Irhythm Technologies Inc Stock Price, News & Analysis

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.

iRhythm Technologies, Inc. (NASDAQ: IRTC) announced it will release its Q1 2021 financial results on May 6, 2021, after market close. A conference call will follow at 1:30 p.m. PT / 4:30 p.m. ET. The call will be accessible via the company’s website.

iRhythm specializes in digital health care, focusing on improving the clinical management of cardiac arrhythmias through wearable biosensors and advanced cloud-based analytics.

iRhythm Technologies (NASDAQ: IRTC) reported updated reimbursement rates for CPT codes 93243 and 93247 by Novitas Solutions, set at $103 and $115, respectively, retroactive to January 1, 2021. Despite this increase, iRhythm expressed disappointment, stating that the rates do not reflect the value of its Zio® XT service, leading to the potential discontinuation of the service for Medicare. The updated rates could have negatively impacted 2020 revenue by $41.3 million, reducing total revenue from $265.2 million to $223.8 million. Preliminary Q1 results indicate a 9% volume growth but a projected $13 million revenue decline due to the new rates.

iRhythm Technologies (NASDAQ: IRTC) announced a conference call to discuss Novitas Solutions' updated reimbursement rates for CPT codes 93243 and 93247, published on April 10, 2021. The new rates are retroactive to January 1, 2021, at $103 and $115, replacing earlier rates from January 29, 2021. iRhythm is evaluating the impact of these changes and will provide insights during the call on April 12, 2021. This announcement highlights the company's focus on enhancing cardiac care through innovative digital health solutions.

iRhythm Technologies (NASDAQ: IRTC) reported strong financial results for Q4 and full year 2020. Q4 revenue surged 33.3% to $78.8 million, driven by Zio XT volume expansion. However, gross margin slipped to 74%, reflecting rising costs. Full year revenue reached $265.2 million, a 23.6% increase, with net losses narrowed to $43.8 million. The firm's Zio XT obtained a NICE recommendation, indicating a promising future. While the company expects 5% volume growth in Q1 2021, guidance on revenue and operating expenses remains uncertain due to reimbursement challenges.

iRhythm Technologies has announced significant findings from the SCREEN-AF study published in JAMA Cardiology, demonstrating a tenfold increase in atrial fibrillation (AF) detection using its Zio wearable ECG monitoring solution compared to standard care. The study involved 856 participants aged 75 and older with hypertension. Results indicate that 75% of newly diagnosed patients were prescribed blood thinners to prevent strokes. This highlights Zio's efficacy in identifying undiagnosed AF and its potential role in improving stroke prevention strategies.