iRhythm Technologies Shares Preliminary Fourth Quarter 2022 Highlights and Business Update at the 41st Annual J.P. Morgan Healthcare Conference

Rhea-AI Summary

iRhythm Technologies (NASDAQ: IRTC) announced preliminary operational highlights for Q4 2022 at the J.P. Morgan Healthcare Conference. Patient registrations saw growth of over 20% year-over-year, and there was a record number of new Zio XT account openings in the U.S. The company improved its returned device rates, aligning closer to historical figures. The CMS Medicare Physician Fee Schedule for 2023 was released, providing relevant rates for reimbursement. iRhythm aims for sustainable growth in 2023 through strategic initiatives, including entering the primary care channel and launching a next-gen biosensor platform.

Positive

• Over 20% growth in patient registrations compared to Q4 2021.
• Record new account openings for Zio XT in the U.S.
• Improved Zio XT returned device rate approaching historical levels.
• CMS Medicare Fee Schedule for 2023 provides favorable reimbursement rates.

Negative

• None.

SAN FRANCISCO, Jan. 09, 2023 (GLOBE NEWSWIRE) -- iRhythm Technologies, Inc. (NASDAQ:IRTC), a leading digital health care company focused on creating trusted solutions that detect, predict, and prevent disease, today announced preliminary fourth quarter operational highlights and a business update at the 41^st Annual J.P. Morgan Healthcare Conference.

Preliminary Fourth Quarter 2022 Operational Highlights

• Patient registration growth of more than 20% compared to the fourth quarter 2021
• Sequential improvement in Zio XT returned device rate
• Record new account openings for Zio XT in the United States
• CMS Medicare Physician Fee Schedule (“MPFS”) Final Rule for Calendar Year 2023 released, which contained national rates for CPT codes that iRhythm uses to seek reimbursement for its Zio^® XT service

“Despite challenges during 2022, we have made significant progress to advance our mission while investing in strategic and operational initiatives to set the Company up to best realize expected strong growth in the years to come,” said Quentin Blackford, iRhythm’s President and CEO. “We made nice progress in the fourth quarter addressing the near-term challenges that we had realized exiting the third quarter. Strong momentum in patient registrations continued, growing in excess of 20% in the fourth quarter and in line with expectations. We also made good progress with returned devices rates, which are trending back towards historical levels, and we made the necessary updates to our Zio AT Clinical Reference Manual and Important Information pamphlet. For the second time in the last three quarters, we realized another record quarter of new account openings for Zio XT, demonstrating the continued strong demand of our Zio product platform. Finally, we are proud of our teams working collaboratively to finalize a CMS national rate which positions us well to focus on further market penetration and providing our technology to all patients who may benefit.”

“As we enter 2023, we are poised to continue executing upon our strategic initiatives to position the Company to drive sustainable growth for years to come. We are excited by the progress we are making to open the primary care channel, recently establishing relationships with some of the most significant players in the space within the United States. Further, we are excited by the upcoming product launch of our next-generation biosensor platform and believe that efforts underway will yield additional high-quality clinical and economic data to support Zio’s value proposition with iRhythm’s customers and payers.”

At the upcoming 41st Annual J.P. Morgan Healthcare Conference, iRhythm’s management is scheduled to present on Tuesday, January 10, 2023, at 4:30 p.m. Eastern Time/1:30 p.m. Pacific Time. Interested parties may access a live and archived webcast of the presentation on the “Investors” section of the company’s website at investors.irhythmtech.com. Additional financial and business information will be provided when the Company releases its results for the fourth quarter and full year 2022 after the close of trading on Thursday, February 23, 2023.

About iRhythm Technologies, Inc.
iRhythm is a leading digital health care company that creates trusted solutions that detect, predict, and prevent disease. Combining wearable biosensors and cloud-based data analytics with powerful proprietary algorithms, iRhythm distills data from millions of heartbeats into clinically actionable information. Through a relentless focus on patient care, iRhythm’s vision is to deliver better data, better insights, and better health for all.

Forward-Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These statements include statements regarding financial guidance, market opportunity, the potential impact of Medicare reimbursement rates for the CPT codes primarily relied upon for the Company’s Zio XT services, ability to penetrate the market, anticipated productivity improvements and expectations for growth. Such statements are based on current assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties, many of which are beyond our control, include risks described in the section entitled “Risk Factors” and elsewhere in our filings made with the Securities and Exchange Commission, including those in our Quarterly Report on Form 10-Q filed on November 4, 2022. These forward-looking statements speak only as of the date hereof and should not be unduly relied upon. iRhythm disclaims any obligation to update these forward-looking statements.

iRhythm Investor Contact:
Stephanie Zhadkevich
(919) 452-5430
investors@irhythmtech.com  

iRhythm Media Contact:
Morgan Mathis
(310) 528-6306
irhythm@highwirepr.com

 

FAQ

What are iRhythm Technologies' Q4 2022 operational highlights?

iRhythm reported over 20% growth in patient registrations, record new account openings, and improved device return rates for Zio XT.

How did iRhythm Technologies perform in patient registrations in Q4 2022?

iRhythm saw a growth of more than 20% in patient registrations compared to Q4 2021.

What is the significance of the CMS Medicare Physician Fee Schedule for iRhythm?

The CMS Medicare Fee Schedule provides national reimbursement rates for CPT codes used by iRhythm, which is crucial for its Zio XT services.

When is iRhythm Technologies' presentation at the J.P. Morgan Healthcare Conference?

iRhythm's management is scheduled to present on January 10, 2023, at 4:30 PM Eastern Time.

What strategic initiatives is iRhythm pursuing for 2023?

iRhythm plans to enhance market penetration, enter the primary care channel, and launch a next-generation biosensor platform.