iRhythm Technologies Inc. (NASDAQ: IRTC) was up 20% after the digital healthcare solutions firm focusing on cardiac care advancement announced its financial results for the quarter ending March 31, 2022.
iRhythm reports 24.3% revenue growth
CEO and President Quentin Blackford said:
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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. New account openings were up 15% quarter-over-quarter, and we realized significant growth in our core U.S. market.
The company reported revenue of $92.4 million in Q1 2022, representing a 24.3% YoY increase. Volume growth in Zio XT and AT and increases in Medicare price drove the increase. The company reported a gross profit of $61.8 million in Q1 2022, an increase of 21.4% YoY, while the gross margin was 66.9%, dropping from 68.4% a year ago. The lower gross margin was mainly due to increased costs associated with capacity expansion.
iRhythm reported an adjusted EBITDA loss of $4.8 million, an improvement of $12.5 million relative to Q4 2021. Net loss in Q1 2022 was $50.6 million or $1.71 per share relative to a net loss of $27.8 million or $0.95 per share a year ago. At the end of the quarter, cash and short-term investments were $208.8 million, dropping $30.3 million from Q4 2021.
The company presented data on the Zio service
National Government Services (NGS) updated reimbursement rates impacting Zio XT for CPT codes 93247 and 93243 to $342 and $329, respectively. NGS is a Medical Administrator Contractor serving suburban Chicago, where one of the company’s independent diagnostic testing facilities is located.
The company presented important clinical data at the 2022 Hearth Rhythm Society meeting and The American College of Cardiology’s 71st Annual Scientific Session, highlighting Zio Xt, Zio Watch, and ZioAT.
Blackford added:
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.
Dr. Mintu Tarakhia was named Chief Scientific Officer and Chief Medical Officer, with responsibilities such as driving sustained innovation, leading research and data gathering, and improving the clinical service and product portfolio.
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