I brought IRTC to the board about 3 or 4 weeks ago. They released earnings today and I thought I would sum it up in case anyone was interested. BEAT had a nice quarter and so did IRTC.
Revenue was 21.4 million an increase of 67% yoy. Gross margin increased from 64% to 70% as well. Loss of 5.3 million net at .24/sh compared with a loss of $4.34/sh for the same period a year ago (however, they were not public at the time so I’m not sure that’s a valid comparison).
They increased guidance up to 88-92 million for the year which would be annual growth of 37-44%.
The most interesting thing about the CC was their comments about the upcoming presentation of data that was accepted as a “late breaking clinical trial” for the European Stroke Organization conference on May 18th in Prague. They believe this will enhance their ability to sell their devices to more and more markets/physicians (obviously they believe the trial looks good for them). The trial compares their device to a standard holter for Afib (a heart rhythm that causes strokes) detection in patients who have had a stroke. It was prospective and randomized.
The 2nd most interesting comment was a 2nd generation device coming out in the latter half of the year.
Also, I still have no experience with the device but should soon and, if anyone cares, I’ll give an update once I do.
No position in IRTC but still strongly considering it.