{ "docId": "019dd923-622c-750b-8b99-bca3fd68622d", "docSlug": "4c8fe6013c68", "documentTitle": "iRhythm Technologies, Inc. (IRTC)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2025-08-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 21, "pageCount": 101, "prevPage": 20, "nextPage": 22, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 0, "notes": "The slide uses whistleblower testimony (FE 3) to contradict company claims regarding the device's real-time monitoring capabilities.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-bca3fd68622d/21", "deckHref": "/decks/019dd923-622c-750b-8b99-bca3fd68622d", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-bca3fd68622d.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-bca3fd68622d#slide-21", "components": [ { "bbox": { "h": 0.04, "w": 0.96, "x": 0.02, "y": 0.27 }, "kind": "callout", "text": "Excerpts From Glazing v iRhythm Second Amended Complaint", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "73f905fa-2db2-4b11-9bb6-b5867a6b49ae", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "The issues cited represent serious and harmful corporate practices in service of continuing to sell a troubled product.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-0395-748f-9565-645efc37296a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.96, "x": 0.02, "y": 0.59 }, "kind": "paragraph", "text": "\"These failures of the Zio AT had serious consequences. Troublingly, FE 3 stated that technicians could see patients dying while wearing the Zio AT monitor. FE 3 stated that many patients should not have been wearing the Zio AT device and should have been monitored live instead. FE 3 wanted to look at critical and end-of-life arrhythmias first in the queue, but there was no way to prioritize review of those arrhythmia events. FE 3 stated that the technicians were always concerned about the additional \"lag time\" that it took to work through the queue and analyze arrhythmia events. It was a constant discussion among the technicians, but these concerns were never addressed during FE 3's tenure. At the same time, in stark contrast to the Company's statements throughout the Class Period, FE 3's managers consistently told technicians that the Zio AT was 'not an emergency service' and that they were not here for 'the critical arrhythmias.'\"", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "17daedd8-64dd-4fb8-89f5-a85a3201e9d1", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.85 }, "kind": "paragraph", "text": "\"One former sales employee stated that he was \"completely unaware\" of these problems with the Zio AT, adding 'I would have stopped trying to sell the Zio AT as an MCT if I knew it could harm patients.' A then-current sales employee told The Capitol Forum, 'Here's the deal. We were never told it was not an MCT. We were never told to not call it an MCT, and we are 100% still selling it as an MCT.'\"", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "97b298d6-2fad-4e9e-b832-2c1c3f7ab579", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.96, "x": 0.02, "y": 0.33 }, "kind": "paragraph", "text": "\"...further unknown to physicians and patients, the Zio AT failed to consistently provide \"near real-time\" notifications because it regularly had a \"lag time\" of around four hours or more. FE 3—a former iRhythm Zio AT technician from before the Class Period through November 2022—explained that because of this lag time, the Zio AT was not live and did not notify physicians of arrhythmias right away. According to FE 3, it took four hours for any arrhythmia events transmitted from the Zio AT to show up in a \"queue\" for technicians' review. Then, the technicians had to work their way down this queue to analyze the events one by one, which added on additional \"lag time\" to the four hours it took just for events to make it into the queue. Worse, on weekends and overnight, the queue built up even more because there were not as many technicians during those shifts.\"", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b7672958-1a9c-462d-bc60-a9cf4d397560", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "Subsequent to iRhythm's receipt of the Form 483s in 2024, Capitol Forum revealed additional concerns regarding the Zio AT that suggested the issues at iRhythm were even more widespread and systemic. The issues cited represent serious and harmful corporate practices in service of continuing to sell a troubled product.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c9e7e865-cfb9-419a-a8d0-5b5c83b5404b", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“...further unknown to physicians and patients, the Zio AT failed to consistently provide ‘near real-time’ notifications because it regularly had a ‘lag time’ of around four hours or more. FE 3—a former iRhythm Zio AT technician from before the Class Period through November 2022—explained that because of this lag time, the Zio AT was not live and did not notify physicians of arrhythmias right away.” — Glazing v iRhythm Second Amended Complaint", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-0395-748f-9565-6b477ac9aba4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Case 3:24-cv-00706-JSC Document 43 Filed 10/11/24", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3e4d7436-59af-4b31-9fb5-d27e5e4f5e80", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Subsequent Revelations Suggest Systemic Issues At iRhythm", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "32fac2f6-bad4-400e-827d-c04c0f05eeb7", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "8bd95c0a-cb9e-42a8-9562-1c6deffd39ea", "evidence": "The slide uses legal complaint excerpts to expose contradictions between company claims and internal reality.", "confidence": 0.9 } ], "arcBeats": [ { "to": 24, "from": 8, "beatId": "98bf75b1-d631-41a2-8007-79b7391e3925", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The document presents various contradictions and concerns regarding iRhythm's products and practices.", "position": 1, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }