{
  "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": 56,
  "pageCount": 101,
  "prevPage": 55,
  "nextPage": 57,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 3,
  "notes": "Uses an iceberg diagram to visualize the discrepancy between reported and total complaints.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "paragraph",
    "infographic"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-bca3fd68622d/56",
  "deckHref": "/decks/019dd923-622c-750b-8b99-bca3fd68622d",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-bca3fd68622d.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-bca3fd68622d#slide-56",
  "components": [
    {
      "bbox": {
        "h": 0.04,
        "w": 0.96,
        "x": 0.02,
        "y": 0.3
      },
      "kind": "callout",
      "text": "Just the Tip of the Iceberg?",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1e9026a4-41b7-4887-b8ed-f98bc94d3b1e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.15,
        "x": 0.05,
        "y": 0.36
      },
      "kind": "framework",
      "text": "Iceberg diagram showing 1,250 MDRs at the top and ~1 million complaints below.",
      "attrs": null,
      "subkind": "instance",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "02ee7e0c-05a4-4144-a2ba-c580d63ca86d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.75,
        "x": 0.23,
        "y": 0.37
      },
      "kind": "list",
      "text": "1,250 MDRs reported to the MAUDE database.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6c7198d7-f34b-4b60-ad64-6171a0523df4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.7,
        "x": 0.28,
        "y": 0.44
      },
      "kind": "list",
      "text": "Additionally, your firm received approximately 4,014 complaints related to your Certified Cardiographic Technician (CCT) personnel operations...",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7777226e-c6de-4640-bb5b-c370b7c624f7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.7,
        "x": 0.28,
        "y": 0.63
      },
      "kind": "list",
      "text": "We reviewed your firm's responses... they appear to be adequate. The responses indicate that your firm conducted a retrospective review of a total of 999,328 complaints...",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d15dcf55-4260-44dc-bf52-5b9584302bc7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "nu",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-64d2-7657-bbed-aa96698868f5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.11,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Approximately 1,250 MDRs reported by iRhythm since 2015 are in the FDA's MAUDE database. However, the FDA found that the Company had effectively ignored over 3x that number of complaints related to its patient data analysis operations.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e66966f4-b7b1-4cbf-8323-f28127eb76dc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.85,
        "x": 0.02,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Red underline for Spruce Point emphasis. Source: FDA Form 483 dated 7/31/24 (San Francisco), FDA Warning Letter dated 5/25/23 (CMS# 643474), MAUDE database",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0a453c5f-d7ee-48bb-b6fb-fac8899d0132",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.48,
        "x": 0.31,
        "y": 0.04
      },
      "kind": "title",
      "text": "Putting iRhythm Complaints In Context",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dbb40b58-de7e-439c-836d-2043be5b13c8",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "iceberg-model",
      "slug": null,
      "matchId": "e7875882-09a9-4364-9861-a39ac2494c82",
      "evidence": "Visual representation of a small visible portion (MDRs) vs a large hidden portion (total complaints).",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 57,
      "from": 41,
      "beatId": "03d3d92f-7e30-44d5-bc2e-ebe3067ddf10",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Problem Statement",
      "beatSlug": null,
      "evidence": "The document outlines various problems with iRhythm's business strategy and growth prospects.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}