Irhythm Technologies, Inc. (NASDAQ:IRTC) made waves in the market today as its stock surged by 10.3%, reaching a price of $116.13 per share. The company's notable performance coincides with the release of its preliminary fourth quarter 2023 operational highlights and business update at the 42nd annual J.P. Morgan Healthcare Conference.
According to the press release, the company reported several operational achievements and provided a financial outlook for the upcoming year. Among the highlights were a significant growth in patient registrations, the publication of a study demonstrating the clinical superiority of its long-term continuous monitoring service, and key regulatory milestones such as obtaining CE mark under the European Union Medical Device Regulation.
Quentin Blackford, President and CEO of Irhythm, expressed enthusiasm about the company's progress, stating, "This past year has been truly transformative for Irhythm as we have made exceptional strides towards advancing our vision to bring innovative, trusted solutions to millions of patients."
Looking ahead, Blackford emphasized the company's commitment to building upon its momentum and making strategic investments for future growth opportunities. He highlighted the potential to expand into the primary care channel and pursue milestones within international markets, in addition to advancing the company's product roadmap.
The press release also announced the closing of a five-year, $150 million term loan credit facility to strengthen the company's capital structure and ensure ongoing financial flexibility. Brice Bobzien, Irhythm's Chief Financial Officer, commented on the significance of this development, stating, "As we continue to bring our Zio services to millions of patients globally and prepare for significant growth in the years to come, we are very pleased to strengthen Irhythm's balance sheet with flexible, non-dilutive capital through our partnership with Braidwell, an existing Irhythm investor and a collaborative partner to the healthcare industry."
The company's full 8-K submission is available here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (k) | $147,277 | $214,552 | $265,166 | $322,825 | $410,921 | $472,787 |
| Revenue Growth | n/a | 45.68% | 23.59% | 21.74% | 27.29% | 15.06% |
| Net Margins | -34% | -25% | -17% | -31% | -28% | -22% |
| Net Income (k) | -$50,378 | -$54,568 | -$43,830 | -$101,361 | -$116,155 | -$104,905 |
| Net Interest Expense (k) | $3,115 | $1,643 | $1,519 | $1,169 | $4,138 | $3,722 |
| Depreciation & Amort. (k) | $2,269 | $3,445 | $6,900 | $9,842 | $13,405 | $13,838 |
| Earnings Per Share | $23885858.0 | $25265918.0 | $27754404.0 | -$3.46 | -$3.88 | -$3.45 |
| Free Cash Flow (k) | -$34,273 | -$42,320 | -$27,310 | -$65,820 | -$52,842 | -$55,553 |
| Capital Expenditures | $5,180 | $20,457 | $13,551 | $28,067 | $29,830 | $34,000 |
| Current Ratio | 3.44 | 3.32 | 5.75 | 3.48 | 3.24 | 2.29 |
