iRhythm Technologies' 2021 started off on a high, with its stock price soaring and a new CEO taking over the company. However, that quickly came to an end.
Novitas Solutions, a regional Medicare rate setter, slashed prices for cardiac monitoring in late January, sending iRhythm's stock price into a free fall. The cardiac monitor maker's stock sank from $251 on Jan. 28 to as low as $41.91 on Aug. 19. Novitas ultimately upped its initial cut, but the price was still about $200 lower than iRhythm's historical rates.
Meanwhile, Mike Coyle stepped down from the CEO position after roughly 4 months on the job.
Things began to pick up for iRhythm, however, after facing multiple setbacks in the first nine months of the year. The company's stock price began rebounding, and while CMS again passed on setting a national rate for long-term cardiac monitoring, the agency possibly gave a glimpse at where a national rate may end up.
Quentin Blackford, formerly the chief operating officer with Dexcom, also took over the CEO position in October.
There are still challenges ahead in 2022 despite the lessening of pressure at the end of the year, including ongoing uncertainty around Medicare pricing, negotiating with CMS on establishing a national rate and working to make the company profitable.
Here is a collection of MedTech Dive's coverage of iRhythm in 2021: