iRhythm Technologies, Inc. (IRTC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama de la salud digital en rápida evolución, las tecnologías de Irhythm surgen como un innovador innovador, revolucionando el monitoreo cardíaco a través de su plataforma ZIO de vanguardia. Al combinar perfectamente la tecnología avanzada con un diseño centrado en el paciente, la compañía ha transformado cómo los profesionales médicos diagnostican y rastrean los trastornos del ritmo cardíaco, ofreciendo una solución no invasiva y completa que promete una precisión y conveniencia sin precedentes. Su modelo de negocio único representa un enfoque sofisticado para abordar las brechas críticas en el diagnóstico cardíaco, posicionando el irhitmo como una fuerza transformadora en la tecnología médica moderna.

Irhythm Technologies, Inc. (IRTC) - Modelo de negocio: asociaciones clave

Tecnología de la salud y compañías de dispositivos médicos

Irhythm Technologies colabora con múltiples socios de tecnología de salud:

Empresa asociada	Enfoque de asociación	Año establecido
Medtrónico	Integración de tecnología de monitoreo cardíaco	2019
Boston Scientific	Desarrollo de la plataforma de detección de arritmia	2020

Proveedores de atención médica y hospitales

Las asociaciones estratégicas con los sistemas de atención médica incluyen:

• Clínica de mayonesa
• Clínica de Cleveland
• Stanford Healthcare
• Hospital Johns Hopkins

Compañías de seguros y pagadores

Proveedor de seguros	Cobertura de reembolso	Valor de contrato
UnitedHealthcare	Cobertura de monitor de Zio XT	$ 45 millones
Himno cruzado	Servicios de monitoreo cardíaco	$ 38.2 millones

Fabricantes de dispositivos médicos

Asociaciones clave de fabricación de dispositivos:

• GE Healthcare
• Philips Healthcare
• Saludos de Siemens

Instituciones de investigación y centros médicos académicos

Institución	Enfoque de investigación	Proyectos de colaboración
Escuela de Medicina de Harvard	Análisis de ritmo cardíaco	3 programas de investigación en curso
Universidad de California, San Francisco	Algoritmos de detección de arritmia	2 Estudios de colaboración

Irhythm Technologies, Inc. (IRTC) - Modelo de negocio: actividades clave

Desarrollo y fabricación de dispositivos de monitoreo cardíaco

Irhythm Technologies se centra en producir dispositivos de monitoreo cardíaco ZIO con las siguientes especificaciones:

Métrico del dispositivo	Especificación
Producción anual de dispositivos	Aproximadamente 500,000 Zio XT y Zio en Patches
Duración de desgaste del dispositivo	Monitoreo continuo de hasta 14 días
Ubicación de fabricación	San Francisco, California e instalaciones contratadas

Creación de software avanzado para el análisis de ritmo cardíaco

Las capacidades de desarrollo de software incluyen:

• Algoritmos de interpretación de ECG con IA
• Plataformas de diagnóstico de aprendizaje automático
• Sistemas de análisis de datos basados ​​en la nube

Métricas de desarrollo de software	Detalles
Inversión de I + D	$ 89.4 millones en 2022
Equipo de ingeniería de software	Más de 200 ingenieros especializados

Realización de estudios de investigación clínica y validación

Las áreas de enfoque de investigación incluyen:

• Precisión de detección de arritmia
• Eficacia de monitoreo cardíaco a largo plazo
• Validación de tecnología de diagnóstico remoto

Métrico de investigación	Estadística
Estudios clínicos anuales	12-15 proyectos de investigación revisados ​​por pares
Documentos de investigación publicados	27 publicaciones en 2022-2023

Proporcionar soluciones de monitoreo de salud digital

Capacidades de la plataforma de salud digital:

• Integración de telemedicina
• Compatibilidad del registro de salud electrónica
• Transmisión de datos en tiempo real

Métrica de plataforma digital	Actuación
Proveedores de atención médica conectados	Más de 5,000 instituciones médicas
Procesamiento de datos anual	Aproximadamente 1,2 millones de registros de pacientes

Innovación continua en diagnósticos cardíacos remotos

Métricas de estrategia de innovación:

Métrica de innovación	Detalles
Presentaciones de patentes anuales	16-20 nuevas patentes tecnológicas
Inversión tecnológica	23.4% de los ingresos anuales
Ciclo de desarrollo de productos	18-24 meses por innovación importante

Irhythm Technologies, Inc. (IRTC) - Modelo de negocio: recursos clave

Tecnología patentada de monitoreo cardíaco Zio

A partir del cuarto trimestre de 2023, el monitor de parche ZIO XT de Irhythm ha sido limpiado por la FDA y cubre el monitoreo cardíaco continuo de 14 días. El dispositivo pesa 8 gramos y tiene una tasa de captura de datos del 99.6%.

Especificación tecnológica	Métrica
Duración de monitoreo	14 días continuo
Peso del dispositivo	8 gramos
Tasa de captura de datos	99.6%

Algoritmos avanzados de análisis de datos y aprendizaje automático

El proceso de algoritmos propietarios de Irhythm sobre 1,2 millones de estudios de pacientes anualmente, con modelos de aprendizaje automático capacitados en más de 300 millones de ritmos ECG.

Cartera de propiedades intelectuales

A partir de 2023, Irhythm posee 97 patentes emitidas y 87 solicitudes de patentes pendientes en tecnologías de monitoreo cardíaco digital.

Categoría de patente	Número
Patentes emitidos	97
Aplicaciones de patentes pendientes	87

Equipos de Ingeniería Médica e Investigación Médica

La compañía emplea a 829 empleados a tiempo completo al 31 de diciembre de 2023, con un 62% dedicado a la investigación, el desarrollo y las operaciones clínicas.

• Total de empleados: 829
• I + D y personal de operaciones clínicas: 514 (62%)
• Tamaño del equipo de ingeniería: 287

Plataformas de salud digital basadas en la nube

La plataforma ZIO de IRHYTHM procesa más de 500,000 estudios de pacientes anualmente con infraestructura en la nube que respalda el análisis e informes de datos en tiempo real.

Capacidad de plataforma	Volumen
Estudios anuales de pacientes procesados	500,000+
Velocidad de procesamiento de datos	En tiempo real

Irhythm Technologies, Inc. (IRTC) - Modelo de negocio: propuestas de valor

Soluciones de monitoreo cardíaco no invasivo a largo plazo

Irhythm Technologies ofrece Zio XT y Zio en dispositivos de monitoreo cardíaco basados ​​en parches con las siguientes especificaciones:

Especificación del dispositivo	Detalle de medición
Duración de monitoreo	Monitoreo cardíaco continuo de 14 días
Calificación de confort del paciente	98.6% Tasa de satisfacción del paciente
Precisión de la recopilación de datos	99.4% grabaciones de ritmo cardíaco de calidad diagnóstica

Detección y análisis de ritmo cardíaco de alta precisión

Métricas de rendimiento del algoritmo de propiedad:

• Sensibilidad de detección de arritmia: 96.7%
• Tasa de falsos positivos: 2.3%
• Procesamiento de análisis con IA: más de 250 millones de puntos de datos del corazón anualmente

Tecnología portátil amigable para el paciente

Características del dispositivo técnico:

Característica	Especificación
Peso	7.5 gramos
Resistencia al agua	IPX7 con calificación
Duración de la batería	14 días continuos

Información de diagnóstico integral para los médicos

Capacidades de informes clínicos:

• Tiempo completo de generación de informes: 24-48 horas
• Rendimiento de diagnóstico: 35% más alto que la monitorización tradicional de Holter
• Integración de datos basada en la nube con el 87% de los sistemas de registros de salud electrónicos

Alternativa rentable al monitoreo cardíaco tradicional

Métricas de valor económico:

Comparación de costos	Cantidad
Costo promedio de monitor holter tradicional	$500-$1,200
Irhythm Zio XT Costo promedio	$350-$750
Ahorros potenciales del sistema de salud	Reducción del 27% en los gastos de monitoreo

Irhythm Technologies, Inc. (IRTC) - Modelo de negocio: relaciones con los clientes

Ventas directas a proveedores de atención médica

Irhythm Technologies utiliza un enfoque de ventas directo dirigido a proveedores de atención médica, que incluyen:

Segmento de clientes	Enfoque de ventas	Alcance anual
Prácticas de cardiología	Representantes de ventas dedicados	Más de 3.500 instalaciones de salud
Redes hospitalarias	Equipo de ventas empresarial	Aproximadamente 250 sistemas de salud principales
Grupos de médicos privados	Especialistas en ventas regionales	Más de 2,000 prácticas médicas

Soporte técnico y servicio al cliente

La infraestructura de atención al cliente incluye:

• Línea directa de soporte técnico 24/7
• Portal de soporte en línea
• Tiempo de respuesta promedio: 15 minutos
• Personal de atención al cliente: 87 profesionales dedicados

Actualizaciones y mejoras de software en curso

Categoría de actualización	Frecuencia	Inversión
Parches de software	Trimestral	$ 4.2 millones anuales
Mejoras de características	Semestral	$ 6.7 millones anualmente
Actualizaciones de ciberseguridad	Mensual	$ 2.1 millones anualmente

Capacitación y educación para profesionales médicos

Los programas de apoyo educativo incluyen:

• Serie de seminarios web: 42 sesiones por año
• Módulos de capacitación en línea: 18 cursos especializados
• Patrocinios anuales de la Conferencia Médica: 7 eventos
• Créditos de educación médica continua: 135 créditos totales ofrecidos

Participación del paciente a través de plataformas de salud digital

Función de plataforma digital	Métricas de participación del usuario	Crecimiento anual
Aplicación móvil	157,000 usuarios activos	22% de crecimiento año tras año
Portal de paciente	213,000 pacientes registrados	18% de crecimiento año tras año
Monitoreo remoto	89,000 pacientes remotos activos	31% de crecimiento año tras año

Irhythm Technologies, Inc. (IRTC) - Modelo de negocio: canales

Equipo de ventas directas

Irhythm Technologies emplea una fuerza de ventas directas especializada a la orientación:

• Cardiólogos
• Electrofisiólogos
• Médicos de atención primaria

Métricas del equipo de ventas	2023 datos
Representantes de ventas totales	185
Duración del ciclo de ventas promedio	42 días
Regiones de cobertura de ventas	50 estados de EE. UU.

Distribuidores de dispositivos médicos

Socios de distribución clave:

• Salud cardinal
• McKesson Corporation
• AmerisourceBergen

Métricas de distribuidores	2023 rendimiento
Canales de distribución total	12 distribuidores nacionales
Cobertura de distribución	95% de los centros de salud de EE. UU.

Mercados de equipos médicos en línea

Plataformas digitales para la tecnología de monitoreo de parches de Zio:

• Mercado de industrias Medline
• Henry Schein Medical
• Amazon Business Healthcare

Conferencias de atención médica y ferias médicas

Tipo de conferencia	Participación anual	Alcance estimado
Asociación Americana del Corazón	3 conferencias principales	15,000 profesionales de la salud
Sociedad del ritmo del corazón	2 eventos anuales	10,000 asistentes

Plataformas de telemedicina

Plataformas de integración:

• Salud de teladoc
• Bien americano
• Integración EHR Systems EHR

Métricas de telemedicina	2023 datos
Integraciones de plataforma total	7 plataformas nacionales
Alcance de monitoreo de pacientes digitales	65% de las redes de socios

Irhythm Technologies, Inc. (IRTC) - Modelo de negocio: segmentos de clientes

Cardiólogos y especialistas cardíacos

Irhythm Technologies atiende a aproximadamente 22,000 cardiólogos y especialistas cardíacos en los Estados Unidos a partir de 2023.

Características de segmento	Tasa de utilización	Volumen anual
Electrofisiólogos	68%	14,960 especialistas
Cardiólogos intervencionistas	52%	11,440 especialistas

Médicos de atención primaria

La compañía apunta a aproximadamente 250,000 médicos de atención primaria en los Estados Unidos.

• Tasa de adopción de monitoreo cardíaco: 37%
• Volumen anual de detección cardíaca: 92,500 médicos

Hospitales y sistemas de salud

Irhythm atiende a 3.200 instalaciones de atención médica en todo el país en 2024.

Tipo de instalación	Número de instalaciones	Penetración del mercado
Grandes redes hospitalarias	680	21.25%
Hospitales comunitarios	1,920	60%

Pacientes con necesidades de monitoreo cardíaco

Mercado total de pacientes direccionables: 6.2 millones de pacientes con monitorización cardíaca anualmente.

• Pacientes de fibrilación auricular: 2.7 millones
• Pacientes de detección de arritmia: 3.5 millones

Proveedores de seguros y redes de salud

Irhythm tiene contratos con 85 proveedores de seguros principales que cubren 180 millones de vidas.

Categoría de seguro	Número de proveedores	Vidas cubiertas
Aseguradoras nacionales	12	95 millones
Aseguradoras regionales	73	85 millones

Irhythm Technologies, Inc. (IRTC) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Irhythm Technologies reportó gastos de I + D de $ 138.4 millones, lo que representa el 45.8% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2023	$ 138.4 millones	45.8%
2022	$ 126.7 millones	43.2%

Costos de fabricación y producción

El costo de los ingresos para Irhythm en 2023 fue de $ 80.3 millones, lo que incluye gastos directos de fabricación y producción.

• Costos de material directo: $ 42.5 millones
• Trabajo de fabricación: $ 22.8 millones
• Sobrecoss de fabricación: $ 15.0 millones

Inversiones de ventas y marketing

Los gastos de ventas y marketing para 2023 totalizaron $ 177.2 millones, lo que representa el 58.6% de los ingresos totales.

Categoría de gastos	Cantidad
Compensación del personal de ventas	$ 98.6 millones
Campañas de marketing	$ 45.3 millones
Gastos de viaje y promoción	$ 33.3 millones

Mantenimiento de la infraestructura tecnológica

Los costos de tecnología y mantenimiento de infraestructura para 2023 fueron de $ 35.6 millones.

• Infraestructura de computación en la nube: $ 18.2 millones
• Licencias de software: $ 9.4 millones
• Soporte y mantenimiento de TI: $ 8.0 millones

Validación clínica y cumplimiento regulatorio

Los gastos de cumplimiento y validación clínica en 2023 ascendieron a $ 22.5 millones.

Área de cumplimiento	Gastos
Presentaciones regulatorias de la FDA	$ 8.7 millones
Apoyo de ensayos clínicos	$ 10.3 millones
Documentación de cumplimiento	$ 3.5 millones

Irhythm Technologies, Inc. (IRTC) - Modelo de negocio: flujos de ingresos

Venta de dispositivos médicos

Irhythm Technologies genera ingresos a través de la venta de Zio XT y Zio en Patch Cardiac Monitoring Devices. En 2023, la compañía reportó ventas de dispositivos médicos de $ 343.6 millones.

Producto	Ventas anuales (2023)	Cuota de mercado
Patch Zio XT	$ 212.4 millones	62%
Zio en Patch	$ 131.2 millones	38%

Servicios de monitoreo basados ​​en suscripción

La compañía genera ingresos recurrentes a través de servicios de monitoreo cardíaco basados ​​en suscripción. En 2023, los ingresos por suscripción alcanzaron los $ 127.5 millones.

• Tarifa de suscripción mensual promedio: $ 85- $ 125 por paciente
• Duración de la suscripción: 7-14 días por ciclo de monitoreo
• Suscriptores anuales estimados: 150,000 pacientes

Análisis de datos y tarifas de diagnóstico de informes

Irhythm cobra a los proveedores de atención médica por informes de diagnóstico integrales y análisis de datos avanzados. En 2023, estos servicios generaron $ 56.2 millones en ingresos.

Tipo de servicio	Ingresos (2023)	Tarifa promedio por informe
Informes de diagnóstico avanzados	$ 34.6 millones	$275
Servicios de análisis de datos	$ 21.6 millones	$185

Licencias de software para proveedores de atención médica

Irhythm ofrece licencias de software para sus plataformas de salud digital. Los ingresos por licencias de software en 2023 totalizaron $ 22.4 millones.

• Tarifa de licencia empresarial: $ 15,000- $ 50,000 anualmente
• Número de sistemas de salud con licencia: 425
• Duración promedio del contrato: 3 años

Reembolso de compañías de seguros

La compañía recibe reembolsos de proveedores de seguros públicos y privados. En 2023, los reembolsos de seguros representaron $ 187.3 millones en ingresos.

Tipo de seguro	Cantidad de reembolso (2023)	Porcentaje de ingresos totales
Seguro privado	$ 124.6 millones	66.5%
Medicare/Medicaid	$ 62.7 millones	33.5%

iRhythm Technologies, Inc. (IRTC) - Canvas Business Model: Value Propositions

You're looking at the core benefits iRhythm Technologies, Inc. (IRTC) delivers to its customers, which are clearly quantified in their recent performance.

Zio XT offers up to 14 days of continuous, patient-friendly monitoring. Data from a comparison study showed the Zio XT service was associated with the highest diagnostic yield and fastest time to diagnosis compared to all other ambulatory cardiac monitors.

Zio AT is positioned as mobile cardiac telemetry with automated, near real-time detection. Management noted sustained demand for Zio AT, with unit growth more than double the corporate average in Q3 2025.

The clinical evidence strongly supports the superior diagnostic yield compared to traditional Holter monitors. For instance, in one analysis, Zio LTCM service was 2x as likely to result in a specified arrhythmia diagnosis compared to Holter monitoring services.

Here's a quick look at how the Zio XT service compares in yield against other monitoring modalities based on historical data:

Comparison Group	Diagnostic Yield Metric (vs. Holter)
Zio XT (vs. Holter)	Adjusted odds ratio of 1.95 for specified arrhythmia diagnosis.
Zio LTCM (vs. Holter)	2x as likely to result in a specified arrhythmia diagnosis.
Zio LTCM (vs. Other LTCMs)	1.69 times more likely to have a new arrhythmia encounter diagnosis within 90-days compared to Preventice LTCM service.

The data supports actionable, clinically validated data for earlier diagnosis. For patients with daily symptoms, nearly two-thirds of actionable arrhythmias went undetected through two days monitoring, meaning 24-48-hour monitoring like Holter would have missed them.

Furthermore, the next-generation Zio monitor showed improvements over the prior generation Zio XT device, with an overall arrhythmia detection rate of 80.9% versus 76.4%, respectively. The average wear duration was 12.6 days for the new monitor versus 11.9 days for Zio XT.

The operational value is cemented by seamless EHR integration. As of Q3 2025, 76 of the top 100 customers are now EHR integrated. Customers integrated with Epic Aura typically see an average increase of nearly 25% in monitoring volume within the first 6 months of going live.

You should track the following operational metrics:

• 76 of top 100 customers are EHR integrated.
• Epic Aura integration drives near 25% volume uplift in six months.
• Zio AT unit growth was more than double the corporate average in Q3 2025.
• Full year 2025 revenue guidance was raised to $735 million to $740 million.

Finance: draft 13-week cash view by Friday.

iRhythm Technologies, Inc. (IRTC) - Canvas Business Model: Customer Relationships

You're looking at how iRhythm Technologies, Inc. (IRTC) keeps its customers-physicians and health systems-engaged and satisfied as they scale toward a projected full-year 2025 revenue between $\text{\$735 million and \$740 million}$ or $\text{\$720 million to \$730 million}$ depending on the quarter's reporting. The relationship management is multi-faceted, blending direct sales efforts with platform automation.

Dedicated sales force for high-touch health system engagement

The direct engagement relies on a sales force focused on deeper health system integration. This high-touch approach is clearly targeting larger organizations, evidenced by the $\text{over 40 health systems}$ actively implementing or preparing Epic Aura integrations as of the second quarter of 2025. This EHR integration is key to embedding the service into the existing workflow. Furthermore, the company is seeing success in its non-traditional routes to market, reporting $\text{18 active partner accounts}$ in risk-bearing and innovative channels by the third quarter of 2025. The company reached a milestone of $\text{10 million patient reports posted}$ since inception as of the first quarter of 2025, showing the cumulative success of these engagement strategies.

Automated patient onboarding and device return processes

For the patient side, the focus is on making the monitoring seamless, which directly impacts physician satisfaction with the resulting data. Patient compliance with the wear time is reported as $\text{98\%}$ overall. When using the home enrollment (HE) pathway, where devices ship directly to the patient, the median wear time still exceeded $\text{13.8 days}$, and the percent analyzable ECG time was $\text{>98\%}$. This suggests the automated logistics and patient-facing app support are working well. Even better, for those HE patients using the MyZio mobile app, the compliance rate for returning devices within $\text{45 days}$ was $\text{93\%}$. Early wear terminations were infrequent, at $\text{\le2\%}$ across both in-clinic and home-based applications. It's defintely about minimizing friction for the end-user.

Clinical support for physicians interpreting Zio reports

The value proposition hinges on the quality of the final report, which is supported by clinical validation and AI. Physicians report a $\text{99\%}$ agreement rate with the comprehensive end-of-wear report findings. This high level of confidence comes from the ZEUS system, which uses an FDA-cleared, deep-learned AI algorithm that is clinically proven to perform at the level of cardiologists. The system is designed to distill data into actionable information, which is why the high agreement rate is so important for physician adoption.

Strategic partnerships with innovative value-based care groups

Strategic alliances are a major growth vector, especially in value-based care settings. The company highlighted progress within these innovative value-based care accounts as a driver for its Q3 2025 revenue of $\text{\$192.9 million}$. The partnership with Lucem Health, for instance, aims to use predictive AI to identify appropriate patients for proactive monitoring using Zio services. The clinical evidence supports this approach; earlier diagnosis in at-risk populations could potentially lead to over $\text{\$10 million}$ in downstream cost avoidance for every $\text{1,000}$ such patients diagnosed.

Here's a quick look at some key customer-facing metrics as of late 2025:

Metric Category	Key Data Point	Value/Amount	Context/Source Period
Physician Trust	Physician Agreement with End-of-Wear Report	99%	Reported Data
Patient Compliance	Overall Patient Compliance Rate	98%	Reported Data
Onboarding Efficiency (Home)	Compliance with Device Return (Home Enrollment)	93%	Using MyZio App
Health System Integration	Active Risk-Bearing/Innovative Partner Accounts	18	As of Q3 2025
EHR Integration Scale	Health Systems Implementing Epic Aura	Over 40	As of Q2 2025

Finance: draft the Q4 2025 sales force deployment efficiency report by next Tuesday.

iRhythm Technologies, Inc. (IRTC) - Canvas Business Model: Channels

The Channels block for iRhythm Technologies, Inc. centers on getting the Zio service to the end-user-the patient-through various clinical and direct pathways. This multi-pronged approach is designed to maximize penetration across different segments of the U.S. healthcare system and expand globally.

Direct sales to hospitals, clinics, and physician practices remain the foundational channel, driven by direct engagement with clinical staff and administrators. This is heavily supported by the push for deep system integration. As of the third quarter of 2025, 76 of iRhythm Technologies, Inc.'s top 100 customers are now EHR integrated. This integration effort is specifically focused on major platforms; for instance, 30 systems are live with Epic Aura, with another 65 systems in active implementation or advanced discussions for that same integration. The value proposition here is clear: Epic Aura integrated customers typically see an average increase of nearly 25% in monitoring volume within the first 6 months of going live. Furthermore, the company is seeing growth through its network of partners, reporting 18 active innovative channel partner accounts as of the third quarter of 2025.

For patient convenience, home enrollment shipments are a key component of the channel strategy, allowing for remote deployment of the monitoring device. This channel saw initiation of shipments in the fourth quarter of 2024. Data from a large-scale analysis involving over 742,000 patients confirmed the viability of this direct-to-patient shipment model. Here's a quick look at the performance metrics for home-enrolled (HE) patients:

Metric	Home Enrollment (HE) Patients	In-Clinic Application Group
Median Wear Time	>13.8 days	Comparable
Percent Analyzable ECG Time	>98%	Comparable
Early Wear Terminations	$\le$2%	$\le$2%

The use of the MyZio mobile app was also more common among HE patients at 52% compared to 17% for the other group, which correlated with better compliance for device return within 45 days (93% vs. 80%).

The international distribution network supports global reach, with specific focus areas showing momentum. In the second quarter of 2025, management highlighted momentum in the United Kingdom, four European markets, and the commercial launch in Japan. The third quarter of 2025 revenue specifically included contribution from international markets.

The overall commercial execution, which relies on these channels, is reflected in the financial guidance and results:

• Full year 2025 revenue guidance is set between $735 million to $740 million.
• Third quarter 2025 revenue reached $192.9 million, marking a 30.7% increase year-over-year.
• Growth in Q3 2025 was driven by demand in core accounts, Zio AT penetration, and new innovative channel customer accounts.

If onboarding takes 14+ days, churn risk rises.

Finance: draft 13-week cash view by Friday.

iRhythm Technologies, Inc. (IRTC) - Canvas Business Model: Customer Segments

You're looking at the core groups iRhythm Technologies, Inc. (IRTC) targets with its Zio monitoring platform. It's a tiered approach, moving from the specialists who are the primary users to broader primary care and health systems to capture patients earlier in their journey.

The scale of the business, as of late 2025 based on updated guidance, supports this segmentation. Full year 2025 revenue is projected between $735 million to $740 million. The third quarter of 2025 alone brought in revenue of $192.9 million, showing strong volume growth across these customer types.

Cardiologists and electrophysiologists (core market)

This group remains the bedrock of iRhythm Technologies, Inc.'s business. They are the specialists who rely on the detailed, long-term data from the Zio service for definitive diagnosis of complex arrhythmias. The company notes continued momentum in its core long-term continuous monitoring business.

The clinical validation is a key selling point to this segment. For instance, the company has data showing that 99% of physicians agree with the comprehensive end-of-wear report generated by the system.

Primary care physicians (PCPs) for upstream monitoring

iRhythm Technologies, Inc. is actively pushing for earlier prescribing by PCPs to catch issues before they escalate to a specialist referral. This is the upstream expansion strategy. The company has seen growth driven by its ongoing expansion into primary care programs.

The integration of the Zio platform with Electronic Health Record (EHR) systems is crucial here for workflow adoption. The partnership with Epic Systems Corporation's Aura solution is showing tangible results, with management noting an average of over a 20% increase in prescribing patterns post-integration, with some accounts seeing as high as a 40% lift.

Innovative value-based care organizations and health systems

This segment focuses on large organizations where the economic value of early detection-reducing downstream costs and adverse events-is most apparent. iRhythm Technologies, Inc. reports progress within innovative value-based care accounts.

The company has been aggressively pursuing system-level adoption. As of the second quarter of 2025, over 40 health systems were actively implementing or preparing integrations for the Epic Aura solution. Furthermore, the platform has integrated with 92 EHR platforms and 1,256 healthcare technology networks to streamline data flow.

Patients requiring long-term ambulatory cardiac monitoring

The patient is the ultimate beneficiary, and the product evolution is directly tied to their needs. The company has reached a significant milestone, posting over 10 million patient reports since its inception.

Payer coverage is expanding this segment's reach. As of mid-2025, iRhythm Technologies, Inc. noted expanded payer coverage for Zio services as an in-network benefit to over 10 million additional patients in the U.S. Product innovation also targets patient needs, with the next-generation Zio MCT device expected to extend wear time from 14 days to 21 days.

Here's a quick look at how the financial performance supports the scale of these customer interactions through the first three quarters of 2025:

Metric	Q1 2025 Value	Q3 2025 Value	FY 2025 Guidance (Projected)
Revenue	$158.7 million	$192.9 million	$735 million to $740 million
Gross Margin	68.8%	71.1%	Not explicitly stated for full year, but trending up
Cash & Equivalents (End of Period)	$520.6 million (as of March 31, 2025)	$565.2 million (as of September 30, 2025)	N/A

The focus on innovative channels and primary care is meant to drive volume leverage, which helped push the Q3 2025 gross margin up to 71.1%. The company is definitely betting on these newer segments to fuel future growth beyond the established core cardiologist base.

iRhythm Technologies, Inc. (IRTC) - Canvas Business Model: Cost Structure

You're looking at the core expenses that fuel iRhythm Technologies, Inc.'s growth and operations as of late 2025. These are the dollars going out to keep the Zio platform running, innovating, and expanding commercially.

The Cost Structure is heavily weighted toward delivering the service and scaling the commercial footprint. Here's a breakdown of the key financial outlays based on the most recent reporting periods.

The Cost of Revenue, which covers the Zio patch production and the service labor for analysis, is a direct function of volume. For the third quarter of 2025, this cost was reported at $55.8 million.

Innovation doesn't come cheap, especially when developing next-generation hardware and software. Research and development (R&D) spending for projects like the Zio MCT solution was $21.0 million in Q3 2025. This investment is crucial for maintaining a technological edge in cardiac monitoring.

Commercial expansion requires significant investment in the sales force and the infrastructure to support it. Sales, General, and Administrative (SG&A) expenses reflect this push. For the twelve months ending September 30, 2025, iRhythm Technologies, Inc.'s SG&A reached $470 million.

Still, the company has been managing costs related to past regulatory issues. Ongoing expenses for FDA remediation and quality system improvements were estimated to be approximately $15 million for the full year 2025, a necessary outlay to ensure compliance and maintain market access.

To give you a clearer picture of the operating expense environment in Q3 2025, here are the key figures:

Cost Component	Reported Amount (Q3 2025)	Context/Period
Cost of Revenue	$55.8 million	Q3 2025
Research and Development (R&D)	$21.0 million	Q3 2025
Total Operating Expenses (GAAP)	$145.6 million	Q3 2025
Adjusted Operating Expenses (Non-GAAP)	$141.4 million	Q3 2025

The operating expense profile shows a clear focus on scaling the business, but you have to look closely at the components that make up that total spend.

Here's how the major operating expense categories break down, keeping in mind that the SG&A figure is a trailing twelve-month number:

• Cost of Revenue (Zio production/labor): $55.8 million in Q3 2025.
• Research and Development (R&D): $21.0 million in Q3 2025.
• Sales, General, and Administrative (SG&A) (TTM): $470 million as of September 30, 2025.
• FDA Remediation/Quality System Costs: Estimated at approximately $15 million for the full year 2025.

The total GAAP Operating Expenses for Q3 2025 were $145.6 million. That's a reduction from $151.8 million in Q3 2024, showing some operating leverage is starting to take hold, even with ongoing investments.

Finance: draft 13-week cash view by Friday.

iRhythm Technologies, Inc. (IRTC) - Canvas Business Model: Revenue Streams

You're looking at how iRhythm Technologies, Inc. brings in the money, and as of late 2025, the story is about scaling the Zio service model profitably. The core of the revenue is the fee charged for the Zio service itself, which covers both the Zio XT and the Zio AT devices and the subsequent data analysis.

The momentum from the first half of the year led management to raise the full-year 2025 revenue guidance to between $735 million to $740 million. This range represents a projected year-over-year growth of 24% to 25% for the full fiscal year 2025. To give you a concrete look at the current run rate, third quarter 2025 revenue hit $192.9 million, which was a 30.7% increase compared to the third quarter of 2024.

The high gross margin on these services is a key financial characteristic. For the third quarter of 2025, the gross margin was 71.1%. That's an improvement of 230-basis points compared to the same period last year. Honestly, this margin expansion is primarily due to volume leverage and operational efficiencies kicking in, even with a higher Zio AT product mix slightly offsetting some of those gains.

Growth drivers for this revenue are clear. The increase in Zio service volume came from a few places. We saw continued momentum in core long-term continuous monitoring accounts, sustained demand for the Zio AT device, and growth from new innovative channel customer accounts. Plus, there is a growing contribution from international markets, which is a clear expansion vector.

Here's a quick look at how the key 2025 numbers stack up against the recent quarter's performance:

Metric	Full Year 2025 Guidance	Q3 2025 Actual
Revenue	$735 million to $740 million	$192.9 million
Gross Margin	Slightly exceed full year 2024	71.1%
Year-over-Year Revenue Growth	24% to 25%	30.7%

Perhaps the most defintely key milestone for the revenue stream's sustainability is the expected shift to positive cash flow. Management now anticipates that iRhythm Technologies, Inc. will be slightly free cash flow positive for full year 2025. This follows a strong Q3 2025 where the company achieved record free cash flow generation, coming in at $20.0 million for the quarter.

The sources of this revenue growth can be broken down further by adoption patterns:

• Growth in demand for Zio services within core existing accounts.
• Continued market penetration of Zio AT.
• Progress within innovative value-based care accounts.
• Contribution from international markets.
• New store growth accounted for approximately 60% of the year-over-year volume growth in Q3 2025.

Finance: draft 13-week cash view by Friday.