iRhythm Posts Smaller Than Expected Loss In Q3, But Shares Fall On Lowered Annual Guidance - iRhythm Technologies (NASDAQ:IRTC)

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  • iRhythm Technologies Inc IRTC posted an adjusted EPS loss of $(0.63), better than $(0.81) a year ago and the consensus of $(0.83).
  • The wearable heart monitor developer recorded sales growth of 21.6% to $103.87 million.
  • “Despite the ongoing staffing and capacity challenges, we grew registration volumes by more than 20% in the third quarter, achieving our highest daily registration volumes ever as we exited September,” said iRhythm CEO and president Quentin Blackford. 
  • “However, within the quarter, we also realized softness in returned devices – which impacted our ability to perform our services and realize revenue which muted our growth. We view this as persisting into the fourth quarter. These dynamics, fourth-quarter trends in account staffing and capacity challenges, and Zio AT utilization have led to us reducing our full-year revenue guidance.”
  • The company held $203.5 million in cash and equivalents as of September 30, 2022.
  • Guidance: iRhythm previously set its annual revenue guidance of $415-$420 million. However, its updated guidance projects a reduced range of $407-$411 million, compared to the consensus of $418.72 million.
  • Price Action: IRTC shares closed 12.4% lower at $111.00 during after-hours trading on Tuesday.

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Image and article originally from www.benzinga.com. Read the original article here.