Analysts Anticipate iRhythm (IRTC) Will Post Quarterly Sales of $32.51 Million

Wall Street brokerages expect that iRhythm (NASDAQ:IRTC) will announce $32.51 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have issued estimates for iRhythm’s earnings, with the highest sales estimate coming in at $32.82 million and the lowest estimate coming in at $32.20 million. iRhythm posted sales of $23.85 million in the same quarter last year, which suggests a positive year over year growth rate of 36.3%. The firm is scheduled to announce its next earnings report on Wednesday, August 1st.

On average, analysts expect that iRhythm will report full year sales of $132.96 million for the current financial year, with estimates ranging from $131.95 million to $134.73 million. For the next fiscal year, analysts expect that the firm will report sales of $179.55 million per share, with estimates ranging from $171.54 million to $190.67 million. Zacks’ sales averages are an average based on a survey of analysts that that provide coverage for iRhythm.

iRhythm (NASDAQ:IRTC) last released its quarterly earnings data on Wednesday, May 2nd. The company reported ($0.47) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.36) by ($0.11). iRhythm had a negative net margin of 32.73% and a negative return on equity of 43.37%. The firm had revenue of $30.60 million during the quarter, compared to analyst estimates of $29.07 million. During the same period in the prior year, the company earned ($0.24) EPS. The business’s quarterly revenue was up 43.0% compared to the same quarter last year.

Several research analysts have recently issued reports on the company. Zacks Investment Research raised iRhythm from a “sell” rating to a “hold” rating in a research note on Tuesday, May 8th. BidaskClub raised iRhythm from a “sell” rating to a “hold” rating in a research note on Friday, May 4th. ValuEngine raised iRhythm from a “hold” rating to a “buy” rating in a research note on Wednesday, May 9th. Northland Securities reaffirmed a “hold” rating and issued a $60.00 price objective on shares of iRhythm in a research note on Wednesday, March 14th. Finally, BMO Capital Markets assumed coverage on iRhythm in a research note on Monday, March 5th. They issued an “outperform” rating and a $76.00 price objective for the company. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $69.29.

Shares of iRhythm stock traded up $2.81 on Monday, hitting $70.98. The stock had a trading volume of 465,412 shares, compared to its average volume of 259,327. iRhythm has a twelve month low of $33.72 and a twelve month high of $72.27. The company has a debt-to-equity ratio of 0.45, a current ratio of 6.59 and a quick ratio of 6.48. The company has a market capitalization of $1.61 billion, a P/E ratio of -54.60 and a beta of 1.17.

In related news, Director Vijay K. Lathi sold 169,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $62.41, for a total value of $10,547,290.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Kevin M. King sold 60,000 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $64.52, for a total value of $3,871,200.00. Following the completion of the sale, the insider now owns 201,842 shares in the company, valued at $13,022,845.84. The disclosure for this sale can be found here. Insiders sold 432,452 shares of company stock worth $27,886,410 over the last quarter. 23.30% of the stock is currently owned by company insiders.

A number of hedge funds have recently made changes to their positions in IRTC. SG Americas Securities LLC bought a new stake in iRhythm in the first quarter valued at approximately $112,000. Alambic Investment Management L.P. bought a new stake in iRhythm in the first quarter valued at approximately $208,000. Shaker Investments LLC OH bought a new position in shares of iRhythm during the 4th quarter worth approximately $263,000. Bluestein R H & Co. bought a new position in shares of iRhythm during the 1st quarter worth approximately $283,000. Finally, Two Sigma Advisers LP bought a new position in shares of iRhythm during the 4th quarter worth approximately $331,000.

About iRhythm

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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