Share price on Dec. 31, 2019: $66.07
Share price on Dec. 31, 2020: $237.21
San Francisco based iRhythm, which develops AI-based technology for detecting cardiac arrythmias, got a boost early on in 2020 when Verily — a life science company under Alphabet (NSDQ:GOOGL) and a collaborator with iRhythm— received an FDA 510(k) clearance to include an irregular pulse monitor in its Study Watch wearable, furthering the possibilities for atrial fibrillation (Afib) treatment.
The company had just before that FDA decision closed on a $115 million stock offering to help fund its partnership with Verily to develop AI-based screening, diagnosis and management technology for Afib. Nearly one year later, iRhythm closed an underwritten public offering worth proceeds of approximately $220 million. Just before that offering was closed, iRhythm’s stock price had jumped nearly $80 per share in the space of a week.
At the end of 2020, the company confirmed that it received a recommendation for adoption from the National Institute for Health and Care Excellence (NICE). Its Zio XT service, which is an ambulatory cardiac monitor that uses deep learning algorithms, was recommended by NICE as an option for those with suspected cardiac arrhythmias who would benefit from electrocardiograph (ECG) monitoring for more than 24 hours.
On the back of a year of massive growth, former Medtronic executive Mike Coyle has taken over as iRhythm’s new CEO and is optimistic for even more growth as his tenure begins.
“This is an exciting time in iRhythm’s history, and I am grateful for the opportunity to build on the strong foundation and lead such an amazing company,” Coyle said at the time of his hiring. “Cardiac arrhythmias in general, and atrial fibrillation in particular, are dangerous and significantly underdiagnosed conditions among patients worldwide. iRhythm’s highly innovative Zio platform, as well as its leadership position in AI-enabled arrhythmia detection, can significantly improve how these patients are identified so they can receive the treatment that they need.
“I look forward to working with this talented and well-established team to build on the tremendous growth opportunities that lie ahead.”