iRhythm Technologies expects unit volumes in the second quarter to be better than originally estimated and reiterated its revenue forecast for the full year.
CEO Quentin Blackford said in a statement on Monday that volumes in the three-month period in the U.S. market were “slightly ahead of expectations” and the company had “another quarter of record registrations.” iRhythm is sticking with its 2022 revenue forecast range of $410 million to $420 million.
The company noted that the results are preliminary and may change before its Aug. 4 earnings call.
BTIG analysts wrote in a note on Monday that the announcement likely means iRhythm beat estimates for the quarter.
Truist analysts said in a Monday report that while the company is seeing some positive trends, continuing healthcare staffing shortages are limiting prescriptions for the company. iRhythm management told Truist that volumes in the second quarter may be about 10% higher in a “more normalized environment,” according to the report.
The company announcement adds to positive developments for the cardiac monitor maker. On July 7, the Centers for Medicare and Medicaid Services proposed national coverage for long-term cardiac monitoring, possibly ending a years-long saga for iRhythm.
The agency had previously passed on setting national coverage for the services, which set off a tumultuous 2021 for iRhythm that included Medicare rate cuts and a slump in its stock price that the company is still recovering from.
If finalized, the national rates would take effect on Jan. 1, 2023.
iRhythm also said on Monday that Dave Vort, its chief commercial officer, will resign effective July 25. Chad Patterson will be taking over the role.
Patterson previously worked as the chief marketing officer for Dexcom, which manufactures wearable continuous glucose monitors. He will be the second former Dexcom employee now on iRhythm’s executive team. Blackford worked for the CGM maker before taking over last year.
The CEO said in the statement that Patterson’s experience will help the company as it expands into international markets.
Vort will remain a strategic advisor and work with the company’s leadership team through March 31, 2023.
