Welcome to our dedicated page for iRhythm Technologies news (Ticker: IRTC), a resource for investors and traders seeking the latest updates and insights on iRhythm Technologies stock.
iRhythm Technologies, Inc. (NASDAQ: IRTC) is a commercial-stage digital healthcare company redefining the diagnosis of cardiac arrhythmias through its innovative technologies. By combining wearable biosensing technology with cloud-based data analytics and advanced machine learning capabilities, iRhythm aims to be the leading provider of first-line ambulatory electrocardiogram (ECG) monitoring, particularly for patients at risk of arrhythmias.
The company's flagship product, the Zio service, represents a comprehensive solution that includes an easy-to-wear biosensor capable of monitoring a patient's heart rhythm continuously for up to 14 days. This device, paired with the company's proprietary algorithms, transforms millions of heartbeats into clinically actionable data, significantly enhancing the diagnostic yield compared to traditional Holter monitors and other event monitoring systems. This approach not only expedites diagnosis but also reduces the need for repeat testing, thereby allowing timely medical intervention and potentially preventing severe outcomes like stroke.
Recent accomplishments highlight iRhythm's commitment to advancing cardiac care. The Zio monitor system has received the CE mark, underscoring its recognition as a leading innovation in ambulatory cardiac monitoring. The Zio monitor is designed to be thinner, lighter, and more discreet than its predecessor, the Zio XT, while improving patient compliance and monitoring accuracy. Furthermore, the company has integrated the ZEUS (Zio ECG Utilization Software) System, an advanced AI algorithm, to enhance data analysis and capture.
iRhythm's clinical research, such as the Cardiac Ambulatory Monitor EvaLuation of Outcomes and Time to Events (CAMELOT) study, has demonstrated the superior diagnostic accuracy and lower retest rates of the Zio service. These findings, published in the American Heart Journal, indicate significant advantages in clinical utility and cost-effectiveness over other monitoring systems.
On the financial front, iRhythm has shown robust performance, with significant increases in gross profit driven by higher demand for Zio services. The company's strategic initiatives include expanding its market presence in Europe, strengthening customer engagement through digital tools, and launching new products. The recent closure of a substantial non-dilutive senior secured term loan facility ensures continued financial flexibility and supports iRhythm's growth ambitions.
With nearly 8 million reports posted since its inception, iRhythm remains focused on delivering better data, better insights, and better health outcomes. The company's relentless focus on patient care and strategic partnerships positions it well for sustained growth and innovation in the digital healthcare landscape.
iRhythm Technologies, Inc. (NASDAQ: IRTC) will report its Q2 2021 financial results on August 5, 2021, after market close. A conference call, starting at 1:30 p.m. PT / 4:30 p.m. ET, will accompany the results. The company specializes in digital health care solutions for cardiac care, utilizing advanced biosensor devices and cloud-based analytics for arrhythmia diagnosis. This innovative approach aims to significantly enhance patient management by providing actionable insights from extensive cardiac data.
iRhythm Technologies (NASDAQ: IRTC) commented on the CMS 2022 Medicare Physician Fee Schedule Proposed Rule released on July 13, 2021. The rule outlines payment policies for long-term continuous ECG monitoring, which is critical for iRhythm's Zio XT service. CMS has not proposed national rates and will continue contractor pricing for specific CPT codes. iRhythm plans to engage in the public comment period and collaborate with MACs for potential local pricing. The final rule is expected by early November 2021, with implementation on January 1, 2022.
iRhythm Technologies (NASDAQ: IRTC) has announced a partnership with the National Association of Managed Care Physicians (NAMCP) to enhance the assessment of long-term continuous cardiac monitoring for managed care organizations. With a focus on value-based medicine, the collaboration aims to establish standards for evaluating these technologies' impact on patient outcomes, experiences, clinician experiences, and care costs. iRhythm emphasizes its leadership in the cardiac monitoring sector, with significant data backing its innovative AI solutions, which are crucial for healthcare providers adapting to the challenges of a post-COVID-19 landscape.
iRhythm Technologies (NASDAQ: IRTC) announced that Michael Coyle has stepped down as President and CEO due to personal matters, effective June 1, 2021. Douglas Devine, the Chief Financial Officer, will serve as interim CEO while a search for a permanent replacement is conducted. The Board has retained an executive search firm for this purpose. iRhythm expects the leadership change will not affect ongoing reimbursement discussions concerning its Zio XT technology. The company maintains its second quarter 2021 guidance, projecting approximately 4% sequential volume growth and flat operating expenses compared to Q1 2021.
iRhythm Technologies (NASDAQ: IRTC) will participate in the 41st Annual William Blair Growth Stock Conference on June 2, 2021, at 11:40 a.m. Eastern Time. The event will showcase the company's innovative approach to cardiac care, utilizing wearable biosensors and advanced data analytics for diagnosing arrhythmias.
Management's presentation can be accessed live or on-demand via the Investors section of their website. iRhythm aims to transform cardiac arrhythmia detection, potentially enhancing patient care through improved clinical management.
iRhythm Technologies has received two new 510K clearances for an improved Zio monitor and enhanced AI capabilities. These advancements focus on increased patient comfort and improved diagnostic accuracy for cardiac arrhythmias. The new monitor is over 50% lighter and designed for better wearability, promoting patient compliance. Additionally, the AI algorithm, trained on over 750 million hours of ECG data, improves rhythm detection sensitivity by 21%. The updates will be introduced later this quarter and the monitor will begin a limited release later this year.
iRhythm Technologies reported Q1 2021 revenue of $74.3 million, a 17% increase from the previous year, driven by strong demand for its Zio service. However, gross margin decreased to 68.4% from 74.7%, mainly due to reduced Medicare reimbursement rates. The company reported a net loss of $27.8 million, compared to $9.1 million the previous year. iRhythm is focused on achieving better Medicare reimbursement rates and plans for 4% sequential volume growth in Q2 2021. Cash and short-term investments stood at $262 million.
iRhythm Technologies, Inc. (NASDAQ: IRTC) announced it will release its Q1 2021 financial results on May 6, 2021, after market close. A conference call will follow at 1:30 p.m. PT / 4:30 p.m. ET. The call will be accessible via the company’s website.
iRhythm specializes in digital health care, focusing on improving the clinical management of cardiac arrhythmias through wearable biosensors and advanced cloud-based analytics.
iRhythm Technologies (NASDAQ: IRTC) reported updated reimbursement rates for CPT codes 93243 and 93247 by Novitas Solutions, set at $103 and $115, respectively, retroactive to January 1, 2021. Despite this increase, iRhythm expressed disappointment, stating that the rates do not reflect the value of its Zio® XT service, leading to the potential discontinuation of the service for Medicare. The updated rates could have negatively impacted 2020 revenue by $41.3 million, reducing total revenue from $265.2 million to $223.8 million. Preliminary Q1 results indicate a 9% volume growth but a projected $13 million revenue decline due to the new rates.
iRhythm Technologies (NASDAQ: IRTC) announced a conference call to discuss Novitas Solutions' updated reimbursement rates for CPT codes 93243 and 93247, published on April 10, 2021. The new rates are retroactive to January 1, 2021, at $103 and $115, replacing earlier rates from January 29, 2021. iRhythm is evaluating the impact of these changes and will provide insights during the call on April 12, 2021. This announcement highlights the company's focus on enhancing cardiac care through innovative digital health solutions.
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