iRhythm Technologies (IRTC) financial statements
iRhythm Technologies reported revenue of $747M in fiscal 2025, up 31.4% a year over 9 years.
Net income was -$45M and the operating margin -7.7%, against -24.3% in 2016.
Free cash flow was $35M.
The diluted share count rose 505% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from iRhythm Technologies's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $64M | $99M | $147M | $215M | $265M | $323M | $411M | $493M | $592M | $747M |
| Cost of revenue | $21M | $28M | $39M | $52M | $70M | $109M | $129M | $161M | $184M | $220M |
| Gross profit | $43M | $71M | $108M | $162M | $195M | $214M | $282M | $332M | $408M | $527M |
| Research and development | $7M | $13M | $21M | $37M | $41M | $39M | $47M | $60M | $71M | $85M |
| Selling, general and admin | $52M | $85M | $133M | $180M | $197M | $275M | $322M | $386M | $419M | $493M |
| Operating income | -$16M | -$28M | -$46M | -$55M | -$44M | -$100M | -$114M | -$125M | -$116M | -$57M |
| Interest expense | $3M | $3M | $3M | $2M | $2M | $1M | $4M | $4M | $13M | $13M |
| Pre-tax income | -$21M | -$30M | -$50M | -$55M | -$44M | -$101M | -$116M | -$123M | -$113M | -$44M |
| Income tax | $0 | $0 | $44,000 | $65,000 | $229,000 | $367,000 | $269,000 | $750,000 | $565,000 | $953,000 |
| Net income | -$21M | -$30M | -$50M | -$55M | -$44M | -$101M | -$116M | -$123M | -$113M | -$45M |
| EPS (diluted) | -$3.95 | -$1.31 | -$2.11 | -$2.16 | -$1.58 | -$3.46 | -$3.88 | -$4.04 | -$3.63 | -$1.39 |
| Diluted shares | 5M | 23M | 24M | 25M | 28M | 29M | 30M | 31M | 31M | 32M |
| Gross margin | 67.4% | 71.5% | 73.7% | 75.5% | 73.5% | 66.2% | 68.5% | 67.3% | 68.9% | 70.6% |
| Operating margin | -24.3% | -27.8% | -31.0% | -25.5% | -16.5% | -31.0% | -27.7% | -25.4% | -19.5% | -7.7% |
| Net margin | -32.6% | -30.0% | -34.2% | -25.4% | -16.5% | -31.4% | -28.3% | -25.0% | -19.1% | -6.0% |
Balance sheet
Fiscal years, from iRhythm Technologies's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $111M | $102M | $73M | $142M | $306M | $222M | $159M | $110M | $317M | $490M |
| Receivables | $9M | $13M | $20M | $24M | $30M | $46M | $50M | $61M | $80M | $76M |
| Inventory | $1M | $2M | $2M | $4M | $5M | $10M | $15M | $14M | $14M | $22M |
| Total current assets | $119M | $120M | $104M | $173M | $378M | $306M | $289M | $231M | $646M | $703M |
| Property, plant and equipment | $5M | $6M | $9M | $26M | $34M | $56M | $76M | $104M | $125M | $152M |
| Goodwill | $862,000 | $862,000 | $862,000 | $862,000 | $862,000 | $862,000 | $862,000 | $862,000 | $862,000 | $862,000 |
| Total assets | $138M | $133M | $118M | $306M | $512M | $463M | $448M | $433M | $931M | $1.0B |
| Total current liabilities | $13M | $21M | $30M | $52M | $66M | $88M | $89M | $107M | $111M | $152M |
| Long-term debt | $32M | $32M | $35M | $33M | $21M | $10M | $35M | $35M | — | — |
| Total liabilities | $46M | $54M | $65M | $171M | $170M | $183M | $208M | $223M | $841M | $867M |
| Shareholders' equity | $93M | $79M | $52M | $135M | $342M | $280M | $240M | $210M | $91M | $153M |
| Net debt | -$19M | $25M | $15M | $14M | -$56M | -$106M | -$44M | -$1M | -$420M | -$236M |
Cash flow
Fiscal years, from iRhythm Technologies's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$17M | -$15M | -$29M | -$22M | -$14M | -$38M | -$23M | -$50M | $3M | $81M |
| Capital spending | $3M | $4M | $5M | $20M | $14M | $28M | $30M | $40M | $34M | $46M |
| Free cash flow | -$19M | -$18M | -$34M | -$42M | -$27M | -$66M | -$53M | -$91M | -$31M | $35M |
| Stock-based compensation | $2M | $10M | $16M | $26M | $42M | $55M | $58M | $77M | $76M | $88M |
| Share buybacks (net) | — | — | — | — | — | — | $0 | $0 | -$25M | $0 |
| Net borrowing | — | $0 | $4M | $0 | -$2M | -$12M | $14M | $0 | — | — |
| Free cash flow margin | -30.3% | -18.6% | -23.3% | -19.7% | -10.3% | -20.4% | -12.9% | -18.4% | -5.2% | 4.6% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for IRTC.
Open IRTC in InvestinglyQuestions
What was iRhythm Technologies's revenue in 2025?
$747M in fiscal 2025, from its 10-K filing.
How much free cash flow does iRhythm Technologies generate?
$35M in fiscal 2025 (operating cash flow minus capital spending).
From iRhythm Technologies's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.