iRhythm Holdings, Inc. · NASDAQ:IRTC
iRhythm — Q4 2025 Earnings Presentation
18 slides from iRhythm's earnings presentation, Feb 19, 2026
Slide 1: iRhythm Holdings Fourth Quarter 2025 Results
iRhythm Holdings Fourth Quarter 2025 Results February 19, 2026 © 2026 iRhythm Holdings, Inc. 1
Slide 2: Cautionary statement re forward-looking statements, non-GAAP measures and other matters
Cautionary statement re forward-looking statements, non-GAAP measures and other matters Certain data in this presentation was obtained from various external sources, and neither “iRhythm Holdings, Inc. You should not rely upon forward-looking statements as predictions of future events. Although we b
Slide 3: Addressing major challenges and opportunities in healthcare
Addressing major challenges and opportunities in healthcare IRHY THM’S IMPACT ADDRESSING UNMET MARKET CATALYSTS GROWING ACCESS NEED GAP 20 years advancing cardiac Heart rhythm problems Aging population, consumer 46.3% of all U.S. counties – diagnostics and innovating are among the most arrhythmia aw
Slide 4: 27+ million potential patients; $747.1 million 2025 revenue
27+ million $747.1 million Potential patients in the United Full year 2025 revenue, States who could benefit from a 26.2% increase year-over-year ambulatory cardiac monitoring* 2.6 million 3.2 million tests Patient reports posted annually Target market opportunity across prioritized EU and APAC coun
Slide 5: ACM market is evolving with runway for durable growth
ACM market is evolving with runway for durable growth TREMENDOUS MARKET EXPANSION POTENTIAL AHEAD MARKET LEADERSHIP IN LTCM : 72% market share in LTCM (of 3.5 million tests in US today growing high teens % YOY) with ~ 27 million undiagnosed US patients at elevated risk SHORT DURATION MONITORS YET TO
Slide 6: Primary care adoption key to accessing expansive TAM
Primary care adoption key to accessing expansive TAM IRHY THM UNIQUELY POSITIONED TOTAL MARKET CLAIMS BY APPROACHING PRIMARY CARE VIA TO WIN IN PRIMARY CARE MODALIT Y & SPECIALT Y T WO-PRONGED STRATEGY MCT ✓ Market leader in LTCM, the preferred modality EVENT Land-and-expand within ✓ Rule-in/rule-ou
Slide 7: Next-gen MCT designed to extend our category leadership
Next-gen MCT designed to extend our category leadership Zio AT® Zio MCT** (Not yet FDA cleared, 510(k)) submitted 3Q25) Improved form factor Device form factor Legacy patch technology • Same platform as Zio monitor • Better adhesion and battery Wear duration Up to 14 days Up to 21 days Auto-detects
Slide 8: Significant runway in international expansion
Significant runway in international expansion PRIORITIZED EU COUNTRIES Switzerland, Spain, Austria, UNITED KINGDOM and the Netherlands JAPAN Early commercialization Early commercialization Early commercialization 700,000 900,000 1,600,000 Ambulatory cardiac monitoring Ambulatory cardiac monitoring A
Slide 9: 2025 milestones reflective of execution and momentum
2025 milestones reflective of execution and momentum ACCELERATING BRINGING GENERATING MOMENTUM IN PROVIDING A INNOVATIVE PEER-REVIEWED EXECUTING WITH COMMERCIAL WINNING CUSTOMER PRODUCTS TO CLINICAL EXPANDING MARKET DISCIPLINE & BUSINESS EXPERIENCE MARKET EVIDENCE ACCESS EFFICIENCY $747.1 million re
Slide 10: Fourth quarter 2025 financial performance
Fourth quarter 2025 financial performance GLOBAL NET REVENUE GROSS PROFIT MARGIN (USD, MILLIONS) $208.9 $192.9 71.2% 71.1% 70.9% $186.7 70.0% 68.8% $164.3 $158.7 4Q2024 1Q2025 2Q2025 3Q2025 4Q2025 4Q2024 1Q2025 2Q2025 3Q2025 4Q2025 ADJUSTED OPERATING EXPENSES * ADJUSTED EBITDA MARGIN * (USD, MILLION
Slide 11: 2026 outlook balances growth across near-term opportunities
2026 outlook balances growth across near-term opportunities U.S. CORE COMMERCIAL BUSINESS • Further expansion into PCP channel GLOBAL NET REVENUE (USD, MILLIONS) • New technologies (e.g., PFA) expand monitoring $870 – • MCT market expansion with continued innovation $880 $747.1 $591.8 INTERNATIONAL
Slide 12: Addressing the future focus of healthcare
Addressing Expanding core the future focus & unlocking of healthcare adjacent markets Growing revenue Driving through global market meaningful expansion improvements in financial profile
Slide 13: Appendix
Appendix
Slide 14: Reconciliation of net income (loss) to adjusted EBITDA
Reconciliation of net income (loss) to adjusted EBITDA Adjusted EBITDA is a non-GAAP financial measure and is presented for supplemental informational purposes only and should not be considered as an alternative or substitute to financial information presented in accordance with GAAP. Adjusted EBITD
Slide 15: Reconciliation of GAAP to non-GAAP financial information
Reconciliation of GAAP to non-GAAP financial information Adjusted EBITDA, adjusted net income (loss), adjusted net income (loss) per share, adjusted operating expenses, and free cash flow are non-GAAP financial measures and are presented for supplemental informational purposes only and should not be
Slide 16: Reconciliation of GAAP to non-GAAP financial information
Reconciliation of GAAP to non-GAAP financial information (USD, THOUSANDS) THREE MONTHS ENDED DECEMBER 31, YEAR ENDED DECEMBER 31, ADJUSTED NET INCOME (LOSS) RECONCILIATION* 2025 2024 2025 2024 Net income (loss), as reported1 $ 5,579 $ (1,333) $ (44,551) $ (113,289) Impairment charges 1,979 — 4,458 6
Slide 17: Reconciliation of GAAP to non-GAAP financial information
Reconciliation of GAAP to non-GAAP financial information (USD, THOUSANDS) THREE MONTHS ENDED DECEMBER 31, YEAR ENDED DECEMBER 31, ADJUSTED OPERATING EXPENSES RECONCILIATION* 2025 2024 2025 2024 Operating expenses, as reported $ 145,769 $ 119,151 $ 584,657 $ 523,036 Impairment charges (1,979) — (4,45
Slide 18: Slide sources
SLIDE(S) SOURCES ‘Addressing major challenges • Ward et al. Prevalence and health care expenditures among Medicare beneficiaries aged 65 years and over with heart conditions. Medicare Current Beneficiary and opportunities in Survey, 2017. (Prevalence of self-reported heart conditions.) American Coll