{
  "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": 89,
  "pageCount": 101,
  "prevPage": 88,
  "nextPage": 90,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "Uses a 'Pitch vs Reality' framework to undermine management credibility.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-bca3fd68622d/89",
  "deckHref": "/decks/019dd923-622c-750b-8b99-bca3fd68622d",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-bca3fd68622d.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-bca3fd68622d#slide-89",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "callout",
      "text": "We believe CEO Blackford has too frequently been shown to sugar coat or, frankly, be incorrect about key issues related to both the Company’s business prospects and the regulatory processes, in particular.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f00894d2-e200-46f1-9609-6f51b88dbe7f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“Japan is a massive opportunity for us. Today, Holters are reimbursed at a higher rate in Japan than what they are reimbursed in the U.S. I think that bodes very well for the reimbursement rate we're likely to see get established in the Japanese market for long-term patching.” — CEO Blackford, J.P. Morgan Conference, 1/13/25",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0395-748f-956c-cc545dac231f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.85,
        "x": 0.02,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: iRhythm Q1 2025 earnings call transcript, iRhythm Q3 2024 earnings call transcript, iRhythm Q2 2024 earnings call transcript, Bloomberg, Spruce Point research",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "11aa0b11-7eca-4729-8e6d-12f9e8ed1767",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.96,
        "x": 0.02,
        "y": 0.27
      },
      "kind": "table",
      "text": "The Blackford Pitch vs Reality: Very Often Too Aggressive or Wrong",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "223ec226-3835-4d67-85e3-9c6d10d02bba",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.11,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "We Believe CEO Blackford Has Been A Particularly Unreliable Messenger",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "91b769d1-699b-4216-83c7-a3988f95244d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "f954fbe3-9617-48b2-9481-0c84d4fb767d",
      "evidence": "Direct comparison of CEO quotes against contradictory facts/statements.",
      "confidence": 1
    }
  ],
  "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
}