iRhythm Technologies (NASDAQ: IRTC) posted second-quarter results that beat the consensus forecast on Wall Street.
The San Francisco–based company — maker of the Zio Patch for ambulatory cardiac monitoring — reported a loss of –$17.4 million, or –59¢ per share, on sales of $81.3 million for the quarter ended June 30, 2021. Revenue was up 59.8% year-over-year.
The EPS were 35¢ ahead of The Street, where analysts expected a loss of –94¢ per share on sales of $72.69 million.
“Our second-quarter results reflected continued strong demand for our Zio platform, as well as solid execution on our operating goals. We were pleased to see growth in both total revenues and unit volumes in the quarter, with Zio AT surpassing 10% of our total revenue for the first time,” Doug Devine, iRhythm’s interim CEO and CFO, said in a news release out yesterday evening.
“We also made significant advancements to our technology platform in the second quarter with two new 510(k) clearances that demonstrate our continued commitment to innovation. We are pursuing many opportunities to leverage our technology platform to drive growth and value creation, including through new products such as Zio AT, new indications such as Silent AF, and international expansion.”
The company now expects full-year revenue in the $320–325 million range — a 21–23%. The revenue guidance does not assume any changes to Medicare reimbursement, but iRhythm officials continue to discuss improved rates with Novitas and the other Medicare Administrative Contractors (MACs).
Investors reacted by sending IRTC shares up more than 1% to $48.94 apiece in morning trading. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was down slightly.