BTIG maintains iRhythm estimates after CMS fee schedule proposal

BTIG analyst Marie Thibault reiterated a Buy rating and $165 price target on iRhythm (IRTC) Technologies after the Centers for Medicare & Medicaid published its CY26 Physician Fee Schedule Proposal, under which payment rates would be flat for long-term monitoring mobile cardiac telemetry reimbursement would get a low-single digit “boost.” The proposed payment rate for CPT code 93229 for Zio AT mobile cardiac telemetry in the San Francisco geography was set at $1,083, a 2.7% boost compared to CY25, the analyst tells investors in a research note. The firm said this is a positive surprise since this code has been subject to relatively large cuts in recent years, adding that while the proposed rates are still subject to change, it does not make any changes to its estimates at this time.