# iRhythm Holdings, Inc. (IRTC)

> Source: Nexqual · https://nexqual.com/IRTC · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, iRhythm Holdings, Inc. (IRTC), nexqual.com/IRTC" · informational, not investment advice.

**Price:** USD 123.99 (+0.19% on the day) · last close of Oct 28, 2026; US market closed, not a live price. Prev close 123.75 · day 122.74–125.57 · 52w 100.7–212 · market cap $4.09B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $825M, net income -$13.9M (-1.7% margin), free cash flow $39.0M (SEC filings).
- Insider open-market sales, last ~7 months: 15 Form 4 filings, $8.7M; 14 not under a Rule 10b5-1 plan ($8.1M); 1 by opportunistic insiders (1 outside 10b5-1 plans), 8 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $57K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 1.81 on a 1–5 scale) (16 analysts), mean target USD 171.33 (range 140–196).
- Total return with dividends: 1Y -33.1% vs S&P 500 +13.6%; 5Y +76.8% vs S&P 500 +79.8%.
- Next earnings: 2026-11-05, EPS estimate USD 0.05, revenue estimate $222M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $323M | $411M | $493M | $592M | $747M | $825M |
| Gross profit | $214M | $282M | $332M | $408M | $527M | — |
| Operating income | -$99.9M | -$114M | -$125M | -$116M | -$57.4M | -$24.9M |
| Net income | -$101M | -$116M | -$123M | -$113M | -$44.6M | -$13.9M |
| EPS (diluted) | -$3.46 | -$3.88 | -$4.04 | -$3.63 | -$1.39 | — |
| Free cash flow | -$65.8M | -$52.8M | -$90.5M | -$30.6M | $34.5M | $39.0M |
| Gross margin | 66.2% | 68.5% | 67.3% | 68.9% | 70.6% | — |
| Operating margin | -31.0% | -27.7% | -25.4% | -19.5% | -7.7% | -3.0% |
| Net margin | -31.4% | -28.3% | -25.0% | -19.1% | -6.0% | -1.7% |
| Revenue growth | +21.7% | +27.3% | +19.9% | +20.1% | +26.2% | — |
| Cash + short-term investments | $222M | $159M | $110M | $317M | $490M | — |
| Total debt | $21.4M | $34.9M | $35.0M | $646M | $650M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 5.0x · EV/Sales 5.1x · P/FCF 104.9x · P/B 22.0x · FCF yield 0.95% · Earnings yield -0.34% · Net debt $156M · EV $4.24B

## Insider sales (SEC Form 4, open-market, last ~7 months)
1 of 15 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-02 | Wilson Daniel G. | Chief Financial Officer | 773 | $94K | 2.2% | No | Routine (sold in Feb & Mar each year 2023–2025; this trade is outside those months) |
| 2026-08-10 | Blackford Quentin S. | President and CEO | 26,859 | $3.3M | 10.6% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-10 | Murphy Patrick Michael | CBO and CLO | 7,093 | $884K | 9.2% | No | Routine (sold in Mar & Dec each year 2023–2025; this trade is outside those months) |
| 2026-08-10 | Patterson Chad | CHIEF COMM & PRODUCT OFFICER | 7,093 | $884K | 10.2% | No | Routine (sold in Aug each year 2023–2025) |
| 2026-08-10 | Shrishrimal Sumi | EVP, Chief Risk Officer | 5,372 | $670K | 10.7% | No | Routine (sold in Jun each year 2023–2025; this trade is outside those months) |
| 2026-08-10 | Turakhia Minang | CHIEF MED/SCI OFCR EVP ADVTECH | 7,093 | $884K | 10.6% | No | Routine (sold in Jul each year 2023–2025; this trade is outside those months) |
| 2026-08-03 | Smith Mervin | EVP Strategic Business Ops | 617 | $75K | 2.7% | No | Too little history (no open-market trades in 2023) |
| 2026-08-03 | Rodda Julianne | EVP, CHIEF PEOPLE OFFICER | 2,112 | $258K | 10.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-03 | Patterson Chad | CHIEF COMM & PRODUCT OFFICER | 2,712 | $331K | 4.6% | No | Routine (sold in Aug each year 2023–2025) |
| 2026-07-02 | Turakhia Minang | CHIEF MED/SCI OFCR EVP ADVTECH | 1,423 | $177K | 2.6% | No | Routine (sold in Jul each year 2023–2025) |
| 2026-07-02 | Freeman Sean Clinton | EVP, Strategy & Corp Devt | 918 | $114K | 6.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-02 | Shrishrimal Sumi | EVP, Chief Risk Officer | 1,716 | $186K | 4.1% | No | Routine (sold in Jun each year 2023–2025) |
| 2026-06-02 | Rosenbaum Marc Wade | Chief Accounting Officer | 729 | $79K | 4.3% | No | Too little history (no open-market trades in 2023) |
| 2026-05-11 | Talwalkar Abhijit Y | Director | 5,312 | $626K | 20.7% | Yes | Too little history (no open-market trades in 2023) |
| 2026-05-04 | Lawrence Brian Lee | Chief Technology Officer | 1,014 | $122K | 4.8% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $57K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-11 | Talwalkar Abhijit Y | Director | 5,312 | $57K | 10.71 | Too little history (no open-market trades in 2023) |

## Analysts
Consensus Buy (mean 1.81 on a 1–5 scale), 16 analysts; mean target USD 171.33 (low 140, high 196).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | Piper Sandler | Initiated | Overweight | $160 |
| 2026-10-06 | Wells Fargo | Target lowered | Overweight | $168 → $150 |
| 2026-10-06 | Freedom Capital Markets | Maintained | Buy | $190 |
| 2026-10-05 | Needham | Target raised | Buy | $192 → $194 |
| 2026-08-18 | Wells Fargo | Target lowered | Overweight | $180 → $168 |
| 2026-08-10 | Truist Securities | Target raised | Buy | $160 → $168 |
| 2026-08-07 | Wells Fargo | Target lowered | Overweight | $180 → $168 |
| 2026-08-07 | Needham | Target lowered | Buy | $255 → $192 |
| 2026-08-07 | Evercore ISI Group | Target raised | Outperform | $150 → $165 |
| 2026-07-23 | Stephens & Co. | Initiated | Overweight | $160 |
| 2026-07-16 | Truist Securities | Target lowered | Buy | $174 → $160 |
| 2026-07-06 | Evercore ISI Group | Target lowered | Outperform | $160 → $150 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -33.1% | +76.8% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | -33.2% | +12.0% |
| Volatility (annualized) | 43.8% | 56.7% |
| Max drawdown | -46.2% (Jan 2026→Jun 2026) | -64.9% (Mar 2022→Oct 2024) |

## Peers (Medical Devices)
ITGR (Integer Holdings Corporation) USD 126.55 -0.15% · LIVN (LivaNova PLC) USD 80.66 +0.35% · HAE (Haemonetics Corporation) USD 118.32 -1.38% · AXGN (AxoGen, Inc.) USD 49.25 +31.47% · NEOG (Neogen Corporation) USD 12.12 -2.81% · TMDX (TransMedics Group, Inc.) USD 66.9 -4.06%

## More
Full page: https://nexqual.com/IRTC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in IRTC's own 10-K filed 2026-02-19 (https://www.sec.gov/Archives/edgar/data/1388658/000138865826000011/irtc-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Apple (AAPL) | "For example, Apple, Fitbit and Samsung, among others, have added capabilities on their platforms to measure non-continuous ECG and to alert customers to the potential presence of irregular heartbeats suggestive of asympt…" |
| Customer | Samsung Electronics | "For example, Apple, Fitbit and Samsung, among others, have added capabilities on their platforms to measure non-continuous ECG and to alert customers to the potential presence of irregular heartbeats suggestive of asympt…" |
| Partner | BioIntelliSense | "In connection with the License Agreement, iRhythm Technologies also purchased an aggregate of $40.0 million of convertible promissory notes from BioIS (the "Convertible Notes"), of which $20.0 million ("Milestone Notes")…" |
| Partner | Verily Life Sciences | "Under the terms of the Development Collaboration Agreement dated September 3, 2019, as amended, between us and Verily Life Sciences LLC ("VLS") and Verily Ireland Limited ("VIL" and together with VLS, "Verily"), we agree…" |
| Partner | Verily Ireland | "Under the terms of the Development Collaboration Agreement dated September 3, 2019, as amended, between us and Verily Life Sciences LLC ("VLS") and Verily Ireland Limited ("VIL" and together with VLS, "Verily"), we agree…" |
| Partner | Alphabet (Google) (GOOGL) | "On September 3, 2019, the Company entered into a Development Collaboration Agreement with Verily Life Sciences LLC, an Alphabet company ("VLS") and Verily Ireland Limited ("VIL" and together with VLS, "Verily") (such Dev…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Contracted third-party payors | $113.8M | 50.8% | +16.4% |
| CMS | $58.5M | 26.1% | +31.6% |
| Customer A | $37.8M | 16.9% | +18.7% |
| Non-contracted third-party payors | $14.1M | 6.3% | +11.1% |
| Total revenue | $224.2M | 100% | — |

## Company outlook (8-K filed 2026-08-06)

- "For the full year 2026, iRhythm expects revenue between $880 million and $890 million and adjusted EBITDA margin between 13.0% and 14.0%, reflecting continued volume-led growth, gross margin expansion, and operating leverage while maintaining disciplined investment in innovation and market expansion."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.05 | $0.09 | -46.5% | $222.2M | 11 |
| Next quarter (ends 2026-12-31) | $0.25 | $0.39 | -34.1% | $245.0M | 11 |
| Current fiscal year (ends 2026-12-31) | $0.55 | $0.12 | +349.6% | $891.7M | 11 |
| Next fiscal year (ends 2027-12-31) | $1.25 | $1.06 | +17.3% | $1.04B | 7 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±11.2%; last 8 reports averaged ±6.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 23 | 55.6% | ±11.2% |
| 2026-12-18 | 51 | 48.4% | ±14.4% |
| 2027-01-15 | 79 | 48.9% | ±18.1% |
| 2027-02-19 | 114 | 49.8% | ±22.1% |
| 2027-03-19 | 142 | 50.3% | ±24.9% |
| 2027-05-21 | 205 | 50.1% | ±29.8% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 6, 2026 | Quarter ended Jun 30, 2026 | $0.58 | $0.04 | Beat +$0.54 | +2.7% |
| Apr 30, 2026 | Quarter ended Mar 31, 2026 | −$0.35 | −$0.64 | Beat +45.3% | +0.0% |
| Feb 19, 2026 | Quarter ended Dec 31, 2025 | $0.29 | $0.06 | Beat +383.3% | -1.9% |
| Oct 30, 2025 | Quarter ended Sep 30, 2025 | −$0.06 | −$0.28 | Beat +78.6% | +1.1% |
| Jul 31, 2025 | — | — | — | — | +17.8% |
| Feb 20, 2025 | — | — | — | — | +5.7% |
| Oct 30, 2024 | — | — | — | — | -5.9% |
| Aug 1, 2024 | — | — | — | — | -14.3% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-13 | Schedule 13G/A | Millennium Management LLC, Millennium Group Management LLC: 1.1% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1388658/000110465926115591/0001104659-26-115591-index.htm |
| 2026-10-05 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1388658/000138865826000083/0001388658-26-000083-index.htm |
| 2026-09-22 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1388658/000138865826000080/0001388658-26-000080-index.htm |
| 2026-08-14 | Schedule 13G/A | RTW Investments, LP, Roderick Wong: 6.6% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1388658/000149321526000149/0001493215-26-000149-index.htm |
| 2026-08-13 | Schedule 13G | Artisan Partners Asset Management Inc., Artisan Partners Holdings LP: 5.1% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1388658/000119312526349322/0001193125-26-349322-index.htm |
| 2026-08-13 | 8-K | Director or executive officer change, or pay arrangement — “(b) On August 11, 2026, Brian Yoor notified iRhythm Holdings, Inc. (the "Company") of his decision to resign from his position as a member of the Board of Directors of the Company (the "Board") and as a member and chair of the Audit Committee of the Board (the "Audit Committee"), effective August 12, 2026. Mr. Yoor's resignation from the Board was for personal reasons and not based on any disagreement with the Company on any matter relating to the Company's operations, policies or practices. The Board has…” | https://www.sec.gov/Archives/edgar/data/1388658/000138865826000076/0001388658-26-000076-index.htm |
| 2026-08-06 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1388658/000138865826000072/0001388658-26-000072-index.htm |
| 2026-08-06 | 8-K | Entered a material agreement; Unregistered sale of shares — “On August 5, 2026, iRhythm Holdings, Inc., a Delaware corporation ("iRhythm" or the "Company"), iRhythm Technologies, Inc., a Delaware corporation and a direct wholly owned subsidiary of iRhythm ("Acquirer"), Project Vessel Merger Sub, Inc., a newly formed Delaware corporation and a direct wholly owned subsidiary of Acquirer ("Merger Sub"), Vital Connect, Inc., a Delaware corporation (the "Target"), and Fortis Advisors LLC, a Delaware limited liability company, solely in its capacity as the representative of the…” | https://www.sec.gov/Archives/edgar/data/1388658/000138865826000071/0001388658-26-000071-index.htm |
| 2026-08-06 | 8-K | Entered a material agreement; Quarterly results; Regulation FD disclosure — “As previously disclosed, iRhythm Technologies, Inc. ("iRhythm Technologies"), a wholly owned subsidiary of iRhythm Holdings, Inc. (the "Company"), has been involved in patent litigation with Welch Allyn, Inc. and Bardy Diagnostics, Inc., wholly-owned subsidiaries of Baxter International, Inc. (the foregoing entities collectively, "Baxter"). iRhythm Technologies and Baxter have each accused the other of infringing certain patents, and each party has filed counterclaims and actions to invalidate the other party's…” | https://www.sec.gov/Archives/edgar/data/1388658/000138865826000070/0001388658-26-000070-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.