Short answer
iRhythm Holdings, Inc. (IRTC) filed its fiscal 2025 10-K annual report with the SEC on Feb 19, 2026. It reported revenue of $747M (+26.2% year over year) and net income of −$45M.
- Top risk flagged: No geopolitical or macroeconomic threat with concrete exposure detailed
FY2025 key financial metrics · XBRL
- Revenue
- $747M
- +26.2% YoY
- Net income
- −$45M
- +60.7% YoY
- Operating margin
- -7.7%
- +11.8 pp YoY
- Gross margin
- 70.6%
- +1.7 pp YoY
- EPS (diluted)
- −$1.39
- +61.7% YoY
- ROE
- -29.2%
- +95.5 pp YoY
- Operating cash flow
- $81M
- +2285.3% YoY
Source: XBRL data from the iRhythm Holdings, Inc. (IRTC) FY2025 10-K on SEC EDGAR. USD.
iRhythm Holdings, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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 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
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