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SAN FRANCISCO—Turakhia Minang, Executive Vice President, Chief Medical (TASE:BLWV) Officer, and Chief Scientific Officer of iRhythm Technologies, Inc. (NASDAQ:IRTC), recently reported selling shares of the company’s common stock. According to a Form 4 filing with the Securities and Exchange Commission, Minang sold 7,014 shares on February 26 at a price of $112.13 per share, amounting to a total transaction value of $786,479.
In addition to the sale, Minang acquired 13,501 shares on February 25 and 11,220 shares on February 26. These acquisitions were related to the vesting of performance-based Restricted Stock Units (RSUs) and other compensation-related grants. The shares sold were primarily to cover tax withholding obligations associated with the RSUs’ vesting. For deeper insights into insider transactions and comprehensive financial analysis, including 8 additional ProTips, visit InvestingPro.
Following these transactions, Minang holds 44,962 shares of iRhythm Technologies. The company, headquartered in San Francisco, specializes in the development and commercialization of advanced cardiac monitoring products. While posting strong revenue growth of 20% year-over-year, iRhythm maintains a healthy liquidity position with a current ratio of 5.82.
In other recent news, iRhythm Technologies reported a strong fourth-quarter performance, with earnings per share of $0.01, significantly beating the analyst estimate of a $0.35 loss. The company also posted revenue of $164.3 million, surpassing the consensus estimate of $157.12 million and marking a 24% increase from the previous year. iRhythm’s guidance for 2025 forecasts revenue between $675-685 million, indicating continued growth. Analysts from Truist Securities, JPMorgan, and Needham have all raised their price targets for iRhythm, with Truist and JPMorgan setting it at $145, while Needham set it at $138, maintaining their Buy and Overweight ratings.
The positive analyst sentiment follows iRhythm’s robust sales volumes in the U.S. and international market expansion. The company’s Zio XT product saw strong performance, aided by a channel partner’s aggressive ramp-up, while the Zio AT product benefited from competitive market disruptions. iRhythm is also making strides internationally, with early-stage launches in Europe and plans to enter the Japanese market by mid-2025. Additionally, the company is progressing with regulatory remediation efforts and plans to submit its MCT device to the FDA in the third quarter of 2025. Analysts have expressed confidence in iRhythm’s potential to exceed its conservative guidance, citing strong momentum and strategic growth initiatives.
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