SAN FRANCISCO—Patrick Michael Murphy, Chief Business Officer and Chief Legal Officer at iRhythm Technologies, Inc. (NASDAQ:IRTC), a $3.35 billion market cap healthcare technology company that has seen its stock surge 61% over the past six months, recently executed a significant stock sale, according to a recent SEC filing. InvestingPro analysis shows the company maintains strong revenue growth of 20% year-over-year. On February 26, Murphy sold a total of 16,330 shares of common stock, generating proceeds of approximately $1.79 million. The shares were sold at prices ranging from $108.93 to $112.13 per share, near the middle of the stock’s 52-week range of $55.92 to $128.52.
In addition to the sales, Murphy also acquired a substantial number of shares through performance-based Restricted Stock Units (RSUs). On February 25 and 26, he acquired a total of 39,837 shares at no cost, following the determination that performance conditions for the RSUs were met. These acquisitions increased his total holdings to 58,834 shares after the sales.
The sales were conducted to cover tax withholding obligations related to the vesting of the performance RSUs, as noted in the filing.
In other recent news, iRhythm Technologies reported a strong fourth-quarter performance, surpassing Wall Street expectations with revenues of $164.3 million, a 24% increase from the previous year. This exceeded the consensus estimate of $157.12 million, and the company also reported an earnings per share of $0.01, against an expected $0.35 loss per share. iRhythm’s guidance for 2025 projects revenue between $675-685 million, aligning closely with analyst estimates, and reflecting confidence in its growth strategy. Analysts from Truist Securities and JPMorgan (NYSE:JPM) have both raised their price targets for iRhythm to $145, maintaining their Buy and Overweight ratings, respectively, citing the company’s solid performance and conservative outlook. Needham analysts also increased their price target to $138, emphasizing strong U.S. sales volumes and promising international expansion.
The company’s gross margin improved by 410 basis points to 70.0% year-over-year, driven by operational efficiencies and increased patient volumes. iRhythm’s regulatory remediation efforts are on track, and the company plans to submit its MCT device to the FDA in the third quarter of 2025. Additionally, iRhythm is expanding internationally, with early launches in Europe and plans to enter the Japanese market in mid-2025. Analysts have noted the company’s momentum and potential to exceed conservative guidance, reinforcing positive sentiment around iRhythm’s growth trajectory.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.