iRhythm Technologies, Inc. (IRTC) is a healthcare technology company specializing in global ambulatory cardiac monitoring. The company provides innovative diagnostic services through its Zio platform, which includes wearable devices and data analytics to monitor and diagnose cardiac arrhythmias. IRTC's operations focus on delivering clinically validated solutions to improve patient outcomes and streamline healthcare workflows.
- Zio Services - Offers wearable cardiac monitoring devices, including the Zio XT and Zio Monitor, designed to detect and diagnose arrhythmias through continuous monitoring and advanced data analytics.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Quentin Blackford ExecutiveBoard | President, Chief Executive Officer, Director | Board Member at Alphatec Holdings, Inc. and Paragon 28, Inc. | Joined IRTC in October 2021. Former COO at Dexcom, CFO at NuVasive, and finance leader at Zimmer Holdings. Holds dual B.S. degrees in Accounting and Business Administration. Certified Public Accountant (inactive). | View Report → |
Chad Patterson Executive | Chief Commercial Officer | None | Joined IRTC in July 2022. Former EVP and CMO at Dexcom. Played a key role in Dexcom's revenue growth and global expansion. Holds an MBA from USC and a B.A. from Gonzaga University. | |
Daniel Wilson Executive | Chief Financial Officer | None | Joined IRTC in June 2019. Previously EVP of Corporate Development and Investor Relations. Former healthcare investment banker at J.P. Morgan and business development leader at Penumbra, Inc.. | |
Mervin Smith Executive | EVP of Business Operations | None | Joined IRTC in July 2023. Former VP & GM at Zimmer Biomet. Holds an MBA from Ball State University and a B.S. in Accounting from the University of Pittsburgh. | |
Minang Turakhia, M.D. Executive | Chief Medical Officer, Chief Scientific Officer, EVP of Product Innovation | Professor of Medicine (on leave) at Stanford University School of Medicine | Joined IRTC in June 2022. Renowned cardiologist and researcher. Played a key role in clinical research and product launches at IRTC. Holds an M.D. from Stanford University. | |
Patrick Murphy Executive | Chief Business Officer and Chief Legal Officer | None | Joined IRTC in November 2021. Former EVP and CLO at Dexcom. Extensive legal and corporate finance experience. Holds a J.D. from St. Louis University School of Law. | |
Sumi Shrishrimal Executive | Chief Risk Officer | None | Joined IRTC in May 2022. Former Chief Risk Officer at Dexcom and VP of Internal Audit at NuVasive. Holds a B.A. in Accounting and Information Systems from the University of Mumbai. | |
Abhijit Y. Talwalkar Board | Chairman of the Board | Board Member at AMD, TE Connectivity, and Lam Research; Chairman at Friends of the Children (Bay Area Chapter) | Chairman of IRTC since May 2016. Former CEO of LSI Corporation and senior leader at Intel. Holds a B.S. in Electrical Engineering from Oregon State University. | |
Brian Yoor Board | Director | Chairman at Covira Surgical; Audit Committee Chair at Confluent Medical | Director at IRTC since June 2023. Former CFO at Abbott Laboratories. Holds a B.B.A. in Accounting from the University of Toledo. | |
Bruce G. Bodaken Board | Director | None | Director at IRTC since July 2017. Former CEO of Blue Shield of California. Extensive experience in healthcare leadership. | |
C. Noel Bairey Merz, M.D. Board | Director | Medical Director at Cedars-Sinai Medical Center; Professor at UCLA | Director at IRTC since April 2018. Renowned cardiologist and researcher. Holds an M.D. from Harvard Medical School and a B.A. from the University of Chicago. | |
Karen Ling Board | Director | None | Director at IRTC since November 2021. Former EVP and Chief Human Resources Officer at AIG. Extensive experience in HR and corporate governance. | |
Mark J. Rubash Board | Director | Chairman of Intuitive Foundation; Board Member at Intuitive Surgical | Director at IRTC since March 2016. Former CFO at Shutterfly and senior finance leader at eBay. Holds a B.S. in Accounting from California State University, Sacramento. |
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Given that international markets are contributing only 1% to growth in 2025 and are still in early stages, what are the key challenges you anticipate in scaling up outside the U.S., particularly in markets like Japan where commercial launch is expected mid-2025, and how confident are you in achieving meaningful international revenue?
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With the proposed tariffs potentially impacting gross margins by 50 to 75 basis points due to component suppliers in Mexico and China, what specific measures are you taking to mitigate this headwind, and are alternative supply chain strategies being considered to offset these impacts?
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You mentioned incurring significant expenses related to FDA remediation efforts and DOJ subpoena activities, with remediation expenses expected to be approximately $15 million in 2025; can you elaborate on the nature of these regulatory issues, how they are affecting your operations, and when you expect these costs and impacts to subside?
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Zio AT saw particular strength in the fourth quarter due to a competitor's disruption in the marketplace; how sustainable is this growth if the competitor resolves their issues, and what strategies are in place to maintain or accelerate Zio AT's growth in a more competitive environment?
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Despite exiting 2024 with strong momentum and 24% year-over-year growth, along with multiple catalysts like record account openings, primary care channel momentum, and Epic integration, your 2025 guidance appears conservative; can you clarify what potential upsides are excluded from your guidance and what factors might limit growth in 2025?
Research analysts who have asked questions during iRhythm Technologies earnings calls.
David Rescott
Baird
4 questions for IRTC
Suraj Kalia
Oppenheimer & Co. Inc.
4 questions for IRTC
Allen Gong
JPMorgan Chase & Co.
3 questions for IRTC
David Roman
Goldman Sachs Group Inc.
3 questions for IRTC
Kallum Titchmarsh
Morgan Stanley
3 questions for IRTC
Macauley Kilbane
William Blair & Company
3 questions for IRTC
Nathan Treybeck
Wells Fargo Securities
3 questions for IRTC
Richard Newitter
Truist Securities
3 questions for IRTC
David Saxon
Needham & Company
2 questions for IRTC
John Young
Canaccord Genuity - Global Capital Markets
2 questions for IRTC
Marie Thibault
BTIG
2 questions for IRTC
Anthony Occhiogrosso
Citigroup Inc.
1 question for IRTC
Bill Plovanic
Canaccord Genuity
1 question for IRTC
Brandon Vazquez
William Blair & Company, L.L.C.
1 question for IRTC
Lilia-Celine Lozada
JPMorgan Chase & Co.
1 question for IRTC
Philippe Belamant
Truist Securities
1 question for IRTC
Sam Eiber
BTIG, LLC
1 question for IRTC
William Plovanic
Canaccord Genuity
1 question for IRTC
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
BioTelemetry, Inc. | Acquired by Royal Philips, this company competes in providing remote cardiac monitoring technology and diagnostic services. They have developed patch-based cardiac monitors that have received FDA and foreign regulatory clearances. |
Preventice Solutions, Inc. | Acquired by Boston Scientific, Inc., this company offers remote cardiac monitoring technology and diagnostic services. They have developed patch-based cardiac monitors that have received FDA and foreign regulatory clearances. |
Bardy Diagnostics, Inc. | Acquired by Baxter International, Inc., this company provides remote cardiac monitoring technology and diagnostic services. They have developed patch-based cardiac monitors that have received FDA and foreign regulatory clearances. |
GE Healthcare | This company sells traditional, 24-to-48-hour Holter monitors and competes in the remote cardiac monitoring market. |
Philips Healthcare | This company sells traditional, 24-to-48-hour Holter monitors and competes in the remote cardiac monitoring market. |
Spacelabs Healthcare Inc. | This company sells traditional, 24-to-48-hour Holter monitors and competes in the remote cardiac monitoring market. |
Mortara Instrument, Inc. | Acquired by Hill-Rom Holdings, Inc., now part of Baxter International, Inc., this company sells traditional, 24-to-48-hour Holter monitors and competes in the remote cardiac monitoring market. |
Welch Allyn Holdings, Inc. | Acquired by Hill-Rom Holdings, Inc., now part of Baxter International, Inc., this company sells traditional, 24-to-48-hour Holter monitors and competes in the remote cardiac monitoring market. |
This company has added capabilities on their watch platform to measure non-continuous ECG and to alert users to the potential presence of irregular heartbeats suggestive of asymptomatic Afib. | |
Fitbit | This company has added capabilities on their watch platform to measure non-continuous ECG and to alert users to the potential presence of irregular heartbeats suggestive of asymptomatic Afib. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Centers for Medicare & Medicaid Services (CMS) | Major payor of the company's Zio Services | All | Revenue: 24% of total revenue for 2024, 2023, and 2022. Accounts Receivable: 15% (2024), 25% (2023). |
One Commercial Customer | Commercial payor of the company's services | All | Accounts Receivable: 13% as of Dec 31, 2024. |
Recent press releases and 8-K filings for IRTC.
- iRhythm's core long-term continuous monitoring (LTCM) business, ZioMonitor, has shown accelerated growth in the last three quarters, with new account openings in 2024 contributing over 50% of unit volume growth in recent quarters. The company maintains over 70% market share in the LTCM segment.
- The company anticipates submitting Zio MCT to the FDA "within the coming days" (as of 2025-09-03). This new product aims to significantly increase iRhythm's current 10% to 12% share in the mobile cardiac telemetry (MCT) market, offering a 21-day monitoring period compared to the typical 12.8 days of analyzable results from traditional devices.
- iRhythm is actively discussing partnerships with 40 new innovative channel entities, building on its 12 existing collaborations that represent 2 million potential users. These channels, currently a low single-digit percentage of total volume, are viewed as a substantial long-term growth opportunity.
- The company has completed the 12-month quality remediation plan committed to the FDA in August 2024 and is awaiting feedback. Additionally, the DOJ investigation is ongoing, with iRhythm litigating to maintain attorney-client privilege on certain documents.
- The Oxford University-led AMALFI randomized clinical trial demonstrated that home-based screening with iRhythm's Zio long-term continuous monitoring (LTCM) service increased atrial fibrillation (AFib) detection and shortened the time to diagnosis.
- The study, conducted in the United Kingdom, involved 5,040 participants aged ≥65 years at moderate to high risk of stroke, with a 2.5-year follow-up.
- At 2.5 years, the intervention arm (Zio LTCM) had a 6.8% new AFib diagnosis rate compared to 5.4% in the control arm, and a median time to diagnosis of 103 days versus 530 days in the control arm.
- These results confirm the efficacy of the Zio LTCM service for AFib detection in patients at moderate to high risk of stroke, supporting its use in a UK population with home-based device application.
- iRhythm Technologies, Inc. announced the publication of the AVALON study, the largest real-world study of its kind involving 428,707 commercially insured patients, which reinforces the clinical superiority of its Zio long-term continuous monitoring (LTCM) service.
- The AVALON study demonstrated that the Zio LTCM service outperformed other studied monitoring approaches in cardiac arrhythmia diagnostic yield, time to diagnosis, cardiovascular events, and total healthcare costs.
- Specifically, the Zio LTCM service showed the highest new arrhythmia diagnosis rate of 26.5% within 90 days, compared to 18.4% for non-iRhythm LTCM, 17.0% for AEM, and 14.7% for Holter monitoring. It was also associated with the lowest total medical and pharmacy costs ($10,476 per patient-year) in the 12 months following monitoring, compared to Holter ($11,042), AEM ($11,492), and non-iRhythm LTCM services ($11,293).
- These findings in a younger, commercially insured population build on data from the CAMELOT study (which focused on Medicare patients), confirming the Zio LTCM service's value across diverse patient populations and payer segments.
- iRhythm Technologies reported strong Q2 2025 revenue of $186.7 million, representing over 26% year-over-year growth, driven by its core business, innovative channel partners, and the Zio AT product line.
- The company achieved an adjusted EBITDA of $15.7 million in Q2 2025, equating to an 8.4% adjusted EBITDA margin, a 500 basis point improvement compared to the prior year.
- Full-year 2025 revenue guidance was raised to $720 million to $730 million, and adjusted EBITDA margin guidance was updated to 8% to 8.5% of revenues.
- Strategic initiatives include expanding the Epic Aura solution, a new partnership with Lusim Health for AI-driven early disease detection, and the planned Q3 2025 FDA filing for the next-generation Zio MCT product.
- iRhythm ended Q2 2025 with $545.5 million in unrestricted cash and expects to be free cash flow positive for full year 2026.
- A securities class action lawsuit against iRhythm Technologies, Inc. is proceeding after a judge denied in part the defendants' motion to dismiss on June 3, 2025.
- Morris Kandinov LLP is investigating possible breaches of fiduciary duties and other violations of law on behalf of iRhythm Technologies shareholders.
- Capital Intensity & Market Dynamics: iRhythm highlighted the high capital requirements and regulatory challenges in the cardiac monitoring space, emphasizing the competitive advantages this creates for established players.
- MCT Product Update: The company explained a 24-month delay in launching its Zio AT (MCT) product, with expectations to submit the filing in Q3 and plans to extend wear capabilities in future offerings.
- FDA Remediation Progress: iRhythm is approximately 85% complete with its FDA remediation efforts, anticipating full compliance by mid-year and noting a markedly improved relationship with the FDA.
- iRhythm reported strong Q1 2025 performance with $158.7M in revenue, recording over 20% YoY growth, and updated full-year guidance to $690M–$700M in revenue with adjusted EBITDA margins of 7.5%–8.5%.
- The company emphasized its scalable, AI-powered Zio Monitor platform that is shifting cardiac monitoring standards, expanding into primary care and international markets.
- Operational improvements were highlighted, including significant progress on FDA warning letter remediation (80% complete) and an update on DOJ subpoena compliance regarding document turnover.
- Strong Q1 performance: The company beat Q1 expectations by $5M and raised 2025 guidance by $15M, driven by strong performance of the Zio AT product with over 20% YoY growth ( )
- Market share gains and product innovation: iRhythm continues to expand market share in the Zio AT segment beyond the originally projected 1-2 points and is advancing its product portfolio with a new generation device and a planned FDA submission for Zio MCT in Q3 ( , )
- Tariff impact and margin management: Guidance includes an anticipated negative impact of 50-75 basis points due to tariffs on imported components, with ongoing initiatives to mitigate these costs and improve EBITDA margins ( , )
- Q1 2025 Performance: iRhythm reported $158.7 million in revenue with 20.3% year-over-year growth and a 750 basis point improvement in adjusted EBITDA margin .
- Updated Fiscal Guidance: Raised full-year revenue outlook to $690–$700 million with an adjusted EBITDA margin of 7.5–8.5% .
- Strategic Product & Market Expansion: Strong performance in Zio monitor and Zio AT lines, including the Japan launch featuring a 14-day AI-enabled arrhythmia detection system, supported broad domestic and international market growth .
- Operational Efficiency: Gross margin reached 68.8% driven by higher service volume and enhanced operational efficiencies .
- Financial Health: Reported cash and marketable securities totaling $520.6 million as of March 31, 2025 .
- Net Loss Improvement: Net loss narrowed to $30.7 million, showing improvement versus the prior year .