iRhythm Technologies Inc

Latest Results (14.08.2024):

Revenue Growth

iRhythm Technologies Inc. reported revenue of $148.0 million for the second quarter of 2024, marking a 19.3% increase compared to the same period in 2023. This growth was driven by heightened demand for Zio services and a slight increase in the average selling price.

Gross Margin

The gross margin for iRhythm Technologies Inc. in the second quarter of 2024 was 69.9%, up from 69.5% in the second quarter of 2023. This improvement was attributed to increased selling prices and manufacturing efficiencies, despite costs related to scaling and training new clinical cardiac technicians.

Net Loss

iRhythm Technologies Inc. reported a net loss of $20.1 million, or a diluted loss of $0.65 per share, for the second quarter of 2024. This compares to a net loss of $18.5 million, or a diluted loss of $0.61 per share, for the same period in 2023. The adjusted net loss for the second quarter of 2024 was $18.8 million, or a diluted loss of $0.61 per share.

Operating Expenses

Operating expenses for iRhythm Technologies Inc. in the second quarter of 2024 were $126.5 million, compared to $105.1 million for the same period in 2023. Adjusted operating expenses were $125.2 million, up from $99.7 million in the second quarter of 2023, primarily due to increased headcount-related and third-party costs to support operational growth.

Annual Guidance

iRhythm Technologies Inc. has projected revenue growth of approximately 18% to 20% for the full year 2024, ranging from $580 million to $590 million. The company expects a gross margin of 68.5% to 69% and an adjusted EBITDA margin of approximately 3.5% to 4% of revenues for the full year.