IRTC - Earnings call transcript Q2 2018 | iRhythm Technologies, Inc.

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Operator

Good afternoon, ladies and gentlemen, and welcome today's conference call to discuss iRhythm Technologies Second Quarter 2018 Financial Results. My name is Catherine and I'll be your operator on this call. [Operator Instructions] Please note, that this call is being recorded today, Wednesday, August 1, 2018 at 1:30 PM Pacific Time and will be available on the Investors Selection of iRhythm's website at www.irhythmtech.com. I would now like to turn the meeting over to Ms. Leigh Salvo, Investor Relations.

Leigh Salvo

thank for and call. in Catherine, you, you participating all today's Thank

released the me and A on Financial Company's Garrett, iRhythm President Kevin copy Officer. website. results Executive today Joining release King, the Matthew of Chief the are is XX, ended quarter June Officer; press and Earlier financial XXXX. for available Chief

undue of XXXX. financial and the XXXX, estimates are growth which includes Private and Securities assumptions. Before examination Any fact our organization our trends for statements and during and expectations expenses operating be Litigation for margins hiring, future statements our make which Accordingly, current in made of that management statements, based statements All in forward-looking that should Reform within should the that Provisions our gross Act we statements upon statements events will implied operating cause risks including, Safe guidance begin, expectations, statements. reimbursement, various includes material laws, these call statements. and deemed I'd could of limitation, like involve to to federal on of the to forward-looking pursuant of this reliance meaning call are historical revenue, be are in contained or not materially statements. uncertainties you forward-looking anticipated that securities remind forward-looking differ actual to results place from These not these those by Harbor or this without you

whether recent except XX-K any Commission. Securities Factors new business, with XXXX. by disclaims section broadcast of time-sensitive intention turn call that, Exchange or accurate of the of quarterly and revise to most call our associated required future or August and otherwise. or the risks uncertainties Kevin. iRhythm X, or conference Risk And over the refer information today, For financial as and our Form and the because please obligation, information, live law, with on report descriptions as a contains list events This the to forward-looking with statements is any projections update only I'll of to

Kevin King

and everyone Thanks, for thanks joining. Good Leigh. afternoon

Our XX% to expansion, was for sales over and XT strong adjusted see market topic the Zio up the XX.X%. second by networks. particularly pleased $XX.X, in AT targeted improved driving large demonstrated penetration nearly execution gross customer penetration. Revenue both as quarter prior X.X XXX for and increased quarter results We points to new hospital margins Zio and were account year, and

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making term we're ahead, the stage sets growth investments Looking longer opportunities. for that

like well results results deliver as Karti to quite medical make to is known Before our to uniquely will CFO, execution, and His them he our responsibility Operating like this Chief and And In a I've to service. for as over to I Karim team. goals business operational in to expertise team's have for ability call leadership Matt welcome our as ability consistently that strengthens strategic to Karim of and long-term as Garrett, believe our commercial our addition Karim Officer. strong I'd and financial some new excellent position, Matt, operations turn XXXX. excellence, the our technology R&D, I'd an review iRhythm for our qualified to that, guidance drive achieve grows. for with the time

Matthew Garrett

Thanks, Kevin.

Kevin margin improvement in pointed terms financial very we commentary, in in the revenue his As of the are with quarter. overall gross performance out topline has pleased and

sales on expansion growth of of force sales market strategy. organization, support focus be and at expansion, to the continues Our the forefront overall infrastructure our

XX%. are into on go augmented June and financial to to growth quarters first at second us year the a of continue own was as XX, expansion strategic detail, year-over-year story of XX% sales early hires our our expectations of finally, fundamental a by also and important ahead XXX; this onboarding the results and in new quarter at some to in already our revenue guidance. growth like include guidance. rep detail the X.X XX.X%, sequentially I number revenue XXX. the for of which first our adjusted and the ones shared earnings internal highlight the the the past time June And fact leading call remain some most the business going operations for look into our in AT internal for additional before important sales and and again Highlights Taking detailed some that trends, we'd quarter contracted it's of rise to more rates. confidence XX. are revenue Gross lead pilot force onboard for revenue that But sequential buildout let's our topic increase volume I successful as for topic XX% guidance. increase XXXX highlights wins. indicating sequentially. our external own pricing of important three Sales in productivity we price quarter include, an at teams ratio adjusted points, we've contracting where and support XX% for million, completed positive percentage AT and this trends ended to quarter before, of qualitative These expectations as more sales the as another of quarter of with a an bullish some increase for the in non-contract levels that on payers seeing to year that to the growth year-over-year our some strength we $XX.X of or efforts, on for growth look business shifting to that, pay continued mentioned low thought of an treat spend of which And However, remained margins are XX%-XX% of forecasted

within same-store We see with on ongoing quarter. mix large organic that AT, accounts To new also at mix consistent large networks systems And experience full indicating large ability growth convert of unit with volumes tools. came business we integrated both our important potential the remain and trends of aggressively end, workflow Many XT resources support our finally, healthy ratio. material our some of meaningful integrated as with for integrated speak strategy store mandatory services and anticipated. QX to and target New volume volume store the increases components speak also competitive inclusive and customer to pillars. piloting accounts of are as we saw XT that these these for large this with XX-XX online processes EMR have to a existing focusing accounts product that trends new of to in contributed our for growth. integrations, our for our which systems service pull-through of These of helps some requirements offerings our

quarter Turning gross XXXX. scaling X.X in Margin our of for a XX.X%, in margins P&L, is our to through reductions second the attention was the over to by cost the and XX.X%, proprietary period improvement point the rest productivity compared of gains part expansion XXXX through algorithms. percentage driven again continued, same

we'd our however, like This two also on margin emphasize to quarter contributing to expansion. trends business this other

payments XX% have our ongoing XX% are benefiting we in contracted secondly, plans. the coming deductibles same from growth and from the from Operating year. of for outcome of revenue; mix to price health revenue through First, higher $XX.X efforts patient second of $XX.X These of million, collections for the of and the quarter improved expenses period were support contracted operational the end prior XXXX compared an increase guidance of year. million of

internal a as showing our these prior levels can in of projections. our the our guidance continued our first quarter to second incremental internal in here sales hire half amount on significant of focus a dividend the internal of already reps majority this own in expansion growth year of attributed new advance needs As directly modeling This of hiring ahead filling out quarter, salesforce sales productivity support of the paid and and be spend in has expectations. the are

delivery spend context to thought bonus over attributed spend margin and investors would five with includes three on can remaining our this into associated debt to and directly of adjustments additional above our to XX% we year and is like growth year-over-year revenue The growth. guidance strategy. Examples OpEx bad know For that directly of incremental additional and topline expense. commissions, our of incremental XX% QX be OpEx investments color,

the planned second the Finally, price loss net a was of expense prior quarter the during growth share, rate loss we given the year. of or at for the or compared to million, $X.X same The guidance stock compensation net loss for with external XXXX than stock a per of continue share, $X.XX run million, a $XX.X of per a year. or loss $X.XX of period higher

to million trends on of XXXX levels in aforementioned salesforce from the in first our the to are the hiring Turning XX% XXXX. annual to Based of million for guidance representing XX%. aggressive growth $XXX.X of to our million our the positive $XXX.X business, range improving we year, $XXX our remainder million revenue and $XXX raising guidance half to productivity

productivity also million $X.X million. another to raising guidance from million sales at $X.XX are our $X.XX We scale

both reps achieving to see territories. reps overall continue then to and We higher faster strength targets new getting in in existing productivity unit

this As for and levels new QX summer seasonality quarterly strongly year. patterning Gross up as as physicians to process us XX%, two for both not historical investors guidance their on inclusive productivity reps from vacations quarter. until that patients of is QX during models, that holiday they from to understand days are sequential booking of of achieve in carrying quota of XXXX encourage breaks loss hired sales, due XX.X% the we being build least meaningful expected the of trend XX% to for again or recently real the take review trained margin XX.X%. been of for at seasonalities to Summer will and have prior trends top range to

very in remain achieve ability the of range in XX%. gross also to ultimately margins We XX% confident to our

second that to improved Finally, to like and confidence topline million call large growth opportunity. for a reiterate to have through first we now as see 'XX for would million, $XXX $XXX to questions. visibility We and million raising belief take range expense our now opportunity $XXX increase 'XX and $XX projections this growing to half these spending million in that million is our see we of the SG&A. $XXX investments half us of We'd and cash-on-hand can research are guidance objectives. to market also of and our including to a be importance million decision It the to $XX of open development to the will continue directly support operating note to to attributed to is here our will enable that what and in

President CEO; of questions. for King, We Vice and Operator? Strategy would Q&A now Kevin Executive for Derrick up Joining and like is the me your President open call to and Corporate Sung, our Development.

Operator

[Operator our Instructions] from And first Lewis Stanley. comes David question Morgan with

Your line open. is

David Lewis

expansion, so is, in acceleration at in materially and than coming obviously first the just sales you the see out sort half acceleration much. half; guide, this expansion, secondarily, on salesforce; you you this growth? should quarter relative terms the of The where of and is obviously the quarter particular through market heading to early, into how the how in can back just of remains half of AT of thing back that we talk And quarter into year so raising Thanks beat target adding what's accelerating either playing to looking growth we reps the about in the the the this back the this business, year? think obviously so business reached the so more in

Kevin King

saw reps growth, in saw price David, accelerated factors the saw in I we across uptick to mix strength last we volume. the growth of the and hired same-store strength the the in reps the driving new in looking productivity would overall inclusive nine say between And are a store slight board. We or here. I'm a six so, Matt of the that table months, at say have months across six been

actually thing guidance I factors taken how we've into the and we so that to some described I good increase. I the make it's clinically company teams trained, can't in for half, rising this important number with to how to way to number customers do millions how back but the they change customers for to rather we in understand everything don't operationally it. have are exact number know, are our relates salesforce as a about that we've is to getting Zio. -- as Related up well to the pull-through them you service the have our affect and of the things point ingrained single think by represent are we've culture And Relative given lot my the AT the they the of us to order those the of not head strength. one about where you filtered progress dollars, of we've certain what here in sales continues than just the spoken it about product that and described to making really which and here new to values help demand but and together is our adoption the tremendous we've hiring, ourselves before that

the good people turning certainly towards incremental about back spending that we of hiring, our think in here few helping from So revisit our quarter we're way that on there X-XX productivity, and successful, these the focusing third maybe the to with here, towards half modeling we're rep the people and more majority sales be have kind quarter fourth perspective, in but time that goals XXX in number more we of going less a we'll it hires a the now I at just the in of number rather of back pretty off few XXX; term this number we're time we're are on our of not revisit that we coming for headcount. we'll of now course, relative anyway a than is longer more that spending XXXX adding important the gains think productivity perform you and to the plus plus going fourth the and a quarter but to in in to half in revisit

David Lewis

be do talk of On position think you a of you'll sort absolute the by this about to of AT, the year 'XX? end in contribution

Kevin King

color about to do I given just said, commentary that. product. if David thought I position daily early and very the know, At know That we're end in here so it. path, much the days a just year, that. success we'll for of don't to driving forth don't we'll continue it's haven't give probably be the that on we more I that

Operator

Marcus next our Robert with And JPMorgan. [ph] from question comes

Unidentified Analyst

your bigger how kind or looks haven't from the guys the to want you -- recently; seeing the benefit you've ask much yet? was opportunity that that's you good but come benefit through actually just really had not results that to and out of untapped seen just much whether wondering data are first of on study question flow I very I a

Kevin King

it's say large [ph] development market are two study in to is we're work and latter. would doing market that in points The of segment a very has avenues it one These I largely do which a M-Stop whether unaddressed lots the important whether do leadership, health time things guidelines to number with of has to it has do it with whether play thought take to of etcetera, plans, out. to will all with those studies.

the As I positive is is of and that there very a follow-on are study said, at looking high results focused patients. on the economics asymptomatic risk

we're came with So or access patients part that off out on through a and unique certainly month population is service. -- and of KP see last of has very little but understands bit side sort that go we've still our beginning Rhythm, of that a on Zio community of to the Zio do I capabilities that atrial described, the paper that of going to the to drive therapy and the medical be for need both anticoagulation are patients very And after the looking so the powerful million the as I medical of not. need or service a this of standpoint then market X now distance. and follow-up that beginning yet the management because we aggressively both just measurement to that, in is inside from This [indiscernible] need fibrillation

Unidentified Analyst

you themselves their push products vocal obviously, to that products. they bit front have competition been something patch-based own the starting are better their that on about bit that little marketing have a a as just more And

meaningful headwinds, of call terms you I I are seeing In anything yet would -- out competitive anything suppose?

Kevin King

competitors, Short see enter from space. to are that patch-like impact answer attempting is meaningful any don't we competitors no, particularly the

we're flattered demand as that well quite diagnostic operation are customers savings, that to lower to the customers hey as there service. workflow, as improve know provide said, ability regular on Zio; customers diagnose accuracy, improved stringent measurements of increasing both, our just position really We like to to information shorten as that that that of we are time points patient in superiority, as their value their to using very time is, And order and business a us clinical proof hold adopt. the We their generally and all our including proof satisfaction improved of a of data basis a our quantitative cost. company

that call On was we about we've peer XX Zio and the better. or about called extended monitoring, duration any or to And being here or holter at like competition we that XX one capabilities what's whether studies outperforms review demonstrated event relative three talked category, the in had, clinically days of MCT them and competing intermittent over monitoring. differentiators continuous longer last shorter big it's holter

also Our average XX.X one only We're that proven in wear we determining category to than has that that's we're anyone medical clinically describing. else done of which longer capabilities but times are competitor have. days, are factors change they differentiating this the decision-making no other

entire the do. proven alone And is service that clinical fibrillation you atrial us Zio. already described how can factor get our scale we've workflow and of that insufficient spend a over dozens test size the been forth can arrhythmia but the different of of tools department clinical learned the delivery results competition hundreds assurance customers their classes, XXX of about hundreds that delivery side we're the interpretation past algorithms has that across and they and that expert another which [ph] back they demonstrated the require of of the burden information hospital outperform seamless the not enterprise hospitals, systems. I financial equation single-digital and no tools and no year. quantitatively some we information continuously we nine of differentiating tens again that XX and cardiologist with and types allow that interaction And that patients people has with We've know, plans here give quite upto else us one other that of locations we have thousands is that have XX/X lastly that prescribers machine side, of demand is that published along organizations different business are, customers be single tell and important, So of to that on days health the that our platform and in to then can spoken in all impact of only in really capability that and workflow proud complex of of kind

nor customers we from don't the see really competitive better, Zio that's proven, single-digital so what clinically gives have. anyone we a that competes and gives that's a our being And high what a and standpoint, with us that confidence rates platform clinically satisfactions having

Operator

Jason question comes with Canaccord Our from Mills next Genuity.

Unidentified Analyst

from off I barriers shift versus providers could [indiscernible] any adoption? competitive ability And around higher shifting initial practices just wondering context some from traditional to just XT. a saw level; driving to you XX your was starting if you what from provide Just

Kevin King

to it, to did we question manner make me traditional from it. sure Let MCT in try like The ROE I holter shifting get customers to is XT? from restate AT a

Unidentified Analyst

Correct. barriers two And are facing what markets? that of different you're kind the in those

Kevin King

Look, the more little than but that. complicated a answer is yes, bit it's

alternatives moving view event intermittent that either holter find and prescribing XT is a shorter term patterns directions. in the for quite there gap. One direction monitoring MCT were because or and legacy a replacements in or was So has two experience, MCT the towards for monitoring our we been and our while

compliance with, different generally type Zio from we is we aprimary AT. different same it's our a a that the same AT lot and benefit to into a or allows forth of interact arrhythmia's upheaval Zio taken in compelling And factor same ability workflow what single of When that types single great the to form that is of reporting amount the so we the addresses customers. really very so algorithm, is types mechanisms, it's hotchpotch that of that type patient the primary today, go platform brings. all device, of with to it's of it we we've clinical created it's same a or needs now have alerting this and that of attributes [ph] AT unmatched. benefit the for addition mismatch a of of same for devices, their the see and need So on platform requirements, types said, user customers meet The accounts critical and that patterns MCT different types reporting, prescribing of life it's and of do inventory traditionally; didn't different

Unidentified Analyst

to you've light indications? shifting -- you and expansion productivity just regarding in in are And salesforce so XXXX, AT, potential you impact do then productivity in as you view you as kind seen beyond I'm just think how that capacity far into expansion, new markets seeing far? that current you're Also expand turning what of so the your your as of

Kevin King

metrics. XXX, of to international XXX salesforce those meeting In the our at number, go our of the terms U.S. representatives sales got in between somewhere perspective here the ways we've today carrying excluding we're XXX that on quarter we've changed past markets, in we've in described so our not to

I a could as service what be albeit it As really limit we in point, price say rep level overall, comments, still represents at offering, been part terms is continue increase productivity for to as Matt sales AT And the contributions never our higher far immaterial the base of this of is total that low. it -- would models market it the probably relatively Right And it's of market right, on. upper of the the you we've is XX% we are only said in business his have of should your so honestly, our XX% the where it the continues -- now rise AT and new volume. an potential future. is, numbers don't our that quite to could know and there,

overall impact about largely account win. particular So, it rep some a tools it's our into more apply to productivity all but being on help of have might

Operator

Glenn Our with RBC from next Capital comes Novarro Markets. Instructions] question [Operator

Glenn Novarro

code? inbound my change code I first on had around XXXX, goes believe centers is, that question; new I so I calls getting have been been on some questions; anything first two know that to category three reimbursement, any out -- got has or category three a you've there my it CMS. I discussions

Kevin King

there no, hasn't. is answer Short Glenn,

When since but based records either same right say the As value and say change through I to and to for when and area in is would it were change. what's coding confident calculations higher moving everything we continue others number we're were we for given change would that was of the started their understand that specialty five better to last of do requirements that I we've this, associated the through to recommendation of that and we're now through working are understand of timeline of history well, were their CPTX, we with we and CMS know, not first ongoing both, and also we with what's happen, did our this that from that that of always From size and about, we've on the and we probably and right and possibly that helpful have that in given code. preceding of the calculations neutral about with standpoint, for societies, take if question the very is done much of them probe time duration are things we working find the have past, a has do from our be timeframe that reimbursement service We're it valuation sustainable records, you modalities; order things than as provide. what view support learned seems not. MCT this our we've create that concerned extend can standpoint to our CMS average that wear particular to you're the in ACC. societies the Zio We value we CPTX we type may from to the of people the a the less four be did on now been the it's a times that guess the the that milestone work to and likely questions to understanding the think be could talking go to probably I number year they the that them done wear a supportive timing back the right that pricing of for and now. we've delivering we current our not HRS timing it expect company that for would get example, about it would year about some I it service is been the the to XX-year and cost working of patients, we we nature. complexity with the to forward, our HRS or out, in anything came ACC, relationships way granted, of when shorter that we and to were went

they HRS said, haven't close activity story very in long a close ways That relationship, and So we're relationship much good and seen when working it's go we're to go, time us we're for with it's relationship and there, we think have and still short, about ACC off. ready positive I it. determine to

Glenn Novarro

in up the and question My provide so relates coming these remarks one sounds why you your In you're this like of contributing faster guidance it new are is meaningfully; than major reasons these about some new to so ramping expected, talked second prepared some on for new your guidance. the Kevin color confident year? raising of accounts accounts can you on accounts

Kevin King

the I would business why because we accelerating go made are understand confident, I across is would really Luis is board Allen I -- back either I why it's and the business I to question, it comment performance. say or it's want back David our to why was accelerating, the our the to -- to go about

was past, lengthy so a multiple we've time on be right, can to it multiple or these go and departments, the of spoken the a locations, time Zio to processes what describing, invested for accounts I and order hundreds work repeatedly in and order prescribers of new we've to bring takes As large the process; account a of us after forth accounts to these methodologies and convert better. with lot create we've gotten them to in energy and of resources

of want that for their patchers patch not look I to that it's been sort conclude or reason, of ho day So said, and things to road prescribing across easy of think might lot [ph] ramping us. and them ticking first better at to shortened. metric better time road terms changing some XX are or would for boxes, ways each faster That you that I whatever their and the first in the still said, a and changing the That of are board. an we it's doing all patterns, hard physician getting tying administrative has

Operator

from Please with line is me, your Kalia, comes Securities. your Northland button. Suraj Suraj question Kalia check mute Pardon Our open. next

Kevin King

is another he okay. Perhaps there, we Do follow-up? not have

Operator

in to questions There Mr. the call closing further turn I'd back for to King is like queue. Kevin the no remarks.

Kevin King

is you here our we're the note We proud quarter. Thank of and you to much. for look appreciate your very of talking quarter joining path third the support, earnings very that forward call Technologies. second the what iRhythm going and at everyone everyone to We for interest end in here Thanks and please iRhythm at very we confident here do forward.

Operator

today's concludes ladies conference. program. and in your This participating for today's you, Thank gentlemen

You may all disconnect. Everyone, have a great day.

iRhythm (IRTC) 2 Aug 182018 Q2 Earnings call transcript