MACs’ revised policy positive for iRhythm, says BTIG

BTIG notes that a finalized local coverage determination was posted to the CMS website this week that seems to clarify and correct “inaccuracies” in the draft LCDs evaluating “Temporary Nontherapeutic Ambulatory Cardiac Monitoring Devices.” The firm is flagging this final LCD as a “positive” for iRhythm (IRTC) because even though most investors expected the revision to clarify confusion, “having it in hand eliminates any uncertainty.” This LCD came from Noridian, and the firm expects Palmetto and CGS to follow as all three Medicare Administrative Contractors were part of the open comment period, adds the analyst, who has a Buy rating on iRhythm.