IRTC - iRhythm falls after reaffirming 2022 guidance

• iRhythm Technologies, Inc. ( NASDAQ: IRTC ) shed ~9% in the morning hours Wednesday after the medical device maker reiterated its 2022 guidance and provided long-term forecast ahead of its Analyst & Investor Day.
• “Going forward, we see a clear growth path to $1 billion in revenue by 2027 supported by our core business in the U.S. and internationally,” Chief Executive Quentin Blackford said.
• “In the last 5 years, we have served more than 4 million patients and delivered compounded annual revenue growth of over 30%,” he added.
• IRTC reiterated its 2022 guidance indicating $415M – $425M in revenue and 68% – 69% in gross margins with $375M – $385M in adj. operating expenses. The adj. EBITDA for the year is expected to reach negative $12.5M – $17.5M.
• The company projects over $1B in revenue in 2027, implying ~20% CAGR from the mid-point of 2022 guidance.
• The gross margin and adj. EBITDA margins are expected to reach ~73% and ~15% marking ~450bps and ~1,850 bps improvements from the mid-point of 2022 guidance, respectively.
• Street forecasts suggest $802.6M in revenue for the company in 2026.

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