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Medical devices & instruments · Healthcare · Fiscal year ends Dec 31
iRhythm reported revenue of $747M in the fiscal year ended Dec 2025, up 26.2% from the year before. Operating income was −$57M, an operating margin of −7.7%, and net income was −$45M. Operating cash flow of $81M less capital expenditure of $46M left free cash flow of $35M.
Ranks among the 45 medical devices & instruments companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 323 | 411 | 493 | 592 | 747 |
| Cost of revenue | 109 | 129 | 161 | 184 | 220 |
| Gross profit | 214 | 282 | 332 | 408 | 527 |
| Research & development | 38.7 | 46.6 | 60.2 | 71.5 | 84.6 |
| Selling, general & admin | 275 | 322 | 386 | 419 | 493 |
| Operating income | −99.9 | −114 | −125 | −116 | −57.4 |
| Interest expense | 1.2 | 4.1 | 3.7 | 12.8 | 13.2 |
| Pre-tax income | −101 | −116 | −123 | −113 | −43.6 |
| Income tax | 0.4 | 0.3 | 0.8 | 0.6 | 1.0 |
| Net income | −101 | −116 | −123 | −113 | −44.6 |
| Diluted EPS | −3.46 | −3.88 | −4.04 | −3.63 | −1.39 |
| Diluted shares | 29.3 | 29.9 | 30.5 | 31.2 | 32.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 128 | 78.8 | 36.2 | 420 | 236 |
| Receivables | 46.4 | 49.9 | 61.5 | 79.9 | 75.7 |
| Inventory | 10.3 | 15.2 | 14.0 | 14.0 | 21.6 |
| Current assets | 306 | 289 | 231 | 646 | 703 |
| Net PP&E | 55.9 | 75.7 | 104 | 125 | 152 |
| Goodwill | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 |
| Total assets | 463 | 448 | 433 | 931 | 1,020 |
| Payables | 10.5 | 7.5 | 5.5 | 7.2 | 2.3 |
| Deferred revenue | 3.0 | 3.1 | 3.3 | 2.9 | 4.2 |
| Current liabilities | 87.9 | 89.1 | 107 | 111 | 152 |
| Short-term debt | 11.7 | 0.0 | – | – | – |
| Long-term debt | 9.7 | 34.9 | 35.0 | – | – |
| Total liabilities | 183 | 208 | 223 | 841 | 867 |
| Shareholders' equity | 280 | 240 | 210 | 90.9 | 153 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −37.8 | −23.0 | −50.1 | 3.4 | 80.9 |
| Capital expenditure | 28.1 | 29.8 | 40.4 | 33.9 | 46.3 |
| Free cash flow | −65.8 | −52.8 | −90.5 | −30.6 | 34.5 |
| Depreciation & amortisation | 9.8 | 13.4 | 16.3 | 20.7 | 20.7 |
| Stock-based compensation | 54.5 | 57.7 | 77.2 | 76.0 | 88.3 |
| Share buybacks | – | 0.0 | 0.0 | 25.0 | 0.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 27.3% | 19.9% | 20.1% | 26.2% |
| Gross margin | 66.2% | 68.5% | 67.3% | 68.9% | 70.6% |
| Operating margin | −31.0% | −27.7% | −25.4% | −19.5% | −7.7% |
| Net margin | −31.4% | −28.3% | −25.0% | −19.1% | −6.0% |
| Return on equityBlank when equity is negative | −36.3% | −48.4% | −58.7% | −124.6% | −29.2% |
| ROCEEBIT ÷ (assets − current liabilities) | −26.6% | −31.7% | −38.4% | −14.1% | −6.6% |
| Free cash flow margin | −20.4% | −12.9% | −18.4% | −5.2% | 4.6% |
| Cash conversion (CFO ÷ net income) | 0.37x | 0.20x | 0.41x | −0.03x | −1.82x |
| Receivable days | 52 | 44 | 46 | 49 | 37 |
| Inventory days | 34 | 43 | 32 | 28 | 36 |
| Payable days | 35 | 21 | 13 | 14 | 4 |
| Interest cover | −85.5x | −27.5x | −34.3x | −9.01x | −4.36x |
| Debt ÷ equity | 0.08x | 0.15x | 0.17x | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −106 | −43.9 | −1.2 | – | – |
| Current ratio | 3.48x | 3.24x | 2.15x | 5.82x | 4.63x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.