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iRhythm plunges after Novitas publishes updated reimbursement rates (update)

Apr. 12, 2021 6:14 AM ETiRhythm Technologies, Inc. (IRTC), BAXBAX, IRTCBy: Joshua Fineman, SA News Editor9 Comments
  • Update 10:05am: Updates shares, adds Oppenheimer analyst comment.
  • iRhythm (NASDAQ:IRTC) plummeted 37% after Novitas on Saturday published Medicare reimbursements rates for its ECG monitoring devices that were well below estimates and the earlier rates.
  • The reimbursement rates for codes 93243 and 93247 at $103 and $115

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Comments (9)

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If I were the CEO--I'd fight back by ranking all the hospitals by their cardiac care record (some of them are really dismal) and advertising heavily with AARP--pointing out the value of early detection--in layman's language--and explaining how certain insurance companies have made it impossible to obtain this life saving technology. Step 2 make AARP's insurance partners provide adequate payment for IRTC monitoring.
How did management get so far off on what it could charge for its services? Remember when everybody was wondering how Worldcom was so profitable--and all the other similar companies had much lower profit expectations. I smell a rat.
Crashbuyer profile picture
This company needs one of two things (or both): a secondary raising additional equity or an M & A deal. The first could not happen until the uncertainty around the Medicare reimbursement rates was eliminated; now, it has been. For the secondary a further waiting period is required for the stock price to stabilize but for M & A an acquirer does not necessarily care. Look back in the charts for prior support. That support will be tested. Wild card: someone wants to pay up vastly for the AI tech of this company.
johnny inca profile picture
closing price today? High 70s?
Critilyst profile picture
@johnny inca probably, or even lower? as their revenue will apparently be down >50%. twitter.com/...
johnny inca profile picture
@Critilyst rallying a bit off of fall to 82, I would think it fades here.
Critilyst profile picture
@johnny inca Let's see, I'm still short! :D Are you short? Or a bagholder?

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