iRhythm Technologies (IRTC) 46th Annual William Blair Growth Stock Conference summary

Industry landscape and challenges

• Cardiovascular disease remains the leading global cause of death, with U.S. costs projected to rise from $400 billion in 2026 to $1.5 trillion by 2050 due to aging populations and increased disease awareness.

• Nearly half of U.S. counties lack a cardiologist or electrophysiologist, with rural areas especially underserved, leading to underdiagnosis of arrhythmias and long wait times.

• Market growth is driven by an aging population, increased arrhythmia awareness, new therapies, and a shift toward value-based care.

• Short-duration cardiac monitoring and Holter monitoring miss many arrhythmias, highlighting the need for longer-term and advanced diagnostics.

Product innovation and clinical validation

• The platform integrates patented wearable biosensors, advanced AI-driven ECG analysis, and streamlined clinical workflows.

• The company’s wearable device achieves 99% physician agreement on findings, with 98% patient adherence to 14-day monitoring.

• Over 12 million patient reports and 3+ billion hours of ECG data have been curated, supporting robust AI development.

• Over 140 published manuscripts, including 40+ peer-reviewed, demonstrate product superiority in diagnostic yield and efficiency.

• Recently received FDA approval for a third-generation algorithm, to be launched with the Zio MCT product in the first half of 2027.

Market position and growth strategy

• Holds 40% share of the U.S. ambulatory cardiac monitoring market and 72% in long-term monitoring (14 days/LTCM), with 15% share in mobile cardiac telemetry.

• Serves 2.5–3 million patients annually, with significant runway in both U.S. and international markets.

• US market penetration is ~40% in core ambulatory cardiac monitoring, with 27+ million potential patients.

• International presence in seven countries, including the UK, select EU countries, and Japan, with less than 1% market share and plans to expand further, targeting over 1.6 million annual tests.