IRHYTHM TECHNOLOGIES Reports Second Quarter FY2023 Earnings Results on August 3 2023
August 19, 2023
🌥️Earnings Overview
On August 3 2023, IRHYTHM TECHNOLOGIES ($NASDAQ:IRTC) reported their earnings results for the second quarter of FY2023, ending June 30 2023. Revenue totaled USD 124.1 million, a 21.6% year-over-year increase. Net income was USD -18.5 million, a decrease from the -23.9 million reported in the same quarter of last year.
Price History
The company’s stock opened at $100.2 and closed at $97.5, down by 3.7% from the previous closing price of $101.2, creating the biggest dip in IRHYTHM TECHNOLOGIES stock since FY2022. Despite the slight decrease in stock price, investors remain confident that IRHYTHM TECHNOLOGIES will continue to deliver strong results for its shareholders. The company has a strong portfolio of innovative products and services in the healthcare technology space, and has consistently shown growth and profitability in the past few quarters. This further affirms the company’s ability to generate strong returns for its investors.
Going forward, IRHYTHM TECHNOLOGIES plans to continue investing in research and development to bring new products and services to market. Furthermore, the company plans to leverage its growing customer base and increase its market share in the healthcare technology space. With solid financial performance and strategic growth plans in place, investors can expect IRHYTHM TECHNOLOGIES to continue delivering strong returns. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Irhythm Technologies. More…
| Total Revenues | Net Income | Net Margin |
| 452.06 | -99.24 | -22.0% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Irhythm Technologies. More…
| Operations | Investing | Financing |
| -19.08 | -30.65 | 10.1 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Irhythm Technologies. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 429.49 | 205.61 | 7.35 |
Key Ratios Snapshot
Some of the financial key ratios for Irhythm Technologies are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 25.6% | – | -21.1% |
| FCF Margin | ROE | ROA |
| -11.1% | -26.7% | -13.9% |
Analysis
At GoodWhale, we have analyzed IRHYTHM TECHNOLOGIES‘s financials and based on our Star Chart, they have an intermediate health score of 4/10 with regards to their cashflows and debt. This indicates that IRHYTHM TECHNOLOGIES might be able to sustain future operations in times of crisis. We have classified IRHYTHM TECHNOLOGIES as a ‘cheetah’, which is a type of company that has achieved high revenue or earnings growth, but is considered less stable due to lower profitability. With this in mind, we think that investors who are looking for balance between stability and growth potential would be interested in IRHYTHM TECHNOLOGIES. Although it is strong in terms of asset growth, this is balanced out by its lower scores in dividend and profitability. More…
Peers
The competition between iRhythm Technologies Inc and its competitors is fierce. Each company is striving to develop the best technology and products to help cancer patients. While iRhythm Technologies Inc is focused on developing products to help patients with cancer, its competitors are also working hard to develop their own products to help cancer patients.
– Advanced Oncotherapy PLC ($LSE:AVO)
Advanced Oncotherapy PLC is a UK-based company that provides proton therapy treatment for cancer patients. The company has a market capitalization of 114.21 million as of 2022 and a return on equity of -27.6%. Advanced Oncotherapy PLC is a provider of proton therapy, which is a type of cancer treatment that uses protons to destroy cancer cells. The company’s proton therapy system is called the LIGHT system, which is currently in clinical trials.
– VeriTeQ Corp ($OTCPK:VTEQ)
VeriTeQ Corp is a provider of digital vaccine and health passport technology solutions. The company’s solutions are designed to increase patient safety and improve clinical outcomes by providing real-time visibility into the vaccination and immunization status of patients. VeriTeQ’s vaccine and health passport technology is used by healthcare providers, pharmaceutical companies, and government agencies to track and verify the vaccination and immunization status of patients.
– Bone Biologics Corp ($NASDAQ:BBLG)
Biologics Corp is a company that develops and commercializes biologic products for the treatment of orthopedic diseases and conditions. The company has a market cap of 7.46M and a ROE of -16.65%.
Summary
IRHYTHM TECHNOLOGIES reported their Q2 FY2023 earnings on August 3 2023, showing total revenue of USD 124.1 million and net income of USD -18.5 million. This marks a 21.6% growth in revenue year over year, but a decline in net income from the same quarter the prior year. Investors responded to the news by driving the stock price down. When considering investing in IRHYTHM TECHNOLOGIES, investors should consider this performance in context of the company’s expected future growth trajectory.
They should also compare the company’s financial performance and management team to its peers in the sector to determine whether this is a good investment opportunity. Furthermore, investors should watch for future developments and announcements that may affect the company’s performance in order to make a well-informed decision.
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