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    Anthony on for Joanne Wuensch • Citigroup

    Anthony on for Joanne Wuensch's questions to iRhythm Technologies Inc (IRTC) leadership

    Anthony on for Joanne Wuensch's questions to iRhythm Technologies Inc (IRTC) leadership • Q1 2025

    Question

    Anthony, on behalf of Joanne Wuensch, asked for a quantification of the volume now coming from value-based care accounts, noting their growing importance.

    Answer

    CEO Quentin Blackford clarified that volume from these 'innovative channels' is in the low single digits as a percent of total volume but is growing rapidly. He explained that the larger driver of primary care growth (now nearly one-third of total volume) comes from existing integrated delivery networks (IDNs). He positioned the innovative channels as the key long-term lever to expand the total addressable market.

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    Anthony on for Joanne Wuensch's questions to iRhythm Technologies Inc (IRTC) leadership • Q4 2024

    Question

    An analyst on for Joanne Wuensch noted that primary care physician (PCP) volume was over 20% in 2024 and asked where that mix could potentially go in 2025 with the expansion of PCP and value-based care partnerships.

    Answer

    CEO Quentin Blackford affirmed that the primary care channel will become an increasingly larger part of the business but declined to provide a specific mix target for 2025. He detailed the two successful strategies for PCP adoption: through existing large IDN relationships and via new innovative, risk-bearing primary care networks. He highlighted that over 50% of iRhythm's IDN partners now have at least one prescribing PCP.

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    Anthony on for Joanne Wuensch's questions to Haemonetics Corp (HAE) leadership

    Anthony on for Joanne Wuensch's questions to Haemonetics Corp (HAE) leadership • Q2 2025

    Question

    Speaking for Joanne Wuensch, Anthony asked about the volatility and future profitability of the Blood Center business. He also sought to understand the mix of volume versus price driving the growth in the hemostasis management business.

    Answer

    CEO Christopher Simon clarified that the Blood Center strategy is focused on margin expansion rather than top-line growth, achieved by rationalizing the whole blood business and migrating plasma collections to the higher-margin NexSys platform. For hemostasis management, he confirmed the 35% growth was driven by the new heparinase neutralization cartridge, which spurred both capital sales of new TEG 6S devices and higher disposable utilization, all at a premium price point.

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