Here are 1-3 brief analogies to describe iRhythm (IRTC):

• Like a medical-grade Fitbit or Apple Watch, but solely focused on precisely detecting and diagnosing serious heart arrhythmias.
• Think of it as a specialized Dexcom, but for continuous cardiac monitoring and diagnosis instead of glucose levels.

• Zio service: An ambulatory cardiac monitoring solution that combines a wire-free, patch-based biosensor with a cloud-based data analytic platform to help physicians diagnose arrhythmias.
• Zio XT monitor: A single-use, wire-free, and wearable patch-based biosensor used within the Zio service to record patient's heartbeats and ECG data.
• Zio AT monitor: A single-use, wire-free, and wearable patch-based biosensor used within the Zio service to record patient's heartbeats and ECG data.

iRhythm (IRTC) sells primarily to other companies and healthcare organizations. Based on the provided background description that its Zio service is designed to "help physicians to monitor patients and diagnose arrhythmias," its major customers are the healthcare providers that purchase and utilize the service for their medical staff and patients. While specific customer company names are not listed in the provided background information, these customers typically fall into the following categories of healthcare businesses:

• Hospitals and Health Systems: These are large, integrated healthcare organizations that operate multiple facilities and often include specialized cardiology and electrophysiology departments, where the Zio service would be utilized.
• Cardiology and Electrophysiology Practices: Specialized clinics and group practices focused on the diagnosis, treatment, and management of heart conditions, particularly cardiac arrhythmias.
• Primary Care and Internal Medicine Clinics: General physician practices that may use the Zio service for initial screening of patients at risk for arrhythmias or for managing less complex cardiac conditions.

Quentin Blackford, President, Chief Executive Officer and Director

Quentin Blackford has served as iRhythm's President and Chief Executive Officer since October 2021. Prior to joining iRhythm, he held various roles at Dexcom Inc., a company that develops continuous glucose monitoring systems, including Chief Operating Officer from September 2017 to September 2021, and Chief Financial Officer before that. From February 2009 to September 2017, Mr. Blackford was the Chief Financial Officer at NuVasive Inc., a medical device company, where he was instrumental in driving significant growth and profitability improvements and in several acquisitions to expand NuVasive's portfolio. Earlier in his career, he held positions at Zimmer Holdings, Inc., including Director of Finance and Controller of the Dental Division. Mr. Blackford is a Certified Public Accountant (inactive) and has served as an independent member of the Board of Directors of Alphatec Holdings, Inc. since October 2017 and Paragon 28, Inc. since August 2022.

Daniel Wilson, Chief Financial Officer

Daniel Wilson has served as iRhythm's Chief Financial Officer since August 2024. He previously held roles within iRhythm as 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. Before joining iRhythm, Mr. Wilson served as Director and Head of Business Development at Penumbra, Inc., a global healthcare company. He also held various positions at J.P. Morgan from August 2006 to May 2016, most recently as Executive Director in the Healthcare Investment Banking group, focusing on digital health, medical technology, and emerging healthcare companies. He began his career as an Audit Associate at KPMG.

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

Dr. Brian Lawrence joined iRhythm as Executive Vice President and Chief Technology Officer in April 2025. Prior to iRhythm, he was the Senior Vice President and Chief Technology Officer of Vapotherm, Inc., where he oversaw global R&D, Innovation, Quality, Operations, and IT teams. Before Vapotherm, he served as Chief Technology Officer & General Manager of Gravity Diagnostics, LLC, where he was responsible for technology and innovation programs, as well as new business unit development.

Patrick Murphy, Chief Business Officer and Chief Legal Officer

Patrick Murphy has served as iRhythm's Chief Legal Officer since November 2021 and as 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. Earlier in his career, 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.

Chad Patterson, Chief Commercial & Product Officer

Chad Patterson has served as Chief Commercial & Product Officer since June 2025, and previously as iRhythm's Chief Commercial Officer since July 2022. From January 2021 to July 2022, Mr. Patterson was the Executive Vice President, Chief Marketing Officer at DexCom, Inc., a company focused on continuous glucose monitoring systems.

iRhythm Technologies, Inc. (IRTC) faces several significant risks that could impact its business, primarily stemming from the highly regulated nature of the healthcare industry and intense market competition.

Key Risks:

1. Regulatory and Reimbursement Uncertainty & Scrutiny: iRhythm operates in a heavily regulated environment, and changes or increased scrutiny related to medical device regulations and reimbursement policies pose a substantial risk. The company has faced a U.S. Food and Drug Administration (FDA) warning letter concerning "nonconformities to regulations for medical devices, including medical device reporting requirements" related to its Zio AT System, which could lead to further legal or regulatory actions that restrict its ability to sell products. Furthermore, the U.S. Department of Justice has initiated an investigation into the Zio AT device and its associated reimbursement claims. Reimbursement by Medicare and other third-party payors is highly regulated and subject to change, with a historical trend of payment reductions. Approximately 24% of iRhythm's 2025 total revenue came from the Medicare program, making the company particularly vulnerable to shifts in coding, coverage, and pricing policies, which can directly impact its financial results.
2. Intense Competition and Pricing Pressure: The market for remote cardiac monitoring is highly competitive and characterized by rapid technological advancements. iRhythm competes with established global players such as Medtronic, GE Healthcare, Philips Healthcare, Abbott, and Boston Scientific, which possess strong product portfolios and extensive global presence. Additionally, new entrants and smaller innovators are introducing AI-powered, wearable, and remote monitoring solutions, some of which may offer lower costs. This competitive landscape can exert significant pricing pressure on iRhythm's Zio service, potentially eroding its premium pricing and compressing profit margins.
3. Path to Sustained Profitability and Operational Efficiency: Despite strong revenue growth, iRhythm has historically been in a "growth-over-profit" stage. Although the company reported its first GAAP-positive net income in Q4 2025, sustained profitability is not guaranteed. The company has also operated with a relatively high debt-to-equity ratio, indicating a notable level of leverage. Operational challenges, such as past issues with "softness in returned devices" and "staffing and capacity challenges" that impacted revenue, highlight the ongoing need for robust operational efficiency and execution to ensure consistent profitability.

The increasing capabilities and widespread adoption of consumer smartwatches with FDA-cleared electrocardiogram (ECG) functionalities represent a clear emerging threat. Devices like the Apple Watch, which can perform single-lead ECGs and provide irregular heart rhythm notifications, offer an accessible and often pre-owned option for cardiac screening and intermittent monitoring. While iRhythm's Zio service provides a dedicated, multi-day, patch-based ambulatory monitoring solution for diagnosis, the expanding role of consumer wearables in early detection and ongoing symptom monitoring could potentially alter patient pathways and impact the referral volume for specialized diagnostic devices.

iRhythm Technologies, Inc. (IRTC) operates in several addressable markets for its Zio service, which includes Zio XT and AT monitors, focused on ambulatory cardiac monitoring.

• The estimated total addressable market for iRhythm in the **U.S.** is approximately $2 billion.
• For prioritized **international regions**, the total addressable market is estimated at approximately 3.2 million tests annually, a size similar to the current U.S. core market. Within this, the **UK** alone represents an opportunity for 700,000 tests annually.
• The broader global cardiac patch monitor market, which includes devices like iRhythm's Zio, was valued at $504 million in 2022 and is projected to reach $3,126.1 million by 2032, growing at a CAGR of 20% from 2023 to 2032. **North America** accounted for the largest share in this market in 2022.
• The global ECG patch and Holter monitor market was estimated at USD 1,189.5 million in 2022 and is projected to reach USD 4,835.3 million by 2030, with a CAGR of 19.2% from 2023 to 2030. **North America** dominated this market with approximately a 65% share in 2022.
• iRhythm also aims to expand its total addressable market to 27 million patients through its Zio platform.

Share Repurchases

• iRhythm Technologies did not report significant share repurchases over the last 3-5 years, with treasury stock remaining constant at 229 shares with a cost of $25,000 at December 31, 2025, and 2024.

Share Issuance

• The number of common shares issued by iRhythm increased from 31,621 at December 31, 2024, to 32,526 at December 31, 2025.

Capital Expenditures

• Purchases of property, plant, and equipment by iRhythm amounted to $11.7 million in Q4 2025.
• The company's capital allocation strategy includes disciplined investment in innovation, market expansion, product innovation, commercial initiatives, and platform capabilities to support near, mid, and long-term growth.
• Capital expenditures are aimed at supporting volume-led growth and achieving operational efficiencies, which contribute to lower costs per unit.