iRhythm Technologies Conference Summary Company Overview - **Company**: iRhythm Technologies (NasdaqGS: IRTC) - **Industry**: Digital healthcare focused on cardiac monitoring - **Event**: Jefferies London Healthcare Conference, November 20, 2025 Key Points Product and Technology - iRhythm's Zio platform combines hardware, software, and services for cardiac monitoring [2][4] - The Zio Monitor is a patented wearable biosensor that can be worn for up to 14 days, capturing an average of 1.5 million heartbeats [3][4] - The company has developed a second-generation FDA-cleared deep-learning algorithm, with a third generation in development [4] Financial Performance - Reported revenue for Q3 was $192.9 million, representing a year-over-year growth of 30.7% [5][23] - The company serves over 2 million patients annually and has a 30% share in its core market [5] - Guidance for full-year revenue is between $735 million and $740 million, indicating a 24-25% year-over-year growth [24] Market Opportunity - iRhythm identifies a total addressable market (TAM) of 27 million patients who are candidates for Zio monitoring [5][12] - The U.S. market for long-term continuous monitoring is approximately 3 million tests, where iRhythm holds over 70% market share [9] - Internationally, the company is targeting 5 million tests in prioritized countries, including the U.K., Japan, and several Western European nations [10][11] Clinical Evidence and Research - iRhythm has published 125 scientific manuscripts demonstrating the clinical and economic superiority of the Zio platform [6] - The company has a database of 2.5 billion hours of curated ECG data, enhancing the effectiveness of its AI tools [6] Strategic Initiatives - The company is pursuing a "Land and Expand" strategy to penetrate primary care markets [14][15] - EHR integration is a key focus, with over 50% of volume running through EHR systems, enhancing workflow efficiency [20][21] - iRhythm is developing a multivitals platform to gather additional patient data, targeting adjacent markets such as sleep monitoring [22][23] Financial Health and Future Outlook - Gross margin expanded to 71.1% in the most recent quarter, with a long-term target of 72-73% by 2027 [24] - Adjusted EBITDA margin was 11.2%, with a target of 15% by 2027 [24] - The company expects to be free cash flow positive for the first time in 2025, marking a significant milestone [25] Conclusion - iRhythm Technologies is well-positioned for sustainable growth, with significant market expansion opportunities and a strong focus on innovation and operational efficiency [26]