IRTC - iRhythm: Upside Potential If Reimbursement Issues Can Be Resolved

• iRhythm shares were riding high at the beginning of 2021, priced >$250.
• The medical device company provides an ambulatory cardiac monitoring device, Zio, used by >3m patients.
• The company's future profitability has been devastated by medicare reimbursement for Zio being slashed by two-thirds from 2021, from >$300 to ~$100.
• Shares now trade at $62, representing a >75% decline so far this year.
• iRhythm and its new CEO, formerly COO at DexCom, will fight the reimbursement decision, but there will likely be no change until 2023. The short-term outlook is grim, but the issues aren't insurmountable.

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