IRTC - iRhythm jumps after 1Q revenue beat and above consensus guidance
The shares of iRhythm Technologies (NASDAQ:IRTC) have added ~23% in the pre-market Friday after the maker of ECG monitoring products delivered better than expected 1Q 2022 financials and set its 2022 outlook ahead of the consensus. Driven by Zio XT and AT volume growth and increases in Medicare pricing, revenue for the quarter jumped ~24% YoY to $92.4M. That indicated a significant topline performance after the company reported ~60% YoY growth in 2Q 2021 following a contraction in the year-ago quarter. However, the gross margin for the period slipped to ~67% from ~68% in 1Q 2021, given the higher costs related to expanding capacity. Meanwhile, the operating expenses jumped ~41% YoY to $110.3M following one-off impairment and restructuring charges worth $26.6M. Net loss climbed ~82% YoY to $50.6M, and cash, cash equivalents, and short-term investments improved ~13% from the previous quarter to $208.8M. "Our strong first quarter results are indicative of the momentum
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iRhythm jumps after 1Q revenue beat and above consensus guidance