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iRhythm Technologies Announces Second Quarter 2023 Financial Results
SAN FRANCISCO, Aug. 03, 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, Aug. 03, 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 and six months ended June 30, 2023. Second Quarter 2023 Financial Results Revenue of $124.1 million, a 21.6% increase compared to second quarter 2022Gross margin of 69.5%, a 70-basis point improvement compared to second quarter 2022Cash, cash equivalents and marketable securities of $164.7 million as of June 30, 2023Updated fiscal year 2023 revenue guidance in a range of approximately $485 million to $490 million Recent Operational Highlights Second-highest quarter ever of Zio XT new account openings and continued volume growth across both Zio XT and Zio AT with balanced growth across multiple channelsZio granted high medical needs designation by Japanese Ministry of Health, Labour, and Welfare (\"MHLW\") and the Company submitted a Shonin pre-market application to the Pharmaceuticals and Medical Devices Agency (\"PMDA\") for regulatory reviewUpcoming data presentations at the European Society of Cardiology (\"ESC\") Congress in Amsterdam, the Netherlands, from August 25-28, 2023 \"We delivered another strong performance during the second quarter as we realized continued balanced growth across both Zio XT and Zio AT and across multiple channels, building on the solid momentum we achieved earlier this year,\" said Quentin Blackford, iRhythm’s President and CEO. \"Revenue growth of 21.6% year-over-year was driven by increasing demand for Zio services as we continue to redefine the standard of cardiac care and demonstrate our unique value proposition to customers, patients, and payers. This past quarter was the first in which our commercial teams were able to speak to the CAMELOT study of real-world evidence for Zio XT as we continued to increase penetration within our existing accounts and gained traction within the primary care space.\" \"As we've moved into the third quarter, we have also hit several milestones that we believe are important to building our international presence. In Japan, we are thrilled that the Zio Monitor System has been granted high medical needs designation by the MHLW at the recommendation of the Japanese Heart Rhythm Society (JHRS), and we look forwar...