Irhythm Technologies Inc (NASDAQ:IRTC) reported preliminary Q1 sales of $61 million to $62 million and withdrew its 2020 guidance.
The San Francisco-based IRTC, a leading digital health care solutions company focused on the advancement of cardiac care, reported revenue for the three months ended March 31, 2020 is anticipated to be in the range of $61.0 million to $62.0 million, an increase of 26% to 28% compared to the same period in 2019.
The company estimates an impact due to COVID-19 of approximately $2.0 million to $2.5 million in revenue in the first quarter of 2020. The company is currently conducting its closing process for the first quarter of 2020 including a review of the COVID-19 impact on the company’s reserves and is unable to provide a more precise estimate of its full financial results.
Irhythm also today provided an update on the impact the company is experiencing due to the COVID-19 pandemic and the steps the company is taking in response. The company is also providing a preliminary range for revenue for its first quarter 2020 and is withdrawing full-year 2020 guidance.
"The COVID-19 pandemic has been an unprecedented challenge to the healthcare community and our society" said Kevin King, CEO.
"Through these challenging times, iRhythm is focused on supporting our employees, the patients we serve and our healthcare partners broadly. While we are all facing the challenges in different ways, we are encouraged by the incredible response and dedication of all those that are delivering care for patients and our communities at large."
IRTC shares began Monday off $1.97, or 2.4%, to $80.59.
