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SAN FRANCISCO—Blackford Quentin S., President and CEO of iRhythm Technologies, Inc. (NASDAQ:IRTC), a $3.35 billion medical technology company, recently sold a significant portion of his holdings in the company. According to a recent SEC filing, Blackford sold 22,252 shares of common stock on February 26, 2025, at a price of $112.13 per share, totaling approximately $2.5 million. The transaction comes as IRTC shares have surged over 61% in the past six months, according to InvestingPro data.
This transaction was part of a series of moves by Blackford, who also acquired shares through the vesting of performance-based Restricted Stock Units (RSUs). On February 25, 2025, he acquired 40,610 shares, and on February 26, 2025, he acquired an additional 38,599 shares. These RSUs were part of a compensation package, with a portion vesting over the next several years, contingent on his continued role as a service provider. InvestingPro analysis indicates the stock is currently trading above its Fair Value, with analysts setting price targets between $104 and $152.
The sale of shares was conducted to cover tax withholding and remittance obligations related to the vesting of these RSUs. After these transactions, Blackford’s direct ownership stands at 216,886 shares. The company maintains strong liquidity with a current ratio of 5.82 and has achieved 20.13% revenue growth over the last twelve months, though InvestingPro reports indicate it is not yet profitable.
In other recent news, iRhythm Technologies reported strong fourth-quarter earnings, with revenue reaching $164.3 million, surpassing the consensus estimate of $157.12 million. This marked a 24% increase from the same period last year. The company also achieved earnings per share of $0.01, significantly outperforming the expected loss of $0.35 per share. iRhythm’s guidance for fiscal year 2025 anticipates revenue between $675 and $685 million, aligning with the consensus estimate and indicating continued growth. Analysts have responded positively, with Truist Securities, JPMorgan, and Citi all raising their price targets to $145, maintaining their Buy or Overweight ratings. Needham also increased its price target to $138, citing strong sales volumes and international expansion efforts. Additionally, iRhythm is preparing for an FDA submission for its MCT device in 2025 and plans to enter the Japanese market mid-year. The company’s gross margin improved by 410 basis points to 70.0%, driven by operational efficiencies. These recent developments highlight iRhythm’s robust performance and strategic growth initiatives.
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