IRhythm Technologies (IRTC) Reports Q2 Loss, Tops Revenue Estimates

Company Performance - iRhythm Technologies reported a quarterly loss of $0.61 per share, better than the Zacks Consensus Estimate of a loss of $0.92, and the same loss as the previous year [1] - The company achieved revenues of $148.05 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 1.17% and showing an increase from $124.13 million year-over-year [2] - Over the last four quarters, iRhythm Technologies has exceeded consensus revenue estimates four times, but has only surpassed EPS estimates once [2] Stock Performance - iRhythm Technologies shares have declined approximately 19.4% since the beginning of the year, contrasting with the S&P 500's gain of 15.8% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.57 on revenues of $147.33 million, and for the current fiscal year, it is -$3.22 on revenues of $584.2 million [7] Industry Outlook - The Medical Info Systems industry, to which iRhythm Technologies belongs, is currently ranked in the top 40% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [5]