Why iRhythm Technologies, Inc. (IRTC) stock has skyrocketed in premarket?

iRhythm Technologies, Inc. (IRTC) has seen an incline of 21.30% in the premarket. However, the last trading session closed at $76.8 with an increase of 4.58%.

Centers for Medicare and Medicaid Services 2022

On 3rd November 2021, IRTC announced that the final rule for the Calendar Year 2022 Medicare Physician Fee Schedule (MPFS) from the Centers for Medicare and Medicaid Services (CMS) received some feedback. On November 2, 2021, the Final Rule and Addenda were published, along with modified payment procedures, payment rates, and other conditions for MPFS services provided on or after January 1, 2022. To determine to price for these codes, IRTC and other industry participants have been working with Medicare Administrative Contractors (MACs).

iRhythm is continuing to collaborate with all of the MACs and other industry partners to provide further cost data on long-term continuous ECG monitoring for consideration in determining fair and suitable local pricing. The additional material presented in the Final Rule is being evaluated by iRhythm, as well as its possible implications for negotiations with the MACs. At this point, iRhythm cannot predict the result of the negotiations with the MACs or the timeliness of any further actions.

Changes in Board of Directors

On 12th October 2021, IRTC announced that Karen Ling is the new appointment to the Board of Directors. Ms. Ling’s responsibilities include talent acquisition, training, development, salary, and benefits, as well as diversity, equity, and inclusion. Ms. Ling worked for Allergan plc., a pharmaceutical business, as Executive Vice President and Chief Human Resources Officer from 2014 until joining AIG. She designed and led a worldwide HR strategy throughout a moment of transformation, which included introducing new company-wide HR and cultural initiatives effectively.

Moreover, she was the Senior Vice President of Human Resources for Merck & Co., Inc.’s global Human Health and Consumer Care divisions. Prior to joining Merck, she worked at Schering-Plough as Group Vice President, Global Compensation and Benefits. Ms. Ling also spent 14 years at Wyeth, working in the Labor & Employment Department and implementing HR strategies for business divisions. Ms. Ling was a lawyer in Boston before joining Wyeth. Last but not least, Ms. Ling graduated from Yale University with a B.A. in Economics and a J.D. from Boston University School of Law.

mSToPS Clinical Trial

IRTC announced on 5th October 2021 that the company has released the findings of the mHealth Screening to Prevent Strokes (mSToPS) research. The results of this clinical study, headed by Scripps Research Translational Institute (SRTI) experts, were previously presented at the American Heart Association in November of 2020. The mSToPS trial builds on the findings of the “SCREEN-AF” research, which indicated that Zio by iRhythm led to a tenfold increase in the identification of AF when compared to patients getting normal clinical treatment.

This three-year follow-up of countrywide research was designed to see if using Zio to screen asymptomatic people for atrial fibrillation (AF) and other arrhythmias can improve clinical outcomes. The study compared outcomes in a combined cohort of 1,718 eligible Aetna members aged 55 and above who completed active monitoring with 3,371 matched observational controls. Active monitoring patients got the Zio XT, a long-term continuous monitor, as part of their study enrolment and self-applied the monitor at home while receiving remote help from iRhythm. Lastly, long-term, constant monitoring is assisting in the transition to more proactive and preventative therapy and care.