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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": "Uses a quote from the CEO to highlight the discrepancy between the company's 27M+ TAM claim and the 6.5M current market reality.",
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      "kind": "callout",
      "text": "There is an alternative explanation: maybe iRhythm's competitors are correct that the market is just 6.5 million tests?",
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      "text": "iRhythm's current target market is about 4 million annual cardiac monitoring tests... iRhythm's promotion of the asymptomatic opportunity is understandable. But is it justifiable?",
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      "text": "iRhythm's promotion of the asymptomatic opportunity is understandable. But is it justifiable?",
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      "text": "Market size diagram showing 6.5M, 5M+, and 27M+ segments.",
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      "kind": "paragraph",
      "text": "As stated, nearly all prescriptions for Zio monitors come from cardiologists after a patient has demonstrated symptoms of arrhythmia... pitching the Company's prospects for penetrating the asymptomatic market is key for investors.",
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      "text": "I think the market is very different than the way folks have thought about this market... It has to happen in primary care... And that's why I think the market is 27 million-plus patients.",
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      "text": "I think the market is very different than the way folks have thought about this market. I think it's very different than the way our competitors even think about the market, to be honest with you...The market is not 6.5 million ACM tests being performed each and every year. The market is further up the care pathway. It has to happen in primary care. You have to do this through population health programs, value-based care. That's right where we're going...And that's why I think the market is 27 million-plus patients by the time we get it opened up. So we're incredibly bullish about that and feel good about the momentum. — iRhythm CEO Blackford at Goldman Sachs Conference, 6/10/25",
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      "kind": "title",
      "text": "Targeting The Asymptomatic Market Is A Key Pillar Of The iRhythm Growth Strategy",
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