iRhythm Technologies (NSDQ:IRTC) posted fourth-quarter results today that beat the consensus forecast on Wall Street while naming the high-level hire the CEO wanted to make when he last spoke with Medical Design & Outsourcing.
The San Francisco-based developer of remote external electrocardiogram monitors reported a net loss of $32.5 million, or $1.10 per share, on sales of $81.8 million for the three months ended Dec. 31, 2021. That quarterly loss grew 235% compared with Q4 2020, while sales grew 3.8%.
“Our fourth-quarter results included not only a year-over-year revenue increase but an encouraging trend in new account openings that signaled our ability to add larger accounts and ramp new accounts more quickly,” President and CEO Quentin Blackford said in a news release. ” … We have entered 2022 with many exciting opportunities ahead of us and improved footing to better ensure we can achieve our near and longer terms goals for growth and profitability. The value we can bring to advancing the diagnosis and treatment of cardiac arrhythmias and beyond is enormous.”
The net loss was 7 cents better than expected on Wall Street, where analysts were looking for EPS of -$1.17 on sales of $78.27 million.
iRhythm said it expects to log an adjusted net loss (EBITDA less stock compensation) of $30 million to $40 million in 2022, compared to $35.8 million in 2021. Blackford has previously discussed cost discipline as a primary concern on the company’s path to profitability.
The company offered a top-line outlook of $400 million to $410 million in full-year revenue, 24% to 27% higher than the $322.82 million in sales reported for 2021.The company also announced its hiring of Sandrine Moirez as SVP and international general manager, a key leadership role that Blackford sought to fill in 2022. Moirez spent nearly 21 years at Medtronic, most recently in Switzerland as sales and marketing lead for spine, biologics, imaging, navigation and robotics in EMEA, according to her LinkedIn profile.
Investors reacted by sending IRTC shares up about 2% to $110 in after-hours trading.