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iRhythm (NasdaqGS:IRTC) 2025 Conference Transcript
2025-09-10 17:52
iRhythm (NasdaqGS:IRTC) 2025 Conference Summary Company Overview - **Company**: iRhythm Technologies, Inc. - **Industry**: Medical Technology, specifically in cardiac monitoring Key Points and Arguments Business Performance - iRhythm has experienced significant momentum in its core business, with the second quarter showing substantial outperformance compared to expectations, marking one of the best quarters in five years excluding COVID impacts [3][4] - The outperformance is attributed to onboarding new accounts and increasing average volume per new account, particularly through converting entire networks at once rather than in stages [4][5] Clinical Data and Competitive Advantage - The company has invested in clinical data, with studies like Camelot (300,000 patients) and Avalon (400,000 patients) demonstrating that its Zio product outperforms competitors in terms of faster diagnosis, higher diagnostic yield, and lower healthcare costs [6][7] - The strategy includes expanding from cardiology and electrophysiology (EP) into primary care, which is seeing rapid growth in prescribing rates [8][10] Market Potential - The total addressable market is estimated at 27 million undiagnosed patients with cardiac arrhythmias, significantly larger than the current 6.5 million ambulatory cardiac monitoring tests performed annually in the U.S. [11][19] - The company aims to leverage primary care to identify and treat patients earlier in their care journey, which is expected to increase the volume of patients monitored [19][20] Innovative Channels and AI Integration - iRhythm is exploring innovative channels and AI to identify patients likely to have arrhythmias, achieving a diagnostic yield of approximately 92% in pilot studies [21][22] - The company is developing algorithms to integrate with electronic medical records (EMR) to flag potential arrhythmia patients, which could enhance patient identification and reduce emergency room visits [22][25] Product Development and Regulatory Engagement - The Zio MCT product is expected to launch in the second half of 2026, with a 21-day wear period, which is anticipated to capture market share from competitors [44][46] - The relationship with the FDA has improved significantly, allowing for more collaborative discussions regarding product development and regulatory submissions [47][49] Financial Outlook - iRhythm aims for a compound annual growth rate (CAGR) of 20% through 2027, with potential for higher growth based on recent performance and market opportunities [13][14] - The company is targeting a path to 15% adjusted EBITDA margins by 2027, with potential to reach mid-20s margins through operational efficiencies, particularly in general and administrative expenses [55][57] Strategic Partnerships - Currently, iRhythm has 12 partners under contract, covering approximately 2 million lives, with an additional 40 partners in the pipeline [36][37] - The pricing model for patches is between $250 to $300, translating to a potential annual revenue opportunity of $450 to $600 million [36] Additional Important Insights - The company is focused on transitioning to a direct-to-consumer model in the future, allowing patients to access Zio products more easily [27][28] - iRhythm is committed to improving its operational capacity, with plans to increase production from 4 million to 10 million units annually [40][41] - The company recognizes the importance of addressing the high costs associated with emergency room visits for undiagnosed arrhythmia patients, positioning its products as a cost-saving solution for payers [32][25] This summary encapsulates the key insights from the iRhythm conference, highlighting the company's growth strategies, market potential, and financial outlook.
iRhythm(IRTC) - 2025 FY - Earnings Call Transcript
2025-09-03 17:47
Financial Data and Key Metrics Changes - The company has raised its revenue guidance, implying a growth rate of 22% to 23%, with two-thirds of this increase attributed to the core long-term continuous monitoring business [22][26] - The company reported that over 50% of its recent growth has come from new account openings, indicating strong momentum in its core business [6][16] Business Line Data and Key Metrics Changes - The core LTCM business, ZioMonitor, has accelerated growth over the last three quarters, driven by clinical evidence and new hardware platform transitions [3][4] - New accounts opened in 2024 are expected to contribute significantly to growth in 2025, with record new account openings reported [6][18] Market Data and Key Metrics Changes - The company holds over 70% market share in long-term continuous monitoring, with significant opportunities to capture more from traditional Holter and event monitors [18][19] - The company is expanding into primary care, targeting areas with limited access to cardiologists, which presents a substantial growth opportunity [20] Company Strategy and Development Direction - The company is focused on integrating EHR systems to enhance prescriber workflows, which is expected to drive further growth [12][14] - The launch of Zio MCT is anticipated to close competitive gaps and increase market share, with a goal of achieving 20% to 30% share in the MCT segment over time [30][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining growth due to the ongoing shift from traditional monitoring methods to long-term continuous monitoring [19][22] - The company is actively working on regulatory compliance and quality management improvements, which are critical for future product launches and market expansion [62][64] Other Important Information - The company is in the final stages of submitting Zio MCT for FDA approval, with a typical review process expected to take around 90 days [28][29] - The company is also addressing ongoing DOJ investigations, with no clear timeline for resolution [68] Q&A Session Summary Question: What factors contributed to the revenue guidance increase? - Management attributed two-thirds of the guidance increase to the core long-term continuous monitoring business, with strong account launches and EHR integration efforts [22][26] Question: How significant are new account additions to guidance? - Guidance incorporates both new account growth and same-store sales growth, with good visibility into both segments [27] Question: What is the market share expectation for Zio MCT? - Management expects to grow market share in the MCT segment, aiming for 20% to 30% within a few years post-launch [30][34] Question: What is the status of the quality remediation plan? - The company has completed its remediation activities and is awaiting FDA feedback, with ongoing audits to ensure compliance [62][64] Question: How is the innovative channel pipeline progressing? - Management noted that momentum is building with 40 innovative channel entities in discussions, but they are cautious about setting expectations until more clarity is achieved [41][46]
iRhythm(IRTC) - 2025 FY - Earnings Call Transcript
2025-09-03 17:45
Financial Data and Key Metrics Changes - The company raised its revenue guidance for FY 2025, implying a growth rate of 22% to 23%, with two-thirds of this increase attributed to the core long-term continuous monitoring business [21][22][24] - The company reported that over 50% of its recent growth has come from new account openings, indicating strong momentum in its core business [5][14] Business Line Data and Key Metrics Changes - The core LTCM business, ZioMonitor, has accelerated growth over the last three quarters, driven by clinical evidence and new hardware platform feedback [2][3][4] - New accounts opened in 2024 are contributing significantly to growth, with a notable performance from the Zio AT product line [6][7][14] Market Data and Key Metrics Changes - The company holds over 70% market share in long-term continuous monitoring, with significant opportunities to capture more from traditional Holter and event monitors [17][20] - The company is expanding into primary care, targeting areas with limited cardiology access, which presents a substantial growth opportunity [18][19] Company Strategy and Development Direction - The company is focused on integrating EHR systems to enhance prescription ease and volume within existing accounts [10][12] - The strategy includes expanding into innovative channels, with 40 potential partnerships in active discussions, aiming to accelerate growth in this segment [39][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining growth from new accounts and highlighted the importance of primary care in capturing more patients [21][24] - The company is committed to improving its quality management system and is actively engaging with the FDA regarding its remediation plan [58][60] Other Important Information - The company is preparing for the submission of Zio MCT for FDA approval, with expectations of a typical 90-day review process [26][27] - The company is also addressing reimbursement challenges in Japan and the UK, with ongoing efforts to secure national reimbursement [66][70] Q&A Session Summary Question: What factors contributed to the revenue guidance increase? - Management attributed two-thirds of the guidance increase to the core long-term continuous monitoring business, with strong account launches and EHR integration efforts [21][22][24] Question: How significant are new account additions to growth? - New accounts opened in the last twelve months have driven over 50% of growth, with same-store sales also contributing positively [14][15] Question: What is the market share outlook for Zio MCT? - Management indicated a potential for significant share growth in the MCT segment, although they do not expect to reach 70% market share as seen in long-term continuous monitoring [32][34] Question: What is the status of the FDA remediation plan? - The company has completed its remediation activities and is awaiting feedback from the FDA, maintaining a positive and collaborative relationship [60][62] Question: How is the innovative channel strategy progressing? - Management noted that momentum is building with 40 potential partnerships, but they are cautious about setting expectations until more visibility is gained [39][40]
Investor Short Report Flags Steep Downside Risk For iRhythm Technologies
Benzinga· 2025-08-18 16:53
Core Viewpoint - Spruce Point Capital Management issued a report projecting a long-term downside risk of 40% to 70% for iRhythm Technologies' stock, highlighting regulatory, competitive, and management challenges that could undermine the company's market position [1]. Company Overview - iRhythm Technologies is a medical technology firm known for its Zio line of wearable cardiac monitors, with its first device, the Zio XT, launched in 2009. The Zio Monitor records heart activity for up to 14 days and has secured approximately 70% of the extended wear monitoring market [2]. - In 2019, iRhythm introduced the Zio AT, which features cellular transmission capabilities for near real-time alerts to doctors regarding potential cardiac events [2]. Regulatory and Competitive Challenges - The Zio product has faced regulatory scrutiny due to safety concerns, and despite its reliance on this core product, iRhythm has proposed new growth avenues, including targeting asymptomatic patients and expanding internationally. However, Spruce Point questions the viability of these opportunities due to limited physician enthusiasm and increased competition [3]. - A forensic review by Spruce Point, including a survey of 100 cardiologists, raised concerns about the safety and competitiveness of iRhythm's products, as well as issues related to profitability and management credibility [4]. Regulatory Findings and Management Actions - The FDA identified multiple device deficiencies in iRhythm's analysis that could endanger patients' lives, yet the company allegedly did not act on these findings for several years. During this period, insiders reportedly sold between $90 million to $160 million worth of stock [5]. - Spruce Point argues that investors have been overly optimistic about iRhythm's growth narrative, noting that the company's shares have increased by 141% in the past year, while risks related to regulation and management credibility remain unresolved [6]. Financial Performance - In the second quarter, iRhythm reported an adjusted loss of $0.32, which was better than the consensus loss of $0.48. Sales reached $186.7 million, exceeding the consensus of $173.94 million [7]. - The company raised its fiscal 2025 sales guidance from $690 million-$700 million to $720 million-$730 million, compared to the consensus of $695.74 million [7]. - iRhythm published results from the AVALON study, indicating that its Zio long-term monitoring service outperforms other methods in arrhythmia diagnosis, speed, cardiovascular outcomes, and overall costs, based on real-world data from 428,707 patients [7].
iRhythm(IRTC) - 2025 Q2 - Earnings Call Transcript
2025-07-31 21:30
Financial Data and Key Metrics Changes - iRhythm reported Q2 2025 revenue of $186.7 million, reflecting a year-over-year growth of over 26% [7][21] - Adjusted EBITDA margin improved by 500 basis points to 8.4% compared to the previous year [19][24] - Adjusted net loss decreased to $10.2 million, or $0.32 per share, from an adjusted net loss of $18.8 million, or $0.61 per share in the prior year [23][24] Business Line Data and Key Metrics Changes - The core long-term continuous monitoring business saw significant growth, with record new account openings and strong performance from the Zio AT product line [7][10] - New store growth accounted for approximately 68% of year-over-year volume growth, with home enrollment for Zio Services in the U.S. at about 23% of volume [22] Market Data and Key Metrics Changes - International markets showed strong demand, particularly in the UK and Japan, with a broad commercial launch in Japan contributing positively [7][17] - The company has 12 partners under contract covering approximately 2 million potential patients, with a robust pipeline of 40 active discussions for future partnerships [11] Company Strategy and Development Direction - iRhythm's strategic focus is on moving prescribing to primary care physicians, which has increased capacity for specialists and enabled proactive monitoring [7][8] - The company is investing in partnerships and technology, including a recent collaboration with Lusim Health to enhance early detection of arrhythmias using AI [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory, citing strong performance across core business and innovative channels [32] - The company anticipates continued momentum in the second half of 2025, despite a slight expected decline in Q3 revenue due to seasonality [25][71] Other Important Information - iRhythm is raising its full-year 2025 revenue guidance to $720 million to $730 million, reflecting first-half outperformance [25] - The company expects to remain slightly free cash flow negative for 2025 but anticipates becoming free cash flow positive in 2026 [28] Q&A Session Summary Question: Guidance and Drivers of Growth - Management acknowledged strong momentum across the business, with the core business being the primary driver of outperformance in Q2 [40][41] Question: Volume Contribution from Innovative Channel Partners - Management indicated that innovative channel partners contributed positively, with a significant increase in prescribing physicians [46] Question: Integration with Epic Accounts - Management reported a 20% increase in prescribing patterns post-integration with Epic accounts, indicating strong potential for future growth [53][54] Question: Impact of Innovative Partnerships - Key partnerships with Signify and CenterWell were highlighted as significant contributors to growth, with expectations for repeat monitoring opportunities [63][65] Question: Seasonality Impact on Q3 Revenue - Management explained that Q3 revenue is expected to decline slightly due to seasonality, but overall momentum remains strong [72][74] Question: Market Growth and Share Gains - Management noted that growth is driven by a combination of market expansion, share gains, and increased prescribing in primary care settings [81][84]
iRhythm(IRTC) - 2025 Q2 - Earnings Call Presentation
2025-07-31 20:30
Financial Performance & Guidance - Second quarter 2025 revenue reached $186.7 million, a 26.1% increase compared to the second quarter of 2024[8] - The company updated its 2025 annual net revenue guidance to $720 - $730 million[45] - The adjusted EBITDA margin is expected to be 8.0% - 8.5% of revenue for 2025[45] Market Opportunity & Penetration - The potential market includes over 27 million patients in the United States who could benefit from ambulatory cardiac monitoring[11] - The company has achieved over 30% penetration in the core U S ambulatory cardiac monitoring market as of December 31, 2024[13] - The international market represents a $1+ billion total addressable market (TAM) with 5+ million tests in prioritized countries across EMEA and Asia Pacific[36] Expansion & Growth Strategies - The company is targeting over 5 million ambulatory cardiac monitoring (ACM) tests in prioritized countries across EMEA and Asia Pacific[17] - There are over 27 million potential patients presenting in primary care who may be symptomatic or at-risk for arrhythmias[17,24] - The company is addressing population health management through targeted monitoring for undiagnosed arrhythmias, leveraging AI[25,26] Technology & Innovation - The company has curated over 2.5 billion hours of ECG data since its inception through 2024[15] - The company's AI capabilities are used for prediction of atrial fibrillation and heart failure[39,40]
iRhythm (IRTC) 2025 Conference Transcript
2025-06-17 18:42
Summary of iRhythm (IRTC) 2025 Conference Call Company Overview - **Company**: iRhythm Technologies, Inc. (IRTC) - **Industry**: Medical Technology, specifically in cardiac monitoring Key Points Market Position and Growth - iRhythm has seen strong momentum in its business, with growth exceeding 20% as of Q1 2025, following a consistent acceleration throughout 2024 [5][6] - The core market consists of 6.5 million tests annually, with iRhythm holding a 30% market share overall and over 70% in the long-term continuous monitoring (LTCM) segment [5][6] - There remains a significant opportunity to shift from traditional Holter monitors to LTCM, as 1.5 million short-term Holter tests are still performed annually [6][9] Competitive Landscape - The company is positioned to capture more market share in LTCM, with ongoing efforts to educate primary care physicians on the benefits of long-term monitoring [10][11] - Clinical studies, such as Camelot and Avalon, have demonstrated the superiority of iRhythm's Zio technology, showing the highest diagnostic yield and best patient outcomes [15][16] - Recent market access wins have allowed patients to bypass short-term Holter monitors and go directly to LTCM, expanding the potential patient base [17] Product Development and Innovation - iRhythm is on track to submit its next-generation product, Zio MCT, to the FDA by Q3 2025, which is expected to enhance its competitive position in the MCT segment [24][25] - The Zio MCT will extend wear time from 14 days to 21 days, addressing clinician concerns about monitoring duration [20][22] - The company is also exploring adjacent markets, such as sleep monitoring and multi-vital sign monitoring, to broaden its product offerings [45][46] Primary Care Strategy - A significant portion of growth is expected from primary care, with one-third of volumes currently being prescribed from this segment, up from 21% in 2023 [29][30] - There are 15.5 million patients with cardiac palpitations in primary care annually, presenting a substantial opportunity for LTCM [31][33] - iRhythm is implementing a two-pronged strategy to penetrate primary care, focusing on EHR integration and partnerships with value-based care entities [34][37] Regulatory and Remediation Efforts - The company has prioritized FDA remediation efforts following observations made in 2022, with over 80% of the remediation plan completed as of Q3 2025 [58][59] - iRhythm is proactively engaging with the FDA to ensure compliance and improve its quality management system [62][63] - The remediation activities have slightly delayed the Zio MCT submission, but the company remains confident in meeting its timelines [64] Market Dynamics and Competitor Impact - Competitive disruptions in the market have allowed iRhythm to capture additional business, retaining approximately 85% of the new business won during this period [50][51] - The company acknowledges that while the PFA (pulmonary vein isolation) procedures are a tailwind, they are not the primary driver of overall growth [53][54] Additional Insights - iRhythm's focus on generating clinical evidence continues to be a cornerstone of its strategy, helping to differentiate its products in a competitive landscape [14][15] - The company is exploring external partnerships to accelerate the development of new monitoring parameters, while also relying on internal teams for innovation [47][48] This summary encapsulates the key insights and strategic directions discussed during the iRhythm conference call, highlighting the company's growth potential, competitive advantages, and ongoing efforts in product development and regulatory compliance.
iRhythm (IRTC) FY Conference Transcript
2025-06-10 19:42
Summary of iRhythm (IRTC) FY Conference Call - June 10, 2025 Company Overview - **Company**: iRhythm Technologies, Inc. (IRTC) - **Industry**: Cardiac monitoring and diagnostics Key Points Market Dynamics - The overall ACM (Arrhythmia Cardiac Monitoring) market is approximately 6.5 million tests annually, with about 3 million tests attributed to long-term cardiac monitoring patches, where iRhythm holds a 70% market share [3][4] - iRhythm gained approximately 2% market share in 2024 within the patch segment [3] - There is a significant opportunity for growth as studies indicate over 64% of arrhythmias are detected after 48 hours of monitoring, suggesting a shift from short-term to long-term monitoring is necessary [4][5] - The undiagnosed population with potential arrhythmias is estimated to be over 27 million patients, indicating a substantial market expansion opportunity [5][46] Business Drivers and Growth - The company has seen consecutive quarters of over 20% growth, driven by successful integration into accounts and the performance of the Zio AT product [21][25] - iRhythm is focusing on expanding its presence in primary care settings to address capacity challenges in cardiology [9][10] - Innovative channel partnerships are being developed, with 12 agreements currently active and a pipeline of 40 in discussions [23] Competitive Landscape - iRhythm has invested over $500 million to build its infrastructure, creating high barriers to entry for smaller competitors [13][15] - Regulatory challenges have increased, but iRhythm is navigating these effectively and is on track to complete its commitments to the FDA [54][56] - The company is optimistic about its competitive position, especially with the upcoming MCT (Mobile Cardiac Telemetry) product launch [22][40] Financial Performance and Guidance - iRhythm expects to turn free cash flow positive in 2026 and is targeting an EBITDA margin of 7.5% to 8.5% for the current year [63][68] - The company is cautious in its guidance, projecting a growth rate of 16% to 18% for the year, while remaining motivated to achieve 20% growth [48][49] - Gross margins are expected to remain flat year-over-year due to various cost pressures, but operational efficiencies are being pursued [65][66] Regulatory and Compliance Updates - iRhythm is nearing completion of its remediation efforts with the FDA, with a positive relationship developing [55][56] - The company is preparing to submit its new MCT product for approval in Q3 2025 [61][62] Strategic Outlook - iRhythm is considering M&A opportunities that align with its strategic goals, particularly in expanding into adjacent markets [78][79] - The company is focused on leveraging its strong balance sheet to support growth initiatives and enhance its product offerings [75][78] Conclusion - iRhythm is positioned for significant growth in the cardiac monitoring market, with strong momentum, innovative products, and a clear strategy to capture a larger share of the undiagnosed patient population [84]
iRhythm (IRTC) FY Conference Transcript
2025-06-04 20:00
Summary of iRhythm (IRTC) FY Conference Call - June 04, 2025 Company Overview - iRhythm is a digital healthcare company focused on cardiac monitoring, having launched over a decade ago and changing the standard of care from traditional short-term Holter monitors to long-term monitoring solutions [7][8] - The company utilizes a proprietary technology platform that combines wearable biosensors, sophisticated AI tools, and a digital platform to deliver seamless services to clinicians [8][12] Financial Performance - For Q1 2025, iRhythm reported revenue of $158.7 million, representing over 20% year-over-year growth, marking the second consecutive quarter of such growth [13][52] - The company serves over 2 million patients annually, capturing approximately 30% of its core market of 6.5 million tests [14] - Gross margin improved to 68.8%, with a 250 basis point year-over-year increase, while adjusted EBITDA margin showed a 750 basis point improvement [53] Market Opportunity - The total addressable market (TAM) for cardiac monitoring is estimated at 27 million patients in the U.S., with only 6.5 million tests currently being performed annually [22][27] - iRhythm has a significant opportunity to expand internationally, with 5 million tests available outside the U.S. [20][23] - The company holds over 70% market share in long-term continuous monitoring, a segment it pioneered [18] Growth Strategy - iRhythm is focusing on a "land and expand" strategy, initially introducing its products through cardiology and electrophysiology departments and then expanding into primary care and other specialties [30] - The company is also targeting innovative channels, including value-based entities that manage patient risk, to capture a larger share of the market [31][34] Technological Advancements - AI is a core component of iRhythm's operations, enabling the analysis of vast amounts of ECG data collected from patients [36][46] - The company is developing additional vital sign monitoring capabilities through partnerships, which will enhance its product offerings and competitive position [43] Regulatory and Compliance Updates - iRhythm is addressing an FDA warning letter, with 80% of remediation activities completed as of the call date [49] - The company is also complying with a DOJ subpoena, providing requested documents while maintaining transparency with investors [50] Future Outlook - iRhythm has raised its revenue guidance for the year to between $690 million and $700 million, with adjusted EBITDA expected to be between 7.5% and 8.5% [55] - The company is committed to maintaining profitable growth while investing in R&D and operational infrastructure to support long-term growth [58] Key Takeaways - iRhythm is well-positioned to capitalize on the shift towards personalized medicine and preventative care, leveraging its advanced technology and market leadership [3][4] - The company is focused on expanding its market share and improving patient outcomes through innovative monitoring solutions [17][32]
iRhythm (IRTC) 2025 Conference Transcript
2025-05-13 23:40
Summary of iRhythm (IRTC) Conference Call Company Overview - **Company**: iRhythm Technologies, Inc. (IRTC) - **Industry**: Medical Devices, specifically cardiac monitoring solutions Key Points and Arguments Q1 Performance and Guidance - Q1 revenue beat expectations by $5 million, leading to a $15 million increase in guidance for 2025 [3][4] - Achieved over 20% year-over-year growth for the second consecutive quarter, indicating strong business momentum [4][5] - The primary driver for the Q1 performance was the significant growth of the Zio AT product, which is expected to sustain through 2025 [5][6] Seasonality and Revenue Distribution - Revenue distribution for 2025 is expected to follow historical seasonality: approximately 22.5% in Q1, 25% in Q2, 25% in Q3, and 27.5% in Q4 [6][7] Competitive Landscape - iRhythm capitalized on competitive disruptions in late Q3 and Q4 of 2024, gaining new accounts [8][9] - Despite competitors returning to the market, iRhythm has maintained a significant portion of the business acquired during the disruption [9] Market Share and Product Performance - iRhythm holds a 70% market share in the Zio monitoring segment, with expectations of continued share growth [11][12] - The Zio Monitor, launched 18 months ago, has been well-received, contributing to the company's strong competitive positioning [12] Gross Margin and Tariff Impact - Gross margin guidance for the year is flat, with an anticipated negative impact of 50 to 75 basis points from tariffs, primarily affecting imports from China and Taiwan [13][14] - The company is exploring mitigation strategies to reduce tariff exposure, which may lead to gross margin expansion in 2025 [15][17] FDA Submissions and Future Products - iRhythm plans to submit the next-generation Zio MCT product for FDA approval in Q3 2025, which is expected to enhance market share [20][21] - The company aims for a faster launch of Zio MCT compared to previous product transitions [22] Primary Care Strategy - The partnership with Epic is expected to enhance clinician workflows and has already shown a 20% average volume uplift in pilot accounts [26][28] - Over one-third of Q1 volume came from primary care prescribers, up from approximately 20% in 2023, indicating a successful land-and-expand strategy [33][35] Innovative Channel Partnerships - Innovative channel partnerships are beginning to contribute to volume, with low single-digit percentages of overall volume but showing growth from near zero [37] Financial Outlook - iRhythm anticipates slightly negative free cash flow for 2025, with expectations to turn positive in 2026 [53][54] - Long-term goals include achieving 15% EBITDA margins at $1 billion in revenue, with potential for mid-20% margins beyond that [49] International Market and Reimbursement - The Japanese market remains strategically important despite disappointing reimbursement rates, with plans to generate in-country clinical evidence for future reimbursement cycles [55][57] Pricing Strategy - A low single-digit pricing headwind is expected for the year, consistent with past trends, while the company focuses on volume growth [59] Additional Important Insights - iRhythm is committed to operational excellence and efficiency improvements, leveraging automation and global infrastructure to enhance profitability [41][44] - The company is actively investing in R&D for adjacent market opportunities, including multi-sensing capabilities [50][52]