There were a lot of headwinds that were hitting that company at once - the reimbursement challenges, and the multiple CEOs transitioning out of the organization. What have you specifically done differently since taking over to help turn the company around? We have a platform of technology that's backed by billions of hours of curated heartbeat data, and we have deep learning capabilities from a data science perspective that nobody else has. The opportunities that I thought were there when I joined the company have only been validated over the last year. I’m very optimistic about where the CMS national rate is going to land with the final rule, and maybe more exciting than anything is just getting a final rule so we can stop dealing with the reimbursement overhang and focus on running the business. We knew the challenges coming into the organization - the reimbursement overhang that was there - and we’ve navigated through it. It hasn’t been anything that I didn’t expect. QUENTIN BLACKFORD: The last year has been a lot of fun, to be honest with you. MEDTECH DIVE: When you took over iRhythm, the company had just gone through a pretty challenging period. This interview has been edited for length and clarity. 20, the day before its investor day, to $124.59 when the market opened Friday.īlackford spoke to MedTech Dive about the company’s pursuit of its 2027 revenue goal, the expansion to new countries and competing with larger medtech companies. iRhythm’s stock price has dropped from $155.44 on Sept. Still, investors have been less optimistic about the company’s growth potential. While prices have fluctuated since the initial cut in January 2021, they still have remained below traditional rates.īlackford said he is confident that the Centers for Medicare and Medicaid Services will finalize a national rate averaging about $250 depending on geographic variation, allowing the company to move past the pricing saga and focus on growth. Spurring iRhythm’s challenges in 2021 was a drop in Medicare reimbursement rates for the company’s heart monitoring services and devices. The company plans to expand into five international markets over the next five years - Germany, France, the Netherlands, Switzerland and Sweden - opening up a new revenue opportunity of about $1 billion as those markets develop. and executing on international expansion will be key for iRhythm to meet its new forecast. CEO Quentin Blackford, who took over almost one year ago, said that continuing the company’s success in the U.S.
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