iRhythm sees Q2 sequential volume growth of approximately 4% » 17:2005/0605/06/21
For the second quarter…
For the second quarter 2021, iRhythm expects sequential volume growth of approximately 4% over the first quarter of 2021 and OPEX to be approximately flat to first quarter 2021 with reductions in stock-based compensation and payroll taxes offset by increases in legal and consulting spending and hiring to support investments.
iRhythm reports Q1 EPS (95c), consensus (83c) » 17:1805/0605/06/21
Reports Q1 revenue $74.3M…
Reports Q1 revenue $74.3M , consensus $70.31M. "The clinical and economic value of our Zio service continues to drive strong demand and generated record volumes in the first quarter. Volumes were 31% above pre-COVID levels seen in the first quarter of 2020, powered primarily by Zio XT in the U.S., while Zio AT in the U.S. and Zio XT in the UK outpaced overall company growth on a percentage basis," said Mike Coyle, iRhythm President and CEO. "As we look forward, our differentiated technology and the enthusiasm we are seeing from both physicians and patients gives confidence in iRhythm's continued market leadership. "We remain steadfast in our pursuit of higher Medicare reimbursement that is more in line with the significant benefits that Zio XT provides. We are also realistic about what direction reimbursement dynamics may take. Accordingly, we are focused on instilling greater discipline across our organization to increase efficiency in our manufacturing, clinical operations, revenue cycle management and sales and marketing functions. "Investing in long term growth, including international expansion and expanding indications of use, remains a top priority, and importantly, we have the financial strength to execute on these opportunities. While we face headwinds, iRhythm has the foundation in place to deliver meaningful value creation."
iRhythm mentioned as possible activist target by Activist Insight » 09:5005/0505/05/21
iRhythm is "in…
iRhythm is "in Activist Insight Vulnerability's 100th percentile of companies most likely to be targeted by an activist investor in the next nine months," the publication told its subscribers, according to contacts. Activist Insight cites "a share price that continues to worsen and a board that is consistently losing shareholder support," as well as the company's "esteemed product and a business model that had been working well thus far," according to contacts.
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iRhythm downgraded to Equal Weight from Overweight at Morgan Stanley » 07:0304/1404/14/21
Morgan Stanley analyst…
Morgan Stanley analyst Cecilia Furlong downgraded iRhythm to Equal Weight from Overweight with a price target of $94, down from $288, as she assumed primary coverage of the stock. Novitas published rates for CPT codes 93243 and 93247 that represent a 64% blended cut to the Medicare contractor's prior rates, noted Furlong, who said iRhythm "had little choice but to pull XT out of the market." While she said she doesn't agree with Novitas' decision, visibility on competitor response and whether CMS will take action is limited, the analyst tells investors.
iRhythm price target lowered to $115 from $220 at Truist » 08:0704/1304/13/21
Truist analyst Kaila Krum…
Truist analyst Kaila Krum lowered the firm's price target on iRhythm to $115 from $220 and keeps a Buy rating on the shares. The stock fell about 40% yesterday after its announced intent to no longer provide its ZioXT service to the Medicare fee for service segment, which follows the decision by Novitas to price the service at $103-$115, the analyst tells investors in a research note. Krum adds however that the risk-reward on iRhythm is still good at $80; and that while the bull thesis has been "damaged", it's certainly "not broken".
iRhythm downgraded to Neutral from Buy at BTIG » 05:4504/1304/13/21
BTIG analyst Marie…
BTIG analyst Marie Thibault downgraded iRhythm Technologies to Neutral from Buy without a price target. As a follow-up to the new Novitas rates published this weekend, iRhythm has said that if the rate is not increased, it will not be able to offer Zio XT to the Medicare population since the rate is lower than the cost of delivering service, Thibault tells investors in a research note. The analyst does not see "any quick fixes" and believes there are "major risks to consider," including the possibility that commercial payers could try to reduce their rates. Thibault reduced her revenue forecast "meaningfully" and downgraded iRhythm after balancing the "downside risks of uncertain timelines, potential for further payer cuts and possible competitive dynamics against the possibility of an eventual positive resolution and strong underlying volume."
Fly Intel: Wall Street's top stories for Monday » 16:4004/1204/12/21
NUAN, MSFT, DSRLF, LMNX, IR, BABA, UBER, NVDA, AMD, INTC, GME, RIOT, SIG, IRTC, APHA
The major averages closed…
JPMorgan downgrades iRhythm, sees 'challenging path' after Novitas decision » 13:4604/1204/12/21
JPMorgan analyst Robbie…
JPMorgan analyst Robbie Marcus downgraded iRhythm to Neutral from Overweight with a price target of $95, down from $215, after Medicare administrative contractor Novitas Solutions published updated reimbursement rates that he notes are higher than those published in January but "substantially lower" than the prior $311 rate and unprofitable at the new level to iRhythm. He expects this "short-sighted decision" by Novitas to eventually be reversed, whether by Novitas themselves, through a higher national rate, or via another MAC, but he doesn't expect a favorable resolution in the near-term and he sees a "challenging path" ahead for iRhythm, Marcus tells investors.
iRhythm downgraded to Neutral from Overweight at JPMorgan » 13:3904/1204/12/21
JPMorgan analyst Robbie…
JPMorgan analyst Robbie Marcus downgraded iRhythm to Neutral from Overweight with a price target of $95, down from $215.
Fly Intel: Wall Street's top stories at midday » 12:5504/1204/12/21
MSFT, NUAN, BABA, LMNX, UBER, IR, DSRLF, RIOT, SIG, IRTC, APHA
The major averages are…