{
  "docId": "019dd923-622c-750b-8b99-bca3fd68622d",
  "docSlug": "4c8fe6013c68",
  "documentTitle": "iRhythm Technologies, Inc. (IRTC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-08-18 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 87,
  "pageCount": 101,
  "prevPage": 86,
  "nextPage": 88,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "Uses a red-and-white table structure to highlight specific instances of alleged corporate malfeasance.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-bca3fd68622d/87",
  "deckHref": "/decks/019dd923-622c-750b-8b99-bca3fd68622d",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-bca3fd68622d.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-bca3fd68622d#slide-87",
  "components": [
    {
      "bbox": {
        "h": 0.07,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "callout",
      "text": "iRhythm's practice of slowly leaking out increasingly serious regulatory sanctions resulted in a gradual crescendo of bad news that we believe was orchestrated to soften the blow on the Company's stock price.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3856b69c-8eb8-404f-af83-7702db1891be",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“we've made all the updates in the labeling that we need to do and in the packaging that we need to do” — CEO Blackford",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0395-748f-956c-45350f4375dd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.96,
        "x": 0.02,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Source: Glazing v iRhythm second amended complaint (Case No. 3:24-cv-706-JSC document 43), iRhythm Q4 2022 earnings call transcript, iRhythm Q1 2023 earnings call transcript, iRhythm Q2 2024 earnings call transcript, Bloomberg, Spruce Point research",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f8ba0976-b376-4e9f-875b-7883942c9032",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.96,
        "x": 0.02,
        "y": 0.27
      },
      "kind": "table",
      "text": "iRhythm's History of Questionable Disclosure Surrounding the Government Probes",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ecc8b87d-7b61-48d5-a4b6-c3c53e938513",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "iRhythm Management Has A History Of Delaying, Understating, Or Deflecting Its Disclosure Of Bad News",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ee7e91bc-8c08-4e94-8429-784342fe9cd2",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "0822409f-8a2b-4897-a1e6-86474ecb305a",
      "evidence": "The slide systematically lists instances of alleged disclosure manipulation to build a case of corporate fraud.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 97,
      "from": 86,
      "name": "Hypothesis Test",
      "slug": "42-hypothesis-test",
      "bestFor": "Strategy validation, due diligence, research presentations",
      "matchId": "b7838bce-3c97-4ebb-9f8c-1edc83479554",
      "evidence": "The document presents various criticisms of iRhythm's management and governance.",
      "position": 2,
      "objective": "To test the hypothesis that iRhythm's management and governance are flawed",
      "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)",
      "confidence": 0.8,
      "description": "State a hypothesis upfront, then systematically prove or disprove it with evidence"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}