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  "documentTitle": "iRhythm Technologies, Inc. (IRTC)",
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  "presentationDate": "2025-08-18 00:00:00",
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      "kind": "callout",
      "text": "In addition, iRhythm has ceased providing annual fiscal year guidance for gross margin (since 2024) and adjusted operating expense (since 2023).",
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      "text": "Inconsistent/decreasing disclosure of revenue sources, growth, and average selling prices; Inconsistent disclosure of revenue by product family; No longer disclose gains in covered lives, exact employee count, or number of sales reps; Inconsistent disclosure of international revenue metrics; Does not disclose specifics around PCB amortization and write-offs",
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      "text": "We believe investors should be worried when companies reduce business and financial transparency. While iRhythm has long avoided disclosing metrics commonly discussed in the medical device industry as well as important underlying accounting assumptions, we are alarmed by the decline in transparency over the past year.",
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      "text": "Source: iRhythm September 2022 investor day presentation, iRhythm earnings call transcripts, Spruce Point research",
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      "text": "Average Selling Price Disclosure table from Q1 2022 to Q2 2025",
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      "text": "iRhythm Disclosure Is Becoming More Opaque",
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