iRhythm Technologies' Market-Leading ZioService to Dominate ACM Sector: Analyst Initiates with Outperform Rating
Portfolio Pulse from Vandana Singh
Baird has initiated coverage on iRhythm Technologies Inc (IRTC) with an Outperform rating and a $130 price target. The company's ZioService is expected to dominate the ambulatory cardiac monitoring (ACM) sector. The analyst predicts a 20% growth outlook over the next five years, with IRTC's PCP volumes growing at a ~25% CAGR. The company plans to expand into multiple international markets, with international revenue expected to represent ~8% of total company revenue by 2027. However, IRTC received a Warning Letter from the FDA regarding non-conformities to medical device regulations, which could impact the stock.

July 19, 2023 | 5:41 pm
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iRhythm Technologies has received an Outperform rating from Baird, with a price target of $130. The company's growth outlook is positive, but a recent FDA warning letter could negatively impact the stock.
The Outperform rating and price target from Baird indicate a positive outlook for iRhythm Technologies. The company's growth prospects and plans for international expansion are also positive. However, the recent FDA warning letter creates uncertainty and could negatively impact the stock in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100