BTIG analyst Sean Lavin maintained a Hold rating on Irhythm Technologies (IRTC) today. The company’s shares opened today at $90.10.
Lavin noted:
“Rise Too; Neutral Q4 revenue was $43.2M, 5% above our estimate in a very strong quarter. Momentum was buoyed by large hospital system penetration, improving sales productivity, and the benefit from cross-selling with ZIO AT. The most positive update was the disclosure that tenured reps are now delivering $2.5M in revenue on average, implying peak productivity continues to trend higher. On initial 2019 expectations, guidance calling for 36-40% revenue growth was above expectations. Management does anticipate a corresponding ~27% increase to the opex base. At this stage of growth and with nearly all in-network contracts in place for XT, we are a little surprised by the amount of spending over and above headcount expansion in areas like algorithms and back-end support. Even so, the company believes there could be a pathway to break-even or even profitability sometime in 2020.”
According to TipRanks.com, Lavin is a 5-star analyst with an average return of 9.8% and a 57.2% success rate. Lavin covers the Healthcare sector, focusing on stocks such as Establishment Labs Holdings Inc, Helius Medical Technologies, and Tactile Systems Technology.
Currently, the analyst consensus on Irhythm Technologies is a Moderate Buy with an average price target of $98.25, which is a 9.0% upside from current levels. In a report issued on February 5, Northland Securities also maintained a Hold rating on the stock with a $60 price target.
See today’s analyst top recommended stocks >>
The company has a one-year high of $98.37 and a one-year low of $55.18. Currently, Irhythm Technologies has an average volume of 331.8K.
Based on the recent corporate insider activity of 41 insiders, corporate insider sentiment is negative on the stock.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
iRhythm Technologies, Inc. is a commercial-stage digital healthcare company, which engages in the development of monitoring and diagnostic solutions for detection of cardiac arrhythmias. It also offers ZIO Service that has proprietary algorithms that distill data from millions of heartbeats into clinically actionable information.
