The San Francisco-based wearable electrocardiograph patch maker lowered its revenue guidance for 2021 due to unforeseen impacts related to the COVID-19 Delta variant, customer staffing challenges and delayed account launches and expansion. The company’s new range of $317 million to $319 million dropped from a previous estimate of between $320 million and $325 million.
IRTC shares were down 9.4% at $104 per share in after-hours trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — closed the day down 0.2%.
iRhythm posted losses of $23.7 million, or 81¢ per share, on sales of $85.4 million for the three months ended Sept. 30, 2021, for a large bottom-line slide from losses of 4.1 million this time last year on sales growth of 18.7%.
Losses per share of 81¢ came in 29¢ ahead of Wall Street, where analysts were looking for sales of $83.6 million.
“Our third-quarter results reflect the continued strength of our Zio platform with further market penetration of Zio XT in the U.S. complemented by strong growth from Zio AT and in the U.K.,” iRhythm President and CEO Quentin Blackford said in a news release. “Once again, strong volume growth offset Medicare pricing headwinds. … While staffing shortages remain a headwind, we have now resumed full sales activities and are encouraged by our registration trends as we have entered the fourth quarter.”