iRhythm Q1 2022 Earnings Report
Key Takeaways
iRhythm Technologies reported a 24.3% increase in revenue to $92.4 million for the first quarter of 2022. The company saw a gross margin of 66.9% and an adjusted EBITDA loss of $4.8 million. New account openings were up 15% quarter-over-quarter.
Revenue increased by 24.3% compared to the first quarter of 2021, reaching $92.4 million.
Gross margin improved by 4.2 percentage points compared to the fourth quarter of 2021, reaching 66.9%.
Adjusted EBITDA loss improved by $12.5 million compared to the fourth quarter of 2021, resulting in a loss of $4.8 million.
Cash and short-term investments totaled $208.8 million as of March 31, 2022.
iRhythm
iRhythm
Forward Guidance
iRhythm projects revenue for the full year 2022 to range from $410 million to $420 million, which represents 27% to 30% growth over prior year results. Gross margin for the full year 2022 is expected to range from 68% to 69% and adjusted operating expenses are expected to range between $375 and $385 million. Adjusted EBITDA for the full year 2022 is expected to range from negative $15 million to negative $25 million.