Medical technology company iRhythm Technologies (NASDAQ: IRTC) will be reporting results this Thursday after market hours. Here’s what you need to know.
iRhythm beat analysts’ revenue expectations last quarter, reporting revenues of $208.9 million, up 27.1% year on year. It was a very strong quarter for the company, with a beat of analysts’ EPS estimates and a solid beat of analysts’ revenue estimates.
Is iRhythm a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting iRhythm’s revenue to grow 22.2% year on year, improving from the 20.3% increase it recorded in the same quarter last year.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. iRhythm has a history of exceeding Wall Street’s expectations.
Looking at iRhythm’s peers in the healthcare equipment and supplies segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Intuitive Surgical delivered year-on-year revenue growth of 23%, beating analysts’ expectations by 5.8%, and Neogen reported a revenue decline of 4.4%, topping estimates by 3.4%. Intuitive Surgical traded up 7.2% following the results while Neogen was down 8.9%.
Read our full analysis of Intuitive Surgical’s results here and Neogen’s results here.
There has been positive sentiment among investors in the healthcare equipment and supplies segment, with share prices up 10.8% on average over the last month. iRhythm is up 9.8% during the same time and is heading into earnings with an average analyst price target of $195 (compared to the current share price of $125.45).
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