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What Is Fueling IRhythm Technologies Stock Rise?

Shares of iRhythm Technologies, Inc. (IRTC) are surging over 40% on Wednesday morning. IRTC is currently trading at $110.53, up $33.73 or 43.92%, on the Nasdaq, on a heavy volume of 2.6 million shares, above average volume of 400 thousand.

iRhythm Technologies is scheduled to report financial results for the third quarter after the close of trading on Thursday, November 4. The company's flagship product, Zio System, which is FDA-cleared, allows physicians to identify cardiac arrhythmias.

On Wednesday, iRhythm Technologies commented on the Centers for Medicare and Medicaid Services (CMS) Calendar Year 2022 Medicare Physician Fee Schedule (MPFS) Final Rule.

"While we are disappointed that national pricing was not included in the 2022 physician fee schedule, we are appreciative that CMS continues to engage with industry and other stakeholders to further their understanding of the cost components of AI-based solutions such as iRhythm's Zio service. We firmly believe that national pricing remains the best option for all stakeholders," said Quentin Blackford, iRhythm President and CEO.

"In the meantime, we will continue to work with the MACs to provide information for the Calendar Year 2022 rate setting process and believe the Final Rule is potentially constructive in our conversations with the MACs. We will share updates at the appropriate time."

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