iRhythm Holdings, Inc. IRTC
iRhythm is a leading digital healthcare company that creates trusted solutions that detect, predict, and prevent disease. Our principal business is the design, development, and commercialization of device-based technology to provide ambulatory cardiac monitoring services that we believe allow clinicians to diagnose certain arrhythmias quicker and with greater efficiency than other services that rely on traditional technology.
Each iRhythm product offering combines a wire-free, patch-based, 14-day wearable biosensor (United States Food and Drug Administration ("FDA")-cleared, Conformité Européenne ("CE")-marked and Japan Pharmaceuticals and Medical Devices Agency ("PMDA")-approved, as applicable) that continuously records electrocardiogram ("ECG") data with a proprietary cloud-based data analytic software (also FDA-cleared, CE-marked and Japan PMDA-approved, as applicable) (such biosensor and software together, an "iRhythm ACM System") to help physicians monitor patients and diagnose arrhythmias.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $747.1M | $591.8M | $492.7M | $410.9M | $322.8M | $265.2M | $214.6M | $147.3M | $99.1M | $64.1M |
| Cost of revenue | $219.9M | $184.3M | $160.9M | $129.3M | $109.3M | $70.3M | $52.5M | $38.8M | $28.2M | $20.9M |
| Gross profit | $527.2M | $407.5M | $331.8M | $281.6M | $213.6M | $194.9M | $162.1M | $108.5M | $70.9M | $43.2M |
| R&D | — | — | $60.2M | $46.6M | $38.7M | $41.3M | $37.3M | $20.9M | $13.3M | $7.2M |
| SG&A | $492.6M | $418.6M | $385.6M | $322.2M | $274.8M | $197.2M | $179.5M | $133.3M | $85.3M | $51.6M |
| Total operating expenses | $584.7M | $523.0M | $457.0M | $395.4M | $313.5M | $238.6M | $216.8M | $154.2M | $98.5M | $58.8M |
| Operating income | -$57.4M | -$115.5M | -$125.2M | -$113.8M | -$99.9M | -$43.7M | -$54.8M | -$45.7M | -$27.6M | -$15.6M |
| Interest expense | $13.2M | $12.8M | $3.6M | $4.1M | $1.2M | $1.5M | $1.6M | $3.1M | $3.4M | $3.2M |
| Pre-tax income | -$43.6M | -$112.7M | -$122.7M | -$115.9M | -$101.0M | -$43.6M | -$54.5M | -$50.3M | -$29.7M | -$20.9M |
| Income tax | $953.0K | $565.0K | $750.0K | $269.0K | $367.0K | $229.0K | $65.0K | $44.0K | $0 | $0 |
| Net income | -$45.0M | -$113.0M | -$123.0M | -$116.0M | -$101.0M | -$43.8M | -$54.6M | -$50.4M | -$29.7M | -$20.9M |
| EPS, basic | -1.39 | -3.63 | -4.04 | -3.88 | -3.46 | -1.58 | -2.16 | — | — | — |
| EPS, diluted | -1.39 | -3.63 | -4.04 | -3.88 | -3.46 | -1.58 | -2.16 | -2.11 | -1.31 | -3.95 |
| Shares, diluted (wtd. avg.) | $32.0M | $31.2M | $30.5M | $29.9M | $29.3M | $27.8M | $25.3M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $236.0M | $419.6M | $36.2M | $78.8M | $127.6M | $88.6M | $20.5M | $20.0M | $8.7M | $51.6M |
| Short-term investments | $347.8M | $116.0M | $97.6M | $134.3M | $111.6M | $246.6M | $120.1M | $58.3M | $93.7M | $54.4M |
| Receivables | $75.7M | $79.9M | $61.5M | $49.9M | $46.4M | $29.9M | $23.9M | $19.8M | $13.0M | $9.4M |
| Inventory | $21.6M | $14.0M | $14.0M | $15.2M | $10.3M | $5.3M | $4.0M | $2.1M | $1.7M | $1.4M |
| Total current assets | $702.8M | $645.8M | $230.8M | $288.8M | $305.5M | $377.8M | $172.8M | $104.3M | $119.6M | $118.6M |
| Property, plant and equipment | $151.6M | $125.1M | $104.1M | $75.7M | $55.9M | $34.2M | $26.5M | $9.2M | $6.2M | $4.7M |
| Goodwill | $862.0K | $862.0K | $862.0K | $862.0K | $862.0K | $862.0K | $862.0K | $862.0K | $862.0K | $862.0K |
| Total assets | $1.02B | $931.4M | $433.1M | $448.2M | $463.0M | $511.7M | $306.2M | $117.5M | $133.1M | $138.2M |
| Accounts payable | $2.3M | $7.2M | $5.5M | $7.5M | $10.5M | $4.4M | $8.2M | $2.3M | $2.4M | $2.1M |
| Short-term debt | — | — | — | $0 | $11.7M | $11.7M | $1.9M | $0 | $1.5M | — |
| Total current liabilities | $151.9M | $110.9M | $107.4M | $89.1M | $87.9M | $65.7M | $52.1M | $30.3M | $20.9M | $13.2M |
| Long-term debt | — | — | $35.0M | $34.9M | $9.7M | $21.3M | $33.0M | $34.9M | $32.5M | $32.2M |
| Total liabilities | $867.3M | $840.5M | $223.0M | $208.4M | $183.5M | $170.1M | $170.8M | $65.4M | $53.6M | $45.6M |
| Retained earnings | -$803.4M | -$758.9M | -$645.6M | -$522.2M | -$406.0M | -$304.7M | -$260.4M | -$205.8M | -$156.6M | -$127.2M |
| Total equity | $152.7M | $90.9M | $210.1M | $239.8M | $279.5M | $341.6M | $135.4M | $52.1M | $79.3M | $93.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $80.9M | $3.4M | -$50.1M | -$23.0M | -$37.8M | -$13.8M | -$21.9M | -$29.1M | -$14.9M | -$16.7M |
| Depreciation and amortisation | $20.7M | $20.7M | $16.3M | $13.4M | $9.8M | $6.9M | — | — | — | — |
| Stock-based compensation | $88.3M | $76.0M | $77.2M | $57.7M | $54.5M | $41.5M | $26.2M | $16.3M | $9.8M | $1.9M |
| Capital expenditure | $46.3M | $33.9M | $40.4M | $29.8M | $28.1M | $13.6M | $20.5M | $5.2M | $3.6M | $2.8M |
| Investing cash flow | -$277.1M | -$123.0M | -$1.2M | -$52.4M | $105.3M | -$132.4M | -$89.3M | $34.1M | -$34.7M | -$68.2M |
| Financing cash flow | $12.6M | $511.4M | $8.8M | $26.7M | -$28.6M | $214.3M | $111.6M | $6.3M | $6.5M | $111.3M |
| Buybacks | $0 | $25.0M | $0 | $0 | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001388658-26-000030.
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