Medical technology company iRhythm Technologies (NASDAQ: IRTC) will be announcing earnings results this Thursday afternoon. Here’s what you need to know.
iRhythm beat analysts’ revenue expectations last quarter, reporting revenues of $224.2 million, up 20.1% year on year. It was a very strong quarter for the company, with a beat of analysts’ EPS estimates and full-year revenue guidance meeting analysts’ expectations.
Is iRhythm a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting iRhythm’s revenue to grow 15.3% year on year, slowing from the 30.7% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. iRhythm has a history of exceeding Wall Street’s expectations.
Looking at iRhythm’s peers in the healthcare equipment and supplies segment, some have already reported their Q3 results, giving us a hint as to what we can expect. ResMed delivered year-on-year revenue growth of 5.9%, beating analysts’ expectations by 1.7%, and DexCom reported revenues up 11.2%, topping estimates by 1.2%. ResMed traded down 9.1% following the results while DexCom was up 3%.
Read our full analysis of ResMed’s results here and DexCom’s results here.
There has been positive sentiment among investors in the healthcare equipment and supplies segment, with share prices up 2.8% on average over the last month. iRhythm is up 15.8% during the same time and is heading into earnings with an average analyst price target of $171.33 (compared to the current share price of $126.37).
ONE MORE THING: The $21 AI Application Stock Wall Street Forgot. While Wall Street obsesses over who’s building AI, one company is already using it to print money. And nobody’s paying attention.
AI chip stocks trade at ridiculous valuations. This company processes a trillion consumer signals monthly using AI and trades at a third of the price. The gap won’t last. The institutions will figure it out. You need to see this first. Read the FREE Report Before They Notice.
