Medical technology company iRhythm Technologies (NASDAQ: IRTC) will be reporting results this Thursday after market hours. Here’s what to look for.
iRhythm beat analysts’ revenue expectations last quarter, reporting revenues of $199.4 million, up 25.7% year on year. It was a very strong quarter for the company, with a beat of analysts’ EPS estimates and full-year revenue guidance meeting analysts’ expectations.
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 17.4% year on year, slowing from the 26.1% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will 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 Q2 results, giving us a hint as to what we can expect. DexCom delivered year-on-year revenue growth of 13.1%, beating analysts’ expectations by 1.4%, and Baxter reported revenues up 5.3%, topping estimates by 6%. DexCom traded up 12% following the results while Baxter was also up 5.6%.
Read our full analysis of DexCom’s results here and Baxter’s results here.
Investors in the healthcare equipment and supplies segment have had steady hands going into earnings, with share prices up 1.4% on average over the last month. iRhythm’s stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $177.07 (compared to the current share price of $127.16).
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