Q2 2024 iRhythm Technologies Inc Earnings Call Transcript
Key Points
- iRhythm Technologies Inc (IRTC) achieved revenue of $148 million in Q2 2024, representing a 19.3% year-over-year growth.
- The company has seen strong growth from new accounts opened in the past 12 months and increased penetration in existing accounts.
- The CAMELOT real-world evidence data has demonstrated Zio's superiority, leading to favorable negotiations with payers and updates to coverage policies.
- iRhythm Technologies Inc (IRTC) is expanding into primary care, targeting over 15 million patients with cardiac-related palpitations annually.
- The company is making significant strides in international markets, with plans to launch commercial activities in four Western European countries and a regulatory decision expected in Japan by late 2024.
- The company is dealing with an FDA warning letter and has received several 483 observations focused on quality systems and regulatory compliance.
- iRhythm Technologies Inc (IRTC) is incurring incremental legal and consulting fees related to the FDA warning letter and DOJ subpoena, which could impact financial performance.
- Adjusted net loss in Q2 2024 was approximately $18.8 million, compared to $13.1 million in Q2 2023.
- The company anticipates $8 million to $10 million in costs associated with the FDA warning letter and DOJ subpoena for the full year 2024.
- There is uncertainty around the scope and focus of the DOJ investigation, which could pose risks to the company's operations and financials.
Hello all and welcome to iRhythm Technologies second quarter 2024 earnings conference call. My name is Lydia, and I will be your operator today. (Operator Instructions)
I now hand you over to Stephanie Zhadkevich, Director of Investor Relations to begin. Please go ahead when you're ready.
Thank you all for participating in today's call. Earlier today, iRhythm released financial results for the second quarter ended June 30, 2024. Before we begin, I'd like to remind you that management will make statements during this call that include forward-looking statements within the meaning of federal securities law pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.
Any statements contained in this call that are not statements of historical fact should be deemed to be forward-looking statements. These are based upon our current estimates and various assumptions and reflect management's intentions, beliefs and expectations about
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