Apple Heart Study Validates iRhythm Technologies (IRTC) Technology - Canaccord

Canaccord Genuity analyst Jason Mills reiterated a Buy rating and $104.00 price target on iRhythm Technologies (NASDAQ: IRTC) after data from the Apple Heart Study, presented during a late breaking session at the American College of Cardiology conference this past weekend, highlighted the growing overlap of consumer-tech and healthcare.

The analyst stated "we think the study portends positively for IRTC, initially from the standpoint that consumer wearable-generated awareness around AF should funnel incremental patients into physician offices, necessitating physicians to prescribe dedicated, continuous monitoring devices (e.g. Zio) that are capable of ascertaining long-term EKG data/AF burden. Specific to Zio, we would
highlight that the patch used in the Apple Study (ePatch) detected AF in only 34% of patients who received and returned a monitoring patch after the Apple Watch detected an irregular rhythm. This contrasts to a positive predictive value of 84% in patients wearing the patch and watch simultaneously, suggesting ePatch missed a diagnosis in ~50% of patients. We think these results underscore the value of Zio’s continuous extended wear period (up to 14 days) vs. competitive platforms (ePatch was worn for an average of six days in the Apple Study) in detecting arrhythmias, with platforms only offering shorter wear periods potentially missing cases of paroxysmal AF".

For an analyst ratings summary and ratings history on iRhythm Technologies click here. For more ratings news on iRhythm Technologies click here.

Shares of iRhythm Technologies closed at $90.44 yesterday.

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