iRhythm sees years of sustainable growth

iMarketing image of iRhythm Zio XT cardiac monitor
iRhythm’s Zio XT cardiac monitor. [Image from iRhythm]

Wearable cardiac monitor developer iRhythm (NASDAQ:IRTC) saw its stock shoot up today, a day after reporting positive Q4 2022 news.

IRTC shares were up more than 10% at $97.26 apiece by midday trading today. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was up more than 8%.

San Francisco–based iRhythm reported a record number of new account openings for Zio XT heart monitoring patch in the fourth quarter. In addition, the company saw patient registration growth of more than 20% compared to Q4 2021.

CEO Quentin Blackford also pointed to the company successfully working with CMS to secure a national Medicare rate that “positions us well to focus on further market penetration and providing our technology to all patients who may benefit.”

“Despite challenges during 2022, we have made significant progress to advance our mission while investing in strategic and operational initiatives to set the company up to best realize expected strong growth in the years to come,” Blackford said in a news release posted yesterday.

Blackford is positive about 2023:

“As we enter 2023, we are poised to continue executing upon our strategic initiatives to position the company to drive sustainable growth for years to come. We are excited by the progress we are making to open the primary care channel, recently establishing relationships with some of the most significant players in the space within the United States. Further, we are excited by the upcoming product launch of our next-generation biosensor platform and believe that efforts underway will yield additional high-quality clinical and economic data to support Zio’s value proposition with iRhythm’s customers and payers.”

iRhythm previously said in September that its wearable heart monitoring tech could serve millions more patients, tripling company revenue to more than $1 billion by 2027.

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