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iRhythm Technologies, Inc.

IRTC

iRhythm Technologies, Inc. • NASDAQ
$188.01 ▲ 0.72% (+1.35)
Market Cap $6.06 B
52w High $212.00
52w Low $81.10
Dividend Yield 0%
P/E -116.06
Volume 124.95K
Outstanding Shares 32.22M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $192.884M ▲ $145.551M ▼ $-5.212M ▲ -2.702% ▲ $-0.16 ▲ $2.374M ▲
Q2-2025 $186.687M ▲ $151.565M ▲ $-14.218M ▲ -7.616% ▲ $-0.45 ▲ $-5.366M ▲
Q1-2025 $158.677M ▼ $141.772M ▲ $-30.7M ▼ -19.347% ▼ $-0.97 ▼ $-20.952M ▼
Q4-2024 $164.325M ▲ $119.151M ▼ $-1.333M ▲ -0.811% ▲ $-0.043 ▲ $8.742M ▲
Q3-2024 $147.538M $151.779M $-46.182M -31.302% $-1.48 $-36.267M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $565.213M ▲ $995.214M ▲ $873.321M ▲ $121.893M ▲
Q2-2025 $545.54M ▲ $964.03M ▲ $860.37M ▲ $103.66M ▲
Q1-2025 $520.589M ▼ $926.098M ▼ $839.433M ▼ $86.665M ▼
Q4-2024 $535.553M ▲ $931.449M ▲ $840.541M ▲ $90.908M ▲
Q3-2024 $522.031M $909.688M $837.922M $71.766M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-5.212M ▲ $34.883M ▲ $-89.204M ▲ $825K ▼ $-53.5M ▲ $20.052M ▲
Q2-2025 $-14.218M ▲ $27.659M ▲ $-100.915M ▼ $7.094M ▲ $-66.173M ▼ $17.29M ▲
Q1-2025 $-30.7M ▼ $-7.891M ▼ $-38.139M ▲ $1.729M ▼ $-44.319M ▲ $-17.31M ▼
Q4-2024 $-1.333M ▲ $19.232M ▼ $-122.159M ▼ $2.987M ▲ $-99.938M ▼ $12.388M ▼
Q3-2024 $-46.182M $24.347M $-55.334M $-35K $-31.017M $15.513M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Centers For Medicare And Medicaid
Centers For Medicare And Medicaid
 $40.00M ▲$40.00M ▲$40.00M ▲$50.00M ▲
Commercial Payors
Commercial Payors
 $80.00M ▲$80.00M ▲$100.00M ▲$100.00M ▲
Healthcare Institutions
Healthcare Institutions
 $30.00M ▲$30.00M ▲$30.00M ▲$30.00M ▲
NonContracted ThirdParty Payors
NonContracted ThirdParty Payors
 $0 ▲$10.00M ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past five years, showing a clear pattern of strong top-line expansion as adoption of the Zio platform increases. Gross profit has risen faster than sales, suggesting the core service is scaling well and becoming more efficient. However, the company is still running at an operating loss, with spending on sales, marketing, and R&D outpacing gross profit. Losses widened as the company invested heavily in growth, and only recently have they started to flatten a bit rather than worsen. Overall, this is a classic high-growth, not-yet-profitable profile: strong demand and improving unit economics, but not yet enough to cover the full cost base.

Balance Sheet

Balance Sheet The balance sheet shows a business that has bulked up in size but taken on notable financial leverage to do it. Total assets have almost doubled in the most recent year, largely driven by a sharp increase in cash, which gives the company more flexibility in the near term. That stronger cash position, however, is largely funded by a sizable jump in debt, while shareholder equity has been eroded by repeated losses. As a result, the company now operates with a relatively thin equity cushion and a heavier debt load, which increases financial risk and makes future performance more sensitive to execution and regulatory outcomes.

Cash Flow

Cash Flow Cash generation is still a work in progress. Operating cash flow has been consistently negative but has moved closer to breakeven over time, showing better underlying efficiency and some operating leverage. Free cash flow remains negative as the company continues to invest in equipment, infrastructure, and technology, though capital spending is fairly moderate compared with revenue. The overall picture is of a business that still depends on external funding to support growth and investment, but is gradually trending toward a more self-sustaining cash profile if revenue and margins continue to improve.

Competitive Edge

Competitive Edge iRhythm holds a strong niche position in cardiac monitoring, anchored by its Zio platform, large proprietary ECG dataset, and FDA-cleared AI algorithms. Its technology is differentiated by longer wear time, higher patient comfort, and deeply integrated analytics that many clinicians already trust. The size and quality of its data create a meaningful barrier for new entrants, and the end-to-end service model simplifies life for doctors, reinforcing switching costs. At the same time, the company operates in a regulated and competitive space with alternative patches and traditional monitors available, and it has faced FDA scrutiny in the past, which keeps regulatory and reimbursement dynamics as ongoing points of vulnerability.

Innovation and R&D

Innovation and R&D Innovation is a central part of the story. The company continues to refine its Zio patch and analytics engine, and is pushing into predictive AI that could identify high-risk patients before they show symptoms, in partnership with data and software players. The Zio Watch project and next-generation monitoring devices extend the platform from a single patch product into a broader ecosystem of wearables and software, potentially enlarging the addressable market. Ongoing clinical studies and work on value-based care positioning are aimed at proving both medical and economic benefits. The main risks are execution and regulatory timing: new products, especially in medical devices and AI, can face delays, higher scrutiny, or slower-than-expected adoption.

Summary

iRhythm combines strong revenue growth and a distinctive technology platform with a still-lossmaking financial profile and a more leveraged balance sheet. The core business appears to scale well, with improving gross margins and operating cash flow moving closer to breakeven, but overhead and R&D spending remain high as the company tries to secure long-term leadership in its niche. Financially, heavier use of debt and shrinking equity make sustained progress toward profitability and positive cash flow more important. Strategically, the company’s large clinical dataset, trusted AI, and pipeline of new devices and predictive tools give it clear opportunities to deepen its role in cardiac care. The key swing factors ahead are its ability to navigate regulation, successfully launch next-generation products, expand internationally, and convert strong growth into durable, less risky economics over time.

NEWS

November 17, 2025 · 9:41 AM UTC

Kuehn Law Encourages Investors of iRhythm Technologies, Inc. to Contact Law Firm

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November 13, 2025 · 5:00 PM UTC

Rosen Law Firm Announces Investigation of Breaches of Fiduciary Duties by the Directors and Officers of iRhythm Technologies, Inc. – IRTC

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November 12, 2025 · 9:15 AM UTC

Kuehn Law Encourages Investors of iRhythm Technologies, Inc. to Contact Law Firm

Read more

November 11, 2025 · 4:15 PM UTC

Rosen Law Firm Announces Investigation of Breaches of Fiduciary Duties by the Directors and Officers of iRhythm Technologies, Inc. – IRTC

Read more

November 11, 2025 · 8:05 AM UTC

iRhythm Technologies Announces Publication of Large-Scale Study in Heart Rhythm and New Data Presented at AHA Scientific Sessions 2025

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