Strong Zio AT Business Growth Propels iRhythm's Q2 Revenue Surge, Analysts Say Warning Letter Manageable
Portfolio Pulse from Vandana Singh
iRhythm Technologies Inc's Q2 revenue increased by 21.6% Y/Y to $124.1 million, beating the consensus of $120.34 million, driven by volume growth of Zio services. The company reported an adjusted EPS loss of $(0.43), beating the consensus estimate of $(0.78). The company's FY23 revenue is projected to grow approximately 18%-19% Y/Y. Analysts from William Blair believe the Zio AT warning letter is manageable and the risk profile is lower than a few weeks ago. IRTC shares are up 19.30% at $116.32.
August 04, 2023 | 6:18 pm
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iRhythm's Q2 revenue and EPS beat consensus estimates, driven by Zio services volume growth. The company's FY23 revenue is projected to grow 18%-19% Y/Y. Analysts believe the Zio AT warning letter is manageable, reducing the risk profile. IRTC shares are up 19.30%.
iRhythm's Q2 results beat consensus estimates, which is a positive signal for the company's performance. The projected growth in FY23 revenue indicates a positive outlook for the company. The analysts' view that the Zio AT warning letter is manageable reduces the risk profile for the company, which is likely to have a positive impact on the stock price. The increase in IRTC shares by 19.30% indicates a positive market response to the company's performance and outlook.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100