iRhythm Holdings, Inc.

Cardiac-monitoring company (Zio) near breakeven with strong growth and positive FCF.

Strengths

• Strong growth and positive FCF — revenue +26%, FCF $35M (81st)
• High gross margin — 71%
• Strong liquidity — current ratio 4.6 (69th)

Risks

• Near-breakeven net result — operating margin -8%, net income -61%
• Reimbursement/cyber-incident history — per 10-K
• Competition — per 10-K

Notable findings

• Cyber incidentRecent 8-K item 1.05 8-K ↗
• Exec changeRecent 8-K item 5.02 8-K ↗
• Auditor changeRecent 8-K item 4.01 8-K ↗
• Net lossNet loss (net margin -6.0%)
• Material weakness• In the future we may identify material weaknesses or otherwise fail to maintain an effective system of internal controls, which may result in material misstatements of our consolidated financial sta
• Customer concentration~100% of revenue from one customer/distributor — Comparison of the Years Ended December 31, 2025, and 2024 Year Ended December 31, 2025 % Revenue 2024 % Revenue $ Change % Change (dollars in thousands, except percentages)* Revenue, net $ 7
• Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, Bridgewater Associates, LP
• Strong balance sheetStrong balance sheet — $560M cash & investments
• Notable holderHeld by 5 notable fund(s): FMR LLC, STATE STREET CORP, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
• Insider sellingInsider selling — 45 open-market sale(s) by 10 insider(s) (cluster of 10 insiders, ~$16M, last 6mo) Form 4 ↗