iRhythm Technologies (Nasdaq:IRTC) posted second-quarter results that beat the consensus forecast on Wall Street.
The San Francisco–based developer of the Zio ambulatory cardiac monitor reported a loss of $23.9 million, or $0.80 per share, on sales of $102.1 million for the quarter ended June 30, 2022. Revenue was up 25.6% year-over-year, primarily driven by volume growth of the Zio XT and AT single-use monitors and increases in Medicare pricing.
Adjusted to exclude one-time items, earnings per share were $0.79, $0.12 ahead of The Street, where analysts expected a loss of $0.92 per share on sales of $100.12 million.
“New account openings were up 22% quarter-over-quarter and revenue volumes increased 10% sequentially, underscoring our solid performance amidst a difficult market environment,” iRhythm CEO and President Quentin Blackford said in a news release. “With business highlights regarding reimbursement and our Zio Watch clearance already announced in July, we are pleased with the way that the second half of 2022 has begun.”
The company now expects full-year revenue in the range of $415 million to $420 million, compared to the $410 million to $420 million range offered after Q1.
Investors reacted by sending IRTC shares up more than 5% to $161.25 in after-hours trading. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was flat for the day.