The following is a summary of the IRhythm Technologies, Inc. (IRTC) Q1 2024 Earnings Call Transcript:

Financial Performance:

• iRhythm Technologies reported Q1 2024 revenue of $131.9 million, representing an 18.4% growth compared to Q1 2023. The gross margin for Q1 was 66.3%.

• The adjusted net loss was approximately $38.1 million, or a loss of $1.23 per share.

• The company ended Q1 with approximately $569.1 million in unrestricted cash and short-term investments.

• The gross margin is expected to rise to approximately 70% in the second half of the year due to improved efficiency of clinical technicians and increased scale of Zio Monitor usage.

• Revenue guidance for upcoming quarters remains positive due to continued momentum from Q1 into Q2.

Business Progress:

• iRhythm reports strong demand for its Zio products and has expanded internationally.

• The firm entered partnerships with primary care networks and plans to commercially launch in Netherlands, Spain, Switzerland, and Austria in H2 2024.

• Two submissions for Zio AT business are expected to receive clearance from the FDA in H2 2024.

• Collaboration with Epic Aura aims to streamline Zio service integration across healthcare systems, with plans to offer solution in early 2025.

• A 510(k) submission for next-gen Zio MCT is expected in H2 2024, with planned international launch following approval.

• The launch of a sleep pilot program aims to improve care for obstructive sleep apnea patients.

• Plans for long-term expansion include diagnosing sleep diseases with their patch product and entering the primary care channel and new adjacencies like sleep.

More details: iRhythm Technologies IR

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