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iRhythm Stock Gains Following Favorable Zio Monitor Study Data
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iRhythm Technologies (IRTC - Free Report) recently announced initial research findings on the post-market, real-world performance of the Zio monitor, IRTC’s next-generation Zio long-term continuous monitoring (LTCM) patch ECG device. The findings are presented at the Heart Rhythm Society’s HRX 2024 meeting.
The impact of design enhancements on device performance, with even better wear time and analyzable time with the new device, was observed in the findings. Taken together, these advancements are likely to contribute to better patient compliance and higher arrhythmia detection rates.
Shares of IRTC closed 4.1% higher on Sept. 9 following the news.
More on the IRTC’s Zio LTCM Monitor Study
The Zio LTCM monitor is constructed with a waterproof casing and a new breathable adhesive. The monitor builds upon the excellent performance of its predecessor, the Zio XT device, while also being lighter and smaller.
The purpose of the study, "Performance of a Novel Next-Generation Ambulatory ECG Long-Term Patch Monitor: A Multicenter Post-Market Evaluation," was to ascertain whether these improvements in design resulted in better post-market real-world device performance when compared to the device's predecessor.
In the study conducted, researchers retrospectively compared U.S. real-world data from patients using two LTCM services, iRhythm’s prior-generation Zio XT service and its next-generation Zio monitor service, both available for commercial use. The analysis period corresponded to the initial launch of the Zio monitor and included 14-day prescriptions between May 2022 and September 2023, comprising 7,433 Zio monitors and 1,336,391 Zio XT devices.
The new Zio LTCM service demonstrated fewer early wear terminations, with data showing a wear time of less than 48 hours in 1.1% of Zio monitor services compared to 2.8% for Zio XT service. Zio LTCM service also demonstrated longer average wear duration, longer average analyzable time and fewer reports of skin irritation, with data showing 0.47% of Zio monitor service compared with 1.35% for Zio XT. In unadjusted analyzes, there was the greater yield of paroxysmal AF and overall arrhythmia detection with the new LTCM service.
Over a million patients have worn the Zio monitor ECG device since the next-generation Zio LTCM monitor and upgraded Zio service were introduced in the United States in September 2023. This represents almost 70% of iRhythm's LTCM registrations in the country.
Additionally, iRhythm announced the commercial launch of the Zio monitor and Zio LTCM service in Austria, the Netherlands, Spain and Switzerland.
Favorable Industry Prospects for IRTC
Per a report by Grand View Research, the ambulatory cardiac monitoring market size was estimated to be $5.8 billion in 2022 and is expected to witness a CAGR of 10.4% from 2023 to 2030.
Given the market potential, Zio Monitor’s superior real-world data is likely to provide a boost to IRTC’s business.
IRTC’sPrice Performance
In the past six months, IRTC shares have lost 34.7% compared with the industry’s decline of 17.5%. The S&P 500 has gained 7.1% in the same time frame.
Image Source: Zacks Investment Research
IRTC’s Zacks Rank and Stocks to Consider
Currently, iRhythm has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are Universal Health Service (UHS - Free Report) , Quest Diagnostics (DGX - Free Report) and ABM Industries (ABM - Free Report) . While Universal Health Service sports a Zacks Rank #1 (Strong Buy), Quest Diagnostics and ABM Industries presently carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Universal Health Service has an estimated long-term growth rate of 19%. UHS’ earnings surpassed estimates in each of the trailing four quarters, with the average being 14.58%.
Universal Health Service has gained 56.1% so far this year compared with the industry's 48.1% rise.
Quest Diagnostics has an estimated long-term growth rate of 6.20%. DGX’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 3.31%.
Quest Diagnostics shares have gained 13.9% so far this year compared with the industry’s 17.9% rise.
ABM Industries’ earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 7.34%.
ABM's shares have risen 27.4% so far this year compared with the industry’s 17% growth.
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iRhythm Stock Gains Following Favorable Zio Monitor Study Data
iRhythm Technologies (IRTC - Free Report) recently announced initial research findings on the post-market, real-world performance of the Zio monitor, IRTC’s next-generation Zio long-term continuous monitoring (LTCM) patch ECG device. The findings are presented at the Heart Rhythm Society’s HRX 2024 meeting.
The impact of design enhancements on device performance, with even better wear time and analyzable time with the new device, was observed in the findings. Taken together, these advancements are likely to contribute to better patient compliance and higher arrhythmia detection rates.
Shares of IRTC closed 4.1% higher on Sept. 9 following the news.
More on the IRTC’s Zio LTCM Monitor Study
The Zio LTCM monitor is constructed with a waterproof casing and a new breathable adhesive. The monitor builds upon the excellent performance of its predecessor, the Zio XT device, while also being lighter and smaller.
The purpose of the study, "Performance of a Novel Next-Generation Ambulatory ECG Long-Term Patch Monitor: A Multicenter Post-Market Evaluation," was to ascertain whether these improvements in design resulted in better post-market real-world device performance when compared to the device's predecessor.
In the study conducted, researchers retrospectively compared U.S. real-world data from patients using two LTCM services, iRhythm’s prior-generation Zio XT service and its next-generation Zio monitor service, both available for commercial use. The analysis period corresponded to the initial launch of the Zio monitor and included 14-day prescriptions between May 2022 and September 2023, comprising 7,433 Zio monitors and 1,336,391 Zio XT devices.
The new Zio LTCM service demonstrated fewer early wear terminations, with data showing a wear time of less than 48 hours in 1.1% of Zio monitor services compared to 2.8% for Zio XT service. Zio LTCM service also demonstrated longer average wear duration, longer average analyzable time and fewer reports of skin irritation, with data showing 0.47% of Zio monitor service compared with 1.35% for Zio XT. In unadjusted analyzes, there was the greater yield of paroxysmal AF and overall arrhythmia detection with the new LTCM service.
Over a million patients have worn the Zio monitor ECG device since the next-generation Zio LTCM monitor and upgraded Zio service were introduced in the United States in September 2023. This represents almost 70% of iRhythm's LTCM registrations in the country.
Additionally, iRhythm announced the commercial launch of the Zio monitor and Zio LTCM service in Austria, the Netherlands, Spain and Switzerland.
Favorable Industry Prospects for IRTC
Per a report by Grand View Research, the ambulatory cardiac monitoring market size was estimated to be $5.8 billion in 2022 and is expected to witness a CAGR of 10.4% from 2023 to 2030.
Given the market potential, Zio Monitor’s superior real-world data is likely to provide a boost to IRTC’s business.
IRTC’sPrice Performance
In the past six months, IRTC shares have lost 34.7% compared with the industry’s decline of 17.5%. The S&P 500 has gained 7.1% in the same time frame.
Image Source: Zacks Investment Research
IRTC’s Zacks Rank and Stocks to Consider
Currently, iRhythm has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are Universal Health Service (UHS - Free Report) , Quest Diagnostics (DGX - Free Report) and ABM Industries (ABM - Free Report) . While Universal Health Service sports a Zacks Rank #1 (Strong Buy), Quest Diagnostics and ABM Industries presently carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Universal Health Service has an estimated long-term growth rate of 19%. UHS’ earnings surpassed estimates in each of the trailing four quarters, with the average being 14.58%.
Universal Health Service has gained 56.1% so far this year compared with the industry's 48.1% rise.
Quest Diagnostics has an estimated long-term growth rate of 6.20%. DGX’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 3.31%.
Quest Diagnostics shares have gained 13.9% so far this year compared with the industry’s 17.9% rise.
ABM Industries’ earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 7.34%.
ABM's shares have risen 27.4% so far this year compared with the industry’s 17% growth.