Irhythm Tech (IRTC) Posts Earnings Results, Beats Estimates By $0.05 EPS

Irhythm Tech (NASDAQ:IRTC) announced its quarterly earnings data on Wednesday. The company reported ($0.29) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.34) by $0.05, Briefing.com reports. Irhythm Tech had a negative return on equity of 57.23% and a negative net margin of 27.34%. The company had revenue of $25.04 million during the quarter, compared to the consensus estimate of $24.30 million. During the same period in the previous year, the company posted ($2.80) EPS. The firm’s revenue was up 49.2% on a year-over-year basis.

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In other Irhythm Tech news, Director Raymond W. Scott sold 4,661 shares of the company’s stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $48.02, for a total transaction of $223,821.22. Following the completion of the sale, the director now directly owns 4,661 shares of the company’s stock, valued at approximately $223,821.22. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Vijay K. Lathi sold 34,613 shares of the company’s stock in a transaction that occurred on Wednesday, September 13th. The shares were sold at an average price of $49.51, for a total value of $1,713,689.63. Following the sale, the director now directly owns 1,405 shares of the company’s stock, valued at $69,561.55. The disclosure for this sale can be found here. Insiders sold a total of 118,014 shares of company stock valued at $5,453,106 over the last three months. Company insiders own 23.30% of the company’s stock.

Several analysts have recently issued reports on IRTC shares. Zacks Investment Research raised Irhythm Tech from a “sell” rating to a “buy” rating and set a $58.00 price objective on the stock in a report on Wednesday, October 4th. Canaccord Genuity increased their price target on Irhythm Tech from $49.00 to $55.00 and gave the company a “buy” rating in a report on Friday, September 22nd. Finally, ValuEngine upgraded Irhythm Tech from a “sell” rating to a “hold” rating in a report on Saturday, October 21st. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $44.40.

About Irhythm Tech

iRhythm Technologies, Inc is a United States-based digital health company. The Company develops and commercializes solutions that integrate biosensor technology, patient data, analytics and medical expertise. The Company offers flagship solution, the ZIO Service. Its ZIO Service consists of the ZIO XT Patch, algorithms and the ZIO Report.

Earnings History for Irhythm Tech (NASDAQ:IRTC)

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