iRhythm Technologies Shares Preliminary Fourth Quarter 2023 Highlights and Business Update at the 42nd Annual J.P. Morgan Healthcare Conference
January 08 2024 - 7:30AM
iRhythm Technologies, Inc. (NASDAQ:IRTC), a leading digital health
care company focused on creating trusted solutions that detect,
predict, and prevent disease, today announced preliminary fourth
quarter operational highlights and a business update at the 42nd
Annual J.P. Morgan Healthcare Conference.
Recent Operational Highlights and Financial
Outlook
- Grew fourth quarter 2023 patient registrations in excess of 22%
compared to the fourth quarter 2022
- CAMELOT study published in the peer-reviewed American Heart
Journal in December 2023, demonstrating higher clinical diagnostic
yield and lower odds of retesting with Zio® long-term continuous
monitoring service (LTCM) compared to other LTCM as well as to
event recorder, mobile cardiac telemetry, and Holter; LTCM also
associated with the lowest incremental health care cost and
utilization compared to MCT, event recorder, and Holter
- Submitted 510(k) to the Food and Drug Administration (FDA) for
legacy changes made via letter to file to the Zio AT system
- Received CE mark under European Union Medical Device Regulation
(EU MDR) for the Zio® Monitor system and ZEUS system, enabling
further global expansion and demonstrating our commitment to
providing our highest quality product and services
- Closed a five-year, $150 million term loan credit facility to
strengthen the Company’s capital structure and ensure ongoing
financial flexibility
- Expects revenue for the full year 2024 of approximately $575
million to $585 million, representing growth of approximately
18-20% compared to the midpoint of 2023 guidance last updated in
November 2023
“This past year has been truly transformative for iRhythm as we
have made exceptional strides towards advancing our vision to bring
innovative, trusted solutions to millions of patients,” said
Quentin Blackford, iRhythm’s President and CEO. “In 2023, we
accelerated momentum in both existing customer channels and new
ones, initiated the largest product launch in the company’s
history, released a refreshed patient mobile application to drive
digital engagement, implemented enhancements like Afib burden into
our Zio AT reports for our physician customers, published the
CAMELOT data that showed monitoring with the Zio service is more
likely to prevent retesting and get to a diagnosis, and opened our
global business services center in the Philippines to continue
driving operational efficiency on a global scale. I am so excited
that we are rapidly approaching nearly 8 million reports posted
since the company’s inception, and these important milestones are
exemplary of the progress that we are driving at iRhythm to bring
our platform technology to more patients worldwide.”
“Moving into 2024, we are poised to build upon this momentum
while making strategic investments for future growth opportunities.
In addition to strength that we continue to see from our cardiology
customer segment, we continue to be excited by the tremendous
opportunity that exists to reach more patients by opening the
primary care channel, and we have been encouraged that
approximately 21% of U.S. Zio XT and monitor volumes in 2023 came
through this prescriber group. We have line of sight to milestones
within multiple international markets, intend to aggressively
advance our product roadmap, and will continue to drive operational
efficiency and financial sustainability through an intense focus on
organizational discipline. With additional capital to invest in
growth and our unique offering well positioned to deliver value to
patients, physicians, healthcare systems, and shareholders, we have
never been more excited for the future at iRhythm," concluded Mr.
Blackford.
Closing of Flexible, Non-Dilutive Senior Secured Term
Loan Facility
Today the Company also announced the closing of a five-year debt
facility providing up to $150 million in capital from Braidwell LP,
a healthcare-focused investment firm. An initial $75 million has
been funded with the option to draw an additional $75 million over
the next year. The proceeds of the transaction will be used to
repay the Company’s outstanding debt and for other general
corporate purposes.
“As we continue to bring our Zio services to millions of
patients globally and prepare for significant growth in the years
to come, we are very pleased to strengthen iRhythm’s balance sheet
with flexible, non-dilutive capital through our partnership with
Braidwell, an existing iRhythm investor and a collaborative partner
to the healthcare industry,” said Brice Bobzien, iRhythm’s Chief
Financial Officer. “Since inception, iRhythm has been a pioneer in
patch-based ambulatory cardiac monitoring by bringing artificial
intelligence, relentless focus on the patient experience, and new
models of care delivery to the digital healthcare space. This
additional capital will allow us to continue pursuing this mission
as we invest in technology initiatives and strategic pillars for
growth.”
Webcast and Conference Presentation
Information
At the upcoming 42nd Annual J.P. Morgan Healthcare Conference,
iRhythm’s management is scheduled to present on Monday, January 8,
2024, at 4:30 p.m. Pacific Time/ 7:30 p.m. Eastern Time. Interested
parties may access a live and archived webcast of the presentation
on the “Events & Presentations” section of the company’s
investor website at investors.irhythmtech.com.
About iRhythm Technologies, Inc.iRhythm is a
leading digital health care company that creates trusted solutions
that detect, predict, and prevent disease. Combining wearable
biosensors and cloud-based data analytics with powerful proprietary
algorithms, iRhythm distills data from millions of heartbeats into
clinically actionable information. Through a relentless focus on
patient care, iRhythm’s vision is to deliver better data, better
insights, and better health for all.
About BraidwellBraidwell is a life
science-focused investment firm dedicated to serving the people and
organizations that transform human health. Braidwell provides
flexible capital and thoughtful partnership to healthcare companies
at all parts of the capital structure, across public, private, and
structured capital markets. The Braidwell team is composed of
experts across investment research, science, biostatistics,
commercial analysis, and financial structuring. The firm manages
$3.8 billion and is based in Stamford, Connecticut.
Forward-Looking StatementsThis press release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended, and the Private
Securities Litigation Reform Act of 1995. These statements include
statements regarding estimated revenue for 2024, estimated
registration growth, financial guidance, international expansion,
market opportunity, ability to penetrate the market, anticipated
productivity improvements and expectations for growth and
operational improvements. Such statements are based on current
assumptions that involve risks and uncertainties that could cause
actual outcomes and results to differ materially. These risks and
uncertainties, many of which are beyond our control, include risks
described in the section entitled “Risk Factors” and elsewhere in
our filings made with the Securities and Exchange Commission. These
forward-looking statements speak only as of the date hereof and
should not be unduly relied upon. iRhythm disclaims any obligation
to update these forward-looking statements.
Investor ContactStephanie Zhadkevich(919)
452-5430investors@irhythmtech.com
Media ContactSaige Smith(262)
289-7065irhythm@highwirepr.com
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