iRhythm shares preliminary Q4 highlights, business update

Preliminary Fourth Quarter 2022 Operational Highlights: Patient registration growth of more than 20% compared to the fourth quarter 2021; Sequential improvement in Zio XT returned device rate; Record new account openings for Zio XT in the United States; CMS Medicare Physician Fee Schedule Final Rule for Calendar Year 2023 released, which contained national rates for CPT codes that iRhythm uses to seek reimbursement for its Zio XT service. "Despite challenges during 2022, we have made significant progress to advance our mission while investing in strategic and operational initiatives to set the Company up to best realize expected strong growth in the years to come," said Quentin Blackford, iRhythm’s President and CEO. "We made nice progress in the fourth quarter addressing the near-term challenges that we had realized exiting the third quarter. Strong momentum in patient registrations continued, growing in excess of 20% in the fourth quarter and in line with expectations. We also made good progress with returned devices rates, which are trending back towards historical levels, and we made the necessary updates to our Zio AT Clinical Reference Manual and Important Information pamphlet. For the second time in the last three quarters, we realized another record quarter of new account openings for Zio XT, demonstrating the continued strong demand of our Zio product platform. Finally, we are proud of our teams working collaboratively to finalize a CMS national rate which positions us well to focus on further market penetration and providing our technology to all patients who may benefit. As we enter 2023, we are poised to continue executing upon our strategic initiatives to position the Company to drive sustainable growth for years to come. We are excited by the progress we are making to open the primary care channel, recently establishing relationships with some of the most significant players in the space within the United States. Further, we are excited by the upcoming product launch of our next-generation biosensor platform and believe that efforts underway will yield additional high-quality clinical and economic data to support Zio’s value proposition with iRhythm’s customers and payers."