Irhythm Technologies Inc Stock Price, News & Analysis

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.

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 41^st 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.