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IRTC - Why iRhythm Technologies Stock Is Crashing Today
iRhythm Technologies Inc.
Shares of iRhythm Technologies (NASDAQ: IRTC) were crashing 37.5% lower as of 12:01 p.m. EDT on Monday. The big decline came after the company responded to the publication of Medicare reimbursement rates by Novitas Solutions on Saturday.
iRhythm stated that these new rates would negatively impact its first-quarter revenue by $13 million. The company also said it wouldn't be able to provide its Zio XT service for cardiac monitoring to the Medicare fee-for-service segment if the rates aren't increased.