Citi does not see Apple AF detection tool replacing iRhythm

Citi maintains a Buy rating on iRhythm Technologies (IRTC) after Apple (AAPL) on Friday announced FDA approval of an atrial fibrillation detection tool within its Apple Watch under the Medical Device Development Tools program. While this provides a non-invasive way to check AF burden in clinical studies to evaluate the safety and effectiveness of cardiac ablation devices, it is not 501k approved for clinical use and there is still a medical need for resolution and accuracy in identifying discrete AF episodes, the analyst tells investors in a research note. Citi does not see Apple’s atrial fibrillation detection tool replacing iRhythm’s Zio portfolio in diagnosing AF or in monitoring post ablation.