Business
iRhythm Technologies Announces Third Quarter 2020 Financial Results
SAN FRANCISCO, Nov. 05, 2020 (GLOBE NEWSWIRE) -- iRhythm Technologies, Inc. (NASDAQ: IRTC), a leading digital health care solutions company focused on the
About this update from Irhythm Holdings, Inc.
[{"type":"text","content":"SAN FRANCISCO, Nov. 05, 2020 (GLOBE NEWSWIRE) -- iRhythm Technologies, Inc. (NASDAQ: IRTC), a leading digital health care solutions company focused on the advancement of cardiac care, today reported financial results for the three months ended September 30, 2020.\n Third Quarter 2020 Summary Revenue of $71.9 million 31.6% increase compared to third quarter 201941.4% increase compared to second quarter 2020 Gross margin was 74.7% Consistent with comparable quarter in 2019510 basis point increase quarter on quarter Adjusted EBITDA (defined as EBITDA less stock compensation) was positive for the first time at $14.8 millionCompleted follow on offering generating $206.8 million in net proceeds Cash and Short Term Investments of $327.2 million at quarter end Recipient of National Health System funding in the United Kingdom as a winner of the Artificial Intelligence in Health and Care Award “Our strong performance during the quarter was 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 to sustain patient registration volumes in telemedicine settings. As we exited the quarter, many centers were prescribing Zio at or above the daily average we saw in February, prior to the impact of COVID-19. While the pandemic undoubtedly created unprecedented challenges, it also served to escalate awareness as to the benefits of Zio as our digital platform allows for cardiac monitoring independent of patient and physician location,” said Kevin King, CEO. “There still remains some degree of regional variability in terms of registration volumes, and this trend significantly correlates to the new or continuing outbreaks in those areas. Nonetheless, we remain very confident in our ability to drive further market penetration, as well as the potential for expansion into the asymptomatic market following data from important trials currently underway,” concluded King. Third Quarter Financial ResultsRevenue for the three months ended September 30, 2020 increased 31.6% to $71.9 million, from $54.7 million during the same period in 2019. The increase was primarily due to higher volumes. Gross profit for the third quarter of 2020 was $53.7 million, or 74.7% gross margin, compared to $40.9 million, or gross margin of 74.8%, during the same period in 2019. Oper...