Mid Cap Gainers: IRTC, GKOS, SGRY
3:45 pm Wednesday, November 03rd, 2021
Irhythm Technologies Inc (NASDAQ:IRTC) jumps to its highest levels since April following the Centers for Medicare and Medicaid Services’ release of the Calendar Year 2022 Medicare Physician Fee Schedule Final Rule. Co noted that in the Final Rule, the CMS did not issue national pricing and continued carrier pricing for 2022 on Category I CPT codes 93241, 93243, 93245, and 93247 for extended external ECG monitoring, the relevant codes for co’s Zio XT service. Co is evaluating the new information included in the Final Rule and its potential implications on discussions with Medicare Administrative Contractors to establish pricing. Co will report Q3 earnings after the close tomorrow.
Glaukos Corp (NYSE:GKOS) upgraded to Overweight at Stephens, which views the micro invasive glaucoma surgery reimbursement outlook as more favorable following CMS’s publication of the Final Rule. Co noted that CMS established payments for new Category I CPT codes 66991 and 66989 for cataract extraction and complex cataract extraction in combination with the insertion of an aqueous drainage device and specified the associated physician and facility fee payment rates.
Surgery Partners Inc (NASDAQ: SGRY) posted upside Q3 EPS and revs. On a days adjusted same-facility basis, revs increased +8.3% yr/yr while case volumes grew +6.2% yr/yr; surgical case volumes returned to pre-pandemic levels. Co projects that it will grow 2021 revs by +19-21% yr/yr and now expects 2021 adj. EBITDA of $325-330 mln.
