iRhythm Technologies Announces Fourth Quarter and Full Year 2024 Financial Results

Core Insights - iRhythm Technologies reported a transformative year in 2024, achieving a 24% revenue growth in Q4 and a 20.1% increase for the full year, driven by increased demand for Zio services [4][5][9] - The company has focused on operational efficiencies, resulting in improved gross margins and positive cash flow for three consecutive quarters [4][6][12] - iRhythm is positioned for future growth with plans to expand its U.S. market presence, accelerate international growth, and advance product innovation [4][13] Financial Highlights - Q4 2024 revenue reached $164.3 million, up from$132.5 million in Q4 2023, marking a 24% increase [5] - Full year 2024 revenue totaled $591.8 million, a 20.1$492.7 million in 2023 [9] - Gross profit for Q4 2024 was $115.1 million, with a gross margin of 70.0$407.5 million, with a gross margin of 68.9%, up from 67.3% in 2023 [10] Operating Expenses and Losses - Q4 2024 operating expenses were $119.2 million, down from$126.6 million in Q4 2023 [7] - The net loss for Q4 2024 was $1.3 million, significantly improved from a net loss of$38.7 million in Q4 2023 [8] - For the full year 2024, the net loss was $113.3 million, an improvement from a net loss of$123.4 million in 2023 [11] Cash Position - As of December 31, 2024, the company had cash, cash equivalents, and marketable securities totaling $535.6 million, an increase of$13.6 million from September 30, 2024 [12] Future Guidance - iRhythm projects revenue for 2025 to be between $675 million and$685 million, with an expected adjusted EBITDA margin of approximately 7.0% to 8.0% [13]