3 Reasons why the iRhythm Technologies (IRTC) PT was Raised to $250 at Citi

Citi analyst Joanna Wuensch raised the price target on iRhythm Technologies (NASDAQ: IRTC) to $250.00 (from $215.00) after hosting a group call with iRhythm’s CEO Kevin King offering 3 key takeaways:

1) the current market opportunity is the symptomatic cardiac arrhythmia patients, where the Zio platform has been shown to have a nearly perfect AF Burden score, while other technologies are inaccurate up to 10-38% of the time

2) the asymptomatic opportunity includes another 10 million people who are at risk of stroke but are not yet diagnosed, with data on mSToPS and Screen AF clinical trials expected by the end of the year

3) we could see an early version of a combined Verily / iRhythm product possibly by 4Q20

The analyst reiterated the Buy rating, stating "While traditional technology is reactive and intermittent, failing to properly detect patients until it is too late, iRhythm is changing the status quo with its current Zio platform that offers hospitals a comprehensive offering through its Zio XT and Zio AT devices. Together under one service, they replace three separate technologies (Holter Monitors, Event Monitors, and MCTs) to provide not only the most accurate detection in cardiac arrhythmias, but also a more streamlined reporting system that allows more testing with less resources".

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