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  "documentTitle": "iRhythm Technologies, Inc. (IRTC)",
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  "notes": "The slide uses a red callout box to explicitly link Apple's recent FDA approvals to iRhythm's historical business model.",
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      "kind": "callout",
      "text": "Note that Apple has already received approval for sleep apnea monitoring, one of the new applications iRhythm has been pitching to investors since at least 2019.",
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      "text": "According to Statistica, over 450 million people worldwide wear smartwatches, with Apple having 21% market share. Apple received De Novo classification for its Apple Watch ECG app in 2018.",
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      "kind": "quote",
      "text": "Apple Watch AFib feature becomes first-ever digital tool approved by FDA to evaluate medical devices — Michael Walter | May 02, 2024 | Cardiovascular Business | Heart Rhythm",
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      "text": "Red box and underline for Spruce Point emphasis. Source: Demandsage.com, Apple press release, Apple 510(k) K201525, Apple 510(k) search, FDA Apple MDDT press release, Cardiovascular Business, iRhythm 2024 10-K",
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      "text": "Table of Apple 510(k) submissions including Digital Prism, Sleep Apnea, Irregular Rhythm, and Atrial Fibrillation features.",
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      "text": "The Asymptomatic Opportunity Is Most Exposed To Disruption By Consumer Devices; Are You Betting Against Apple?",
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