iRhythm Q2 2023 Earnings Report
Key Takeaways
iRhythm Technologies reported revenue of $124.1 million, a 21.6% increase compared to the second quarter of 2022. The company's gross margin improved to 69.5%.
Revenue of $124.1 million, a 21.6% increase compared to second quarter 2022
Gross margin of 69.5%, a 70-basis point improvement compared to second quarter 2022
Cash, cash equivalents and marketable securities of $164.7 million as of June 30, 2023
Zio granted high medical needs designation by Japanese Ministry of Health, Labour, and Welfare
iRhythm
iRhythm
Forward Guidance
iRhythm projects revenue for the full year 2023 to grow approximately 18% to 19% compared to prior year results, ranging from approximately $485 million to $490 million. Gross margin for the full year 2023 is expected to range from 69% to 70% and adjusted operating expenses are expected to range between $417 million and $427 million. Adjusted EBITDA margin for the full year 2023 is expected to range from approximately 0% to 0.5% of revenues.