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  "documentTitle": "iRhythm Technologies, Inc. (IRTC)",
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  "presentationDate": "2025-08-18 00:00:00",
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  "notes": "Uses direct quotes from CEO and CFO to frame the product as commoditized and delayed.",
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      "text": "Consistent with our view that these products are commoditized and employ minimal \"hard\" technology, the new MCT product will have a smaller form factor, improve maximum wear period from 14 to 21 days, and still have the transmission limit issue.",
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      "text": "As we show later, iRhythm management has a history of contradictory statements regarding the competitiveness of the Zio AT. Regardless, given the issues identified by the FDA and the hope for market share gain, investors have focused their attention on the coming 510(k) for iRhythm’s new MCT device, which the Company expects to submit in Q3 2025. However, after reviewing management’s statements, it isn’t clear what all the hype is about. Consistent with our view that these products are commoditized and employ minimal “hard” technology, the new MCT product will have a smaller form factor, improve maximum wear period from 14 to 21 days, and still have the transmission limit issue. What about accuracy?",
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      "text": "\"Where we've fallen short was on MCT, right, with the Zio AT product. In our long-range plan, when we put those expectations out, we actually expected to have the new MCT product in the market about 2 years ago. So we're almost 24 months delayed from where we thought we were going to be.\" — iRhythm CEO Blackford at Goldman Sachs Conference, 6/10/25",
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      "text": "Source: Bloomberg, Spruce Point research",
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      "text": "iRhythm Management Commentary About Its Next-Generation MCT Device",
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      "text": "iRhythm’s Discussion Of Its New MCT Device Makes It Sound Incremental At Best",
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