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iRhythm Technologies Announces Fourth Quarter and Full Year 2020 Financial Results
SAN FRANCISCO, Feb. 25, 2021 (GLOBE NEWSWIRE) -- iRhythm Technologies, Inc. (NASDAQ: IRTC), a leading digital healthcare solutions company focused on the
About this update from Irhythm Holdings, Inc.
[{"type":"text","content":"SAN FRANCISCO, Feb. 25, 2021 (GLOBE NEWSWIRE) -- iRhythm Technologies, Inc. (NASDAQ: IRTC), a leading digital healthcare solutions company focused on the advancement of cardiac care, today reported financial results for the three months and full year ended December 31, 2020. Fourth Quarter 2020 Financial Highlights Revenue of $78.8 million 33.3% increase compared to fourth quarter 20199.5% increase compared to third quarter 2020 Gross margin was 74% 2.5% decline compared to fourth quarter 20190.7% decline compared to third quarter 2020 Adjusted EBITDA (defined as EBITDA less stock compensation) was $6.5 million $15.7 million increase compared to fourth quarter 2019$8.3 million decline compared to third quarter 2020 Cash and Short-Term Investments were $335 million at December 31, 2020, an $8 million increase from September 30, 2020 Full Year 2020 Financial Highlights Revenue of $265.2 million 23.6% increase compared to full year 2019 Gross margin was 73.5% 2% decrease compared to full year 2019 Adjusted EBITDA (defined as EBITDA less stock compensation) was $5.1 million $34.4 million increase compared to full year 2019 Operational Highlights Zio XT received recommendation for adoption from the National Institute for Health and Care Excellence (NICE) in the U.K. following success in a new digital health tech pilot3-year mSToPS study results determined that active screening for atrial fibrillation (AF) was associated with a significant improvement in clinical outcomes and safetyPublication of SCREEN-AF six-month clinical trial results in JAMA Cardiology highlighted that the use of Zio XT allowed physicians to diagnose arrhythmias more quickly and efficiently than traditional technologies, noting a tenfold increase in the detection of AF “The iRhythm team finished the year strong, continuing to deliver on priorities of increased market penetration with our Zio platform, increased operating leverage through continued productivity and automation improvements, and expanding the addressable market into new indications and geographies. Once again, fourth quarter results were driven by further penetration of Zio XT in both existing and new accounts, continued ramp of Zio AT and continued utilization of our Home Enrollment service in telemedicine settings,” said Mike Coyle, CEO. “Looking forward, we plan to make additional investments acr...