iRhythm Technologies (IRTC) IPO Opens Up 57%

Today's IPO for iRhythm Technologies, Inc. (Nasdaq: IRTC) opened for trading at $26.75 after pricing 6,294,118 shares of its common stock at a public offering price of $17.00 per share, above the expected $13-$15 range. The IPO size was rasied from 5,350,000 shares.

J.P. Morgan and Morgan Stanley are acting as joint book-running managers for the offering.Canaccord Genuity and BTIG are acting as co-managers.

iRhythm is a commercial-stage digital health care company redefining the way cardiac arrhythmias are clinically diagnosed. The company combines wearable biosensor devices worn for up to 14 days and cloud-based data analytics with powerful proprietary algorithms that distill data from millions of heartbeats into clinically actionable information. The company believes improvements in arrhythmia detection and characterization have the potential to change clinical management of patients. The company’s platform, the Zio Service, has been provided to over 500,000 patients, accumulating more than 125 million hours of curated heartbeat data within iRhythm’s data repository.

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