IRTC - iRhythm Technologies stock gains citing PT raised after reimbursement update Q1 beat and outlook boost

iRhythm Technologies (NASDAQ:IRTC) stock gains after several analysts raised the price target on the stock after its heart rate monitor, ZioXT, received a better reimbursement rate followed by Q1 beat with FY2022 outlook raise. The reimbursement rate of $329 to $342 for the Zio XT from a regional Medicare contractor is roughly 50% higher than other regional rates. For FY2022, the company expects $410M – $420M in revenue vs. consensus of $410.36M, implying 27% – 30% Y/Y growth vs. prior growth view of 24% – 27%; Gross margin rate is estimated at 68% – 69% vs. prior outlook of 67% – 68%. Citi analyst Joanne Wuensch raised the firm's price target to $180 from $175 and maintains a Buy rating on the shares. The analyst views this as a "good quarter, a good reimbursement update," and expects the stock to react positively. With new rates of $329 and $342 for codes 93243 and

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iRhythm Technologies stock gains citing PT raised after reimbursement update, Q1 beat and outlook boost