More than one year after receiving the first of two federal grand jury subpoenas seeking information about its products and communications with the FDA, iRhythm Technologies has said little publicly about the matter.
It would have been easy to miss the San Francisco-based cardiac monitor maker’s initial disclosure last summer.
iRhythm (Nasdaq:IRTC) was without a permanent CEO due to Mike Coyle’s sudden resignation in June after four months on the job. IRTC shares seemed to be headed toward historic lows, falling nearly 80% from the start of 2021 as reimbursement rates for cardiac monitoring plunged and then bounced around in a way that one analyst called “beyond bizarre.”
“Investors had vertigo,” Oppenheimer analyst Suraj Kalia said of last year’s pricing drama. “The dizzying pace of what is going on was confusing everyone. And I can tell you, in my 18 years of doing sell-side, I’ve never seen anything like this. Never.”