Irhythm Technologies Inc (IRTC) Expected to Announce Earnings of -$0.50 Per Share

Analysts forecast that Irhythm Technologies Inc (NASDAQ:IRTC) will post earnings per share (EPS) of ($0.50) for the current quarter, Zacks reports. Two analysts have made estimates for Irhythm Technologies’ earnings. The lowest EPS estimate is ($0.53) and the highest is ($0.44). Irhythm Technologies posted earnings per share of ($0.47) during the same quarter last year, which would indicate a negative year over year growth rate of 6.4%. The company is scheduled to announce its next quarterly earnings report on Wednesday, May 1st.

On average, analysts expect that Irhythm Technologies will report full-year earnings of ($1.65) per share for the current financial year, with EPS estimates ranging from ($1.69) to ($1.62). For the next financial year, analysts forecast that the business will report earnings of ($0.91) per share, with EPS estimates ranging from ($1.40) to ($0.48). Zacks Investment Research’s earnings per share calculations are an average based on a survey of research firms that follow Irhythm Technologies.

Irhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings results on Tuesday, February 12th. The company reported ($0.48) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.45) by ($0.03). The company had revenue of $43.16 million during the quarter, compared to analysts’ expectations of $40.21 million. Irhythm Technologies had a negative return on equity of 69.79% and a negative net margin of 32.78%. The company’s revenue for the quarter was up 53.2% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.48) EPS.

IRTC has been the topic of a number of research analyst reports. BidaskClub lowered Irhythm Technologies from a “hold” rating to a “sell” rating in a research report on Friday. Zacks Investment Research lowered Irhythm Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, February 16th. Canaccord Genuity raised their price target on Irhythm Technologies from $84.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, January 11th. JPMorgan Chase & Co. raised their price target on Irhythm Technologies to $110.00 in a research report on Wednesday, February 13th. Finally, Morgan Stanley raised their price target on Irhythm Technologies from $85.00 to $101.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 13th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $98.25.

In other Irhythm Technologies news, EVP David A. Vort sold 758 shares of the firm’s stock in a transaction dated Friday, February 22nd. The stock was sold at an average price of $95.00, for a total transaction of $72,010.00. Following the sale, the executive vice president now owns 19,560 shares in the company, valued at $1,858,200. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Matthew C. Garrett sold 20,203 shares of the firm’s stock in a transaction dated Wednesday, January 16th. The shares were sold at an average price of $85.00, for a total value of $1,717,255.00. Following the sale, the chief financial officer now owns 40,407 shares in the company, valued at approximately $3,434,595. The disclosure for this sale can be found here. Insiders sold 139,171 shares of company stock worth $12,327,867 in the last quarter. 5.05% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IRTC. Prudential Financial Inc. purchased a new stake in Irhythm Technologies during the third quarter valued at about $226,000. Swiss National Bank raised its position in Irhythm Technologies by 3.0% during the third quarter. Swiss National Bank now owns 30,900 shares of the company’s stock valued at $2,925,000 after purchasing an additional 900 shares in the last quarter. Janus Henderson Group PLC purchased a new stake in Irhythm Technologies during the third quarter valued at about $267,000. BlackRock Inc. raised its position in Irhythm Technologies by 5.0% during the third quarter. BlackRock Inc. now owns 2,216,983 shares of the company’s stock valued at $209,858,000 after purchasing an additional 105,780 shares in the last quarter. Finally, Trexquant Investment LP purchased a new stake in Irhythm Technologies during the third quarter valued at about $1,396,000.

Shares of NASDAQ IRTC traded up $1.72 during mid-day trading on Monday, reaching $74.96. 716,938 shares of the company’s stock were exchanged, compared to its average volume of 708,568. The firm has a market cap of $1.79 billion, a P/E ratio of -39.66 and a beta of 1.79. The company has a debt-to-equity ratio of 0.64, a current ratio of 3.52 and a quick ratio of 3.45. Irhythm Technologies has a twelve month low of $55.18 and a twelve month high of $98.37.

About Irhythm Technologies

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