The San Francisco-based company delayed its third-quarter report in November due to a previously disclosed material weaknesses. At the time, the company said it identified errors that affected prior periods while preparing the quarterly report for the period ended Sept. 30, 2019. The errors could have affected the previously issued annual and quarterly financial statements.
iRhythm posted losses of -$18.3 million, or -72¢ per share, on sales of $54.7 million for the three months ended Sept. 30, for a nearly doubled bottom-line slide on sales growth of 42.2%.
Adjusted to exclude one-time items, earnings per share were -74¢, which stands 34¢ behind Wall Street’s estimate.
iRhythm did not share an updated EPS guidance, but updated its prior sales guidance for between $213 million and $214 million, slightly down from the previous guidance set at $215 million to $217 million.
In September, iRhythm closed an underwritten public offering of common stock that totaled nearly $115 million, following a $13 million deal with Verily to develop AI-based screening, diagnosis and management technology for atrial fibrillation.
IRTC shares are up 0.6% at $68.10 per share in midday trading today.