IRTCiRhythm Holdings, Inc.

Surgical & Medical Instruments & Apparatus

Revenue: $747M; 26% YoY
Operating margin: -7.7%; 61% YoY
EBITDA: −$37M; 61% YoY
Market cap: $4.1B
Employees: 2,400; $311K revenue each
Net debt / EBITDA: —; −$212M net debt
AI in 10-K: 5.1; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 3 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
12% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentYes
74% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$311K · 35th pct
Bottom quartile of its SIC industry
Quiet on AINo
5.1 per 10K words · 83rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.1B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$28M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$323M	$411M	$493M	$592M	$747M	26%
Operating income	−$100M	−$114M	−$125M	−$116M	−$57M	50%
Net income	−$101M	−$116M	−$123M	−$113M	−$45M	60%
Operating cash flow	−$38M	−$23M	−$50M	$3M	$81M	2285%
Capex	$28M	$30M	$40M	$34M	$46M	37%
Stock-based comp	$55M	$58M	$77M	$76M	$88M	16%
Buybacks	—	$0	$0	$25M	$0	100%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $57K · 1
Open-market sells, 12 mo: $28M · 65
Net: −$28M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	75	79
FY2024	—	—	38	79
FY2023	—	—	45	75
FY2022	—	—	39	79
FY2021	—	—	50	104