iRhythm Technologies (IRTC) Misses Q4 EPS by 12c, Revenues Beat

iRhythm Technologies (NASDAQ: IRTC) reported Q4 EPS of ($0.65), $0.12 worse than the analyst estimate of ($0.53). Revenue for the quarter came in at $59.1 million versus the consensus estimate of $58.42 million.

Fourth Quarter and Full Year 2019 Highlights

• Revenue for the year ended December 31, 2019 increased 46% to $214.6 million over 2018
• Revenue for the three months ended December 31, 2019 increased 41% year-over-year to $59.1 million
• Gross margin for the full year 2019 was 75.5%, a year-over-year improvement of 180 basis points
• Announced participation in a new, randomized, controlled study, GUARD-AF, sponsored by the Bristol-Myers Squibb-Pfizer Alliance, to determine if earlier detection of atrial fibrillation (AFib) through screening in previously undiagnosed individuals ultimately impacts the rate of stroke, compared to usual standard medical care

“The iRhythm team made substantial progress in 2019 driving our growth initiatives, including commercial execution, market penetration, and market expansion. Our competitive differentiation – and why physicians are selecting our Zio platform for ambulatory cardiac monitoring – can be attributed to an unrivaled combination of superior technology, clinical validation, sales, service and support,” said Kevin King, CEO. “I am confident we are in the best position to date to continue to grow our business. Our continued focus on increasing market penetration with our single Zio platform, driving operating scale through continued productivity improvements, and expanding our addressable market into new indications are key drivers as we move into 2020.”

For earnings history and earnings-related data on iRhythm Technologies (IRTC) click here.

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