Medtronic : While taking over a company during a pandemic is definitely not an ideal circumstance, iRhythm Technologies CEO Michael Coyle said that he would never have passed on the opportunity.
“I wouldn’t recommend it as something that everybody should do,” Coyle said. “But I’m very glad I did it.”
The new CEO took over mid-January after being announced as former CEO Kevin King’s successor late last year. Coyle was with Medtronic for over 10 years, most recently as executive vice president and group president of the company’s cardiac portfolio.
Digital health services like remote patient monitoring have found success amid the coronavirus pandemic as virtual care usage has taken off, and cardiac monitoring companies like iRhythm have benefited. The company’s stock price has increased from $87.96 to $244.62 over the last 12 months.
The cardiac space has also seen a flurry of M&A activity in the first weeks of the year, with companies like Boston Scientific snatching up the cardiac wearables company Preventice Solutions for $925 million.
Wall Street analysts painted iRhythm as the clear leader in the cardiac monitoring market and wrote that the recent run of deals does not threaten their position. The M&A increase only reaffirms J.P. Morgan’s view that the space has an opportunity to grow in the coming years.
While Coyle seeks to build on iRhythm’s recent success and expand into new markets, he will also have to navigate through a recent setback when CMS did not finalize national pricing for extended external EKG patches as was expected, which caused the company’s stock price to briefly tumble.
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