RBC Positive on iRhythm (IRTC) Following Management Meetings

RBC Capital analyst Glenn Novarro reiterated an Outperform rating and $77 price target on iRhythm Technologies (NASDAQ: IRTC) after hosting a series of meetings with IRTC’s management team: Kevin King (CEO) and Matt Garrett (CFO).

Novarro noted management expressed confidence in its Zio Service and the ability to continue to grab market share in the ambulatory cardiac monitoring market.

The analyst said the major takeaways from the meetings include:

1) New clinical data from mSToPS will help expand the TAM from 4.6M tests per year to 7.6M tests per year;

2) Management is on track to hire 20-26 new sales reps in 1H18 and may hire additional sales reps if the company meets certain internal milestones;

3) IRTC’s new product, the Zio AT, is making great progress in the market, and pulling through Zio XT sales;

4) Wearable technology will have a positive impact to brand awareness rather than compete directly with the Zio Service; and

5) Management is making progress in its international expansion; however, management does not expect any material impact in 2018.

For an analyst ratings summary and ratings history on iRhythm Technologies click here. For more ratings news on iRhythm Technologies click here.

Shares of iRhythm Technologies closed at $60.91 yesterday.

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