IRTC - iRhythm plunges after Notivas publishes updated reimbursement rates

iRhythm (IRTC) dropped 25% in premarket trading after Novitas on Saturday published Medicare reimbursements rates for its ECG monitoring devices.The reimbursement rates for codes 93243 and 93247 at $103 and $115 respectively are well below the around $300 that Novitas was historically paying. iRhythm said it's holding a conference call tomorrow at 8:30am to discuss the Novitas rates.iRhythm shares plunged 33% on Jan. 29 when Novitas originally published some reimbursement rates, which Baird  called "a massive slash on the face in the most important MAC jurisdiction for iRhythm."The shares have since dropped another 21% through Friday's close and iRhythm said on its earnings call at the end of February that it had meetings with Novitas and expected an update from company.Baird analyst Mike Polark in a Jan. 31 note said he expected Medicare eventually landing at "one hundred something," and potentially $150 at the midpoint. Oppenheimer analyst Suraj Kalia last month said he expected a $100-$150 rate after negotiations.Earlier today, Hillrom Holdings (HRC),

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iRhythm plunges after Notivas publishes updated reimbursement rates