The company reported losses of -$9.1 million, or -34¢ per share, on sales of $63.5 million for the three months ended March 31, for a sales growth of 31.5% compared with Q1 2019.
Earnings per share were -34¢, 28¢ ahead of The Street, where analysts were looking for sales of $61.4 million.
“Prior to the onset of the COVID-19 virus and its widespread impact on the healthcare sector, we had an exceptionally strong start to the year. Recognizing the growing threat of the pandemic, our team began to identify and subsequently take the steps necessary to protect our employees and our communities while continuing to deliver our Zio service. We quickly implemented protocols that have allowed us to deliver uninterrupted patient care with our Zio platform, thus ensuring an ongoing opportunity for physicians to continue to diagnose cardiac arrhythmias, as well as provide continuity of care,” CEO Kevin King said in a news release.
“The components of our near and mid-term strategy remain sound and we expect these to continue to drive the expansion of our business as the recovery takes hold and in a longer-term post-recovery environment.”
iRhythm withdrew its full-year 2020 guidance due to the uncertainties surrounding the COVID-19 pandemic. The company said it is unable to accurately estimate the impact of the pandemic on its future operations and financial results.
Shares in IRTC were up 7.03% to $128.06 apiece in mid-morning trading. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.3%.