Irhythm Holdings, Inc. · NASDAQ:IRTC
Irhythm — Q2 2023 Earnings Presentation
14 slides from Irhythm's earnings presentation, Aug 3, 2023
Slide 1: iRhythm Technologies Second Quarter 2023 Results
iRhythm Technologies Second Quarter 2023 Results August 3, 2023
Slide 2: Safe harbor statement
Safe harbor statement Certain data in this presentation was obtained from various external sources, and neither “iRhythm” or the You should not rely upon forward-looking statements as predictions of future events. Although we believe that “Company” nor its affiliates or representatives has verified
Slide 3: 6+ Million patients served; company key facts
6+ Million >30% Patients served Five-year revenue CAGR ~28% ~1.5 Million Penetration in core Patients served U.S. ambulatory cardiac annually and growing monitoring market a 35+ 66 Peer-reviewed Countries and states where we publications have employees 1.5 Billion Hours of curated ~1,800 ECG data Gl
Slide 4: CAMELOT: The Cardiac Ambulatory Monitor EvaLuation of Outcomes and Times to events
CAMELOT: The Cardiac Ambulatory Monitor EvaLuation of Outcomes and Times to events The real-world evidence in the CAMELOT study associates Zio XT with these positive outcomes 1. Reynolds et al. Comparative effectiveness of ambulatory monitors for arrhythmia diagnosis: A retrospective analysis of Med
Slide 5: International opportunity represents $1+ billion with 5+ million TAM
International opportunity represents $1+ billion with 5+ million TAM in prioritized countries across EMEA and Asia Pacific PRIORITIZED EU COUNTRIES Switzerland, Spain, Sweden, the Netherlands, Germany and France JAPAN UNITED KINGDOM Initiating market access efforts in Pursuing regulatory approval vi
Slide 6: Differentiated platform technology with catalyst-rich pipeline
Differentiated platform technology with catalyst-rich pipeline 2023 2024 Zio Monitor US Limited Market Release Zio Monitor US Commercial Launch Zio XT/Zio Monitor Introduction into Additional International Markets Zio MCT Regulatory Submission to FDA Zio Watch Market Evaluation: IRB Use & Clinical S
Slide 7: U.S. Zio monitor commercial launch planned for 2H 2023
U.S. Zio® monitor commercial launch planned for 2H 2023 Limited market release in the U.S., FDA cleared with strong initial performance New breathable and 72% smaller 62% lighter 23% thinner waterproof outer layer Smaller refers to reduced volume. All comparisons relative to Zio® XT. Data on file. i
Slide 8: Second quarter 2023 financial performance
Second quarter 2023 financial performance GLOBAL NET REVENUE GROSS PROFIT MARGIN (USD, MILLIONS) $112.6 $124.1 $103.9 69.9% $102.1 69.5% $92.4 68.8% 68.3% 67.9% 2Q2022 3Q2022 4Q2022 1Q2023 2Q2023 2Q2022 3Q2022 4Q2022 1Q2023 2Q2023 ADJUSTED OPERATING EXPENSES ADJUSTED EBITDA MARGIN (USD, MILLIONS) R&
Slide 9: Updated 2023 annual revenue and profitability guidance
2023 annual revenue and profitability guidance NET REVENUE GROSS ADJUSTED OPERATING ADJUSTED EBITDA (USD, MILLIONS) MARGIN EXPENSES (USD, MILLIONS) MARGIN $480 - 69 - 70% $417 - (0.5)%- PRIOR $490 of $427 0.5% of million revenues million revenues UPDATED $485 - 69 - 70% $417 - 0 – 0.5% $490 of $427
Slide 10: Addressing the future focus of healthcare
Addressing Expanding the future focus existing markets of healthcare while extending into adjacent markets Out-paced Delivering revenue growth meaningful from massive improvements in underpenetrated financial profile markets on a global scale
Slide 11: Appendix
iIRHYTHM Appendix
Slide 12: Reconciliation of net loss to adjusted EBITDA
Reconciliation of net loss to adjusted EBITDA Adjusted EBITDA is a non-GAAP measurement of net loss or income excluding interest, taxes, depreciation and amortization, stock-based compensation expense, impairment and restructuring charges, and transformation costs. We believe that adjusted EBITDA is
Slide 13: Reconciliation of GAAP to Non-GAAP financial information
Reconciliation of GAAP to Non-GAAP financial information THREE MONTHS ENDED JUNE 30, SIX MONTHS ENDED JUNE 30, ADJUSTED NET LOSS RECONCILIATION 2023 2022 2023 2022 Net loss, as reported $ (18,482) $ (23,897) $ (57,591) $ (74,506) Impairment and restructuring charges — — — 26,608 Business transformat
Slide 14: Sources
Sources SLIDE SOURCES OUS opportunity represents $1+ billion with UK: iRhythm estimate. UK Office for National Statistics; Hospital Episode Statistics, NHS Digital, 2019-2020; UK Healthcare 5+ million TAM in prioritized countries across Market Review 33ed, LaingBuisson, 2021. Accessed 5 January 2022