting has not yet been scheduled.
  • IRTC didn't return Seeking Alpha news request for comment.
  • IRTC short interest 14% of float.
  • Recall Dec. 2, IRhythm Tech slumps 19% on U.S. reimbursement code changes.
  • Recall March 2019 when Kerrisdale Capital published report on SA entitled "IRhythm Technologies, Inc.: Growth Reversal Will Leave Investors Heartbroken."

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