iRhythm Technologies (IRTC) Wells Fargo 20th Annual Healthcare Conference 2025 summary

Business momentum and growth drivers

• Growth in long-term continuous monitoring (LTCM) is driven by strong clinical evidence, new hardware, EHR integration, and expansion into primary care, with record new account openings each quarter in 2024.

• Over 50% of recent unit volume growth comes from new accounts, including large IDNs adopting multiple products and EHR integration from the outset.

• Both new and existing accounts contribute to growth, with EHR integration and expansion into departments like primary care and neurology providing additional volume.

• The market is shifting from legacy Holter and event monitors to LTCM, where there is over 70% share, and significant opportunity remains in primary care and underserved regions.

• Guidance for 2025 assumes continued ramp from new accounts opened in 2024 and ongoing contributions from existing accounts, with upside potential from less predictable factors.

Product pipeline and market share

• Zio MCT submission to the FDA is imminent, with a 90-day review clock but no specific launch guidance yet; education will be needed to promote the 21-day device versus traditional 30-day expectations.

• Current MCT market share is in the low teens, with ambitions to grow to 20-30% over 1-2 years post-launch, though a segment of the market is inaccessible due to the buy-and-bill model.

• Zio MCT is positioned as a superior, more user-friendly product, expected to drive share gains, especially among accounts seeking a single vendor for monitoring solutions.

Innovative channels and partnerships

• There are 12 active innovative channel partnerships covering about 2 million potential users, with a pipeline of 40 more in discussion; partner size and patient criteria vary widely.

• The sales cycle for these partnerships is accelerating, but most of the pipeline is excluded from current guidance due to variability in ramp and adoption.

• Innovative channels currently represent a low single-digit percentage of total volume, with potential for significant future growth if broader screening guidelines are adopted.