iRhythm Technologies Inc. (IRTC) stock prices were up by 1.05% as of the market closing on June 1st, 2021, bringing the price per share up to USD$76.25 at the end of the trading day. Pre-market fluctuations saw the stock fall by a sharp 13.31%, bringing it down to USD$66.10.
510k Clearances
May 24th, 2021 saw the company announce two new 510k clearances, with one being for an updated design of the company’s flagship monitor and another for IRTC’s new and improved artificial intelligence (AI) capabilities.
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Scope of Monitor and AI
The new version of the proprietary Zio monitor is designed to substantially improve the comfort of patients, while the improvements to AI capabilities serves to facilitate improved rhythm and beat diagnostic accuracy. The 510k clearances demonstrate IRTC’s continued drive to improve the experience of both patients and providers. To this end the company has consistently allocated resources towards next-generation capabilities being developed across its diagnostic platform.
New Zio Monitor
The new Zio monitor has seen changes in design to make it more ergonomic and easier to wear. The new design also boasts increased adherence and improved patient comfort. The diminished size facilitates convenient wearability through exercise, showering, and sleeping routines. This is largely made possibly by the reduction of the monitors weight by 50%, as well as the new breathable and waterproff outer layer. The increased adherence is owing to an improved adhesive, and the device offers a more flexible design to ensure secure attachment. Overall, these improvements help facilitate the collection of complete and accurate diagnostic data.
New AI Enhancements
The company has implemented substantial overhauls to the system of their proprietary deep-learned AI algorithm, with iRTC having created the largest repository of labelled ECG patient data in the world with the collection of more than 750 million hours of curated heartbeat data. This facilitates expanded training of the algorithm across a larger database, which, in turn, results in the improved accuracy and quality assurance of the enhanced AI diagnostic tool.
Future Outlook for IRTC
Backed by these two highly promising 510k clearances, IRTC is primed to capitalize on the opportunities and increased appeal offered to its products and services. The company hopes to continue its trajectory of growth and success, consolidating its position as an industry leader. Current and potential investors are hopeful that management will be able to leverage the resources at their disposal to facilitate significant and sustained increases in shareholder value.