- iRhythm Technologies Inc (NASDAQ:IRTC) posted Q1 sales of $92.4 million, up 24.3% Y/Y, beating the consensus of $86.76 million.
- The developer of remote external electrocardiogram monitors reported an adjusted EPS loss of $(0.80), above the consensus of $(1.08).
- “Our strong first-quarter results are indicative of the momentum we carried into 2022 with an acceleration in daily registrations leading to record quarterly volumes,” President and CEO Quentin Blackford said. “New account openings were up 15% quarter-over-quarter, and we realized significant growth in our core U.S. market. Evidence supporting the clinical superiority of the Zio service continued to build at the annual ACC and HRS meetings through multiple presentations that demonstrated the effectiveness of long-term continuous ECG monitoring in a variety of use cases.”
- Guidance: iRhythm projects FY22 sales of $410 million - $420 million, representing a Y/Y growth of 27% - 30%, compared to the consensus of $407.15 million and $400 million - $410 million guided previously.
- The company forecasts a gross margin of 68% - 69% (prior view 67% - 68%) and adjusted operating expenses of $375 million - $385 million.
- It sees adjusted EBITDA of $(15) million - $(25) million, improved from prior guidance of $(30) million - $(40) million.
- Price Action: IRTC shares are up 24.4% at $147.00 during the premarket session on the last check Friday.
