IRTC · CIK 0001388658
What iRhythm Technologies, Inc. told the SEC could break it.
iRhythm's sharpest exposure is single-source supply: key components of its cardiac-monitoring systems come from sole suppliers with thin inventory buffers — the application-specific integrated circuits in its transmitters, the seals used for its applicators, and the polymers used to make its sensor membranes — so a shortage would force it to qualify new sources and could halt manufacturing. Its revenue is concentrated on the payer side, with about 83% collected through third-party payors, including roughly 24% directly from Medicare, tying results to reimbursement decisions and collection timing. Regulation runs through both: it bills via AMA CPT codes whose periodic updates change its reimbursement rates, and it remains subject to FDA 510(k) clearance and ongoing FDA remediation.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Sole-source dependency
- single-source critical components (ASICs, applicator seals, sensor polymers)high
Key components of iRhythm's ACM Systems come from sole/single suppliers with low inventory buffers — specifically the application-specific integrated circuits in its transmitters, applicator seals, and the polymers used to synthesize its sensor membranes; a shortage would require qualifying new sources and could halt manufacturing.
“those single sources include suppliers of application-specific integrated circuits used in our transmitters, seals used for the applicators, and certain polymers used to synthesize polymeric membranes for our sensors.”
SEC filing →As of 2026
Customer concentration
- 83% of revenue from third-party payors; 24% from Medicaremedium
iRhythm collects ~83% of revenue through third-party payors, including ~24% directly from Medicare (and ~7% from non-contracted commercial payors), concentrating revenue on payor reimbursement decisions and collection timing.
“For the year ended December 31, 2025, we received approximately 83% of our revenue through third-party payors, which includes approximately 24% of our total revenue from the Medicare program.”
SEC filing →As of 2026
Regulatory & policy
- CMS/CPT reimbursement rates + FDA 510(k)/remediationmedium
iRhythm bills via AMA CPT codes whose periodic updates change its reimbursement rates (with Medicare at ~24% of revenue), and it remains subject to FDA 510(k) clearance and ongoing FDA remediation — both material regulatory exposures.
“These CPT codes are subject to periodic change and update, which will impact the reimbursement rates for our iRhythm Services.”
SEC filing →As of 2026
In the MyPRIA app, this is checked against the companies you actually own.
← World Watch