iRhythm Technologies (NASDAQ: IRTC) posted first-quarter results yesterday that missed the earnings consensus on Wall Street but beat the revenue projections.
The San Francisco-based company reported losses of -$27.8 million, or -95¢ per share, on sales of $74.3 million for the three months ended March 31, for a sales growth of 16.96% compared with Q1 2020.
Earnings per share were -95¢, 12¢ behind The Street, where analysts were looking for sales of $70.3 million.
“The clinical and economic value of our Zio service continues to drive strong demand and generated record volumes in the first quarter. Volumes were 31% above pre-COVID levels seen in the first quarter of 2020, powered primarily by Zio XT in the U.S., while Zio AT in the U.S. and Zio XT in the UK outpaced overall company growth on a percentage basis,” president and CEO Mike Coyle said in a news release. “As we look forward, our differentiated technology and the enthusiasm we are seeing from both physicians and patients give confidence in iRhythm’s continued market leadership.”
“We remain steadfast in our pursuit of higher Medicare reimbursement that is more in line with the significant benefits that Zio XT provides. We are also realistic about what direction reimbursement dynamics may take. Accordingly, we are focused on instilling greater discipline across our organization to increase efficiency in our manufacturing, clinical operations, revenue cycle management and sales and marketing functions.”
iRhythm said it expects second-quarter revenue to have sequential volume growth of approximately 4% over the first quarter.
Shares in IRTC were up 1.58% to $76.10 apiece in pre-market trading.