iRhythm Holdings, Inc. (IRTC) FY2025 10-K Annual Report
iRhythm Holdings, Inc. (IRTC) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 19, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
iRhythm Holdings, Inc. FY2025 10-K Analysis
Business Overview
- • Core business model: Design, development, and commercialization of long-term continuous ambulatory cardiac monitoring (ACM) services using patch-based ECG biosensors with proprietary AI analytics
- • New product emphasis: Introduction of smaller, lighter Zio monitor System with Bluetooth and breathable adhesive, enhancing patient compliance and data quality vs prior Zio XT
- • Strategic shift: Expanding ACM adoption beyond cardiology into primary care and integrated delivery networks to capture earlier-stage patient populations with undiagnosed arrhythmias
- • Quantitative highlights: ~2,400 employees as of Dec 31, 2025; ~40% penetration of core U.S. ambulatory cardiac monitoring market; over 12 million patient reports generated
- • Noteworthy fact: Clinical studies (CAMELOT and AVALON) covering >700,000 diagnostic-naive patients demonstrate Zio LTCM Service’s highest diagnostic yield and lower costly hospitalizations than competitors
Management Discussion & Analysis
- • Revenue $747.1M, up 26% YoY from $591.8M driven by volume increases and new Zio AT customer growth
- • Operating margin -8% in 2025 vs -20% in 2024, loss from operations improved by $58.1M to ($57.4M)
- • Best performing segment: iRhythm Services volume growth with significant Zio AT revenue increase; no specific segment dollar detailed for worst performance
- • Cash flow from operations $80.9M vs $3.4M YoY; invested $277.1M in investing activities including $347.9M marketable securities purchases; financed with $12.6M cash from financing activities, down from $511.4M in 2024
- • Management notes macroeconomic uncertainty, higher contractual allowance reserves due to payer claim denials, expects liquidity sufficiency for 12 months, terminated Verily collaboration to focus on clinical-grade wearables
Risk Factors
- • No specific regulatory or legal risk disclosed in the risk factors section
- • No geopolitical or macroeconomic threat with concrete exposure detailed
- • Operational risk: dependency on Nasdaq Global Select Market listing under symbol "IRTC" for liquidity and capital access
- • Competitive risk: no named competitor or technology disruption identified in provided text
- • Financial risk: no dividends declared, retaining all funds to finance growth, no issuer repurchases
iRhythm Holdings, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$747M
▲ +26.2% YoY
Net Income
-$45M
▲ +60.7% YoY
Gross Margin
70.6%
▲ +171bp YoY
Operating Margin
-7.7%
▲ +1183bp YoY
Net Margin
-6.0%
▲ +1318bp YoY
ROE
-29.2%
▲ +9545bp YoY
Total Assets
$1.0B
▲ +9.5% YoY
EPS (Diluted)
$-1.39
▲ +61.7% YoY
Operating Cash Flow
$81M
▲ +2285.3% YoY
Source: XBRL data from iRhythm Holdings, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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