Core Insights - iRhythm Technologies, Inc. (IRTC) has launched its Zio monitor and long-term continuous ECG monitoring service in Austria, the Netherlands, Spain, and Switzerland, emphasizing its commitment to global patient-centered digital healthcare solutions [1][6] - The Zio monitor offers up to 14 days of uninterrupted ECG monitoring, significantly improving the detection and management of cardiac arrhythmias, particularly atrial fibrillation, which is on the rise in Europe [3][5] Product Significance - Cardiac arrhythmias can lead to severe health risks, including stroke and death, making early detection and treatment essential for improving patient outcomes [2] - The Zio system provides extended monitoring capabilities that surpass traditional methods, enhancing diagnostic accuracy and streamlining clinical workflows [3][4] Market Expansion - iRhythm Technologies plans to begin shipping the Zio monitor in the mentioned European countries starting in September, with widespread availability expected by 2025 [6] - The Zio monitor, along with its mobile cardiac telemetry services, is already available in the United States and the UK, marking a significant step in expanding access to advanced cardiac monitoring solutions [6] Market Prospects - The ECG devices market is projected to grow from $6.03 billion in 2024 to $14.5 billion by 2036, with a CAGR of 7%, driven by an aging population and increasing heart disease rates [7][8] - The demand for accurate cardiac diagnosis is reflected in the rising exports of ECG devices, indicating a robust growth trajectory for the industry [8] Recent Developments - The Zio monitor received CE mark certification under the EU's Medical Device Regulation, confirming its compliance with EU standards for performance, quality, safety, and efficacy [9] - The new Zio monitor features a thinner, lighter, and smaller design, improving patient wearability and compliance, and integrates with iRhythm's ZEUS AI algorithm for enhanced ECG data capture [10] Stock Performance - iRhythm Technologies' stock has declined by 32.3% this year, contrasting with the industry's 11.9% decline and the S&P 500's 17.2% increase [11]

SAN FRANCISCO, Aug. 21, 2024 (GLOBE NEWSWIRE) -- iRhythm Technologies, Inc. (NASDAQ:IRTC), a leading digital health care company focused on creating trusted solutions that detect, predict, and prevent disease, announced today that the company will present at the following investor conferences in September: Morgan Stanley 22nd Annual Global Healthcare Conference on Wednesday, September 4, at 3:20 pm Eastern Time Wells Fargo 2024 Healthcare Conference on Thursday, September 5, at 8:45 am Eastern Time Baird 20 ...

Core Viewpoint - iRhythm Technologies (IRTC) has received an upgrade to a Zacks Rank 2 (Buy), indicating a positive trend in earnings estimates which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system highlights the strong correlation between changes in earnings estimates and near-term stock price movements, making it a valuable tool for investors [2][4]. - The recent upgrade reflects optimism about iRhythm Technologies' earnings outlook, potentially leading to increased buying pressure and a rise in stock price [3][5]. Earnings Estimate Revisions - For the fiscal year ending December 2024, iRhythm Technologies is projected to earn -$2.97 per share, representing a 26.5% change from the previous year's reported figure [8]. - Over the past three months, the Zacks Consensus Estimate for iRhythm Technologies has increased by 7.9%, indicating a positive trend in earnings estimates [8]. Zacks Rank System - The Zacks Rank system classifies stocks based on earnings estimates into five groups, with Zacks Rank 1 (Strong Buy) stocks historically generating an average annual return of +25% since 1988 [7]. - The upgrade to Zacks Rank 2 places iRhythm Technologies in the top 20% of Zacks-covered stocks, suggesting a strong potential for market-beating returns in the near term [10].

IRhythm Technologies (IRTC) came out with a quarterly loss of $0.61 per share versus the Zacks Consensus Estimate of a loss of $0.92. This compares to loss of $0.61 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 33.70%. A quarter ago, it was expected that this company would post a loss of $0.99 per share when it actually produced a loss of $1.47, delivering a surprise of -48.48%. Over the last four quarters, the company has ...

SAN FRANCISCO, Aug. 01, 2024 (GLOBE NEWSWIRE) -- iRhythm Technologies, Inc. (NASDAQ:IRTC), a leading digital health care company focused on creating trusted solutions that detect, predict, and prevent disease, announced today that Brice Bobzien, Chief Financial Officer, will step down for personal reasons effective August 31, 2024. He will be succeeded by Daniel Wilson, iRhythm's current Executive Vice President of Corporate Development and Investor Relations. Mr. Bobzien has served as the CFO since 2022, a ...

SAN FRANCISCO, July 18, 2024 (GLOBE NEWSWIRE) -- iRhythm Technologies, Inc. (NASDAQ:IRTC), a leading digital health care company focused on creating trusted solutions that detect, prevent, and predict disease, today announced that it will release financial results for the second quarter 2024 after the close of trading on Thursday, August 1, 2024. The company's management team will host a corresponding conference call beginning at 1:30 p.m. PT / 4:30 p.m. ET. Interested parties may access a live and archived ...

Core Insights - iRhythm has launched an advanced autohandler machine to automate the testing of printed circuit board assembly (PCBA) components for the Zio monitor, enhancing manufacturing efficiency and streamlining processes [1][4] - The automation is expected to significantly increase scalability for iRhythm, allowing for production capacity of up to 10 million units annually, which is crucial for meeting global demand for Zio ECG monitoring products [2][4] - The Zio monitor, launched in September 2023, is a prescription-only ECG monitor that integrates with the Zio long-term cardiac monitoring service, which includes advanced AI algorithms for ECG data analysis and a comprehensive end-of-wear report with a 99% physician agreement [3][6] Company Overview - iRhythm Technologies, Inc. is a leading digital health care company focused on creating solutions that detect, predict, and prevent disease through wearable biosensors and cloud-based data analytics [3][4] - The company aims to deliver better data, insights, and health outcomes for patients, emphasizing a relentless focus on patient care [3][5] - The successful launch of manufacturing automation marks a significant milestone for the company, expected to yield substantial cost savings and set the stage for future growth and innovation [4][5]

SAN FRANCISCO, June 04, 2024 (GLOBE NEWSWIRE) -- iRhythm Technologies, Inc. (NASDAQ:IRTC), a leading digital health care company focused on creating trusted solutions that detect, predict, and prevent disease, announced today that the company will be participating in the upcoming Truist Securities MedTech Conference. iRhythm's management is scheduled to participate in a fireside chat on Tuesday, June 18, at 9:20 a.m. Eastern Time. Interested parties may access a live and archived webcast of the event on the ...

SAN FRANCISCO, May 22, 2024 (GLOBE NEWSWIRE) -- iRhythm Technologies, Inc. (NASDAQ:IRTC), a leading digital health care company focused on creating trusted solutions that detect, predict, and prevent disease, announced today that the company will be participating in the upcoming William Blair 44th Annual Growth Stock Conference. Investor Relations Contact Stephanie Zhadkevich investors@irhythmtech.com Media Contact Kassandra Perry irhythm@highwirepr.com iRhythm's management is scheduled to present on Wednes ...

Financial Data and Key Metrics Changes - The company achieved revenue of $131.9 million in Q1 2024, representing an 18.4% growth compared to Q1 2023 [11][34] - Adjusted operating expenses were $125.7 million, up 10% sequentially and 15% year-over-year [36] - Adjusted net loss in Q1 was approximately $38.1 million, or a loss of $1.23 per share, compared to a loss of $33.4 million, or $1.10 per share in Q1 2023 [62] - The company ended Q1 with approximately $569.1 million in unrestricted cash and short-term investments [40] Business Line Data and Key Metrics Changes - The company reported strong revenue volume growth driven by new account openings and deeper penetration within existing accounts [11][34] - New store growth accounted for approximately 46% of year-over-year volume growth, with home enrollment for Zio Services at about 21% of volume in Q1 [60] - Gross margin for Q1 was 66.3%, in line with expectations [60] Market Data and Key Metrics Changes - The company has seen continued traction in large integrated multidisciplinary care networks, with nearly half of accounts ordering Zio Services having at least one primary care prescriber [19] - In Europe and Japan, there is significant unmet clinical need for improved arrhythmia detection, with ongoing efforts to expand into these markets [24][30] Company Strategy and Development Direction - The company is focused on expanding its primary care channel and has entered partnerships with several national primary care networks [6][5] - A collaboration with Epic Aura aims to streamline the integration of Zio services into health systems, potentially saving up to 75% of the time typically required for integration [20][22] - The company is exploring adjacent markets, including a sleep pilot program to validate the value of streamlining the journey to a sleep diagnosis [25][32] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued market capture in 2024, driven by strong fundamentals in the core business [5] - The company anticipates full-year revenue of approximately $578 million to $588 million, with material improvement expected in the back half of the year [37][39] - Management highlighted the importance of addressing the FDA warning letter and DOJ subpoena while maintaining focus on operational excellence [65][106] Other Important Information - The company has received CE marking under EU MDR for Zio monitor and ZEUS system, with plans for commercial launch in several European countries in the latter half of 2024 [30] - The company is preparing for the submission of a 510(k) for the new Zio MCT product in the second half of 2024 [31][81] Q&A Session Summary Question: Is the strong momentum from Q1 continuing into Q2? - Management confirmed that momentum has continued into Q2, with strong demand for both the monitor and AT product lines [70] Question: How meaningful are the time savings from the Epic Aura integration? - Management agreed that the time savings are significant and will likely lead to market expansion, with expectations for metrics to improve as the integration progresses [72][74] Question: Can you provide an update on the Signify Health partnership? - Management stated that the partnership is still in the pilot phase but expects a broader commercial launch in the back half of the year [86] Question: What is the current status of the FDA warning letter resolution? - Management expressed confidence in the collaboration with the FDA and the progress being made towards resolution [102][104] Question: What is the expected market share for the new MCT product? - Management indicated that while it is difficult to predict exact market share, they believe there is significant opportunity for growth in the MCT market [108]