iRhythm technologies (IRTC) CCO Patterson sells $140k in stock

Published 24/06/2025, 21:20
iRhythm technologies (IRTC) CCO Patterson sells $140k in stock

iRhythm Technologies, Inc. (NASDAQ:IRTC) Chief Commercial Officer Chad Patterson sold 936 shares of common stock on June 23, 2025, according to a Form 4 filing with the Securities and Exchange Commission. The medical device company, currently valued at $4.89 billion, has seen its stock surge 68.9% over the past six months and is trading near its 52-week high. The shares were sold at a price of $150.0, for a total transaction value of $140400.

Following the transaction, Patterson directly owns 48929 shares of iRhythm Technologies, Inc. The sale was executed under a Rule 10b5-1 trading plan established on November 25, 2024.

In other recent news, iRhythm Technologies reported a strong financial performance for the first quarter of 2025, with a notable revenue increase of 20.3% year-over-year, reaching $158.7 million. This revenue surpassed the consensus estimate of $153.4 million, driven by robust demand for its Zio AT product. The company also reported a narrower-than-expected adjusted net loss of $0.95 per share, slightly better than the anticipated $0.96 per share loss. Following these results, iRhythm raised its full-year 2025 revenue guidance to between $690 million and $700 million.

In terms of analyst activity, Wells Fargo (NYSE:WFC) upgraded iRhythm’s stock rating from Equal Weight to Overweight, with a new price target of $130, reflecting optimism in the company’s business trends. Meanwhile, Canaccord Genuity adjusted its price target to $139 from $152 while maintaining a Buy rating, citing a 20.3% increase in first-quarter revenue. BTIG also raised its price target to $140 from $135, highlighting the company’s strong sales performance and market share gains.

The company is making strides in its regulatory goals, with plans to submit the Zio Monitor in the third quarter and complete compliance efforts by the end of 2025. Additionally, iRhythm has launched its commercial operations in Japan, where reimbursement rates are currently equivalent to traditional Holter monitors. These developments underscore iRhythm’s ongoing efforts to expand its market presence and strengthen its financial outlook.

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