Marie Thibault, an analyst from BTIG, reiterated the Buy rating on Irhythm Technologies. The associated price target remains the same with $190.00.
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Marie Thibault has given her Buy rating due to a combination of factors that highlight iRhythm Technologies’ strategic positioning and growth potential. The company is actively collaborating with innovative channel partners to expand its reach into the asymptomatic arrhythmia monitoring market. These partnerships, primarily with value-based care providers, aim to enhance clinical outcomes while reducing healthcare costs, offering a significant market opportunity given the large number of undiagnosed patients in the U.S.
iRhythm’s partnerships cover a substantial patient base and have shown promising revenue contributions, increasing from 3% of total revenue in Q1 to a higher proportion by the end of Q2. The company’s strategic focus on expanding its network of partners, with a pipeline of potential accounts, suggests a strong growth trajectory. Additionally, the high value proposition of the Zio Monitor in preventative care and its potential to streamline patient referrals further supports the Buy rating, reflecting confidence in iRhythm’s ability to drive sustainable, long-term growth.
In another report released on August 29, Morgan Stanley also maintained a Buy rating on the stock with a $195.00 price target.