SAN FRANCISCO - iRhythm Technologies, Inc. (NASDAQ:IRTC), a digital healthcare company, has revealed new research findings on the performance of its next-generation Zio monitor, a long-term continuous monitoring (LTCM) patch ECG device. The study, presented at the Heart Rhythm Society's HRX 2024 meeting, indicates that the new Zio monitor exhibits longer wear duration and analyzable time compared to the previous Zio XT device.
The research, titled "Performance of a Novel Next-Generation Ambulatory ECG Long-Term Patch Monitor: A Multicenter Post-Market Evaluation," involved a retrospective comparison of U.S. real-world data from the initial launch period of the Zio monitor, which spanned from May 2022 to September 2023. It included data from 7,433 Zio monitors and 1,336,391 Zio XT devices.
Results showed that the next-generation Zio monitor had fewer early wear terminations, longer average wear duration (12.6 days vs. 11.9 days), and longer average analyzable time (12.2 days vs. 11.5 days) than the Zio XT. Additionally, the new monitor demonstrated a higher yield of paroxysmal atrial fibrillation detection and overall arrhythmia detection.
Rod S. Passman, MD, MSCE, a cardiac electrophysiologist and Professor of Medicine at Northwestern (NASDAQ:NWE) University, and presenting author of the study, stated, "Now, we are seeing the impact of design enhancements on device performance, with even better wear time and analyzable time with the new device."
The Zio monitor has been worn by over 1 million patients since its launch in late 2023, nearly 70% of iRhythm's LTCM registrations in the U.S. The company has also expanded its commercial launch of the Zio monitor and Zio LTCM service to Austria, the Netherlands, Spain, and Switzerland.
iRhythm's focus on patient-centered design and rigorous clinical evidence is reflected in their commitment to innovation, as demonstrated by their participation in various HRX events and the recent study they sponsored.
This article is based on a press release statement from iRhythm Technologies, Inc.
In other recent news, iRhythm Technologies has reported significant developments. The digital healthcare company recently announced a 19.3% year-over-year revenue growth, reaching $148 million, attributed to record demand and improved average selling prices. Consequently, the company has raised its revenue forecast for 2024 to between $580 and $590 million. Furthermore, iRhythm has entered into an exclusive licensing agreement with BioIntelliSense, Inc., which will enhance its ambulatory cardiac monitoring (ACM) offerings.
On the analyst front, Oppenheimer has maintained its Outperform rating for iRhythm Technologies, despite concerns over the recent presentation of the GUARD-AF trial results. The company is also dealing with an inquiry from the Department of Justice and is actively preparing to oppose the DOJ's petition regarding attorney-client privilege.
In terms of expansions, iRhythm has announced the commercial launch of its Zio monitor and Zio long-term continuous ambulatory ECG monitoring service in Austria, the Netherlands, Spain, and Switzerland. These updates underscore the recent developments for iRhythm Technologies.
InvestingPro Insights
As iRhythm Technologies, Inc. (NASDAQ:IRTC) continues to innovate in the digital healthcare space with its Zio monitor, the company's financial health and market performance provide essential context for investors. According to recent data, iRhythm holds a market capitalization of approximately $2.1 billion, signaling a robust position in the market. In the last twelve months leading up to Q2 2024, the company's revenue growth was notable at 18.81%, with a quarterly increase of 19.27%. This growth trajectory suggests that iRhythm's product offerings, including the Zio monitor, are gaining traction.
However, an InvestingPro Tip indicates that analysts do not expect iRhythm to be profitable this year. The company's Price to Book ratio stands at a high 21.16, which may reflect investor confidence in the company's assets despite its lack of profitability over the last twelve months. The firm operates with a moderate level of debt, which, coupled with liquid assets that exceed short-term obligations, could provide a cushion for future investments and operational needs.
While iRhythm does not pay a dividend, indicating a reinvestment of earnings into the company's growth, the financial metrics suggest careful consideration for investors. For those looking to delve deeper into iRhythm's financial health and market potential, InvestingPro offers additional tips, providing a comprehensive tool for informed investment decisions. Explore further insights and tips on iRhythm Technologies at InvestingPro, where 5 additional tips are available to help assess the company's prospects.
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