iCad soars on Medicare reimbursement nod | Wall Street Beat

Shares of medical device company iCad soar nearly 36% on a Medicare reimbursement nod.

iCad [1] (NSDQ:ICAD [2]) shares nearly doubled their value on Wall Street today after the medical device company said the Centers for Medicare & Medicaid approved a big increase in the reimbursement rate for its Xoft Axxent brachytherapy device.

Nashua, N.H.-based iCad said the Medicare agency issued "an improved payment policy" for intraoperative radiation therapy, more than doubling the rate CMS proposed last summer, according to a press release.

The news sent ICAD shares up some 36.0% to $2.92 as of about noon today.