Irhythm Technologies Inc Stock Price, News & Analysis

iRhythm Technologies (NASDAQ:IRTC) announced a new health economic analysis from its mSToPS trial at the American Heart Association’s 2022 event, assessing the cost-effectiveness of AFib screening using the Zio XT patch. Findings revealed significant benefits, including increased outpatient visits and improved survival rates for patients monitored with Zio XT. The study demonstrated a cost-effectiveness ratio of $17,000 per quality-adjusted life year gained, lower than U.S. willingness-to-pay thresholds. The analysis indicates that systematic AFib screening offers substantial value in healthcare settings.

iRhythm Technologies (NASDAQ:IRTC) announced updates on the Centers for Medicare and Medicaid Services (CMS) Medicare Physician Fee Schedule (MPFS) for 2023, released on November 2, 2022. The updated reimbursement rates for long-term ECG monitoring services include $224 for CPT code 93247 and $213 for CPT code 93243. Estimated rates could range from $227 to $307 for 93247 and $216 to $292 for 93243 at iRhythm's diagnostic facilities. iRhythm views this as a significant milestone, improving access and stability for the company, though it expresses concerns that current rates may not fully reflect the clinical benefits of its Zio XT service.

iRhythm Technologies (NASDAQ:IRTC) reacted to the CMS announcement of the Medicare Physician Fee Schedule Final Rule for 2023. A key highlight is the new national pricing for certain CPT codes, with the price for the external ECG patch (SD339) increasing from $245.69 to $260.35. This positive adjustment may enhance iRhythm's reimbursement for its Zio® XT service, which relies on CPT codes 93243 and 93247. iRhythm will comment further once the Final Rule is published in the Federal Register.

iRhythm Technologies (NASDAQ: IRTC) announced Q3 2022 financial results with revenues of $103.9 million, a 21.6% increase compared to Q3 2021. Gross margin improved to 68.3%. However, due to staffing challenges and device returns, the company updated its annual revenue guidance to between $407 million to $411 million, down from a prior estimate of $415 million to $420 million. Despite challenges, iRhythm reported a lower adjusted net loss of $19.1 million compared to $23.7 million in Q3 2021.

iRhythm Technologies, Inc. (NASDAQ: IRTC) will announce its third quarter 2022 financial results on November 1, 2022, after market close. A conference call is scheduled for 1:30 p.m. PT (4:30 p.m. ET) to discuss the results. iRhythm specializes in digital healthcare solutions that utilize wearable biosensors and cloud-based analytics to provide actionable insights from heart data. This approach aims to improve patient care by delivering better data and health outcomes.

iRhythm Technologies (NASDAQ: IRTC) announced its strategies for long-term growth during the 2022 Analyst & Investor Day in New York City. CEO Quentin Blackford highlighted a vision for $1 billion in revenue by 2027, driven by a 30% CAGR from 2022 guidance of $415-$420 million. The company's 2022 guidance includes a gross margin of 68%-69% and projected adjusted EBITDA losses of $12.5 million to $17.5 million. iRhythm aims for a 15% adjusted EBITDA margin by 2027, with significant international market opportunities and operational excellence initiatives anticipated to yield over $250 million in annual savings.

iRhythm Technologies (NASDAQ: IRTC) will host an Analyst & Investor Day on September 21, 2022, in New York City. The event will begin at 9:00 a.m. ET and will be available via live webcast on the company’s investor website. A replay and additional materials will be accessible post-event.

iRhythm, a leader in digital healthcare, focuses on advancing cardiac care through wearable biosensors and cloud-based analytics, aiming to enhance arrhythmia detection and clinical management of patients.

iRhythm Technologies reported strong second quarter results for 2022, achieving $102.1 million in revenue, a 25.6% increase year-over-year. The gross margin improved to 68.8%, alongside a significant rise in gross profit to $70.2 million. Despite a net loss of $23.9 million or $0.80 per share, the company raised its full-year revenue guidance to between $415 million and $420 million. iRhythm continues to expand its executive team and aims to grow its market presence with innovations like the Zio Watch and increased Medicare pricing.

iRhythm Technologies (NASDAQ:IRTC) has announced its participation in the Canaccord Genuity 42nd Annual Growth Stock Conference on August 11, 2022, at 12:00 p.m. Eastern Time. The company, known for its innovative cardiac care solutions, will provide a live and archived webcast of the presentation on its website. iRhythm specializes in diagnosing cardiac arrhythmias through wearable biosensor devices and advanced data analytics, aiming to enhance patient management through improved arrhythmia detection.