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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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      "text": "On multiple occasions, iRhythm management has characterized its operation in the Philippines as its “Global Business Services Center” that is largely focused on back-office functions as opposed to clinical operations such as patient data analysis using CCTs, which carries some level of customer and regulatory risk if performed offshore. However, when we analyzed LinkedIn profiles, we found 180 iRhythm employees in the Philippines, 70 of which are CCTs and another 13 of which are seemingly in clinical operations. We believe that 39% of employees operating as CCTs is not consistent with what the Company has communicated. We find this inconsistency troubling given the related risks.",
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      "text": "We believe that 39% of employees operating as CCTs is not consistent with what the Company has communicated.",
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      "text": "“...we are also thrilled to announce the formal opening of our Global Business Services Center in Manila that took place during the third quarter...our Manila team now includes almost 150 team members, who are part of iRhythm's global clinical operations, customer care, finance, human resources, information technology, and revenue cycle management functions.” — iRhythm CEO Blackford on Q3 2023 Earnings Call, 11/2/23",
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      "text": "Source: iRhythm Q3 2023 earnings call transcript, iRhythm Q4 2023 earnings call transcript, LinkedIn, Spruce Point research",
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      "text": "iRhythm Management Commentary Regarding Philippine Operations",
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      "text": "Spruce Point Analysis of iRhythm Philippines LinkedIn Profiles by Job Function",
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      "kind": "title",
      "text": "We Question Whether iRhythm Has Accurately Characterized Its CCT Operations In The Philippines",
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