Welcome to our dedicated page for iRhythm Holdings news (Ticker: IRTC), a resource for investors and traders seeking the latest updates and insights on iRhythm Holdings stock.
iRhythm Holdings, Inc. reports developments for a digital health care business focused on ambulatory cardiac monitoring and arrhythmia detection. The company’s recurring updates center on the Zio ambulatory ECG portfolio, which combines patch-based monitoring, AI-powered analysis, and clinical data review to deliver cardiac rhythm insights to physicians.
Company news commonly covers quarterly and annual financial results, revenue guidance, margin trends, and operating leverage, along with clinical evidence presented at cardiology meetings. Other updates include clinician education initiatives, investor conference participation, board and governance changes, and the company’s completed transition to a holding-company structure as successor registrant to iRhythm Technologies.
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.
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.