Echo IQ (ASX:EIQ) failed to get a category III current procedural technology (CPT) code for its EchoSolv aortic stenosis artificial intelligence imaging technology in the US, according to a Monday filing with the Australian Securities Exchange.

CPT category III codes are temporary codes used in data collection for emerging technologies to provide documentation for the US Food and Drug Administration approval process, according to the American Medical Association (AMA).

The firm will evaluate several options regarding reimbursement, including lodging a request for reconsideration with the AMA, the filing said. The request is required to be submitted within the next 14 days for a further decision rendered at a future Editorial Panel meeting.

The company said it will continue to engage with the AMA regarding the CPT digital medicine coding committee's proposal for new category III CPT codes, designed for AI-based technologies.

Shares in the heart disease diagnostic tool provider tumbled 12% in recent Monday trade.