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Patrick Michael Murphy, the Chief Business Officer and Chief Legal Officer of iRhythm Technologies, Inc. (NASDAQ:IRTC), recently sold shares of the company. According to a Form 4 filing with the Securities and Exchange Commission, Murphy sold 2,492 shares of common stock on December 2, 2024, at a price of $85.89 per share. This transaction amounted to a total value of $214,037. The $2.66 billion market cap company has shown strong momentum with an 18.45% revenue growth in the last twelve months, though InvestingPro analysis indicates the stock is trading slightly above its Fair Value.
Following this sale, Murphy retains ownership of 35,327 shares in the company. InvestingPro subscribers can access 8 additional key insights about IRTC's financial health and market position through exclusive ProTips and detailed analysis. The shares were sold to cover tax withholding and remittance obligations related to the vesting of Restricted Stock Units.
In other recent news, iRhythm Technologies has reported significant changes to its corporate governance structure, including amendments to its 2016 Equity Incentive Plan and updates to its Code of Conduct. This move is part of iRhythm's efforts to align its governance practices with its strategic objectives and operational needs. In terms of financial performance, the company has reported an 18.4% year-over-year revenue increase in its third quarter, reaching $147.5 million, and anticipates a 2024 revenue outlook of between $582.5 million and $587.5 million.
The firm has also entered a technology licensing agreement with BioIntelliSense to enhance its cardiac monitoring solutions. Despite facing regulatory challenges and a delay in the regulatory submissions for its next-generation Zio MCT system, iRhythm received FDA clearance for the first of two 510(k) submissions for the Zio AT system. Further, the company plans to commercially launch the Zio monitor in Japan in the first half of 2025.
iRhythm's commitment to quality and regulatory compliance was highlighted by CEO Quentin Blackford, following a 2023 FDA warning letter. The company has expanded its quality team and is focusing on FDA remediation efforts. These are among the recent developments in iRhythm's journey.
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