Business
iRhythm Technologies Announces Third Quarter 2021 Financial Results
SAN FRANCISCO, Nov. 04, 2021 (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. 04, 2021 (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, 2021. Third Quarter 2021 Financial Highlights Revenue was $85.4 million, a 18.7% increase compared to third quarter 2020Gross margin was 65.7%, a 8.9% decrease compared to third quarter 2020Adjusted EBITDA (defined as EBITDA less stock compensation) was negative $8.7 millionCash and Short-Term Investments were $256.8 million as of September 30, 2021, a $1.1 million increase from June 30, 2021 \"Our third quarter results reflect the continued strength of our Zio platform with further market penetration of Zio XT in the U.S. complemented by strong growth from Zio AT and in the U.K.,” commented Quentin Blackford, iRhythm's President and CEO. “Once again, strong volume growth offset Medicare pricing headwinds. Further, despite the impact of staffing shortages which reduced volumes and impacted iRhythm’s ability to onboard new accounts, the company achieved 19% year-over-year growth and made tremendous progress working through clinical backlog to bring turnaround times back to normal levels. While staffing shortages remain a headwind, we have now resumed full sales activities and are encouraged by our registration trends as we have entered the fourth quarter.\" Operational Highlights Appointed Quentin Blackford President and CEOAppointed Karen Ling to Board of Directors, replacing Raymond Scott, who retired3-year results from the mHealth Screening to Prevent Strokes (mSToPS) clinical trial published in PLOS OneSurpassed two significant service delivery milestones that included serving four million patients in our history and amassing over one billion hours of curated ECG dataReceived a UCSF Health Award in the Remote Diagnostic Tool category “In just the few short weeks that I have been a part of the iRhythm team, I've gained an even deeper appreciation of the value that the Zio platform can bring to patients, physicians, and the healthcare system. It is clear to me that our clinical and competitive differentiation is widely recognized, and the Zio service is seen as best in class,” added Blackford. “Looking ahead, I see significant opportunity for continued growth in the U.S., ex...