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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) 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.
iRhythm Technologies (NASDAQ: IRTC) announced the appointment of Dr. Mintu Turakhia as Chief Medical Officer and Chief Scientific Officer, aiming to enhance its innovation and clinical product portfolio. Dr. Turakhia is renowned for his work in cardiac care and digital health, with over 20 years of experience. His leadership is expected to drive advancements in the company’s technology and services. Additionally, Chief Clinical Officer Judy Lenane will retire after 14 years, with the company recognizing her significant contributions to its success.
iRhythm Technologies (NASDAQ: IRTC) will announce its first-quarter 2022 financial results after trading closes on May 5, 2022. The management team will host a conference call at 1:30 p.m. PT / 4:30 p.m. ET to discuss the results. iRhythm specializes in cardiac care through its innovative wearable biosensor devices and cloud-based analytics, which aim to enhance arrhythmia detection and management. Interested investors can access the live and archived call via the company’s website.
iRhythm Technologies (NASDAQ: IRTC) presented promising clinical research at ACC.22, highlighting the effectiveness of its Zio service for early detection of silent atrial fibrillation (AF). Key findings include:
- Zio AT reduced hospital resources, saving a healthcare system 136 inpatient days.
- 4.5% of high-risk patients using Zio XT were diagnosed with AF within two weeks.
- Post-TAVR monitoring with Zio AT revealed a significant incidence of arrhythmias, notably AF in 25% of patients.
This data underscores Zio’s role in improving patient care and hospital workflows, particularly amidst ongoing healthcare challenges.
iRhythm Technologies announced an amended credit facility with Silicon Valley Bank, enhancing its borrowing capacity to $100 million. This includes a term loan of $75 million and a revolving credit line of $25 million, maturing on March 1, 2027. The company has drawn down $35 million to pay off previous debt and fund working capital. This non-dilutive financing strengthens iRhythm's financial position, supporting growth in cardiac care through advanced monitoring solutions.
iRhythm Technologies, Inc. (NASDAQ: IRTC) announced the retirement of Kevin King from its Board of Directors, effective April 1, 2022. King joined the Board in July 2012 and previously led the company as President and CEO until January 2021. His leadership was pivotal in iRhythm's growth and success in cardiac care, where it has served over four million patients. Quentin Blackford, current President and CEO, expressed gratitude for King's contributions, highlighting his role in establishing the company as a leader in cardiac monitoring technology.
iRhythm Technologies (NASDAQ: IRTC) announced positive findings from the KP-Rhythm2 study, confirming that its Zio XT cardiac monitoring patch effectively detects bradyarrhythmias in patients undergoing transcatheter aortic valve replacement (TAVR).
The study shows Zio XT significantly outperforms Holter and event monitors in diagnosing arrhythmias, leading to more timely interventions and reduced healthcare costs.