Canaccord Genuity analyst William Plovanic has maintained their bullish stance on IRTC stock, giving a Buy rating yesterday.
William Plovanic’s Buy rating for iRhythm Technologies is anchored on a variety of promising indicators within the company’s recent performance and future prospects. The analyst notes that the company demonstrated a robust growth in patient registrations, showing an increase of 22% year-over-year for Q4, which surpasses their own model’s forecasted sales growth. Additionally, iRhythm’s revenue guidance for 2024 is set between $575M-$585M, aligning closely with Canaccord Genuity’s estimate of $582.5M, suggesting a continued trajectory of growth for the company.
Moreover, Plovanic emphasizes the importance of regulatory advancements, highlighting iRhythm’s submission of a 510(k) for changes to their Zio AT device, which is seen as a positive step towards enhancing their product offerings. The company has also secured a new $150M term loan credit facility, strengthening their financial position. Looking ahead, the expectation is that iRhythm will not only escalate its revenue through new accounts and value recognition in national accounts but also achieve a positive adjusted EBITDA in 2024 due to operating leverage. These factors combined provide a strong basis for the Buy rating on iRhythm Technologies.
Plovanic covers the Healthcare sector, focusing on stocks such as CVRx, Boston Scientific, and Atricure. According to TipRanks, Plovanic has an average return of -1.4% and a 43.58% success rate on recommended stocks.
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
