iRhythm Technologies reported strong Q4 performance and growth plans, anticipating 2025 revenue of $675-$685 million.
Quiver AI Summary
iRhythm Technologies, Inc. announced its preliminary operational highlights for the fourth quarter of 2024 during the J.P. Morgan Healthcare Conference, revealing anticipated revenue for the full year of 2024 slightly above $587.5 million. The company achieved record new account openings for its Zio monitor and Zio AT devices, initiated Zio monitor shipments for home-enrolled patients, and launched its first health systems on the Epic Aura platform. Notably, five studies at the American Heart Association showcased Zio Monitor's efficacy and patient engagement. Looking ahead, iRhythm projects revenue between $675 million and $685 million for 2025, and plans to focus on enhancing its quality systems, expanding into primary care, and increasing its international market presence. CEO Quentin Blackford emphasized sustainable growth and the company's commitment to innovation and patient care.
Potential Positives
- iRhythm anticipates full year 2024 revenue slightly above the high end of its previously stated guidance range, showcasing strong financial performance.
- Record quarter of new account openings for both Zio monitor and Zio AT indicates successful market penetration and demand for its products.
- The company launched the first four healthcare systems on Epic Aura, positioning itself for expanded commercial opportunities in 2025.
- FDA clearance for two 510(k) submissions related to the Zio AT device demonstrates progress in advancing their technology and enhancing credibility with healthcare providers.
Potential Negatives
- Despite announcing strong operational highlights for Q4 2024, the release emphasizes "risks and uncertainties" related to forward-looking statements, which may create skepticism among investors about the company's future performance.
- There is a notable focus on the need for “best-in-class quality systems” in the upcoming year, which may signal potential quality or regulatory concerns that investors could perceive as negative.
- While the company anticipates revenue growth, the emphasis on future guidance may raise concerns among investors due to the inherent risks outlined in their forward-looking statements, particularly given the competitive and regulatory landscape in digital health care.
FAQ
What are iRhythm Technologies' fourth quarter highlights for 2024?
iRhythm reported record account openings for Zio monitor and Zio AT, initiated home enrollment shipments, and launched new systems on Epic Aura.
What is the expected revenue for iRhythm in 2025?
The projected revenue for iRhythm in 2025 is approximately $675 million to $685 million.
How has iRhythm expanded its product offerings internationally?
iRhythm expanded into four European countries, earned Japanese regulatory approval, and signed a strategic agreement with BioIntelliSense.
What is the focus for iRhythm in the upcoming year?
In 2025, iRhythm aims to enhance quality systems and expand into primary care channels through its land-and-expand strategy.
Where can I watch iRhythm's presentation from the J.P. Morgan Healthcare Conference?
You can access the live and archived webcast of iRhythm's presentation on their investor website under the "Events & Presentations" section.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$IRTC Insider Trading Activity
$IRTC insiders have traded $IRTC stock on the open market 6 times in the past 6 months. Of those trades, 1 have been purchases and 5 have been sales.
Here’s a breakdown of recent trading of $IRTC stock by insiders over the last 6 months:
- PATRICK MICHAEL MURPHY (CBO and CLO) sold 2,492 shares.
- QUENTIN S. BLACKFORD (President and CEO) sold 16,145 shares.
- ABHIJIT Y TALWALKAR purchased 6,664 shares.
- BRICE BOBZIEN (Chief Financial Officer) sold 1,372 shares.
- CHAD PATTERSON (Chief Commercial Officer) sold 3,012 shares.
- MERVIN SMITH (EVP Strategic Business Ops) sold 688 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$IRTC Hedge Fund Activity
We have seen 133 institutional investors add shares of $IRTC stock to their portfolio, and 98 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- HOLOCENE ADVISORS, LP removed 861,685 shares (-82.6%) from their portfolio in Q3 2024
- INVESCO LTD. removed 666,729 shares (-97.2%) from their portfolio in Q3 2024
- CAPITAL RESEARCH GLOBAL INVESTORS removed 539,439 shares (-21.6%) from their portfolio in Q3 2024
- EVENTIDE ASSET MANAGEMENT, LLC added 464,629 shares (+170.8%) to their portfolio in Q3 2024
- POINT72 ASSET MANAGEMENT, L.P. removed 264,120 shares (-49.3%) from their portfolio in Q3 2024
- BRAIDWELL LP added 256,200 shares (+48.7%) to their portfolio in Q3 2024
- LOOMIS SAYLES & CO L P removed 251,988 shares (-68.0%) from their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
SAN FRANCISCO, Jan. 13, 2025 (GLOBE NEWSWIRE) --
iRhythm Technologies, Inc.
(NASDAQ:IRTC) a leading digital health care company focused on creating trusted solutions that detect, predict, and prevent disease, today announced preliminary fourth quarter operational highlights and a business update at the 43rd Annual J.P. Morgan Healthcare Conference.
Recent Operational Highlights and Financial Outlook
Anticipate full year 2024 revenue slightly above high end of previously stated guidance range of $587.5 million provided in October 2024
Record quarter of new account openings for both Zio monitor and Zio AT during the fourth quarter 2024 as well as strong volume contributions from large national accounts
Launched first four health care systems on Epic Aura during the fourth quarter 2024 with broad commercial roll out for Epic health systems across the U.S. beginning in 2025
Initiated Zio monitor shipments for home enrollment patients during the fourth quarter 2024
Five studies presented at the American Heart Association highlight Zio Monitor’s high patient satisfaction, engagement and compliance with the patient MyZio app and digital tools, health economic impact of early arrhythmia detection in type 2 diabetes and respiratory disease, and AI insights on sleep and activity patterns
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Expect revenue for the full year 2025 of approximately $675 million to $685 million
“This past year was a period of significant growth and transformation for iRhythm,” said Quentin Blackford, iRhythm’s President and CEO. “In our core U.S. business, we achieved a record number of Zio registrations from across different channels – serving over 2 million patients, advancing Zio utilization earlier in the patient care pathway, and growing our market penetration within ambulatory cardiac monitoring. Notably, we secured FDA clearance for two 510(k) submissions related to our Zio AT device, further advancing our technology for the benefit of patients, physicians, and healthcare systems who rely on our Zio AT services. To enable future growth on a global scale, we also expanded into four European countries, earned Japanese regulatory approval, signed a strategic technology licensing agreement with BioIntelliSense, and launched the initial phase of manufacturing automation for Zio monitor. Lastly, we implemented several sustainable operational efficiencies throughout the business, driving profitability expansion and positioning us to continue to grow efficiently into the future.”
“With this strong foundation of execution in 2024, we are well positioned to continue transforming iRhythm through a commitment to excellence, innovation, and value creation,” Blackford continued. “In 2025, our top priority will be on ensuring that our quality systems are best-in-class. Commercially, we plan to expand further into primary care channels through our land-and-expand strategy and by continuing to drive momentum within risk-bearing entities as Zio becomes a key tool in population health management. Internationally, we are also excited to drive further penetration within international markets where we are earlier in the commercial adoption curve. With our recent achievements and the opportunities ahead, we remain focused on delivering sustainable value for patients, clinicians, healthcare systems, and shareholders,” concluded Mr. Blackford.
Webcast and Conference Presentation Information
At the upcoming 43
r
d
Annual J.P. Morgan Healthcare Conference, iRhythm’s management is scheduled to present on Monday, January 13, 2025, at 7:30 p.m. Eastern Time/4:30 p.m. Pacific Time. Interested parties may access a live and archived webcast of the presentation on the “Events & Presentations” section of the company’s investor website at
investors.irhythmtech.com
.
About iRhythm Technologies, Inc.
iRhythm is a leading digital health care company that creates trusted solutions that detect, predict, and prevent disease. Combining wearable biosensors and cloud-based data analytics with powerful proprietary algorithms, iRhythm distills data from millions of heartbeats
2
into clinically actionable information. Through a relentless focus on patient care, iRhythm’s vision is to deliver better data, better insights, and better health for all. To learn more about iRhythm, including its portfolio of Zio products and services, please visit
irhythmtech.com
.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. An investor can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as ‘anticipate’, ‘estimate’, ‘expect’, ‘intend’, ‘will’, ‘project’, ‘plan’, ‘believe’, ‘target’ and other words and terms of similar meaning in connection with any discussion of future actions or operating or financial performance. In particular, these statements include statements regarding financial guidance, market opportunity, ability to penetrate the market, anticipated productivity and quality improvements and expectations for growth. Such statements are based on current assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties, many of which are beyond our control, include risks described in the section entitled “Risk Factors” and elsewhere in our filings made with the Securities and Exchange Commission, including those in iRhythm’s most recent filings on Form 10-K, Form 10-Q and other SEC filings, all of which are available on iRhythm’s website. These forward-looking statements speak only as of the date hereof and should not be unduly relied upon. iRhythm disclaims any obligation to update these forward-looking statements.
Investor Contact
Stephanie Zhadkevich
investors@irhythmtech.com
Media Contact
Kassandra Perry
irhythm@highwirepr.com
The accelerometer data and the sleep and activity classification algorithm presented at AHA in November 2024 are intended exclusively for research purposes and are not available for any commercial use.
Based on the US and UK data using Zio ECG monitors. Data on file. iRhythm Technologies, 2025.
This article was originally published on Quiver News, read the full story.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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