|Bid||0.00 x 900|
|Ask||0.00 x 800|
|Day's Range||88.77 - 92.11|
|52 Week Range||77.43 - 286.19|
|Beta (5Y Monthly)||1.66|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
The analysts covering iRhythm Technologies, Inc. ( NASDAQ:IRTC ) delivered a dose of negativity to shareholders today...
Novitas' new Medicare reimbursement rates translate to significantly lower revenue for the cardiac care company.
Shares of ambulatory electrocardiogram monitoring device maker iRhythm Technologies fell sharply after Medicare contractor Novitas updated reimbursement rates for coding related to iRhythm's ZioXT service. While the new rates represent an increase from previous rates, iRhythm says it believes they don't appropriately reflect the clinical and economic value that long-term continuous electrocardiogram monitoring offers patients. The company says that due to the cost of providing the service relative to the updated rates published by Novitas, it won't be able to provide its Zio XT service to the Medicare fee-for-service segment if rates remain the same.