Thu, Aug 1, 9:19 PM (88 days ago)
For the quarter ending June 30, 2024, iRhythm Technologies, Inc. reported a 19% year-over-year increase in revenue to $148 million, driven primarily by higher demand for its Zio Services. Despite the revenue growth, the company posted a net loss of $20.1 million, a 9% increase from the previous year, attributed to higher operating expenses and interest costs. Key financial metrics include a gross profit of $103.5 million and operating expenses totaling $126.5 million, up 20% from the prior year due to increased R&D and administrative costs. The company also reported significant cash flow activities, including $661.3 million raised from senior convertible notes, offset by repayments of existing debt and investments in strategic loan investments. Future uncertainties include potential changes in reimbursement rates and regulatory challenges.