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  "notes": "Uses a direct quote from an earnings call to highlight a perceived contradiction in management's market sizing narrative.",
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      "kind": "callout",
      "text": "CEO Blackford Further Inflates the Asymptomatic Opportunity",
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      "text": "The benefits of asymptomatic testing remain questionable, yet CEO Blackford suggests providers will test annually?",
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      "text": "As noted, healthcare practitioners clearly question the value of testing asymptomatic patients. However, iRhythm continues to pitch this market opportunity. In fact, on its recent Q2 2025 earnings call, CEO Blackford went so far as to suggest asymptomatic patients should be tested annually. We believe this is a blatant attempt to suggest an even higher unit sales opportunity and irresponsible, as (1) it is not yet the standard of care to test asymptomatic patients in the first place, and (2) it is not even consistent with the standard of care for symptomatic patients, for whom repeat testing is typically prescribed only after cardiac medical procedures, changes in therapy, or the occurrence of new or recurrent symptoms.",
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      "text": "I think one of the things that's really encouraging to us as we continue to get closer to these partners of ours is just learning about their prescribing patterns. I think what we're learning is most of these folks expect this to be a repeat monitoring sort of opportunity into the future where whether they're retesting every single year, their patient population to try to stay ahead of the asymptomatic population that is just completely unaware and avoid those catastrophic downstream events or they're signing up new patients who are coming in all the time. There's going to be a continuous repeat sort of prescribing pattern with these innovative channel partners that excites us.",
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      "text": "\"I think one of the things that's really encouraging to us as we continue to get closer to these partners of ours is just learning about their prescribing patterns. I think what we're learning is most of these folks expect this to be a repeat monitoring sort of opportunity into the future where whether they're retesting every single year, their patient population to try to stay ahead of the asymptomatic population that is just completely unaware and avoid those catastrophic downstream events or they're signing up new patients who are coming in all the time. There's going to be a continuous repeat sort of prescribing pattern with these innovative channel partners that excites us.\" — iRhythm CEO Blackford on Q2 2025 Earnings Call, 7/31/25",
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      "text": "Source: iRhythm Q2 2025 earnings call transcript, Spruce Point research",
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      "text": "We Are Troubled By CEO Blackford's Recent Attempt To Further Inflate The Asymptomatic Opportunity",
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