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SAN FRANCISCO—Chad Patterson, Chief Commercial Officer of iRhythm Technologies, Inc. (NASDAQ:IRTC), recently sold 2,756 shares of the company’s common stock. The shares were sold at a price of $108.77 each, totaling approximately $299,770. Following this transaction, Patterson holds 58,440 shares in the company. The sale comes amid a strong period for IRTC stock, which has gained over 58% in the past six months. According to InvestingPro, the company maintains a healthy liquidity position with a current ratio of 5.82x, indicating strong short-term financial stability.
The sale was conducted to cover tax withholding and remittance obligations related to the vesting of Restricted Stock Units, as noted in the filing. iRhythm Technologies is known for its innovations in the medical device sector, specifically in cardiac monitoring. While operating with moderate debt levels, analysts anticipate continued challenges in achieving profitability this year. For deeper insights into IRTC’s insider trading patterns and comprehensive financial analysis, explore the detailed Pro Research Report available on InvestingPro.
In other recent news, iRhythm Technologies has reported strong fourth-quarter earnings, with earnings per share of $0.01, significantly exceeding the analyst estimate of a $0.35 loss per share. The company achieved revenues of $164.3 million, surpassing the consensus estimate of $157.12 million and marking a 24% increase from the previous year. iRhythm has reiterated its revenue growth guidance for 2025, projecting between $675 and $685 million, indicating continued growth. Analysts from Truist Securities and JPMorgan have both raised their price targets for iRhythm to $145, maintaining a Buy and Overweight rating, respectively, citing the company’s solid performance and potential for further growth. Needham analysts also increased their price target to $138, highlighting strong sales volumes in the U.S. and promising international expansion. The company is making significant progress with its regulatory remediation efforts and plans to submit its MCT device to the FDA by the third quarter of 2025. iRhythm’s gross margin improved by 410 basis points to 70.0%, driven by operational efficiencies and a higher volume of patients served. The company is also focusing on expanding its presence in international markets, with plans to enter the Japanese market in mid-2025.
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