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Here are a few brief analogies to describe iRhythm Technologies:

• Dexcom for continuous heart monitoring. (Both are medical device companies that provide wearable patches for continuous monitoring of a key physiological parameter, disrupting traditional, less convenient methods.)
• Invitae for cardiac rhythm diagnostics. (Both companies leverage advanced technology and data science to modernize and streamline complex diagnostic fields, making them more accessible and efficient for healthcare providers.)

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• Zio XT System: A long-term continuous ambulatory ECG monitoring service utilizing a disposable adhesive patch, integrated with AI-powered analysis for arrhythmia detection.
• Zio AT System: A real-time, on-demand ambulatory cardiac monitoring service using a disposable patch, designed for immediate detection and notification of arrhythmias.

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iRhythm Technologies (IRTC) primarily sells its products and services to other companies within the healthcare sector rather than directly to individuals. Its major customers are various types of healthcare providers who utilize iRhythm's Zio XT and Zio AT biosensors for diagnosing and monitoring cardiac arrhythmias in their patients.

Given the nature of its business, iRhythm serves a broad and fragmented customer base of healthcare organizations across the United States. While specific individual public companies are not typically disclosed as "major customers" due to the diffuse distribution model, the categories of its customer companies include:

• Hospitals and Hospital Systems: These include both academic medical centers and community hospitals across the country.
• Integrated Delivery Networks (IDNs): Large healthcare organizations that own and operate multiple facilities, including hospitals, clinics, and physician practices.
• Cardiology Practices and Electrophysiology Groups: Specialized clinics and departments focused on heart health and rhythm disorders.
• Primary Care Physician (PCP) Offices: General practitioners are increasingly utilizing these devices for initial screening and management.

It is important to note that iRhythm's customer base is highly distributed, and no single healthcare provider or system typically accounts for a significant portion of its revenue. Therefore, specific public company names with corresponding symbols are not readily identifiable or publicly disclosed as major customers in the traditional sense, as iRhythm serves thousands of individual practices and hospital systems.

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• Jabil Inc. (JBL)

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Quentin Blackford, President, Chief Executive Officer and Director

Quentin Blackford has served as President and Chief Executive Officer of iRhythm Technologies since October 2021. Prior to joining iRhythm, he was Chief Operating Officer at Dexcom Inc. from September 2017 to September 2021, where he was responsible for global operations, corporate strategy, and market expansion, contributing to significant growth. From February 2009 to September 2017, Mr. Blackford held various leadership roles at NuVasive Inc., a medical device company, including Executive Vice President, Chief Financial Officer, Head of Strategy, and Corporate Integrity. During his tenure at NuVasive, he was instrumental in finance leadership, evaluating mergers and acquisitions, implementing productivity metrics, and leading successful acquisitions such as Biotronic Neuro-Network, SafeRay technologies, and Mega Surgical. He also served as Director of Finance and Controller of the Dental Division at Zimmer Holdings, Inc. Mr. Blackford has served on multiple public company boards, including Alphatec Holdings, Inc. and Axogen, Inc. He is a Certified Public Accountant (inactive) and holds dual Bachelor of Science degrees in Accounting and Business Administration from Grace College.

Daniel Wilson, Chief Financial Officer

Daniel Wilson has served as Chief Financial Officer of iRhythm Technologies since August 2024. He previously held the roles of Executive Vice President, Corporate Development and Investor Relations from April 2023 to August 2024, and Executive Vice President, Corporate Development, Corporate Strategy and Investor Relations from June 2019 to April 2023 at iRhythm. Before joining iRhythm in 2019, Mr. Wilson was Director and Head of Business Development at Penumbra, Inc. Earlier in his career, he worked at J.P. Morgan until 2016, where he advised iRhythm on its initial public offering. His professional background is primarily focused on the healthcare and medical technology sectors.

Sean Freeman, Executive Vice President of Strategy and Corporate Development

Sean Freeman joined iRhythm as Executive Vice President of Strategy and Corporate Development in July 2025. Prior to this role, he served as Global Head of Strategy and Business Development at Ceramtec Group Ag., a global medical device manufacturer. Before CeramTec, Mr. Freeman was Senior Vice President of Strategy and Corporate Development at NuVasive, Inc., where he was responsible for strategic planning, market intelligence, and inorganic growth initiatives. He also led the emerging markets commercial team and the NuVasive Clinical Services business unit.

Brian Lawrence, PhD, Executive Vice President, Chief Technology Officer

Brian Lawrence joined iRhythm as Executive Vice President and Chief Technology Officer in April 2025. Previously, Dr. Lawrence served as Senior Vice President and Chief Technology Officer of Vapotherm, Inc., where he led the company’s global R&D, Innovation, Quality, Operations, and IT teams. Before Vapotherm, he was Chief Technology Officer & General Manager of Gravity Diagnostics, LLC, a diagnostics company, overseeing technology and innovation programs and new sustainable business unit development activities.

Patrick Murphy, Chief Business Officer and Chief Legal Officer

Patrick Murphy has served as iRhythm's Chief Legal Officer since November 2021 and as its Chief Business Officer since April 2023. From January 2016 to November 2021, Mr. Murphy held various positions at DexCom, Inc., most recently as Executive Vice President and Chief Legal Officer. From September 2003 to January 2016, he was an attorney at Stradling Yocca Carlson & Rauth law firm, specializing in corporate finance, mergers and acquisitions, and general corporate matters.

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The key risks to iRhythm Technologies (IRTC) include significant regulatory and legal challenges, persistent uncertainty surrounding reimbursement, and intense market competition.

1. Regulatory and Legal Challenges: iRhythm Technologies faces substantial regulatory and legal scrutiny. In May 2023, the U.S. Food and Drug Administration (FDA) issued a warning letter citing "systemic failures in compliance, disclosure, and product safety" related to the company's Zio AT System. Issues highlighted included marketing the device for unapproved indications, making technical changes without necessary 510(k) submissions, labeling violations that omitted a critical transmission limit, and failing to address device defects, including two patient deaths that were not reported in a timely manner. These regulatory concerns are compounded by an ongoing Department of Justice (DOJ) investigation and a securities class-action lawsuit filed by investors, alleging that executives concealed regulatory risks and device flaws. The potential consequences of these issues include costly re-submissions for regulatory clearances, quality system reforms, product recalls, significant fines, criminal penalties, and restrictions on the company's ability to sell its Zio AT system.
2. Reimbursement Dependence and Uncertainty: A significant portion of iRhythm's revenue is derived from reimbursements by third-party payors, particularly government programs like Medicare. The company is highly vulnerable to changes in healthcare policies and payer practices, which can directly impact its financial performance. Historically, iRhythm has experienced considerable stock price volatility and revenue impact due to cuts in Medicare reimbursement rates for its long-term continuous monitoring services (CPT codes 93243 and 93247), leading the company to discontinue its Zio XT service in the Medicare segment at one point. This ongoing "persistent uncertainty and negotiation risk around Medicare reimbursement rates" continues to be a structural risk to iRhythm's business model.
3. Intense Market Competition: iRhythm operates within a highly competitive cardiac monitoring market. The company faces formidable competition from established medical device giants such as Philips (which owns BioTelemetry), Boston Scientific (with Preventice Solutions), Baxter (with Bardy Diagnostics), and Medtronic. Additionally, new entrants and digital health innovators like AliveCor and Apple pose a threat by offering lower-cost, disposable monitoring patches or consumer-driven screening devices. This aggressive competitive landscape places constant pressure on the pricing and market share of iRhythm's Zio platform.

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• Increased competition from large, established medical device companies that have aggressively acquired and consolidated patch-based cardiac monitoring technologies. For example, Boston Scientific's acquisitions of Bardy Diagnostics (developer of the Carnation Ambulatory Monitor or CAM patch) and Preventice (developer of the BodyGuardian family of remote monitoring products) position a highly resourced, global competitor directly against iRhythm's core Zio XT and Zio AT products, threatening market share and pricing power.
• The proliferation and increasing capabilities of consumer smartwatches with FDA-cleared electrocardiogram (ECG) functionality (e.g., Apple Watch, Samsung Galaxy Watch). While not a full diagnostic service like iRhythm's offerings, these devices provide convenient, continuous, and user-initiated arrhythmia detection (especially for AFib) to a massive consumer base. This threatens to shift the initial detection pathway, raise consumer awareness, and potentially reduce the first-line diagnostic need for some patients, thereby impacting iRhythm's market funnel for diagnostic monitoring.

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iRhythm Technologies' primary product is the Zio platform, which offers ambulatory cardiac monitoring (ACM) services, including long-term continuous monitoring (LTCM) and mobile cardiac telemetry (MCT) using wearable biosensors and cloud-based data analytics.

The addressable markets for iRhythm Technologies' main products and services are as follows:

• U.S. Ambulatory Cardiac Monitoring (ACM) Market: The total addressable market in the U.S. for iRhythm's solutions is estimated to be approximately $2 billion. Annually, there are an estimated 6.5 million ACM tests performed in the U.S.
• U.S. Long-Term Continuous Monitoring (LTCM) Market: This segment accounts for an estimated 3.0 million annual tests in the U.S.
• U.S. Mobile Cardiac Telemetry (MCT) Market: This market represents approximately 950,000 annual tests in the U.S.
• International Market (EMEA and Asia Pacific): The international opportunity in prioritized countries across Europe, the Middle East, Africa (EMEA), and Asia Pacific represents a total addressable market of over $1 billion, with more than 5 million ACM tests annually. Specifically, the UK and Japan combined conduct over 2 million ambulatory cardiac monitoring tests annually.

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iRhythm Technologies (IRTC) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Increased demand and new account penetration for Zio services: The company consistently reports strong demand from existing accounts and a record number of new account openings across its core long-term continuous monitoring business. This includes penetrating deeper into primary care channels, large integrated delivery networks, and expanding within national value-based care accounts.
2. Sustained adoption and market penetration of Zio AT and Zio Monitor: iRhythm highlights continued strong demand and balanced growth across both its Zio Monitor and Zio AT products. The Zio AT product line, in particular, shows sustained strength and is contributing to accelerating growth.
3. Expansion into international markets: iRhythm is actively pursuing international expansion. Commercial launches have occurred in countries like Austria, the Netherlands, Switzerland, and Spain, and the company has secured regulatory approval and initiated broad commercial launches in Japan. These efforts are expected to contribute to future revenue growth.
4. Growth through innovative channel partnerships: The company is seeing increasing contributions from innovative channel partners. This strategic focus on new partnership models is designed to expand market reach and accelerate the adoption of its monitoring platform across new care settings.
5. Launch of next-generation Zio MCT solution: iRhythm is working on the submission of its next-generation Zio Mobile Cardiac Telemetry (MCT) solution to the FDA. While there have been voluntary delays in regulatory submissions, the eventual clearance and launch of this advanced monitoring solution is anticipated to be a significant driver of future revenue.

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Share Repurchases

• iRhythm Technologies repurchased shares of common stock in 2024, utilizing net proceeds from a $661.3 million convertible notes offering.

Share Issuance

• The company completed an offering of $661.3 million aggregate principal amount of unsecured senior convertible notes due 2029 on March 7, 2024.
• Shares outstanding increased from approximately 30.2 million in February 2023 to 32.2 million as of October 23, 2025.

Capital Expenditures

• Capital expenditures were approximately $41.46 million in the last 12 months as of November 2025.
• Reported capital expenditures were $40.42 million in 2024, $29.83 million in 2023, and $28.07 million in 2022.
• Projected capital expenditures are $52 million for 2025 and $59 million for 2026, each representing approximately 8% of revenue.