iRhythm Reports Q4 Revenue Up 27.1% to $208.9M, First GAAP Profit
In Q4 2025 iRhythm generated $208.9M revenue, up 27.1% year-over-year, delivered $5.6M net income and expanded gross margin to 70.9% with adjusted EBITDA of $34.3M. For full-year 2025 revenue rose 26.2% to $747.1M, net loss narrowed to $44.6M and free cash flow turned positive at $34.5M.
1. Q4 2025 Results
iRhythm delivered $208.9M in Q4 revenue, a 27.1% increase year-over-year, marking its first GAAP-profitable quarter with $5.6M net income. Gross margin expanded to 70.9% and adjusted EBITDA reached $34.3M, reflecting margin improvement and operational leverage.
2. Full-Year 2025 Performance
Full-year revenue grew 26.2% to $747.1M, supported by novel care channels and international expansion. Gross margin held at 70.6%, net loss narrowed to $44.6M, and free cash flow turned positive at $34.5M for the first time.
3. Analyst Price Target Revision
Goldman Sachs trimmed its price target from $211 to $184 while maintaining a neutral rating, reflecting cautious near-term outlook despite improving profitability and cash flow metrics.