iRhythm Technologies, Inc. (NASDAQ: IRTC) was founded on September 14, 2006, headquartered in San Francisco, California, USA, with 406 full-time employees (3/31/2017). It is a digital health information service company with the world’s largest Database of arrhythmia information.
iRhythm Technologies (IRTC):
iRhythm Technologies is a commercial (commercial operation stage) digital healthcare company that redefines the clinical diagnosis of arrhythmia by combining its wearable biosensing technology with cloud-based data analysis and machine learning capabilities . iRhythm Technologies’ goal is to become a major supplier of first-line outpatient ECG, monitoring patients at risk of arrhythmia.
iRhythm Technologies has created a unique platform called ZIO ® Service, which combines an easy-to-wear and unobtrusive biosensor that can be worn for up to 14 days, called ZIO patch, with powerful proprietary algorithms, Extract clinically feasible information from millions of heartbeat data. iRhythm believes that ZIO ® Service enables doctors to diagnose many arrhythmias faster and more effectively than traditional techniques and avoid multiple uncertain tests.
Early detection of arrhythmias, such as atrial fibrillation and other clinically related arrhythmias, and appropriate medical intervention can help avoid more serious downstream medical events, including stroke.
Since being approved by the US Food and Drug Administration in 2009, iRhythm Technologies has provided ZIO ® Service to more than 500,000 patients and collected more than 125 million hours of heartbeat data, thus creating the world’s largest Holter patient database. These data provide iRhythm Technologies with a competitive advantage. Through its proprietary machine learning algorithms, it can improve operational efficiency, improve gross margins and business scalability. iRhythm Technologies believes that ZIO ® Service is fully consistent with the goals of the US medical system: improving population health, enhancing patient experience, and reducing per capita costs.
According to data from the Centers for Disease Control and Prevention of the United States, there are about 11 million patients with arrhythmia (heart rhythm disorder, or arrhythmia) in the United States. When the electrical pulses that coordinate the heartbeat cannot occur correctly, the arrhythmia occurs, causing the heartbeat to be too fast. , Too slow or irregular. The most common persistent type of arrhythmia is atrial fibrillation (Atrial fibrillation, AF). The American Heart Association (AHA) estimates that there are as many as 6 million people in the United States and 33.5 million people worldwide. . Atrial fibrillation is a major risk factor for stroke because AF can cause blood to accumulate in the heart and potentially form a clot, which can spread to the brain. AHA estimates that individuals with AF are five times more likely to have a stroke. However, the National Stroke Association (NSA) estimates that up to 80% of strokes in AF patients can be prevented through early detection and appropriate treatment. In addition, NSA estimates that one-third of AF patients are asymptomatic, so it is difficult to detect without diagnosis. According to the AHA, stroke costs the United States an estimated US$34 billion in medical expenses and lost productivity each year, and is the main cause of severe long-term disability.
The ambulatory heart monitoring market has been established, and 4.6 million diagnostic tests are performed in the United States each year. iRhythm Technologies believes this is an existing $1.4 billion market opportunity for its ZIO ® Service. According to reliable third-party data, the company believes that its ZIO ® Service has broader market opportunities in other parts of the world.
Traditional ambulatory heart monitoring tools used by doctors to diagnose patients with suspected arrhythmia (such as Holter and cardiac event monitors) are subject to one or more of the following constraints: short prescribed monitoring time, discontinuous data collection, troublesome equipment and Low patient compliance. ZIO ® Service addresses these limitations by providing easy-to-use, clinically proven, low-cost solutions and provide a clear value proposition for patients, providers and payers. ZIO ® Service is prescribed (configured) by doctors and is used to identify arrhythmia and risk factors that may be related to a previously determined arrhythmia. It plans and analyzes large amounts of ECG data by providing patient-friendly wearable biosensors , And ultimately create a concise report that is used by physicians to diagnose and can be integrated into the patient’s electronic health to improve physician management and arrhythmia diagnostic records. These improvements have the potential to change the clinical management of patients, and iRhythm Technologies’ clinical evidence can help drive doctors’ adoption and payers’ reimbursement.
In August 2013, iRhythm Technologies published a study on ZIO ® Service in the American Journal of Cardiology. It showed that arrhythmia was detected in 16,142 patients in continuous ZIO Service, and more than 50% of the symptoms detected by ZIO Service Arrhythmia occurs.
iRhythm Technologies is a vertically integrated company headquartered in San Francisco, California, with additional commercial operations and facilities in Lincolnshire, Illinois and Houston, Texas, and production facilities in Cypress, California.
iRhythm Technologies (IRTC) investment:
iRhythm Technologies, Inc. (NASDAQ:IRTC) submitted its IPO prospectus on 9/23/2016, and listed on Nasdaq on 10/20/2016 IPO, with an issue price of US$17.00, issuing 5,350,000 shares, raising US$92,287,500.00, stock code : IRTC.