{
  "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": 27,
  "pageCount": 101,
  "prevPage": 26,
  "nextPage": 28,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 3,
  "notes": "Uses a table structure to systematically debunk four specific marketing claims.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-bca3fd68622d/27",
  "deckHref": "/decks/019dd923-622c-750b-8b99-bca3fd68622d",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-bca3fd68622d.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-bca3fd68622d#slide-27",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Importantly, in the FDA Form 483 received in July 2024, the FDA observed that the Zio AT's sensitivity for AFib detection was 88.7%, breaching its threshold.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0395-748f-9566-41ca3478bd96",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "AFib detection sensitivity: 88.7%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0395-748f-9566-440a7dc64ad9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.09,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "We believe iRhythm's, and in some cases the entire industry's, marketing claims are overstated or biased. While iRhythm touts its large amount of supporting scientific literature, we note that much of that is either dated or merely supportive of wearable monitoring rather than Zio specifically. For example, we believe comparisons to traditional Holter monitors are of limited utility.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "76ff8561-76f5-438a-9b18-af09c062a351",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.5,
        "x": 0.02,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: FDA Form 483 dated 7/31/24 (San Francisco), MAUDE database, Spruce Point research",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2b8125b0-82a2-4cf1-b258-d9dcbad64c99",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.68,
        "w": 0.96,
        "x": 0.02,
        "y": 0.27
      },
      "kind": "table",
      "text": "Review of iRhythm Marketing Claims: Accuracy, Average Wear Period, Diagnostic Yield, Form Factor",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1808ddfc-03a5-4549-b99d-799adb3df7c0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "Management's Product Marketing Messages For Zio Deserve Closer Scrutiny",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9ccdabe6-968d-4453-b6c0-faea1264c962",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "dc95253c-5045-42a7-9d1d-248b3db381bd",
      "evidence": "Systematic debunking of company marketing claims using regulatory data (FDA Form 483).",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 40,
      "from": 25,
      "beatId": "0a38a245-fa4d-49e4-b7bb-ca7320e46cc1",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Thesis Headline",
      "beatSlug": null,
      "evidence": "The document presents Spruce Point Capital Management's thesis and key messages.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}