iRhythm(IRTC)2025-02-20 21:09Revenue Performance - Revenue for Q4 2024 increased 24.0% to $164.3 million, compared to $132.5 million in Q4 2023[4] - Full year 2024 revenue increased 20.1% to $591.8 million, up from $492.7 million in 2023[8] - Revenue for Q4 2024 reached $164.3 million, a 24% increase from $132.5 million in Q4 2023[23] Profitability Metrics - Gross profit for Q4 2024 was $115.1 million, with a gross margin of 70.0%, up from 66.0% in Q4 2023[5] - Full year 2024 gross margin improved to 68.9%, compared to 67.3% in 2023[9] - Gross profit for Q4 2024 was $115.1 million, up 32% from $87.4 million in Q4 2023[23] - Adjusted EBITDA for Q4 2024 was $19.3 million, compared to $2.4 million in Q4 2023, indicating a substantial improvement[25] Net Loss and Expenses - Net loss for Q4 2024 improved to $1.3 million, compared to a net loss of $38.7 million in Q4 2023[7] - Operating expenses for the full year 2024 were $523.0 million, a 14.5% increase compared to 2023[10] - Total operating expenses decreased to $119.2 million in Q4 2024 from $126.6 million in Q4 2023, a reduction of approximately 6%[23] - The net loss for Q4 2024 was $1.3 million, significantly improved from a net loss of $38.7 million in Q4 2023[23] - The company incurred $32.4 million in acquired in-process research and development expenses for the year ended December 31, 2024[26] Cash and Financial Position - Cash, cash equivalents, and marketable securities totaled $535.6 million as of December 31, 2024[11] Future Projections - iRhythm projects 2025 revenue between $675 million to $685 million, with an adjusted EBITDA margin of 7.0% to 8.0%[12] Company Growth and Developments - The company achieved record new account onboarding and expanded into multiple international markets in 2024[3] - Upcoming data presentations at the American College of Cardiology's Annual Scientific Session & Expo from March 29 – 31, 2025[6] Shareholder Information - The weighted-average shares outstanding for Q4 2024 were 31.3 million, compared to 30.7 million in Q4 2023[27] - The net loss per share for Q4 2024 was $0.04, a significant improvement from $1.26 per share in Q4 2023[27] Research and Development - Research and development expenses increased to $19.1 million in Q4 2024, up from $15.4 million in Q4 2023, reflecting a focus on innovation[23] - The company reported an adjusted net income of $240,000 for Q4 2024, contrasting with an adjusted net loss of $25.8 million in Q4 2023[27]