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SAN FRANCISCO—Shrishrimal Sumi, Executive Vice President and Chief Risk Officer of iRhythm Technologies, Inc. (NASDAQ:IRTC), a $3.35 billion market cap healthcare technology company, recently reported a significant transaction involving the company’s stock. According to a Form 4 filing with the Securities and Exchange Commission, Sumi sold 7,942 shares of common stock on February 26, 2025, at a price of $112.13 per share, totaling approximately $890,536. The transaction comes amid a strong 61% surge in IRTC’s stock price over the past six months, according to InvestingPro data.
In addition to the sale, Sumi reported several acquisitions of iRhythm shares. These acquisitions were primarily through the company’s Employee Stock Purchase Plan and performance-based Restricted Stock Units (RSUs). Notably, on February 25 and 26, Sumi acquired a total of 22,025 shares, though these transactions were executed at no cost, reflecting the vesting of performance RSUs and other compensation-related acquisitions. InvestingPro analysis shows the company maintains strong liquidity with a current ratio of 5.82, indicating robust ability to meet short-term obligations.
Following these transactions, Sumi’s total direct ownership of iRhythm shares stands at 37,843 shares. The sales were conducted to cover tax withholding obligations related to the vesting of performance RSUs, as noted in the filing. Based on InvestingPro’s Fair Value analysis, IRTC currently appears slightly overvalued. Subscribers can access 8 additional ProTips and a comprehensive Pro Research Report covering IRTC’s financial health, growth prospects, and valuation metrics.
In other recent news, iRhythm Technologies reported strong fourth-quarter results, with earnings per share of $0.01, surpassing the analyst estimate of a $0.35 loss per share. The company’s revenue for the quarter reached $164.3 million, exceeding the consensus estimate of $157.12 million and marking a 24% increase from the previous year. iRhythm has set its revenue guidance for fiscal year 2025 between $675 million and $685 million, aligning closely with the consensus estimate of $679.4 million. Analysts from Truist Securities, JPMorgan, and Needham have raised their price targets for iRhythm to $145 and $138, respectively, while maintaining positive ratings due to the company’s solid performance and growth prospects. iRhythm’s international expansion efforts are also noteworthy, with plans to enter the Japanese market in mid-2025. The company’s gross margin improved by 410 basis points to 70.0%, attributed to operational efficiencies. Additionally, iRhythm is advancing its regulatory remediation efforts and preparing for an FDA submission for its MCT device in 2025. Analysts have highlighted iRhythm’s momentum and conservative outlook as factors that could lead to further outperformance.
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