iRhythm Technologies, Inc. (NASDAQ:IRTC) Expected to Post Quarterly Sales of $99.25 Million

Brokerages predict that iRhythm Technologies, Inc. (NASDAQ:IRTC – Get Rating) will post $99.25 million in sales for the current quarter, Zacks Investment Research reports. Five analysts have provided estimates for iRhythm Technologies’ earnings. The lowest sales estimate is $96.24 million and the highest is $100.73 million. iRhythm Technologies posted sales of $81.28 million during the same quarter last year, which would indicate a positive year over year growth rate of 22.1%. The company is expected to issue its next quarterly earnings report on Monday, January 1st.

On average, analysts expect that iRhythm Technologies will report full-year sales of $420.09 million for the current financial year, with estimates ranging from $418.26 million to $424.34 million. For the next financial year, analysts expect that the business will report sales of $518.03 million, with estimates ranging from $496.68 million to $542.61 million. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover iRhythm Technologies.

iRhythm Technologies (NASDAQ:IRTC – Get Rating) last released its quarterly earnings data on Thursday, May 5th. The company reported ($0.80) earnings per share for the quarter, topping the consensus estimate of ($1.06) by $0.26. The business had revenue of $92.40 million during the quarter, compared to analyst estimates of $86.76 million. iRhythm Technologies had a negative return on equity of 34.55% and a negative net margin of 36.43%. The company’s revenue was up 24.4% compared to the same quarter last year. During the same period last year, the company posted ($0.95) EPS.

Several research firms have weighed in on IRTC. Zacks Investment Research lowered iRhythm Technologies from a “buy” rating to a “hold” rating in a report on Wednesday, May 11th. Wolfe Research began coverage on iRhythm Technologies in a report on Tuesday, April 5th. They set an “underperform” rating and a $105.00 price objective on the stock. Citigroup lifted their price objective on iRhythm Technologies from $175.00 to $180.00 in a report on Friday, May 6th. Morgan Stanley decreased their price objective on iRhythm Technologies from $167.00 to $151.00 and set an “overweight” rating on the stock in a report on Thursday, February 24th. Finally, StockNews.com began coverage on iRhythm Technologies in a report on Thursday, March 31st. They set a “sell” rating on the stock. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, iRhythm Technologies presently has a consensus rating of “Buy” and a consensus target price of $155.50.

IRTC opened at $132.99 on Friday. The stock has a market cap of $3.96 billion, a price-to-earnings ratio of -31.59 and a beta of 1.24. iRhythm Technologies has a 1 year low of $41.66 and a 1 year high of $169.54. The company has a current ratio of 4.63, a quick ratio of 4.43 and a debt-to-equity ratio of 0.14. The stock has a fifty day moving average price of $138.34 and a 200 day moving average price of $123.68.

In related news, CFO Douglas Devine sold 576 shares of the company’s stock in a transaction on Friday, March 4th. The shares were sold at an average price of $132.67, for a total value of $76,417.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider David A. Vort sold 3,161 shares of the company’s stock in a transaction on Friday, March 4th. The shares were sold at an average price of $132.67, for a total transaction of $419,369.87. The disclosure for this sale can be found here. Insiders have sold a total of 11,883 shares of company stock valued at $1,576,518 in the last quarter. Corporate insiders own 1.64% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. FNY Investment Advisers LLC bought a new stake in shares of iRhythm Technologies in the 1st quarter valued at $55,000. Rockefeller Capital Management L.P. increased its position in shares of iRhythm Technologies by 625.7% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 537 shares of the company’s stock valued at $30,000 after buying an additional 463 shares in the last quarter. Parallel Advisors LLC increased its position in shares of iRhythm Technologies by 380.9% in the 4th quarter. Parallel Advisors LLC now owns 630 shares of the company’s stock valued at $74,000 after buying an additional 499 shares in the last quarter. Nisa Investment Advisors LLC increased its position in shares of iRhythm Technologies by 211.6% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,103 shares of the company’s stock valued at $138,000 after buying an additional 749 shares in the last quarter. Finally, CIBC Asset Management Inc acquired a new position in iRhythm Technologies in the 1st quarter worth $216,000. Institutional investors and hedge funds own 97.92% of the company’s stock.

About iRhythm Technologies (Get Rating)

iRhythm Technologies, Inc, a digital healthcare company, provides ambulatory electrocardiogram (ECG) monitoring products for patients at risk for arrhythmias in the United States. It 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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