Recent News
03/30/2026 — iRhythm presented three retrospective analyses at ACC.26 showing high diagnostic yield of Zio ambulatory ECG across cardiometabolic and kidney disease populations and launched the iRhythm Academy clinician education platform. 04/30/2026 — the company reported Q1 2026 results: revenue $199.39M, net loss $13.93M, adjusted EBITDA positive, and full-year 2026 revenue guidance of $875–$885M with adjusted EBITDA margin guidance of 12–13%. 06/17/2026 — iRhythm disclosed a cybersecurity incident discovered June 10 involving data exfiltration from third-party business applications and potential exposure of patient information affecting millions of records; company reports no evidence clinical device systems were compromised.
Technical Analysis
Directional indicators show a bearish bias despite low trend strength. ADX registers 11.89, indicating no dominant trend; DI+ peaked then reversed while DI- dipped then reversed, signaling recent strengthening of negative directional pressure that undermines near-term upside relative to the valuation baseline.
MACD sits negative at -2.61 with the MACD line below the signal (-2.30) and a peak-and-reversal pattern, indicating declining momentum and reinforcing the probability of continued near-term weakness versus the current valuation.
MRO reads 0.98 and has peaked then reversed; the positive MRO implies price sits modestly above WMDST’s regression target and therefore carries mild downside potential back toward that target in the coming weeks.
RSI at 42.14 with a peak-and-reversal pattern signals faded bullish momentum and room for further pullback before oversold thresholds, aligning with MACD and MRO indications of weakening internals.
Price structure favors resistance. Last close $104.69 trades below the 20-day average $108.61, the 50-day average $116.05, and the 200-day average $150.14; the Tenkan-Sen $109.47 and Kijun-Sen $112.00 sit above price and the Ichimoku cloud (Senkou A $121.69 / Senkou B $138.50) places cloud resistance well overhead, all of which establish a multi-timeframe cap on near-term recovery attempts.
Volatility and volume context: 20-day SD $4.72 and muted 42-/52-week volatilities (~0.03) support a low to moderate realized volatility regime, while recent volume (298,856) falls below 10/50/200-day averages, suggesting any directional move lacks broad participation at present.
Fundamental Analysis
Top line and margins: total revenue for the quarter reached $199.39M and YoY revenue growth registers 32.33%, while quarter-over-quarter revenue shows a contraction of 154.81% as reported. Gross margin stands at 70.89%, improving 2.999 percentage points YoY, which supports operating leverage but has not yet translated to positive operating margins.
Profitability and cash flow: net loss for the quarter totaled $13.93M, operating margin equals -8.12% and EBIT margin equals -5.49%; EBIT and EBITDA remain negative at -$10.95M and -$4.41M respectively. Free cash flow was negative $33.08M for the period, though cash and short-term investments total $549.62M and unrestricted liquidity provides runway against near-term obligations.
Balance sheet and leverage: current ratio of 5.17 and quick ratio of 4.98 indicate strong short-term liquidity, while debt-to-assets at 72.47% and debt-to-equity of 452.39% reflect elevated leverage driven by convertible notes and long-term debt.
Earnings and estimates: reported EPS was -$0.35 versus an estimate of -$0.64, producing an EPS surprise of +45.31%, and forward EPS consensus implies a steeply elevated forward P/E of ~537.6x as reported. Price-to-book at 26.71x sits above the industry peer mean (5.62x), median (4.17x), and the industry peer range high (20.94x), underscoring valuation dispersion relative to peers. WMDST values the stock as over-valued; enterprise-to-revenue (EVR) registers ~22.50x and price-to-sales sits at 21.60x, metrics that align with that assessment given current earnings and cash-flow dynamics.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-04-30 |
| NEXT REPORT DATE: | 2026-07-30 |
| CASH FLOW | Begin Period Cash Flow | $ 244.4 M |
| Operating Cash Flow | $ -26.17 M | |
| Capital Expenditures | $ -6.91 M | |
| Change In Working Capital | $ -67.39 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 4.1 M | |
| End Period Cash Flow | $ 248.5 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 199.4 M | |
| Forward Revenue | $ -30.89 M | |
| COSTS | ||
| Cost Of Revenue | $ 58.0 M | |
| Depreciation | $ 6.5 M | |
| Depreciation and Amortization | $ 6.5 M | |
| Research and Development | $ 21.7 M | |
| Total Operating Expenses | $ 215.6 M | |
| PROFITABILITY | ||
| Gross Profit | $ 141.4 M | |
| EBITDA | $ -4.41 M | |
| EBIT | $ -10.95 M | |
| Operating Income | $ -16.18 M | |
| Interest Income | $ 4.9 M | |
| Interest Expense | $ 2.5 M | |
| Net Interest Income | $ 1.6 M | |
| Income Before Tax | $ -13.43 M | |
| Tax Provision | $ 500.0 K | |
| Tax Rate | 40.0 % | |
| Net Income | $ -13.93 M | |
| Net Income From Continuing Operations | $ -13.93 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.64 | |
| EPS Actual | $ -0.35 | |
| EPS Difference | $ 0.29 | |
| EPS Surprise | 45.313 % | |
| Forward EPS | $ 0.26 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.0 B | |
| Intangible Assets | $ 862.0 K | |
| Net Tangible Assets | $ 160.3 M | |
| Total Current Assets | $ 680.6 M | |
| Cash and Short-Term Investments | $ 549.6 M | |
| Cash | $ 240.1 M | |
| Net Receivables | $ 80.9 M | |
| Inventory | $ 23.8 M | |
| Long-Term Investments | $ 55.1 M | |
| LIABILITIES | ||
| Accounts Payable | $ 8.6 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 131.8 M | |
| Net Debt | $ 410.2 M | |
| Total Debt | $ 729.3 M | |
| Total Liabilities | $ 845.2 M | |
| EQUITY | ||
| Total Equity | $ 161.2 M | |
| Retained Earnings | $ -817.38 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 4.91 | |
| Shares Outstanding | 32.854 M | |
| Revenue Per-Share | $ 6.07 | |
| VALUATION | Market Capitalization | $ 4.3 B |
| Enterprise Value | $ 4.5 B | |
| Enterprise Multiple | -1017.592 | |
| Enterprise Multiple QoQ | -443.159 % | |
| Enterprise Multiple YoY | 510.239 % | |
| Enterprise Multiple IPRWA | high: 167.868 mean: 82.388 median: 80.811 low: -193.913 IRTC: -1017.592 |
|
| EV/R | 22.496 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 6.243 | |
| Asset To Liability | 1.191 | |
| Debt To Capital | 0.819 | |
| Debt To Assets | 0.725 | |
| Debt To Assets QoQ | 1.097 % | |
| Debt To Assets YoY | -8.752 % | |
| Debt To Assets IPRWA | IRTC: 0.725 high: 0.681 mean: 0.266 median: 0.249 low: 0.002 |
|
| Debt To Equity | 4.524 | |
| Debt To Equity QoQ | -5.496 % | |
| Debt To Equity YoY | -46.695 % | |
| Debt To Equity IPRWA | IRTC: 4.524 high: 3.375 mean: 0.514 median: 0.426 low: -0.465 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 26.71 | |
| Price To Book QoQ | -23.086 % | |
| Price To Book YoY | -29.403 % | |
| Price To Book IPRWA | IRTC: 26.71 high: 20.943 mean: 5.622 median: 4.172 low: -12.173 |
|
| Price To Earnings (P/E) | -374.46 | |
| Price To Earnings QoQ | -138.76 % | |
| Price To Earnings YoY | 246.255 % | |
| Price To Earnings IPRWA | high: 194.313 mean: 120.3 median: 98.047 low: -198.766 IRTC: -374.46 |
|
| PE/G Ratio | 1.224 | |
| Price To Sales (P/S) | 21.595 | |
| Price To Sales QoQ | -14.957 % | |
| Price To Sales YoY | 4.507 % | |
| Price To Sales IPRWA | high: 62.134 mean: 29.551 median: 21.968 IRTC: 21.595 low: 0.285 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 537.577 | |
| Forward PE/G | -1.757 | |
| Forward P/S | -140.451 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 42.647 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.197 | |
| Asset Turnover Ratio QoQ | -5.075 % | |
| Asset Turnover Ratio YoY | 15.183 % | |
| Asset Turnover Ratio IPRWA | high: 0.411 IRTC: 0.197 median: 0.128 mean: 0.121 low: 0.002 |
|
| Receivables Turnover | 2.547 | |
| Receivables Turnover Ratio QoQ | -7.417 % | |
| Receivables Turnover Ratio YoY | 28.877 % | |
| Receivables Turnover Ratio IPRWA | high: 3.141 IRTC: 2.547 mean: 1.934 median: 1.582 low: 0.361 |
|
| Inventory Turnover | 2.555 | |
| Inventory Turnover Ratio QoQ | -13.505 % | |
| Inventory Turnover Ratio YoY | -26.718 % | |
| Inventory Turnover Ratio IPRWA | IRTC: 2.555 high: 1.854 mean: 0.604 median: 0.509 low: 0.137 |
|
| Days Sales Outstanding (DSO) | 35.827 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 61.79 | |
| Cash Conversion Cycle Days QoQ | 6.069 % | |
| Cash Conversion Cycle Days YoY | 12.959 % | |
| Cash Conversion Cycle Days IPRWA | high: 587.726 median: 180.7 mean: 160.977 IRTC: 61.79 low: -133.614 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.363 | |
| CapEx To Revenue | -0.035 | |
| CapEx To Depreciation | -1.055 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 811.5 M | |
| Net Invested Capital | $ 811.5 M | |
| Invested Capital | $ 811.5 M | |
| Net Tangible Assets | $ 160.3 M | |
| Net Working Capital | $ 548.8 M | |
| LIQUIDITY | ||
| Cash Ratio | 4.172 | |
| Current Ratio | 5.166 | |
| Current Ratio QoQ | 11.644 % | |
| Current Ratio YoY | -9.569 % | |
| Current Ratio IPRWA | high: 14.36 IRTC: 5.166 mean: 2.715 median: 2.112 low: 0.038 |
|
| Quick Ratio | 4.985 | |
| Quick Ratio QoQ | 11.161 % | |
| Quick Ratio YoY | -10.719 % | |
| Quick Ratio IPRWA | high: 12.588 IRTC: 4.985 mean: 1.999 median: 1.518 low: 0.37 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -165.447 | |
| Cost Of Debt | 0.204 % | |
| Interest Coverage Ratio | -4.417 | |
| Interest Coverage Ratio QoQ | -313.363 % | |
| Interest Coverage Ratio YoY | -60.25 % | |
| Interest Coverage Ratio IPRWA | high: 87.935 mean: 18.052 median: 13.911 IRTC: -4.417 low: -102.892 |
|
| Operating Cash Flow Ratio | -0.064 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 8.111 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -1.341 % | |
| Revenue Growth | -4.548 % | |
| Revenue Growth QoQ | -154.808 % | |
| Revenue Growth YoY | 32.325 % | |
| Revenue Growth IPRWA | high: 16.503 % IRTC: -4.548 % median: -6.009 % mean: -7.849 % low: -65.483 % |
|
| Earnings Growth | -305.882 % | |
| Earnings Growth QoQ | -20.205 % | |
| Earnings Growth YoY | -96.814 % | |
| Earnings Growth IPRWA | high: 200.0 % median: -7.623 % mean: -14.282 % low: -145.833 % IRTC: -305.882 % |
|
| MARGINS | ||
| Gross Margin | 70.893 % | |
| Gross Margin QoQ | 0.023 % | |
| Gross Margin YoY | 2.999 % | |
| Gross Margin IPRWA | high: 95.029 % IRTC: 70.893 % mean: 63.477 % median: 63.289 % low: 7.731 % |
|
| EBIT Margin | -5.493 % | |
| EBIT Margin QoQ | -198.423 % | |
| EBIT Margin YoY | -68.367 % | |
| EBIT Margin IPRWA | high: 63.148 % median: 21.811 % mean: 20.484 % IRTC: -5.493 % low: -233.035 % |
|
| Return On Sales (ROS) | -8.117 % | |
| Return On Sales QoQ | -438.773 % | |
| Return On Sales YoY | -53.257 % | |
| Return On Sales IPRWA | high: 63.148 % mean: 20.623 % median: 20.603 % IRTC: -8.117 % low: -219.267 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -33.08 M | |
| Free Cash Flow Yield | -0.768 % | |
| Free Cash Flow Yield QoQ | -381.319 % | |
| Free Cash Flow Yield YoY | 45.455 % | |
| Free Cash Flow Yield IPRWA | high: 7.748 % mean: 0.523 % median: 0.47 % IRTC: -0.768 % low: -15.26 % |
|
| Free Cash Growth | -328.297 % | |
| Free Cash Growth QoQ | 1083.351 % | |
| Free Cash Growth YoY | 36.943 % | |
| Free Cash Growth IPRWA | high: 324.237 % mean: -30.579 % median: -37.858 % IRTC: -328.297 % low: -397.308 % |
|
| Free Cash To Net Income | 2.374 | |
| Cash Flow Margin | -4.217 % | |
| Cash Flow To Earnings | 0.603 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -1.375 % | |
| Return On Assets QoQ | -348.195 % | |
| Return On Assets YoY | -58.396 % | |
| Return On Assets IPRWA | high: 5.251 % mean: 2.066 % median: 1.583 % IRTC: -1.375 % low: -28.223 % |
|
| Return On Capital Employed (ROCE) | -1.252 % | |
| Return On Equity (ROE) | -0.086 | |
| Return On Equity QoQ | -336.665 % | |
| Return On Equity YoY | -75.601 % | |
| Return On Equity IPRWA | high: 0.413 median: 0.032 mean: 0.031 IRTC: -0.086 low: -0.899 |
|
| DuPont ROE | -8.876 % | |
| Return On Invested Capital (ROIC) | -0.81 % | |
| Return On Invested Capital QoQ | -160.223 % | |
| Return On Invested Capital YoY | -64.048 % | |
| Return On Invested Capital IPRWA | high: 8.753 % mean: 2.464 % median: 2.32 % IRTC: -0.81 % low: -14.938 % |
|