iRhythm Holdings, Inc.

Listed Company

IRTCCIK 0001388658NasdaqLarge AcceleratedSurgical & Medical Instruments & ApparatusFY ends Dec 31

Period

FY 2025

Revenue

$747.14M

Net Income

$-44.55M

Total Assets

$1.02B

Equity

$152.75M

Shares Out

32.86M

Op. Cash Flow

$80.86M

Business

iRhythm Technologies, Inc. designs, develops, and commercializes device-based technology to provide ambulatory cardiac monitoring services that enable clinicians to detect and diagnose arrhythmias. It offers Zio Systems and Zio Services, including wire-free, patch-based 14-day wearable ECG biosensors, the ZEUS cloud-based analytic platform, Zio long-term continuous monitoring (LTCM), mobile cardiac telemetry (MCT), and related reporting and clinical workflows, plus a clinically integrated Zio Watch platform. Key business areas include device and system manufacturing, diagnostic monitoring services delivered through Medicare-enrolled IDTFs, and research and development. The company primarily serves the U.S. market via direct sales to healthcare professionals and EHR integrations, with selective international commercialization and distributor channels in Europe and Japan.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue, net	747	592	493	411	323
Cost of revenue	220	184	161	129	109
Gross profit	527	408	332	282	214
Research and development	85	71	60	47	—
Acquired in-process research and development	3	32	0	0	—
Selling, general and administrative	493	419	386	322	275
Impairment charges	5	600,000	11	—	—
Total operating expenses	585	523	457	395	314
Loss from operations	−57	−116	−125	−114	−100
Interest income	22	22	6	2	—
Interest expense	−13	−13	−4	−4	—
Loss on extinguishment of debt	0	−8	0	0	—
Other income (expense), net	5	1	−198,000	−314,000	118,000
Total interest and other income (expense), net	14	3	3	−2	—
Loss before income taxes	−44	−113	−123	−116	−101
Income tax provision	953,000	565,000	750,000	269,000	367,000
Net loss	−45	−113	−123	−116	−101
Net loss per common share, basic (in USD per share)	−1.39	−3.63	−4.04	−3.88	−3.46
Net loss per common share, diluted (in USD per share)	−1.39	−3.63	−4.04	−3.88	−3.46
Weighted-average shares, basic (in shares)	32	31	31	30	29
Weighted-average shares, diluted (in shares)	32	31	31	30	29

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2023 2023-07-31	FY 2022 2022-12-31
Cash and cash equivalents	236	420	36	—	79
Marketable securities	348	116	98	—	134
Accounts receivable, net	76	80	61	—	50
Inventory	22	14	14	—	15
Prepaid expenses and other current assets	22	16	22	—	11
Total current assets	703	646	231	—	289
Property and equipment, net	152	125	104	—	76
Operating lease right-of-use assets	42	48	49	4	61
Restricted cash	8	8	0	—	0
Goodwill	862,000	862,000	862,000	—	862,000
Long-term strategic investments	70	62	3	—	—
Other assets	45	42	45	—	22
Total assets	1,020	931	433	—	448
Accounts payable	2	7	6	—	8
Accrued liabilities	129	85	83	—	65
Deferred revenue	4	3	3	—	3
Operating lease liabilities, current portion	17	16	15	—	13
Total current liabilities	152	111	107	—	89
Long-term senior convertible notes	650	646	0	—	—
Other noncurrent liabilities	908,000	9	1	—	1
Operating lease liabilities, noncurrent portion	65	75	80	4	83
Total liabilities	867	841	223	—	208
Commitments and contingencies (Note 8)	—	—	—	—	—
Preferred stock, $0.001 par value 5,000 shares authorized; none issued and outstanding at December 31, 2025 and 2024	0	0	0	—	0
Common stock, $0.001 par value 100,000 shares authorized; 32,526 shares issued and 32,297 shares outstanding at December 31, 2025, respectively; and 31,621 shares issued and 31,392 shares outstanding at December 31, 2024, respectively	32,000	31,000	31,000	—	28,000
Additional paid-in capital	981	875	856	—	762
Accumulated other comprehensive income	403,000	165,000	−112,000	—	−396,000
Accumulated deficit	−803	−759	−646	—	−522
Treasury stock, at cost; 229252 shares at December 31, 2025 and 2024, respectively	−25	−25	0	—	—
Total stockholders equity	153	91	210	—	240
Total liabilities and stockholders equity	1,020	931	433	—	448

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−45	−113	−123	−116	−101
Depreciation and amortization	21	21	16	13	10
Stock-based compensation	88	76	77	58	55
Amortization of premium and accretion of discounts, net	−3	−1	−5	−474,000	2
Amortization of operating lease right-of-use assets	6	5	6	6	7
Amortization of debt discount	3	3	15,000	44,000	—
Change in fair value of strategic investments	−6	−2	0	0	—
Provision for credit losses and contractual allowances	100	73	70	—	—
Other	967,000	432,000	322,000	220,000	0
Accounts receivable	−95	−92	−81	−62	−54
Inventory	−9	−224,000	979,000	−5	−5
Prepaid expenses and other current assets	−5	5	−11	−862,000	−2
Other assets	−3	3	−23	−6	−2
Accounts payable and accrued liabilities	28	−7	17	11	6
Deferred revenue	1	−374,000	255,000	2,000	2
Operating lease liabilities	−9	−8	−6	−3	264,000
Net cash provided by (used in) operating activities	81	3	−50	−23	−38
Purchases of property and equipment	−46	−34	−40	−30	−28
Purchases of marketable securities	−466	−118	−164	−189	−122
Maturities of marketable securities	238	101	207	131	256
Purchases of strategic investments	−2	−57	−3	0	0
Purchase of acquired in-process research and development	0	−15	0	0	—
Net cash used in investing activities	−277	−123	−1	−52	105
Proceeds from issuance of 2029 notes	0	661	0	0	—
Purchases of capped call transactions	0	−72	0	0	—
Purchase of treasury stock	0	−25	0	0	—
Proceeds from issuance of common stock in connection with employee equity incentive plans	13	8	9	13	9
Net cash provided by financing activities	13	511	9	27	−29
Effect of exchange rate changes	1,000	−6,000	−169,000	0	0
Net increase (decrease) in cash and cash equivalents	−184	392	−43	−49	39
Interest paid	10	6	3	3	1
Cash taxes paid	1	923,000	1	287,000	0
Cash paid for operating lease liabilities	16	15	14	14	—
Cash received from tenant improvement allowances	745,000	736,000	2	3	3
Property and equipment costs included in accounts payable and accrued liabilities	407,000	275,000	2	160,000	9,000
Right-of-use assets obtained in exchange for operating lease liabilities	0	4	4	8	7
Capitalized stock-based compensation in property and equipment	5	7	7	6	4

Filings

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