Irhythm Technologies Inc (NASDAQ:IRTC) Expected to Post Quarterly Sales of $53.47 Million

Equities analysts forecast that Irhythm Technologies Inc (NASDAQ:IRTC) will report $53.47 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for Irhythm Technologies’ earnings, with the highest sales estimate coming in at $53.59 million and the lowest estimate coming in at $53.35 million. Irhythm Technologies posted sales of $38.10 million during the same quarter last year, which suggests a positive year-over-year growth rate of 40.3%. The company is scheduled to issue its next earnings results on Tuesday, October 29th.

According to Zacks, analysts expect that Irhythm Technologies will report full-year sales of $215.45 million for the current year, with estimates ranging from $214.99 million to $215.91 million. For the next fiscal year, analysts anticipate that the company will report sales of $279.78 million, with estimates ranging from $273.82 million to $290.60 million. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that that provide coverage for Irhythm Technologies.

Irhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings data on Wednesday, July 31st. The company reported ($0.46) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.44) by ($0.02). Irhythm Technologies had a negative net margin of 24.45% and a negative return on equity of 76.47%. The business had revenue of $53.30 million during the quarter, compared to analysts’ expectations of $49.89 million. During the same period in the prior year, the firm earned ($0.51) EPS. Irhythm Technologies’s revenue for the quarter was up 50.1% on a year-over-year basis.

IRTC has been the subject of a number of research reports. Zacks Investment Research downgraded Irhythm Technologies from a “hold” rating to a “sell” rating in a research report on Friday, August 2nd. BTIG Research set a $90.00 price objective on Irhythm Technologies and gave the stock a “buy” rating in a research note on Wednesday, July 31st. JPMorgan Chase & Co. boosted their price objective on Irhythm Technologies from $110.00 to $125.00 and gave the stock an “overweight” rating in a research note on Thursday, August 1st. Finally, BidaskClub cut Irhythm Technologies from a “buy” rating to a “hold” rating in a research note on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $99.00.

IRTC stock traded up $0.52 during trading on Friday, reaching $73.13. 270,470 shares of the stock traded hands, compared to its average volume of 407,498. The business’s 50 day moving average price is $79.16 and its 200-day moving average price is $79.09. Irhythm Technologies has a 52-week low of $58.99 and a 52-week high of $98.37. The company has a debt-to-equity ratio of 2.53, a current ratio of 2.66 and a quick ratio of 2.59. The firm has a market capitalization of $2.01 billion, a PE ratio of -39.31 and a beta of 1.72.

In other news, CFO Matthew C. Garrett sold 27,569 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $76.83, for a total value of $2,118,126.27. Following the sale, the chief financial officer now directly owns 29,101 shares of the company’s stock, valued at $2,235,829.83. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Kevin M. King sold 60,000 shares of the firm’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $70.00, for a total value of $4,200,000.00. Following the completion of the sale, the insider now directly owns 212,400 shares in the company, valued at $14,868,000. The disclosure for this sale can be found here. Insiders sold 88,778 shares of company stock worth $6,410,494 over the last ninety days. 3.85% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. Advisor Group Inc. lifted its stake in Irhythm Technologies by 403.1% during the second quarter. Advisor Group Inc. now owns 805 shares of the company’s stock worth $63,000 after purchasing an additional 645 shares during the period. Quantamental Technologies LLC lifted its stake in Irhythm Technologies by 78.5% during the first quarter. Quantamental Technologies LLC now owns 1,423 shares of the company’s stock worth $107,000 after purchasing an additional 626 shares during the period. US Bancorp DE lifted its stake in Irhythm Technologies by 1,029.7% during the second quarter. US Bancorp DE now owns 1,446 shares of the company’s stock worth $114,000 after purchasing an additional 1,318 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Irhythm Technologies by 93.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,825 shares of the company’s stock worth $144,000 after purchasing an additional 882 shares during the period. Finally, Bank of Montreal Can lifted its stake in Irhythm Technologies by 3,879.2% during the second quarter. Bank of Montreal Can now owns 2,109 shares of the company’s stock worth $167,000 after purchasing an additional 2,056 shares during the period.

Irhythm Technologies Company Profile

iRhythm Technologies, Inc, a digital healthcare company, provides ambulatory electrocardiogram (ECG) monitoring products for patients at risk for arrhythmias in the United States. The company offers Zio service, an ambulatory cardiac monitoring solution that combines a wire-free, patch-based, and wearable biosensor with a cloud-based data analytic platform to help physicians to monitor patients and diagnose arrhythmias.

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