iRhythm Technologies Shares Down 4% on Revenue Miss & Lowered Guidance

iRhythm Technologies (NASDAQ:IRTC) shares closed more than 4% lower yesterday following the company’s reported Q3 results. While the EPS of ($0.63) came in better than the Street estimate of ($0.83), the revenue of $103.9 million missed the Street estimate of $106.13 million.

The company lowered its fiscal 2022 revenue guidance to $407-411 million from prior guidance of $415-420 million. This compares to the Street estimate of $418.72 million. Q4 guide was lowered to 5-9% sequential growth, in part due to lower patch returns by customers, Zio AT temporary slowdown, and slower new account onboarding.