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  "documentTitle": "iRhythm Technologies, Inc. (IRTC)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2025-08-18 00:00:00",
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  "notes": "Includes a process diagram from the IPO prospectus with a red box highlight added by the activist.",
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      "kind": "callout",
      "text": "At least as it regards iRhythm’s leading Zio Monitor product, it is rendered completely useless without the analysis of patient data.",
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      "text": "We believe iRhythm’s position that patient data analysis is NOT part of its “product” is difficult to justify and irresponsible. Patient data analysis and provision of a final report to physicians has always been characterized as part of the iRhythm “solution”. Moreover, iRhythm’s revenue recognition disclosure clearly states that delivery of the final report is the “final step” in its Zio Services and is the point at which the Company bills its customers.",
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      "text": "The Zio Monitor System is a prescription-only, remote ECG monitoring system that consists of the Zio Monitor patch that records the electric signal from the heart continuously for up to 14 days and the ZEUS System, which supports the capture and analysis of ECG data recorded by the Zio Monitor patch at the end of the wear period, including specific arrhythmia events detected by the ZEUS algorithm. The final step in the Zio Services is the delivery of an electronic Zio report to the prescribing physician with a summary of preliminary findings. Our Zio Monitor services are generally billable when the Zio report is issued to the physician.",
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      "text": "The final step in the Zio Services is the delivery of an electronic Zio report to the prescribing physician with a summary of preliminary findings. Our Zio Monitor services are generally billable when the Zio report is issued to the physician. — iRhythm 2024 10-K",
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      "kind": "source-note",
      "text": "Red box for Spruce Point emphasis. Source: iRhythm 424B filed 10/20/16, iRhythm 2024 10-K, Spruce Point research",
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      "text": "We Believe iRhythm’s Contention That Patient Data Analysis Is A Separate Product Was A Stretch",
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