The San Francisco-based company reported losses of $17.3 million, or -65¢ per share, on sales of $59.1 million for the three months ended Dec. 31, 2019, for a bottom-line sales growth of 41.5% compared with Q4 2018.
Earnings per share were -65¢, 12¢ behind The Street, where analysts were looking for sales of $58.4 million.
“The iRhythm team made substantial progress in 2019 driving our growth initiatives, including commercial execution, market penetration and market expansion. Our competitive differentiation – and why physicians are selecting our Zio platform for ambulatory cardiac monitoring – can be attributed to an unrivaled combination of superior technology, clinical validation, sales, service and support,” CEO Kevin King said in a news release.
“I am confident we are in the best position to date to continue to grow our business. Our continued focus on increasing market penetration with our Zio platform, driving operating scale through continued productivity improvements and expanding our addressable market into new indications are key drivers as we move into 2020.”
The company said it projects revenue for the fiscal year 2020 to be in the range of $280 million to $290 million. Gross margins for the full year are expected to range from 76% to 77%.
iRhythm Technologies won FDA 510(k) clearance in January to include an irregular pulse monitor in its Study Watch wearable.
Shares in IRTC were up 5.8% to $85.06 apiece in mid-morning trading.