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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 'villain critique' style to contrast management claims with actual performance data.",
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      "kind": "callout",
      "text": "An attempt at an international launch has stalled and has been largely abandoned.",
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      "text": "iRhythm has been preparing investors for the take-off of its UK business for almost eight years. As of 2023, revenue had flat-lined due to a lack of reimbursement.",
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      "text": "CEO quotes vs reality",
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      "text": "Turnover: £10.4",
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      "text": "iRhythm has been preparing investors for the take-off of its UK business for almost eight years. As of 2023, revenue had flat-lined due to a lack of reimbursement. We believe the Company's UK track record is instructive for assessing its prospects in more recent new markets entered such as Switzerland, Austria, the Netherlands, and Spain.",
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      "text": "“An attempt at an international launch has stalled and has been largely abandoned.” — Director, iRhythm, 12/29/24, Glassdoor",
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      "text": "Source: Companies House, Bloomberg, iRhythm Q3 2020 earnings call transcript, iRhythm Q1 2021 earnings call transcript, iRhythm Q4 2021 earnings call transcript",
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      "text": "Turnover £3.9 £8.5 £10.4 £10.4; YoY Growth 120% 22% 0%; Employees 21 42 50 51; YoY Growth 100% 19% 2%",
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      "text": "iRhythm United Kingdom Metrics Compared to Management Commentary",
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      "kind": "title",
      "text": "iRhythm's International Growth Prospects Look Dim",
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      "position": 1,
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