iRhythm Technologies: Vegas Takes

研报英文原文证据摘录

iRhythm Technologies: Vegas Takes

herapy (docs want to be certain there is not recurrence of AF). There

are still 1.5m short-term Holters done in the US each year. Evidence like this ensures

that this segment will continue to decline and convert to LTCM. Afib ablation has been

and will continue to be a tailwind for the business (though not #1 driver).

Sleep pilots showing encouraging signs

Research suggests 20% of current IRTC prescribers already prescribe home sleep tests.

As IRTC makes it easier to do that, this number can be even more meaningful (pilots are

confirming that). The long term vision is to replicate in sleep testing what IRTC has built

in cardiac monitoring (IRTC has built capabilities over 20 yrs to be in favorable position).

International still early but showing good momentum

IRTC is still early in the 4 Western European countries. The UK, the most established

market, was the primary driver of Q1 record results. IRTC is really encouraged by the

momentum there primarily in the private segment as it looks to open the public market.

Japan is another exciting market but higher reimbursement needs to be secured. IRTC is

working on head-to-head clinical evidence to get that. But there has been good adoption

of Zio in Japan (seeing accounts convert and bring Zio in).

2027 margin targets on track and more to come in 2027+

At the 2022 investor day, IRTC put out a 15% adj EBITDA target for 2027 and IRTC feels

really good about the traction it is gaining to support that. IRTC had also talked about

73% gross margin and feels good about that given all the areas of leverage. IRTC is not

done with 2027 and feels there is really good progress to gain on margins from there.

2 iRhythm Technologies | 14 May 2026

CR