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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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  "pageNumber": 77,
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  "notes": "Uses a calculation bridge to isolate core revenue growth by stripping out PCP contributions.",
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      "kind": "callout",
      "text": "Our skepticism regarding iRhythm’s ultimate prospects for success in the asymptomatic market could materially impact the Company’s growth profile. Based on management disclosures and our estimates, we calculate that YoY revenue growth from non-primary care prescribers was in the low-single-digits in Q1 2025.",
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      "kind": "callout",
      "text": "Our skepticism regarding iRhythm’s ultimate prospects for success in the asymptomatic market could materially impact the Company’s growth profile.",
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      "kind": "disclaimer",
      "text": "(1) Management commentary referred to \"volume\" rather than revenue. Q1 2024 based on Spruce Point estimate and subsequent management disclosure and Q1 2025 based on management comment at BAML conference in May 2025. Source: iRhythm SEC filings, Bloomberg, Spruce Point research",
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      "text": "YoY Growth: 3%",
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      "text": "Analysis of Revenue Growth by Referral Source",
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      "kind": "title",
      "text": "Adjusting For PCP Contribution, Core Growth Seems To Have Stalled",
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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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