iRhythm sinks after delaying FDA filing for cardiac monitor
IRTC•iRhythm shares fell 29.4% after the company said it no longer plans to submit its Zio MTC mobile cardiac monitor application to the FDA this year and expects to file for its next-generation algorithm in 2027.
1. FDA filing delayed
iRhythm said it no longer plans to submit its Zio MTC mobile cardiac monitor application to the FDA this year and expects to file for its next-generation algorithm in 2027. CEO Quentin Blackford said the timeline had shifted multiple times and acknowledged frustration among patients and investors. Shares fell 29.4% to $91.91. Citi downgraded the stock to neutral from buy and cut its price target to $124 from $157; BTIG said Zio AT revenue was roughly flat year over year and below management's expectations, trimming its target to $170 from $185.
