Irhythm Technologies (IRTC – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst William Plovanic from Canaccord Genuity maintained a Buy rating on the stock and has a $139.00 price target.
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William Plovanic has given his Buy rating due to a combination of factors that highlight the strong performance and potential of Irhythm Technologies. The company reported a significant revenue increase of 20.3% year-over-year for the first quarter, surpassing both internal and consensus estimates. This growth was largely driven by the success of their Zio AT product, which has shown unexpected strength and is expected to continue its positive trend.
Furthermore, Irhythm Technologies has raised its revenue and profitability guidance for the fiscal year 2025, reflecting confidence in sustained demand for its products. The company is also making progress on regulatory fronts, with plans to submit the Zio Monitor in the third quarter and complete compliance efforts by the end of 2025. Despite some challenges, such as lower-than-expected reimbursement rates in Japan, the company is benefiting from strategic partnerships and an increased share in primary care monitoring. These factors collectively support the Buy rating and an adjusted price target of $132.
Plovanic covers the Healthcare sector, focusing on stocks such as TransMedics Group, Atricure, and Dexcom. According to TipRanks, Plovanic has an average return of 1.1% and a 43.70% success rate on recommended stocks.