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  "docSlug": "4c8fe6013c68",
  "documentTitle": "iRhythm Technologies, Inc. (IRTC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-08-18 00:00:00",
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  "notes": "Includes a valuation bridge/comparison table and a specific callout regarding Q2 2025 earnings.",
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      "kind": "callout",
      "text": "Of note, on its recent Q2 2025 earnings call, management noted that its outperformance versus expectations is largely being driven by the legacy LTCM market rather than new products or markets.",
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      "text": "TAM Revenue: $10,525",
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      "text": "iRhythm's current core LTCM market is only about $750 million... iRhythm's enterprise value is currently 2.2x its core market, which speaks to overvaluation.",
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      "kind": "source-note",
      "text": "Source: iRhythm SEC filings, S&P Capital IQ, iRhythm Q2 2025 earnings call transcript, Spruce Point research",
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      "text": "Spruce Point Addressable Market and Potential Incremental Share and Revenue Analysis",
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      "kind": "title",
      "text": "iRhythm's Core Market Is Small; Even Giving Credit For New Market Penetration Suggests Only Modest Growth Potential",
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      "name": "Cost Of Inaction",
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      "evidence": "The document discusses potential risks and consequences of inaction.",
      "position": 1,
      "objective": "To highlight the risks of not addressing concerns about iRhythm's business practices",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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