iRhythm Holdings provides physician-ordered cardiac monitoring through wearable ECG sensors, cloud-based analysis and qualified technicians. Its Zio services generate diagnostic reports rather than standalone device sales. The October 2026 acquisition of VitalConnect adds mobile cardiac telemetry and multi-vital-sign monitoring capabilities.
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A snapshot of what iRhythm Holdings, Inc. owns and owes at a point in time.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001388658-24-000014 | Feb 22, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001388658-25-000028 | Feb 20, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001388658-26-000011 | Feb 19, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
iRhythm’s monitoring business has expanded while moving closer to sustainable profitability, but improved adjusted earnings should not be confused with GAAP profit or unrestricted cash generation. In 2025, revenue reached $747.1 million and operating cash flow turned meaningfully positive, although lower acquired research charges and payment timing helped the comparison. First-half 2026 results showed further operating improvement, alongside new securities-settlement and cybersecurity costs. Since the latest annual filing, iRhythm paid $50 million to settle Baxter-related patent disputes and completed its VitalConnect acquisition, materially changing capital allocation and its product reach. June liquidity therefore is not a post-acquisition cash balance. Reimbursement, FDA remediation, government investigations, data security and integration remain important constraints. Management’s growth and margin targets remain conditional, particularly before acquisition-inclusive guidance scheduled for November 5, 2026.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-10-05
iRhythm combines prescription ECG patches, proprietary analysis and technician review to help physicians diagnose arrhythmias. Zio monitor and predecessor Zio XT generally deliver reports after wear and device return; Zio AT adds transmissions during wear. Patches are not sold separately. Revenue consequently depends on service completion, claims acceptance and collections—not merely shipments. Substantially all revenue remained U.S.-generated through June 2026, with one reported operating segment. January’s holding-company reorganization preserved the underlying business rather than adding acquired revenue.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
Revenue increased from $492.7 million in 2023 to $591.8 million in 2024 and $747.1 million in 2025. Management attributed 2025 growth principally to higher service demand, with a slight increase in average selling price and greater Zio AT contribution; increased claims denials partly offset those gains. Gross margin reached 70.6%, supported by scale and efficiencies despite higher staffing, component, tariff and processing costs. The annual GAAP net loss narrowed to $44.6 million, but acquired in-process R&D fell from $32.4 million to $3.0 million, materially helping both GAAP and adjusted comparisons. Fourth-quarter GAAP profit did not make the full year profitable.
Sources: 10-K · 2025-12-31 · EX-99.1 · 2026-02-19
Operating cash flow rose to $80.9 million in 2025 from $3.4 million in 2024 and a $50.1 million outflow in 2023. After $46.3 million of property-and-equipment purchases, company-defined free cash flow was $34.5 million. This was not cash profit: noncash stock compensation and collections and payment timing materially affected the result. First-half 2026 operating cash flow was $24.9 million, leaving $4.4 million after cash capital expenditure. A strong second quarter followed first-quarter cash use associated principally with larger annual bonus payments and inventory and reusable-component purchase timing.
Sources: 10-K · 2025-12-31 · EX-99.1 · 2026-02-19 · 10-Q · 2026-03-31 · 10-Q · 2026-06-30
June 30, 2026 cash, equivalents and marketable securities totaled $591.3 million, excluding restricted cash. Convertible-note principal was $661.2 million, bearing 1.50% interest and maturing September 1, 2029; conversion and other specified events can create earlier cash demands or dilution. Subsequently, iRhythm paid Baxter-related parties $50 million on July 31. Its October 5 VitalConnect completion announcement reported $237.5 million cash consideration subject to customary adjustments, up to 423,334 closing shares and $10 million of separate pre-closing working-capital funding. No post-closing liquidity balance or definitive all-in acquisition cost is supplied.
Sources: 10-Q · 2026-06-30 · 8-K · 2026-08-05 · EX-99.1 · 2026-10-05
Reimbursement remains fundamental: CMS represented 26% of first-half 2026 revenue, and claims estimates affect recognized revenue. Higher 2026 Medicare rates and favorable final coverage-language changes do not eliminate medical-necessity, coding or collection risk. The latest supplied quarterly report still described unresolved FDA remediation and an unclosed Zio AT labeling recall, alongside DOJ inquiries concerning products and reimbursement. June’s material cybersecurity incident involved confirmed data exfiltration from third-party-hosted applications. Management had not identified disruption to clinical systems or patient service, but lawsuits, further response costs and uncertain insurance recoveries remained.
Sources: 10-Q · 2026-06-30 · 8-K · 2026-06-10
First-half 2026 revenue reached $423.6 million and GAAP net loss narrowed to $14.3 million. Adjusted EBITDA of $57.4 million excluded substantial stock compensation, litigation and incident costs. VitalConnect is now acquired, not pending, and broadens potential applications into inpatient, remote and hospital-to-home monitoring. Management expects a revenue-growth contribution beginning in 2027 while preserving a 15% adjusted EBITDA-margin target. August guidance called for $880–890 million of 2026 revenue and a 13–14% adjusted EBITDA margin; its VitalConnect contribution was not specified. The completion announcement deferred acquisition-inclusive guidance until November 5, rather than supplying a revised forecast.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-07-31 · EX-99.1 · 2026-10-05
USD 747.138 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 747.138 m | 26.2% |
| 2024 | USD 591.839 m | 20.1% |
| 2023 | USD 492.681 m | — |
Consolidated service revenue after contractual allowances and price concessions.
Sources: 10-K · 2025-12-31
USD -44.551 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD -44.551 m | Loss narrowed |
| 2024 | USD -113.289 m | Loss narrowed |
| 2023 | USD -123.406 m | — |
Consolidated GAAP net income or loss after income taxes; losses are negative.
Sources: 10-K · 2025-12-31
USD 80.863 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 80.863 m | 2285.3% |
| 2024 | USD 3.39 m | Turned positive |
| 2023 | USD -50.101 m | — |
Net cash provided by or used in operating activities.
Sources: 10-K · 2025-12-31
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