Why Are iRhythm Shares Soaring Today?

iRhythm Technologies Inc IRTC commented on the CMS (Centers for Medicare and Medicaid Services) Calendar Year 2022 Medicare Physician Fee Schedule (MPFS) Final Rule.
In the Final Rule, CMS did not issue national pricing and continued carrier pricing on Category I CPT codes 93241, 93243, 93245, and 93247 for extended external ECG (electrocardiograph) monitoring, the relevant codes for the Company’s Zio XT service.
The Company and other industry participants have been working with Medicare Administrative Contractors (MACs) to establish pricing for the codes.
iRhythm said it could not provide certainty on the potential outcomes of the discussions with the MACs or on the timing of any action to be taken.
The Company will provide further commentary, including remarks on this latest ruling by CMS, during its Third Quarter 2021 Earnings Call tomorrow.
Price Action: IRTC shares are up 43.20% at $110.01 during the market session on the last check Wednesday.