iRhythm Q2 2024 Earnings Report
Key Takeaways
iRhythm Technologies reported a 19.3% increase in revenue for the second quarter of 2024, driven by strong demand for Zio services. The company is also progressing with European launches and anticipates a regulatory decision in Japan.
Revenue reached $148.0 million, a 19.3% increase compared to Q2 2023.
Gross margin was 69.9%, a 40-basis point increase year-over-year.
The company has $561.5 million in unrestricted cash, cash equivalents, and marketable securities.
Increased fiscal year 2024 guidance for revenue, gross margin, and adjusted EBITDA.
iRhythm
iRhythm
iRhythm Revenue by Segment
Forward Guidance
iRhythm projects revenue for the full year 2024 to grow approximately 18% to 20% compared to prior year results, ranging from approximately $580 million to $590 million. Gross margin for the full year 2024 is expected to range from 68.5% to 69% and adjusted EBITDA margin for the full year 2024 is expected to range from approximately 3.5% to 4% of revenues.