First Quarter 2025 Financial Highlights Revenue of $158.7 million, a 20.3% increase compared to first quarter 2024Gross margin of 68.8%, a 250-basis point increase compared to first quarter 2024Unrestricted cash, cash equivalents, and marketable securities of $520.6 million as of March 31, 2025Increased fiscal year 2025 guidance for revenue and adjusted EBITDA margin Recent Operational Highlights Strong quarterly revenue unit volume driven by momentum from innovative value-based care accounts as well as demand from Zio AT in the United States and record demand in the United KingdomExpanded global reach with commercial launch of Zio monitor in Japan, highlighting our continued commitment to bringing our innovative digital healthcare solutions to millions of people worldwideAs presented at ACC.25, two large real-world studies in over one million patients revealed that short-term, Holter-duration monitoring frequently misses actionable arrhythmias - 64% of daily-symptom patients with actionable arrhythmias went undetected in the first 48 hours - and that patient-reported symptoms are an unreliable predictor of arrhythmic events1,2AVALON study recently presented at Heart Rhythm Society found that the Zio® long-term continuous monitor (LTCM) associated with higher adjusted odds of arrhythmia detection, fewer repeat tests, and reduced likelihood of cardiovascular events compared to other modalities and LTCM brands in the follow-up year3 "The first quarter of 2025 demonstrated continued commercial momentum, with revenue growth exceeding 20% year-over-year, driven by upstream expansion in the patient care pathway and strength in our Zio AT business," said Quentin Blackford, President and Chief Executive Officer of iRhythm.
Condensed Consolidated Balance Sheets(In thousands, except par value)(unaudited) March 31, 2025 December 31, 2024Assets Current assets: Cash and cash equivalents$375,278 $419,597 Marketable securities 145,311 115,956 Accounts receivable, net 80,639 79,941 Inventory 14,336 14,039 Prepaid expenses and other current assets 20,449 16,286 Total current assets 636,013 645,819 Property and equipment, net 130,850 125,092 Operating lease right-of-use assets 46,171 47,564 Restricted cash 8,358 8,358 Goodwill 862 862 Long-term strategic investments 62,745 61,902 Other assets 41,099 41,852 Total assets$926,098 $931,449 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable$11,946 $7,221 Accrued liabilities 79,976 84,900 Deferred revenue 3,282 2,932 Operating lease liabilities, current portion 16,140 15,867 Total current liabilities 111,344 110,920 Long-term senior convertible notes 647,237 646,443 Other noncurrent liabilities 8,727 8,579 Operating lease liabilities, noncurrent portion 72,125 74,599 Total liabilities 839,433 840,541 Stockholders’ equity: Preferred stock, $0.001 par value – 5,000 shares authorized; none issued and outstanding at March 31, 2025 and December 31, 2024 — — Common stock, $0.001 par value – 100,000 shares authorized; 32,144 shares issued and 31,915 shares outstanding at March 31, 2025, respectively; 31,621 shares issued and 31,392 shares outstanding at December 31, 2024, respectively 32 31 Additional paid-in capital 901,085 874,607 Accumulated other comprehensive loss 143 165 Accumulated deficit (789,595) (758,895)Treasury stock, at cost; 229 shares at March 31, 2025 and December 31, 2024 (25,000) (25,000)Total stockholders’ equity 86,665 90,908 Total liabilities and stockholders’ equity$926,098 $931,449 IRHYTHM TECHNOLOGIES, INC.
Condensed Consolidated Statements of Operations(In thousands, except per share data)(unaudited) Three Months Ended March 31, 2025 2024 Revenue, net $158,677 $131,929 Cost of revenue 49,461 44,413 Gross profit 109,216 87,516 Operating expenses: Research and development 21,519 16,994 Acquired in-process research and development 296 — Selling, general and administrative 119,957 108,660 Total operating expenses 141,772 125,654 Loss from operations (32,556) (38,138)Interest and other income (expense), net: Interest income 4,919 3,057 Interest expense (3,273) (2,860)Loss on extinguishment of debt — (7,589)Other income (expense), net 875 (105)Total interest and other income (expense), net 2,521 (7,497)Loss before income taxes (30,035) (45,635)Income tax provision 665 32 Net loss $(30,700) $(45,667)Net loss per common share, basic and diluted $(0.97) $(1.47)Weighted-average shares, basic and diluted 31,590 31,033 IRHYTHM TECHNOLOGIES, INC.
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