Business
iRhythm Technologies Announces Fourth Quarter and Full Year 2022 Financial Results
SAN FRANCISCO, Feb. 23, 2023 (GLOBE NEWSWIRE) -- iRhythm Technologies, Inc. (NASDAQ: IRTC), a leading digital health care company focused on creating trusted
About this update from Irhythm Holdings, Inc.
[{"type":"text","content":"SAN FRANCISCO, Feb. 23, 2023 (GLOBE NEWSWIRE) -- iRhythm Technologies, Inc. (NASDAQ: IRTC), a leading digital health care company focused on creating trusted solutions that detect, predict, and prevent disease, today reported financial results for the three months and full year ended December 31, 2022. Fourth Quarter 2022 Financial Highlights Revenue of $112.6 million, a 37.7% increase compared to fourth quarter 2021Gross margin of 69.9%, a 720 basis point improvement compared to fourth quarter 2021Net loss of $20.2 million, a $12.3 million improvement compared to fourth quarter 2021Adjusted EBITDA of $1.1 million, an $18.4 million improvement compared to fourth quarter 2021Cash, cash equivalents and short-term investments of $213.1 million at December 31, 2022, a $9.6 million increase from September 30, 2022 Full Year 2022 Financial Highlights Revenue of $410.9 million, a 27.3% increase compared to full year 2021Gross margin of 68.5%, a 238 basis point increase compared to full year 2021Net loss of $116.2 million, reflecting an increase of $14.8 million compared to full year 2021Adjusted EBITDA of negative $11.3 million, reflecting a $24.4 million improvement compared to full year 2021 Recent Operational Highlights CMS Medicare Physician Fee Schedule Final Rule for Calendar Year 2023 (\"CMS Final Rule\") released, which contained national rates for CPT codes that iRhythm uses to seek reimbursement for its Zio® XT serviceHealth economic analysis of iRhythm’s mSToPS trial, presented at AHA in November 2022, showed that Zio® XT demonstrated gain in quality adjusted life expectancy while providing excellent value to healthcare systems by enabling early diagnosis after proactive screening for atrial fibrillation in an at-risk population1FDA clearance gained for software modifications to iRhythm's clinically integrated Zio ECG Utilization Software (\"ZEUS\") System, including an update to add atrial fibrillation burden estimates to Zio® AT daily reportsUpcoming data presentations at the American College of Cardiology's 72nd Annual Scientific Session Together With World Heart Federation's World Congress of Cardiology in New Orleans, LA, from March 4 - 6, 2023 \"We were pleased with the significant progress made throughout 2022 to advance our mission in the core symptomatic U.S. market while laying a strong foundation for future growth...