iRhythm Q3 2021 Earnings Report
Key Takeaways
iRhythm Technologies reported a revenue of $85.4 million for Q3 2021, an 18.7% increase compared to Q3 2020. The increase was driven by volume growth but was partially offset by a decrease in Zio XT Medicare reimbursement rates. Gross margin was 65.7%, down from 74.7% in the same period last year. The net loss for the quarter was $23.7 million, or $0.81 per share.
Revenue increased by 18.7% to $85.4 million compared to Q3 2020.
Gross margin decreased to 65.7% from 74.7% in the same period last year.
Adjusted EBITDA was negative $8.7 million.
Cash and Short-Term Investments were $256.8 million as of September 30, 2021.
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iRhythm Revenue by Segment
Forward Guidance
iRhythm expects revenue to range from $317 million to $319 million for the full year 2021, representing year over year growth of approximately 20%.
Challenges Ahead
- Unforeseen ongoing impacts from the COVID-19 Delta variant.
- Customer staffing challenges.
- Delayed new account launches and expansion.