iRhythm stays silent on federal grand jury subpoenas

More than one year after receiving the first of two federal grand jury subpoenas seeking information about its products and communications with the FDA, iRhythm Technologies has said little publicly about the matter.

It would have been easy to miss the San Francisco-based cardiac monitor maker’s initial disclosure last summer.

iRhythm (Nasdaq:IRTC) was without a permanent CEO due to Mike Coyle’s sudden resignation in June after four months on the job. IRTC shares seemed to be headed toward historic lows, falling nearly 80% from the start of 2021 as reimbursement rates for cardiac monitoring plunged and then bounced around in a way that one analyst called “beyond bizarre.”

“Investors had vertigo,” Oppenheimer analyst Suraj Kalia said of last year’s pricing drama. “The dizzying pace of what is going on was confusing everyone. And I can tell you, in my 18 years of doing sell-side, I’ve never seen anything like this. Never.”

Read more
  • 0

iRhythm stays silent on federal grand jury subpoenas

More than one year after receiving the first of two federal grand jury subpoenas seeking information about its products and communications with the FDA, iRhythm Technologies has said little publicly about the matter.

It would have been easy to miss the San Francisco-based cardiac monitor maker’s initial disclosure last summer.

iRhythm (Nasdaq:IRTC) was without a permanent CEO due to Mike Coyle’s sudden resignation in June after four months on the job. IRTC shares seemed to be headed toward historic lows, falling nearly 80% from the start of 2021 as reimbursement rates for cardiac monitoring plunged and then bounced around in a way that one analyst called “beyond bizarre.”

“Investors had vertigo,” Oppenheimer analyst Suraj Kalia said of last year’s pricing drama. “The dizzying pace of what is going on was confusing everyone. And I can tell you, in my 18 years of doing sell-side, I’ve never seen anythin…

Read more
  • 0

iRhythm stock soars on Street-beating Q1; C-Suite changes continue

iRhythm Technologies (NSDQ:IRTC) posted first-quarter results today that beat the consensus forecast on Wall Street and increased its outlook for the rest of the year, sending the stock up nearly 30% in after-hours trading.

The San Francisco-based developer of remote external electrocardiogram monitors reported a net loss of $50.6 million, or -$1.71 per share, on sales of $92.4 million for the three months ended March 31, 2022.

That was a 24.3% increase in sales and a smaller loss than the -$27.8 million (or -$0.95 per share) reported in Q1 2021.

Get the full story at our sister site, Medical Design & Outsourcing.

Read more
  • 0

iRhythm stock soars on Street-beating Q1; C-Suite changes continue

iRhythm Technologies (NSDQ:IRTC) posted first-quarter results today that beat the consensus forecast on Wall Street and increased its outlook for the rest of the year, sending the stock up nearly 30% in after-hours trading.

The San Francisco-based developer of remote external electrocardiogram monitors reported a net loss of $50.6 million, or -$1.71 per share, on sales of $92.4 million for the three months ended March 31, 2022. That was a 24.3% increase in sales and a smaller loss than the -$27.8 million (or -$0.95 per share) reported in Q1 2021.

“Our strong first-quarter results are indicative of the momentum we carried into 2022 with an acceleration in daily registrations leading to record quarterly volumes,” President and CEO Quentin Blackford said in a news release. “New account openings were up 15% quarter-over-quarter, and we realized significant growth in our core U.S. market. Evidence supporting the clinical superiority of the Zio serv…

Read more
  • 0

iRhythm brings Stanford professor into C-suite

iRhythm Technologies (Nasdaq:IRTC) this week announced it appointed Mintu Turakhia as chief medical officer and chief scientific officer.

Turakhia is a professor of medicine at the Stanford University School of Medicine and the director and cofounder of the Stanford Center for Digital Health. He is also a cardiac electrophysiologist with more than 20 years of experience in patient care, outcomes research and trials, data science and artificial intelligence, medical device regulation and the create and commercialization of digital health products.

According to the company, Turakhia performed the first study of silent atrial fibrillation with iRhythm’s original Zio patch, which helped the company perform large atrial fibrillation studies at scale.

“As healthcare continues to evolve at a rapid pace, we are very excited to add Dr. Turakhia to our executive team,” CEO Quentin Blackford said in a news release. “Mintu is a prolific scientist, respected cl…

Read more
  • 0

Studies show that iRhythm’s Zio detects AFib early, prevents hospital admissions

iRhythm’s Zio cardiac monitoring device [Image courtesy of iRhythm]

iRhythm Technologies (Nasdaq:IRTC) announced results of multiple studies supporting the use of its Zio technology in detecting AFib.

San Francisco-based iRhythm presented the results of three clinical research studies at The American College of Cardiology’s 71st Annual Scientific Session & Expo.

Get the full story at our sister site, MassDevice.

Read more
  • 0

Studies show that iRhythm’s Zio detects AFib early, prevents hospital admissions

iRhythm’s Zio cardiac monitoring device [Image courtesy of iRhythm]iRhythm Technologies (Nasdaq:IRTC) announced results of multiple studies supporting the use of its Zio technology in detecting AFib.

San Francisco-based iRhythm presented the results of three clinical research studies at The American College of Cardiology’s 71st Annual Scientific Session & Expo.

According to a news release, the studies further validate Zio as an option for early AFib detection while also showing that the Zio service can positively impact hospital resources and support the need for monitoring post-transcatheter aortic valve replacement (TAVR) discharge in high-risk patient populations.

The company’s Syncope study found that Zio AT monitored and aided in the diagnosis of qualified syncope patient candidates in an outpatient setting, safely monitoring patients upon discharge to avoid a potential 24-48-hour hospital stay. According to iRhtyhm, 8.2% of patients had an a…

Read more
  • 0

Former CEO Kevin King to retire from iRhythm’s board of directors

iRhythm’s Zio cardiac monitoring device [Image courtesy of iRhythm]iRhythm Technologies (Nasdaq:IRTC) announced today that Kevin King will retire from the company’s board of directors.

King joined San Francisco-based iRhythm’s board in July 2012 and served as the company’s president and CEO from then until January 2021.

“On behalf of the entire iRhythm team, I would like to thank Kevin for his contributions over the last several years,” iRhythm President and CEO Quentin Blackford said in a news release. “iRhythm would not be the company that it is today without Kevin’s leadership and we thank him for the many achievements during his tenure. I am personally grateful to Kevin for him welcoming me into the company and ensuring a smooth transition.”

King led the company, which develops the Zio XT ambulatory cardiac monitor, a wearable ECG device meant to be smaller and more comfortable than a traditional Holter monitor while still offering acc…

Read more
  • 0

New research backs iRhythm’s Zio XT against Holter, event monitors

iRhythm’s Zio XT cardiac monitor. [Image from iRhythm]iRhythm Technologies (NSDQ:IRTC) announced today that a study demonstrated the superiority of its Zio XT compared to other cardiac monitors.

San Francisco-based iRhythm’s KP-Rhythm2 study — published in the American Journal of Cardiology — examined the efficiency of Zio XT, Holter monitors and event monitors with the aim of assessing diagnostic yield, outcomes and resource utilization by monitoring modality in individuals without previously documented atrial fibrillation (AFib) or atrial flutter (AFL).

Get the full story at our sister site, Medical Design & Outsourcing.

Read more
  • 0

New research backs iRhythm’s Zio XT against Holter, event monitors

iRhythm’s Zio XT cardiac monitor. [Image from iRhythm]

iRhythm Technologies (NSDQ:IRTC) announced today that a study demonstrated the superiority of its Zio XT compared to other cardiac monitors.

San Francisco-based iRhythm’s KP-Rhythm2 study — published in the American Journal of Cardiology — examined the efficiency of Zio XT, Holter monitors and event monitors with the aim of assessing diagnostic yield, outcomes and resource utilization by monitoring modality in individuals without previously documented atrial fibrillation (AFib) or atrial flutter (AFL).

According to a news release, while earlier studies have proven Zio XT to be better than Holter and event monitors for detecting arrhythmias, the KP-Rhythm2 study (led by Kaiser Permanente and supported by a research grant from iRhythm) is the first to specifically address the Zio XT patch up against a 30-day event monitor yielding similar d…

Read more
  • 0

iRhythm plans silent AFib screening pilots, high-level hires and Zio Watch evaluations

iRhythm’s Zio XT cardiac monitor [Image from iRhythm]

iRhythm Technologies (NSDQ:IRTC) has big plans for 2022 and its remote external electrocardiogram monitors as the medical device developer gears up for growth.

President and CEO Quentin Blackford is looking to hire an international general manager among other roles in the coming months, he told Medical Design & Outsourcing after presenting at this month’s 2022 J.P. Morgan Healthcare Conference, where he laid out his vision for profitably scaling the company.

Asked by MDO whether Blackford is planning a reorganization or restructuring after he discussed the cost-consciousness side of his growth plans, an external spokesperson offered more details from the CEO.

“At a leadership level, we are actively structuring our C-suite in order to create long-term sustainable growth,” Blackford said. “The goal is to enable iRhythm to be a glo…

Read more
  • 0

iRhythm CEO considers costs on the path to profitability

iRhythm’s Zio cardiac monitoring device [Image courtesy of iRhythm]

Fresh off positive reimbursement news for its Zio remote external electrocardiogram monitoring device, the CEO of iRhythm Technologies (NSDQ:IRTC) doesn’t just have revenue on his mind.

iRhythm President and CEO Quentin Blackford — the former Dexcom COO who replaced Mike Coyle in September — said his company will need to keep costs under control as it grows to serve tens of millions and then hundreds of millions of patients in the years ahead.

“This means introducing things like automation where it’s possible, reconfiguring processes and streamlining systems and structures across the organization, as well as really rethinking how and where we do the work in this new remote environment that we’re proving can be so successful,” Blackford said today at the J.P. Morgan Healthcare Conference. “Ultimat…

Read more
  • 0