Business
iRhythm Technologies Announces Second Quarter 2024 Financial Results
SAN FRANCISCO, Aug. 01, 2024 (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. 01, 2024 (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 ended June 30, 2024. Second Quarter 2024 Financial Highlights Revenue of $148.0 million, a 19.3% increase compared to second quarter 2023Gross margin of 69.9%, a 40-basis point increase compared to second quarter 2023Unrestricted cash, cash equivalents and marketable securities of $561.5 million as of June 30, 2024Increased fiscal year 2024 guidance for revenue, gross margin, and adjusted EBITDA Recent Operational Highlights Record quarterly demand driven by strong growth in existing accounts as well as accelerated expansion into primary care channelsNearing operational readiness for four European country Zio launches with first patient patching anticipated before year-end and anticipate Japanese regulatory decision in late 2024Achieved significant operational milestone in May 2024 with launch of initial phase of manufacturing automation to set the stage for future growth, innovation, and operational efficiency in 2H24 and beyondContinued to make progress on remediation of the FDA warning letter and have submitted the first of our responses to the FDA's requests for additional information on two 510(k)s related to Zio ATUpcoming data presentation at the HRX 2024 Conference in Atlanta, Georgia, from September 5-7, 2024 \"The second quarter of 2024 was another quarter of continued traction in our core markets reflective of record demand for Zio products and services,\" said Quentin Blackford, president and chief executive officer of iRhythm. \"Second quarter revenue growth of 19.3% year-over-year was driven by continued uptake from new accounts opened in the prior twelve months but also expansion of the ambulatory cardiac monitoring market by pushing deeper into primary care channels. Zio’s value proposition to address the quintuple aim of healthcare is clearly resonating with providers in integrated delivery networks as well as large, national primary care accounts. This strength in our core market has given us confidence to raise our revenue guidance and profitability targets for the full year.\" \"Additionally, we are thrilled with the progress we are making to expand...