iRhythm Technologies Shares Preliminary Fourth Quarter 2022 Highlights and Business Update at the 41st Annual J.P. Morgan Healthcare Conference
January 09 2023 - 08:30AM
GlobeNewswire Inc.
iRhythm Technologies, Inc. (NASDAQ:IRTC), a leading digital health
care company focused on creating trusted solutions that detect,
predict, and prevent disease, today announced preliminary fourth
quarter operational highlights and a business update at the 41st
Annual J.P. Morgan Healthcare Conference.
Preliminary Fourth Quarter 2022 Operational
Highlights
- Patient registration growth of more
than 20% compared to the fourth quarter 2021
- Sequential improvement in Zio XT
returned device rate
- Record new account openings for Zio
XT in the United States
- CMS Medicare Physician Fee Schedule
(“MPFS”) Final Rule for Calendar Year 2023 released, which
contained national rates for CPT codes that iRhythm uses to seek
reimbursement for its Zio® XT service
“Despite challenges during 2022, we have made
significant progress to advance our mission while investing in
strategic and operational initiatives to set the Company up to best
realize expected strong growth in the years to come,” said Quentin
Blackford, iRhythm’s President and CEO. “We made nice progress in
the fourth quarter addressing the near-term challenges that we had
realized exiting the third quarter. Strong momentum in patient
registrations continued, growing in excess of 20% in the fourth
quarter and in line with expectations. We also made good progress
with returned devices rates, which are trending back towards
historical levels, and we made the necessary updates to our Zio AT
Clinical Reference Manual and Important Information pamphlet. For
the second time in the last three quarters, we realized another
record quarter of new account openings for Zio XT, demonstrating
the continued strong demand of our Zio product platform. Finally,
we are proud of our teams working collaboratively to finalize a CMS
national rate which positions us well to focus on further market
penetration and providing our technology to all patients who may
benefit.”
“As we enter 2023, we are poised to continue
executing upon our strategic initiatives to position the Company to
drive sustainable growth for years to come. We are excited by the
progress we are making to open the primary care channel, recently
establishing relationships with some of the most significant
players in the space within the United States. Further, we are
excited by the upcoming product launch of our next-generation
biosensor platform and believe that efforts underway will yield
additional high-quality clinical and economic data to support Zio’s
value proposition with iRhythm’s customers and payers.”
At the upcoming 41st Annual J.P. Morgan Healthcare Conference,
iRhythm’s management is scheduled to present on Tuesday, January
10, 2023, at 4:30 p.m. Eastern Time/1:30 p.m. Pacific Time.
Interested parties may access a live and archived webcast of the
presentation on the “Investors” section of the company’s website at
investors.irhythmtech.com. Additional financial and business
information will be provided when the Company releases its results
for the fourth quarter and full year 2022 after the close of
trading on Thursday, February 23, 2023.
About iRhythm Technologies, Inc.iRhythm is a
leading digital health care company that creates trusted solutions
that detect, predict, and prevent disease. Combining wearable
biosensors and cloud-based data analytics with powerful proprietary
algorithms, iRhythm distills data from millions of heartbeats into
clinically actionable information. Through a relentless focus on
patient care, iRhythm’s vision is to deliver better data, better
insights, and better health for all.
Forward-Looking StatementsThis news release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934 and the Private Securities Litigation Reform
Act of 1995. These statements include statements regarding
financial guidance, market opportunity, the potential impact of
Medicare reimbursement rates for the CPT codes primarily relied
upon for the Company’s Zio XT services, ability to penetrate the
market, anticipated productivity improvements and expectations for
growth. Such statements are based on current assumptions that
involve risks and uncertainties that could cause actual outcomes
and results to differ materially. These risks and uncertainties,
many of which are beyond our control, include risks described in
the section entitled “Risk Factors” and elsewhere in our filings
made with the Securities and Exchange Commission, including those
in our Quarterly Report on Form 10-Q filed on November 4, 2022.
These forward-looking statements speak only as of the date hereof
and should not be unduly relied upon. iRhythm disclaims any
obligation to update these forward-looking statements.
iRhythm Investor Contact:Stephanie
Zhadkevich(919) 452-5430investors@irhythmtech.com
iRhythm Media Contact:Morgan Mathis(310)
528-6306irhythm@highwirepr.com
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