Taking over as CEO of a medtech company in the midst of a pandemic doesn’t seem ideal, but former Medtronic executive Mike Coyle was thrilled to take the helm of iRhythm Technologies (NSDQ:IRTC) in January 2021. The company had had a banner year in 2020, and Coyle believes it has a bright future in a space that continues to grow.
“I always had an ambition to be a CEO of a public company and, when this opportunity came along, I was really impressed with the team that’s here,” Coyle told Medical Design & Outsourcing recently. “This just seemed like the right time to make the move and I couldn’t be more excited about what’s ahead, especially the fact that, despite the strong growth the company’s had over the last several years, I think it’s just on the front end of continuing to drive disruption in the U.S. market.”
iRhythm’s strength in the cardiac arrhythmia detection and treatment space was on display in 2020, as the company’s stock nearly quadrupled in per-share value over the course of 365 days. The company’s Zio XT, an ambulatory cardiac monitor that uses deep-learning algorithms, got a big boost in December when UK regulators recommended it as an option for those with suspected cardiac arrhythmias who would benefit from electrocardiograph (ECG) monitoring for more than 24 hours.
Still, the pandemic’s push to virtual meetings made for an odd transition to CEO.