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 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.
iRhythm Technologies reported its Q4 and full-year 2021 financial results, showing a 3.8% increase in revenue to $81.8 million for Q4, while full-year revenue rose 21.7% to $322.8 million. However, gross margins declined to 62.7% in Q4 and 66.2% for the year due to lower Zio XT reimbursement rates and rising costs. The company posted a Q4 net loss of $32.5 million and a full-year net loss of $101.4 million. For 2022, iRhythm projects revenue growth of 24% to 27% and expects adjusted EBITDA to remain negative, ranging from negative $30 to $40 million.
Galderma, the largest independent dermatology company, announced the appointment of Karen L. Ling to its Advisory Committee, effective March 1, 2022. Ms. Ling brings over 25 years of global human resources experience from executive positions at AIG, Allergan, Merck, and Wyeth, focusing on talent management and organizational culture. Currently, she serves on the Boards of iRhythm Technologies (NASDAQ: IRTC) and TherapeuticsMD (NASDAQ: TXMD). Both Thomas Ebeling and Flemming Ørnskov expressed enthusiasm about her joining, highlighting her strengths in human capital management and diversity initiatives.
iRhythm Technologies (NASDAQ: IRTC) announced its fourth-quarter and full-year 2021 financial results will be released on February 23, 2022, after market close. The company 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 digital health solutions, utilizing wearable biosensors and cloud-based analytics to revolutionize arrhythmia diagnosis. The company is set to highlight advancements in patient monitoring and clinical management.
On January 10, 2022, iRhythm Technologies (NASDAQ:IRTC) announced that Novitas Solutions updated the reimbursement rates for CPT codes 93243 and 93247, applicable to their Zio service, to $223 and $233, retroactive to January 1, 2022. This adjustment could have boosted 2021 revenues by approximately 10%, offering clarity as the company moves into 2022. CEO Quentin Blackford expressed gratitude towards Novitas and other stakeholders, emphasizing the continued efforts in advancing cardiac monitoring services. Full financial details for Q4 and FY 2021 will be shared in February.
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