iRhythm swings to positive Adjusted EBITDA amid 26% revenue growth, $10M IP litigation costs

Filed February 19, 2026 · Period ending December 31, 2025 · Compared to 10-K Feb 20, 2025 · ~2 min read

Key Changes

• high

  Revenue accelerated to 26% growth ($747M) from 20% prior year, driven by higher volumes from enterprise accounts using Zio monitor and Zio AT. Net loss narrowed 61% to $45M from $113M. Adjusted EBITDA turned positive for first time at $69M vs. $(8M) loss in 2024.

  MD&A: Financial Performance verify on EDGAR →
• high

  Company incurred $10.1M in new intellectual property litigation costs from patent suits brought by Welch Allyn and BardyDx (Baxter subsidiaries). Management now excludes these costs from Adjusted EBITDA, a new non-GAAP adjustment category not present in prior years.

  MD&A: IP Litigation verify on EDGAR →
• high

  Operating cash flow surged to $81M from $3M, marking second consecutive year of positive cash generation after burning $50M in 2023. Improvement driven by narrowed net loss, better receivables collections, and favorable working capital timing.

  MD&A: Cash Flow verify on EDGAR →