Nathan Treybeck, an analyst from Wells Fargo, maintained the Buy rating on Irhythm Technologies (IRTC – Research Report). The associated price target is $125.00.
Nathan Treybeck has assigned a Buy rating to Irhythm Technologies based on a robust outlook for the company, including a positive revenue guidance for 2024 that surpasses consensus expectations. The guidance suggests an 18-20% year-over-year increase, signaling strong momentum in its ZioXT/Monitor and AT product lines. Additionally, Treybeck notes the company’s strategic financial moves, such as securing a $150 million term loan, which will bolster its balance sheet and help pay down existing debt, further indicating a solid financial footing.
Furthermore, Irhythm Technologies has made progress on regulatory fronts with the submission of a catch-up 510(k), which is expected to be reviewed in parallel with a second submission, potentially lifting the warning letter by mid-2024. The company’s growth is also expected to be fueled by new primary care providers, as indicated by recent data. On the international scene, Treybeck is optimistic about the company’s overseas expansion plans, with recent submissions for national reimbursement in the UK and the potential for expanded Zio business following the CE Mark for Monitor. These factors combine to underpin Treybeck’s positive rating for Irhythm Technologies.
In another report released yesterday, Needham also reiterated a Buy rating on the stock with a $136.00 price target.
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Irhythm Technologies (IRTC) Company Description:
iRhythm Technologies, Inc. is a commercial-stage digital healthcare company, which engages in the development of monitoring and diagnostic solutions for detection of cardiac arrhythmias. It offers ZIO which diagnose many arrhythmias, avoiding multiple indeterminate tests, allowing for appropriate medical intervention, and prevents serious downstream medical events. The company was founded by Uday N. Kumar in September 2006 and is headquartered in San Francisco, CA.
Read More on IRTC:
- iRhythm Technologies Shares Preliminary Fourth Quarter 2023 Highlights and Business Update at the 42nd Annual J.P. Morgan Healthcare Conference
- iRhythm announces results from CAMELOT study have been published
- Largest Ever Real-World Evidence Study of Ambulatory Cardiac Monitoring Demonstrates Clinical Superiority of iRhythm’s Zio Long-Term Continuous Monitoring Service
- iRhythm receives CE Marking under EU MDR for Zio monitor, ZEUS System
- iRhythm Tracker implies 12% upside to Q4 revenue consensus, says Wells Fargo
