iRhythm Technologies (Nasdaq:IRTC) posted second-quarter results that beat the consensus forecast on Wall Street.
Yesterday evening, the San Francisco–based developer of the Zio ambulatory cardiac monitor reported a loss of $23.9 million, or $0.80 per share, on sales of $102.1 million for the quarter ended June 30, 2022. Revenue was up 25.6% year-over-year, primarily driven by volume growth of the Zio XT and AT single-use monitors and increases in Medicare pricing.
Adjusted to exclude one-time items, earnings per share were 79¢, 12¢ ahead of The Street, where analysts expected a loss of 92¢ per share on sales of $100.12 million.
“New account openings were up 22% quarter-over-quarter, and revenue volumes increased 10% sequentially, underscoring our solid performance amidst a difficult market environment,” iRhythm CEO and President Quentin Blackford said in a news release. “With business highlights regarding reimbursement and our Zio Watch clearance already announced in July, we are pleased with the way that the second half of 2022 has begun.”
The company now expects full-year revenue in the range of $415 million to $420 million, compared to the $410 million to $420 million range offered after Q1.
BTIG analysts said they thought iRhythm has numerous long-term expansion opportunities, including the Zio watch, the market for spotting silent AFib, primary care physician prescriptions, and international adoption. “With strong underlying unit volume growth and hopefully more stability on reimbursement going forward, we think IRTC is poised for repeated beats and raises,” said analysts Marie Thibault and Sam Eiber.
Investors reacted by sending IRTC shares up more than 1% to $155.44 in morning trading today. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was down slightly.
This story originally ran on Aug. 4, 2022. Updated Aug. 5 with stock price and analyst comments.