Irhythm Technologies (NASDAQ:IRTC) released its quarterly earnings results on Tuesday. The company reported ($0.43) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.45) by $0.02, MarketWatch Earnings reports. Irhythm Technologies had a negative return on equity of 60.80% and a negative net margin of 33.79%. The business had revenue of $38.10 million for the quarter, compared to analysts’ expectations of $35.87 million. During the same quarter in the previous year, the firm posted ($0.29) earnings per share. The company’s revenue was up 52.2% compared to the same quarter last year.
NASDAQ IRTC traded up $1.33 on Thursday, hitting $78.59. 104,158 shares of the stock traded hands, compared to its average volume of 326,417. Irhythm Technologies has a twelve month low of $46.95 and a twelve month high of $98.37. The stock has a market capitalization of $1.92 billion, a P/E ratio of -60.45 and a beta of 1.34. The company has a quick ratio of 5.47, a current ratio of 5.58 and a debt-to-equity ratio of 0.48.
Several research firms recently commented on IRTC. Dougherty & Co cut Irhythm Technologies from a “neutral” rating to a “sell” rating in a research note on Monday, July 16th. BidaskClub cut Irhythm Technologies from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, October 9th. BMO Capital Markets boosted their price target on Irhythm Technologies to $93.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 10th. Chardan Capital began coverage on Irhythm Technologies in a research note on Thursday, September 6th. They issued a “buy” rating and a $117.00 price target on the stock. Finally, BTIG Research reiterated a “hold” rating on shares of Irhythm Technologies in a research note on Thursday, August 2nd. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Irhythm Technologies has a consensus rating of “Buy” and a consensus target price of $93.13.
In other Irhythm Technologies news, EVP Derrick Sung sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 9th. The stock was sold at an average price of $83.10, for a total transaction of $831,000.00. Following the sale, the executive vice president now owns 29,458 shares in the company, valued at $2,447,959.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Kevin M. King sold 60,000 shares of the company’s stock in a transaction that occurred on Monday, August 6th. The shares were sold at an average price of $82.90, for a total value of $4,974,000.00. Following the sale, the insider now owns 282,367 shares in the company, valued at approximately $23,408,224.30. The disclosure for this sale can be found here. Insiders have sold 80,000 shares of company stock worth $6,685,100 in the last 90 days. 23.30% of the stock is currently owned by insiders.
About Irhythm Technologies
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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