The first quarter of 2023 proved to be challenging for Advance Auto Parts, Inc. (NYSE: AAP), as the company reported diluted earnings per share (EPS) of $0.72, falling short of the consensus estimate of $2.57. 

Tom Greco, the president and chief executive officer, acknowledged the difficulties faced during this period. Despite net sales growing by 1.3% in the quarter, the operating margin rate of 2.6% was below expectations. This was primarily due to higher-than-planned investments aimed at narrowing competitive price gaps in the professional sales channel and an unfavorable product mix.

To enhance its financial flexibility, Advance Auto Parts' board of directors made the decision to reduce its quarterly cash dividend to $0.25 per share. Furthermore, the company adjusted its full-year 2023 guidance, revising the diluted EPS outlook from a range of $10.20 - $11.20 to a range of $6.00 - $6.50.

In pre-market, $AAP is currently trading at $83.50, reflecting a significant decrease of $28.70 (-25.58%).

In a regulatory filing, iRhythm Technologies, Inc. (Nasdaq: IRTC) disclosed that it had received - on May 25, 2023 - a warning letter from the U.S. Food and Drug Administration (FDA). The warning letter was the result of an inspection conducted at the company's Cypress, California facility in August 2022. The FDA identified non-conformities to regulations for medical devices, including medical device reporting requirements and medical device quality system requirements, specifically related to iRhythm's Zio AT System. 

The company takes these matters seriously and intends to respond within the specified time period, working diligently to address the FDA's concerns.

On Tuesday, $IRTC closed at $121.68, showing a modest increase of $2.38 (+1.99%).

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