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) will participate in the 40th Annual J.P. Morgan Healthcare Conference on January 11, 2022, at 1:30 p.m. Eastern Time. A live and archived webcast will be available on the company’s website. iRhythm is a leader in digital healthcare, focusing on cardiac care through wearable biosensor devices and cloud-based analytics. Their innovations aim to enhance the detection and management of cardiac arrhythmias, potentially transforming patient care.
iRhythm Technologies (NASDAQ: IRTC) reported third-quarter 2021 financial results showing a revenue increase of 18.7% to $85.4 million year-over-year. Gross margins decreased to 65.7%, partly due to lower Medicare reimbursement rates. Despite ongoing staffing shortages, the company achieved a 19% growth and reduced clinical backlogs. However, net loss widened to $23.7 million, or $0.81 per share. Revenue guidance for FY 2021 was adjusted to $317 million-$319 million, down from $320 million-$325 million due to COVID-19 and customer challenges.
iRhythm Technologies (NASDAQ: IRTC) responded to the CMS 2022 Medicare Physician Fee Schedule, released on November 2, 2021. The Final Rule did not establish national pricing for relevant CPT codes associated with iRhythm’s Zio XT service, which is vital for extended ECG monitoring. The company is working with Medicare Administrative Contractors (MACs) to secure local pricing for these services. Although disappointed by the lack of national pricing, iRhythm remains hopeful about constructive discussions with MACs regarding appropriate rates.
iRhythm Technologies, Inc. (NASDAQ: IRTC) announced the release of its third quarter 2021 financial results on November 4, 2021, after market close. A conference call will follow at 1:30 p.m. PT / 4:30 p.m. ET, where management will discuss the results. The event can be accessed live and archived on the company’s website. iRhythm is recognized for its innovative approach to cardiac arrhythmia diagnosis through wearable biosensor devices and advanced analytics, aiming to enhance clinical management of patients.
iRhythm Technologies has appointed Karen Ling to its Board of Directors as a Class 1 Director, effective November 1, 2021, while Raymond Scott will retire from the Board on the same date after serving since 2013. Quentin Blackford, iRhythm’s President and CEO, highlighted Ms. Ling's extensive HR leadership experience in healthcare and insurance, which will aid in scaling the company's operations globally. Ms. Ling previously held significant HR roles at AIG and Allergan, and expressed her commitment to contribute to iRhythm's growth and market opportunities.
iRhythm Technologies announced results from the mHealth Screening to Prevent Strokes (mSToPS) study, published in PLOS One. The trial involved 1,718 participants who used the Zio XT monitor vs. 3,371 controls, showing a reduction in serious cardiac events like death and stroke. The actively monitored group had a 3.6 incidence rate per 100 person-years, compared to 4.5 in controls, indicating Zio's effectiveness in detecting atrial fibrillation (AF). The study supports the need for enhanced cardiac screening to prevent adverse outcomes.
iRhythm Technologies announced the appointment of Quentin Blackford as President and CEO effective October 4, 2021. Blackford, previously Chief Operating Officer at Dexcom, brings over 20 years of experience in innovative medical devices and digital health. His leadership is expected to drive iRhythm's growth and market expansion. The company focuses on improving cardiac arrhythmia diagnoses through advanced technology. Douglas Devine will continue as Interim CEO until Blackford assumes his role.
iRhythm Technologies (NASDAQ: IRTC) will participate in the 19th Annual Morgan Stanley Global Healthcare Conference on September 9, 2021, at 5:00 p.m. Eastern Time. The event will feature a presentation by iRhythm's management, accessible via a live and archived webcast on their website. iRhythm is transforming cardiac arrhythmia diagnosis with wearable biosensors and advanced data analytics, improving patient care management. For more information, visit www.irhythmtech.com.
iRhythm Technologies reported a 59.8% increase in revenue for Q2 2021, reaching $81.3 million compared to $50.9 million in Q2 2020. Despite strong demand for the Zio platform, gross margin declined to 68.0% from 69.6% due to lower Medicare reimbursement rates and increased overtime costs. Operating expenses rose to $72.3 million, causing a net loss of $17.4 million, an improvement from last year's $20.4 million. For 2021, revenue guidance is set at $320-$325 million, reflecting 21%-23% growth.
iRhythm Technologies (NASDAQ: IRTC), a leader in digital healthcare for cardiac care, will participate in the 41st Annual Canaccord Genuity Global Growth Conference on August 12, 2021, at 1:00 p.m. ET. The event will highlight the company’s innovative approach to diagnosing cardiac arrhythmias using wearable biosensor devices and cloud-based data analytics. Interested parties can access the live and archived webcast on the company website.
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