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iRhythm Holdings
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Latest analysis
Updated Nov 5, 2026
iRhythm Q3 2026: Record EBITDA margin and VitalConnect integration anchor raised full-year guidance, offset by Zio AT stall
iRhythm delivered Q3 2026 revenue of $221.6 million, up 14.9% year-over-year against a greater-than-30% comparable, while posting record adjusted EBITDA margin of 23.1% — up more than 1,100 basis points year-over-year. The quarter's headline risk is Zio AT revenue coming in flat year-over-year versus expectations of mid-teens growth, driven by customer purchasing deferrals following the VitalConnect acquisition announcement. Full-year 2026 revenue guidance was raised to $890-$895 million, incorporating approximately $16 million of VitalConnect contribution in Q4, and the company targets approximately $1 billion in organic revenue in 2027 with VitalConnect growing above the corporate rate on top of that base.
Tone: mixedRevenue
$747.1M
IRTC 10-K · FY 2025
Revenue FY2024
$591.8M
EBITDA margin
23.1%
Headquarters
San Francisco, CA
Profile
IRTC 10-K Item 1 · Feb 19, 2026iRhythm Holdings is a digital healthcare company focused on ambulatory cardiac monitoring. Its core product, the iRhythm ACM System, combines a wearable patch-based biosensor with cloud-based AI analytics to help physicians diagnose arrhythmias. Revenue is derived primarily from third-party payors and CMS in exchange for remote cardiac monitoring services.
Read filing description ↓ Collapse description ↑
We are a leading digital healthcare company that creates trusted solutions that detect, predict, and prevent disease. Our principal business is the design, development, and commercialization of device-based technology to provide ambulatory cardiac monitoring services that we believe allow clinicians to diagnose certain arrhythmias quicker and with greater efficiency than other services that rely on traditional technology. Each iRhythm ACM System combines a wire-free, patch-based, 14-day wearable biosensor (FDA-cleared, CE-marked and/or Japan PMDA-approved, as applicable) that continuously records ECG data with a proprietary, cloud-based data analytic software (FDA-cleared, CE-marked, and Japan PMDA-approved) to help physicians monitor patients and diagnose arrhythmias. Since first receiving clearance from FDA for our technology in 2009, we have supported physician and patient use of this technology and provided ACM services from our Medicare-enrolled IDTFs and with our qualified technicians. We have provided our iRhythm Services using our iRhythm ACM Systems. Since receiving FDA clearance, we have provided the iRhythm Services via more than twelve million patient reports and have collected almost 3 billion hours of curated heartbeat data. We receive revenue for our iRhythm Services primarily from third-party payors, which include contracted third-party payors and CMS. The remainder of our revenue comes from healthcare institutions, which are typically hospitals or private physician practices, who purchase the iRhythm Services from us directly. We rely on third-party billing partners to submit patient claims and collect from commercial payors, certain government agencies, and patients.
Primary products
- iRhythm ACM System
- Zio monitor
- Zio XT
- Zio AT
- iRhythm Services
End markets
Geographies
Named customers
During the year ended December 31, 2025, we received approximately 24% of our total revenue from the Medicare program through CMS.
Named competitors
“We are a leading digital healthcare company that creates trusted solutions that detect, predict, and prevent disease.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Net revenue increased from $591.8 million in fiscal 2024 to $747.1 million in fiscal 2025, driven by growth in iRhythm Services across contracted third-party payors, CMS, and healthcare institutions.
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