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Sep 30, 2022
iRhythm Q3 2022 Earnings Report
iRhythm's financial performance increased, driven by Zio XT and AT volume growth as well as an increase in net average selling price.
Key Takeaways
iRhythm Technologies, Inc. reported a 21.6% increase in revenue to $103.9 million for the third quarter of 2022, compared to the same period in 2021. The company's gross margin improved to 68.3%, and cash, cash equivalents and short-term investments totaled $203.5 million as of September 30, 2022. However, the company is updating its fiscal year 2022 revenue guidance to a range of approximately $407 million to $411 million.
Revenue of $103.9 million, a 21.6% increase compared to third quarter 2021
Gross margin of 68.3%, a 2.6 percentage point improvement compared to third quarter 2021
Cash, cash equivalents and short-term investments of $203.5 million as of September 30, 2022
Updating fiscal year 2022 revenue guidance to a range of approximately $407 million to $411 million
Forward Guidance
iRhythm is updating its fiscal year 2022 revenue guidance to range from approximately $407 to $411 million. Gross margin for the fiscal year 2022 is expected to range from approximately 68% to 69% and adjusted operating expenses are expected to range between approximately $360 and $365 million. Adjusted EBITDA for the full year 2022 is expected to range from negative $10 to negative $12 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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