iRhythm Q4 2022 Earnings Report
Key Takeaways
iRhythm Technologies reported a 37.7% increase in revenue for the fourth quarter of 2022, reaching $112.6 million. The company's gross margin improved to 69.9%, and it achieved a net loss improvement of $12.3 million. Adjusted EBITDA was $1.1 million, marking an $18.4 million improvement.
Revenue increased by 37.7% to $112.6 million compared to Q4 2021.
Gross margin improved by 720 basis points to 69.9% compared to Q4 2021.
Net loss improved by $12.3 million compared to Q4 2021, reaching $20.2 million.
Adjusted EBITDA improved by $18.4 million compared to Q4 2021, resulting in $1.1 million.
iRhythm
iRhythm
Forward Guidance
iRhythm projects revenue for the full year 2023 to grow approximately 16% to 18% compared to prior year results, ranging from $475 million to $485 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 $415 and $425 million. Adjusted EBITDA margin for the full year 2023 is expected to range from approximately negative 0.5% to 0.5% of revenues.