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 (NASDAQ: IRTC) announced its strategies for long-term growth during the 2022 Analyst & Investor Day in New York City. CEO Quentin Blackford highlighted a vision for $1 billion in revenue by 2027, driven by a 30% CAGR from 2022 guidance of $415-$420 million. The company's 2022 guidance includes a gross margin of 68%-69% and projected adjusted EBITDA losses of $12.5 million to $17.5 million. iRhythm aims for a 15% adjusted EBITDA margin by 2027, with significant international market opportunities and operational excellence initiatives anticipated to yield over $250 million in annual savings.
iRhythm Technologies (NASDAQ: IRTC) will host an Analyst & Investor Day on September 21, 2022, in New York City. The event will begin at 9:00 a.m. ET and will be available via live webcast on the company’s investor website. A replay and additional materials will be accessible post-event.
iRhythm, a leader in digital healthcare, focuses on advancing cardiac care through wearable biosensors and cloud-based analytics, aiming to enhance arrhythmia detection and clinical management of patients.
iRhythm Technologies reported strong second quarter results for 2022, achieving $102.1 million in revenue, a 25.6% increase year-over-year. The gross margin improved to 68.8%, alongside a significant rise in gross profit to $70.2 million. Despite a net loss of $23.9 million or $0.80 per share, the company raised its full-year revenue guidance to between $415 million and $420 million. iRhythm continues to expand its executive team and aims to grow its market presence with innovations like the Zio Watch and increased Medicare pricing.
iRhythm Technologies (NASDAQ:IRTC) has announced its participation in the Canaccord Genuity 42nd Annual Growth Stock Conference on August 11, 2022, at 12:00 p.m. Eastern Time. The company, known for its innovative cardiac care solutions, will provide a live and archived webcast of the presentation on its website. iRhythm specializes in diagnosing cardiac arrhythmias through wearable biosensor devices and advanced data analytics, aiming to enhance patient management through improved arrhythmia detection.
iRhythm Technologies (NASDAQ:IRTC) announced leadership changes, appointing Brice Bobzien as Chief Financial Officer starting August 8, 2022, and Reyna Fernandez as Executive Vice President, Chief Human Resources Officer on July 25, 2022. Bobzien, previously at Dexcom, will focus on financial operations and growth, while Fernandez will drive HR strategies for global expansion. iRhythm aims to enhance operational effectiveness and efficiency with these appointments, aligning with its vision to lead in digital healthcare for cardiac care.
iRhythm Technologies has received FDA 510(k) clearance for its ZEUS System in conjunction with the Zio Watch, developed with Verily. This clinical-grade wearable aims to detect and monitor atrial fibrillation (AFib), integrating seamlessly into clinician workflows. The Zio Watch employs advanced algorithms for continuous monitoring and generating preliminary reports for physicians. Notably, the ACE algorithm achieved a 93.6% sensitivity and 99.1% specificity for AFib detection. The Zio Watch will be evaluated in a limited market in 2023.
iRhythm Technologies, Inc. (NASDAQ: IRTC) announced the resignation of Chief Commercial Officer Dave Vort, effective July 25, 2022. Vort will continue as a strategic advisor until March 31, 2023. Chad Patterson, formerly Chief Marketing Officer at Dexcom, joins as the new CCO. iRhythm estimates preliminary unit volumes for Q2 2022 are slightly ahead of expectations, with projected revenue for the year between $410 million and $420 million. The company will release its Q2 2022 financial results on August 4, 2022.
iRhythm Technologies (NASDAQ: IRTC) commented on the CMS Medicare Physician Fee Schedule Proposed Rule for 2023, released on July 7, 2022. The proposed rule includes updates to payment rates for long-term ECG monitoring services, specifically through CPT codes 93243 and 93247, used for reimbursement of the Zio XT service. Proposed national payment rates are $215 and $204, with potential rates ranging from $218 to $295 and $207 to $280 depending on geographic factors. iRhythm anticipates the impact on its full-year 2022 revenue guidance would be immaterial.
iRhythm Technologies, a leader in digital health care, announced its participation in the 42nd Annual William Blair Growth Stock Conference. The presentation is scheduled for June 8, 2022, at 2:40 p.m. Central Time. Interested parties can access the live and archived webcast via the company’s website.
iRhythm specializes in innovative cardiac care solutions, using wearable biosensor devices and advanced data analytics to improve the diagnosis of cardiac arrhythmias.
iRhythm Technologies reported strong first-quarter results for 2022, with revenue reaching $92.4 million, a 24.3% increase year-over-year. Gross margin improved to 66.9%, despite a slight decline from last year. However, the company reported a net loss of $50.6 million, an increase from $27.8 million in Q1 2021, attributed to higher operating expenses driven by one-time charges. Looking ahead, iRhythm projects 2022 revenue between $410 million and $420 million, anticipating growth of 27% to 30% compared to 2021.
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