iRhythm Holdings, Inc (IRTC) 2025 Q3 法說會逐字稿

Good afternoon. Thank you for attending today's iRhythm Technologies, Inc. Q3 2025 earnings conference call. My name is Jemma, and I'll be your moderator for today. (Operator Instructions)

午安.感謝您參加今天 iRhythm Technologies, Inc. 2025 年第三季財報電話會議。我叫傑瑪，今天我將擔任主持人。（操作說明）

At this time, I'd like to turn the conference over to our host, Stephanie Zhadkevich, the Senior Director of Investor Relations. Please proceed.

此時，我想把會議交給我們的主持人，投資者關係高級總監史蒂芬妮·扎德凱維奇。請繼續。

Thank you all for participating in today's call. Earlier today, iRhythm released financial results for the third quarter ended September 30, 2025.

感謝各位參加今天的電話會議。今天早些時候，iRhythm 發布了截至 2025 年 9 月 30 日的第三季財務業績。

Before we begin, I'd like to remind you that management will make statements during this call that include forward-looking statements within the meaning of federal securities laws pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.

在開始之前，我想提醒各位，管理層將在本次電話會議中發表聲明，其中包括根據 1995 年《私人證券訴訟改革法案》安全港條款，符合聯邦證券法定義的前瞻性聲明。

Any statements contained in this call that are not statements of historical facts should be deemed to be forward-looking statements. These are based upon our current estimates and various assumptions and reflect management's intentions, beliefs and expectations about future events, strategies, competition, products, operating plans and performance. These statements involve risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements.

本次電話會議中任何非歷史事實的陳述均應視為前瞻性陳述。這些預測是基於我們目前的估計和各種假設，反映了管理層對未來事件、策略、競爭、產品、營運計劃和績效的意圖、信念和期望。這些聲明涉及風險和不確定性，可能導致實際結果或事件與這些前瞻性聲明中預期或暗示的結果或事件有重大差異。

Accordingly, you should not place undue reliance on these statements. For a list and description of the risks and uncertainties associated with our business, please refer to the Risk Factors section of our most recent annual and quarterly reports on Form 10-K and Form 10-Q, respectively, filed with the Securities and Exchange Commission.

因此，您不應過度依賴這些說法。有關我們業務相關的風險和不確定性的清單和說明，請參閱我們向美國證券交易委員會提交的最新年度報告（10-K 表格）和季度報告（10-Q 表格）中的「風險因素」部分。

Also during the call, we will discuss certain financial measures that have not been prepared in accordance with US GAAP with respect to our non-GAAP and cash-based results, including adjusted EBITDA, adjusted operating expenses and adjusted net loss. Unless otherwise noted, all references to financial metrics are presented on a non-GAAP basis.

此外，在電話會議期間，我們將討論一些未按照美國通用會計準則編制的財務指標，這些指標涉及我們的非公認會計準則和現金交易業績，包括調整後的 EBITDA、調整後的營業費用和調整後的淨虧損。除非另有說明，否則所有財務指標均以非公認會計準則 (non-GAAP) 為基礎列示。

The presentation of this additional information should not be considered in isolation of, as a substitute for or superior to results prepared in accordance with GAAP. Please refer to the tables in our earnings release and 10-Q for a reconciliation of these measures to their most directly comparable GAAP financial measures. Unless otherwise noted, all references to financial measures in this call other than revenue refer to non-GAAP results.

不應將這些補充資訊的呈現孤立地看待，也不應將其視為替代或優於按照公認會計原則編制的結果。請參考我們的獲利報告和 10-Q 表格，以了解這些指標與其最直接可比較的 GAAP 財務指標的調整。除非另有說明，本次電話會議中除收入以外的所有財務指標均指非GAAP結果。

This conference call contains time-sensitive information and is accurate only as of the live broadcast today, October 30, 2025. iRhythm disclaims any intention or obligation, except as required by law, to update or revise any financial projections or forward-looking statements, whether because of new information, future events or otherwise.

本次電話會議包含時效性訊息，僅截至今日（2025年10月30日）直播時的資訊準確無誤。除法律要求外，iRhythm 不承擔任何更新或修改任何財務預測或前瞻性聲明的意圖或義務，無論是因為新資訊、未來事件或其他原因。

And with that, I'll turn the call over to Quentin Blackford, iRhythm's President and CEO.

接下來，我將把電話交給 iRhythm 的總裁兼執行長昆汀布萊克福德。

Thank you, Stephanie, and good afternoon, everyone. We appreciate you joining us today. Dan Wilson, our Chief Financial Officer, is with me on today's call. My remarks will focus on our business performance during the third quarter of 2025 and our outlook for the remainder of the year. I will then turn the call over to Dan to provide a detailed review of our financial results and updated guidance for the year.

謝謝你，史蒂芬妮，大家下午好。感謝您今天蒞臨。我們的財務長丹威爾森今天和我一起參加了電話會議。我的發言將重點介紹我們2025年第三季的業務表現以及對今年剩餘時間的展望。接下來，我將把電話交給丹，讓他詳細回顧我們的財務表現和最新的年度績效指引。

We're pleased to report another quarter of strong commercial momentum, reflecting our disciplined execution and differentiated platform technology. For the third quarter, revenue was $192.9 million, representing year-over-year growth of 31%.

我們很高興地宣布，本季商業勢頭強勁，這反映了我們嚴謹的執行力和差異化的平台技術。第三季營收為 1.929 億美元，年增 31%。

This result was driven by record performance in both Zio Monitor and Zio AT, continued success moving monitoring upstream through primary care expansion, penetrating further into innovative health channels and a record number of new EHR integrations that continue to deliver measurable impact.

這項成果得益於 Zio Monitor 和 Zio AT 的創紀錄表現，透過初級保健擴展將監測工作向上游推進的持續成功，進一步滲透到創新型健康管道，以及創紀錄數量的新 EHR 集成，這些集成持續產生可衡量的影響。

Our competitive differentiators, operational scalability, market access advancements, market expanding innovation, EHR investments and clinical evidence are resonating across the health care ecosystem. Together, these capabilities have enabled us to deliver meaningful impact for patients with iRhythm Services having generated nearly 12 million reports worldwide.

我們的競爭優勢、營運可擴展性、市場准入優勢、市場拓展創新、電子病歷投資和臨床證據正在整個醫療保健生態系統中引起共鳴。這些能力的結合使我們能夠為患者帶來有意義的影響，iRhythm Services 已在全球產生了近 1200 萬份報告。

Within our core US business, account expansion and system-wide conversions remain robust. We continue to see strong adoption in both hospital and ambulatory settings, supported by our EHR integration strategy and a streamlined digital workflow that improves clinician efficiency.

在我們核心的美國業務中，帳戶拓展和系統範圍內的轉換依然強勁。我們看到，無論是在醫院還是門診，該系統都得到了廣泛的採用，這得益於我們的電子病歷整合策略和簡化的數位化工作流程，從而提高了臨床醫生的效率。

Larger integrated delivery networks are increasingly choosing iRhythm for enterprise-wide solutions, recognizing the clinical and operational value of our scalable platform, enabling full network conversions in a way not previously seen in our company history.

規模更大的綜合醫療服務網絡越來越多地選擇 iRhythm 作為企業級解決方案，他們認識到我們可擴展平台的臨床和營運價值，從而實現了公司歷史上前所未有的全面網絡轉換。

Our EHR integration strategy continues to deliver meaningful value as 76 of our top 100 customers are now EHR integrated. We now have 30 systems live with Epic Aura with an additional 65 systems in active implementation or advanced discussions. Epic Aura integrated customers typically see an average increase of nearly 25% in monitoring volume within the first 6 months of going live, reflecting how digital connectivity directly enhances utilization and physician efficiency.

我們的 EHR 整合策略持續帶來實際價值，目前我們前 100 名客戶中有 76 名已實現 EHR 整合。目前已有 30 個系統上線了 Epic Aura，另有 65 個系統正在積極實施或進行深入討論。Epic Aura 整合客戶通常在上線後的前 6 個月內，監測量平均成長近 25%，這反映出數位連結如何直接提高使用率和醫生效率。

We continue to make strong progress expanding into primary care, where upstream use of Zio as a rule-in or rule-out tool supports earlier intervention for improved patient outcomes. This approach helps alleviate specialist bottlenecks, improves physician network efficiency and can allow for more proactive and timely care for the benefit of patients.

我們在向初級保健領域擴展方面繼續取得顯著進展，在初級保健領域，將 Zio 用作診斷或排除工具的上游應用支持更早的干預，從而改善患者的治療效果。這種方法有助於緩解專科醫生短缺的問題，提高醫生網路效率，並能為患者提供更積極主動、更及時的照護。

Clinical evidence remains at the core of our differentiation. At major conferences this year, including ADA, ACC and HRS, new real-world analysis underscores the importance of early detection and monitoring. We consistently see that arrhythmias often precede major cardiovascular events and that proactive monitoring strategies to identify patients earlier in their care pathway have demonstrated significant reductions in emergency visits, shorter hospital stays and lower overall cost of care for patients managed with proactive monitoring.

臨床證據仍然是我們差異化的核心。在今年的各大會議上，包括 ADA、ACC 和 HRS，新的真實世界分析強調了早期發現和監測的重要性。我們一直觀察到，心律不整往往先於重大心血管事件發生，而主動監測策略可以在患者的治療過程中更早地識別出這些患者，這已證明可以顯著減少急診就診次數、縮短住院時間，並降低接受主動監測的患者的整體醫療成本。

Recent published data further validates our approach. For every 1,000 patients with certain comorbid conditions that are diagnosed with arrhythmias earlier in the care pathway, there is potential for over $10 million in downstream cost avoidance by preventing events that increase health care resource utilization, such as ER visits and hospitalizations.

近期發表的數據進一步驗證了我們的方法。對於每 1000 名患有某些合併症的患者，如果在治療過程中早期診斷出心律失常，則有可能透過預防增加醫療資源利用的事件（如急診就診和住院治療），避免後續成本增加 1000 萬美元以上。

Real-world claims analysis indicates that arrhythmia patients are hospitalized more than twice as often as non-arrhythmia patients. With two to five extra days of length of stay and ER visit rates more than double compared to non-arrhythmia cohorts. These findings reinforce the strategic importance of proactive monitoring and AI-driven risk stratification, not only to reduce catastrophic events, but to lower the total cost of care.

真實世界的理賠分析表明，心律不整患者的住院率是非心律不整患者的兩倍以上。與非心律不整患者相比，心律不整患者的住院時間延長了 2 至 5 天，急診就診率增加了一倍以上。這些發現強化了主動監測和人工智慧驅動的風險分層的戰略重要性，不僅可以減少災難性事件，還可以降低總護理成本。

Additionally, the AVALON study published in the American Journal of Managed Care in August, once again confirmed the clinical superiority of Zio's long-term continuous monitoring service, this time in a significantly younger population. In a real-world analysis of more than 400,000 commercially insured patients with an average age of 46 years, Zio demonstrated higher diagnostic yield, faster time to diagnosis, fewer cardiovascular events and lower total health care costs compared to other monitoring approaches.

此外，8 月發表在《美國管理式醫療雜誌》上的 AVALON 研究再次證實了 Zio 的長期連續監測服務的臨床優越性，這次的研究對像是明顯更年輕的人群。在對超過 40 萬名平均年齡為 46 歲的商業保險患者進行的真實世界分析中，與其他監測方法相比，Zio 顯示出更高的診斷率、更快的診斷速度、更少的心血管事件和更低的醫療保健總成本。

These findings were consistent with the results from the earlier CAMELOT study, which analyzed over 300,000 Medicare patients, reinforcing the strength and reproducibility of our clinical evidence across large diverse populations. Despite this evidence, the fact remains that nearly 2 million short duration Holter and event monitors continue to be prescribed in the US each year, representing a market opportunity of nearly $500 million.

這些發現與先前的 CAMELOT 研究的結果一致，該研究分析了超過 30 萬名 Medicare 患者，從而加強了我們在大量不同人群中獲得的臨床證據的強度和可重複性。儘管有這些證據，但事實仍然是，美國每年仍開出近 200 萬個短期 Holter 和事件監測儀處方，這代表著近 5 億美元的市場機會。

Our risk-bearing and innovative channel partnerships have continued to expand, reflecting the growing recognition of the value of proactive monitoring. We now have 18 active partner accounts with a healthy pipeline of additional partnerships currently under discussion.

我們承擔風險且具創新性的通路夥伴關係不斷擴大，反映出人們越來越認識到主動監控的價值。我們目前擁有 18 個活躍的合作夥伴帳戶，並且還有許多正在洽談中的合作夥伴專案正在積極推進中。

These partnerships enable population health programs generally targeting large undiagnosed arrhythmia populations, particularly individuals living with type two diabetes, COPD, chronic kidney disease, sleep disorders and heart failure. Through these programs, we have the potential to prove the value of proactive detection and demonstrating meaningful reductions in hospitalization rates and health care costs.

這些合作關係使得人口健康計劃得以實施，這些計劃通常針對大量未確診的心律不整人群，特別是患有二型糖尿病、慢性阻塞性肺病、慢性腎病、睡眠障礙和心臟衰竭的人群。透過這些項目，我們有可能證明主動檢測的價值，並證明住院率和醫療保健成本的顯著降低。

As announced this past July, our partnership with Lucem Health continues to advance clinical AI capabilities by enabling the ability to look across the medical records of large patient data sets and identifying undiagnosed patients at highest risk of cardiac arrhythmias.

正如今年 7 月宣布的那樣，我們與 Lucem Health 的合作將繼續推進臨床人工智慧能力的發展，使我們能夠查看大型患者資料集的醫療記錄，並識別出患有心律不整風險最高的未確診患者。

Early results in pilot settings have been encouraging in terms of the ability to proactively identify with high degrees of accuracy where cardiac arrhythmias exist in these unaware populations, reinforcing the strength of our data-driven approach and our ability to deliver population health insights that improve outcomes for the more than 27 million patients in the US that we believe are living with undiagnosed arrhythmias.

試驗環境中的早期結果令人鼓舞，表明我們能夠主動、高精度地識別這些不知情人群中存在的心律失常，這鞏固了我們數據驅動方法的優勢，以及我們提供人口健康見解的能力，從而改善我們認為在美國患有未確診心律失常的 2700 多萬患者的治療效果。

As we further validate the accuracy of the predictive arrhythmia solution, we are gathering valuable insight into how to best engage and scale across health systems. We have a number of Tier 1 health systems in active discussions and believe this partnership represents an important step in our strategic evolution from a device-enabled service into a comprehensive digital health platform powered by data and artificial intelligence.

隨著我們進一步驗證預測心律不整解決方案的準確性，我們正在收集關於如何最好地參與和擴大整個醫療系統規模的寶貴見解。我們正在與多家一級醫療系統積極洽談，並相信此次合作標誌著我們從以設備為基礎的服務向以數據和人工智慧為驅動的綜合數位健康平台的戰略轉型邁出了重要一步。

The third quarter also set another record for Zio AT with year-over-year unit growth more than double our corporate average. We continue to expand within existing accounts but notably are launching more new accounts with both Zio Monitor and Zio AT from the outset with workflow integration through EHR systems acting as a key enabler to accelerate utilization and improve system-wide physician adoption.

第三季度，Zio AT 的銷量年增率也創下新紀錄，是公司平均的兩倍多。我們繼續在現有客戶中拓展業務，但值得注意的是，我們從一開始就與 Zio Monitor 和 Zio AT 合作，推出更多新客戶，透過 EHR 系統進行工作流程集成，從而加速利用並提高全系統醫生的採用率。

In September, we submitted our 510(k) filing for Zio MCT, our next-generation mobile cardiac telemetry solution featuring a smaller form factor, extended 21-day wear, advanced detection algorithms and an improved final wear report.

9 月，我們提交了 Zio MCT 的 510(k) 申請，這是我們的下一代行動心臟遙測解決方案，具有更小的外形尺寸、更長的 21 天佩戴時間、先進的檢測演算法和改進的最終佩戴報告。

We look forward to continuing to partner with the FDA throughout the review process. Also on the innovation front, we're advancing development of AI prediagnostic and diagnostic pathways for sleep apnea, a chronic condition associated with an increased risk of arrhythmia and cardiovascular disease, particularly amongst undiagnosed individuals.

我們期待在整個審查過程中繼續與FDA合作。在創新方面，我們正在推動用於睡眠呼吸中止症的 AI 預診斷和診斷途徑的開發。睡眠呼吸中止症是一種慢性疾病，與心律不整和心血管疾病風險增加有關，尤其是在未確診的患者。

Our internal data suggests that many of existing iRhythm customers are already prescribing home sleep testing and their patients being diagnosed with sleep apnea. Clinical literature has suggested that up to half of patients with AFib have sleep apnea and that the prevalence of AFib increases fourfold in patients with severe sleep apnea.

我們的內部數據顯示，iRhythm 的許多現有客戶已經開始為患者開立家庭睡眠測試處方，並且他們的患者被診斷出患有睡眠呼吸中止症。臨床文獻表明，高達一半的心房顫動患者患有睡眠呼吸暫停，而重度睡眠呼吸中止症患者的心房顫動盛行率會增加四倍。

Further, the literature shows that sleep apnea adversely affects AFib treatment outcomes and that outcomes can be improved with treatment of both conditions as well as cardiovascular risk factor modification. Given the meaningful clinical overlap, sleep apnea represents a natural and highly complementary adjacency for our cardiac monitoring platform, reinforcing our ability to expand into adjacent markets that share meaningful clinical overlap.

此外，文獻表明，睡眠呼吸中止症會對心房顫動的治療結果產生不利影響，而同時治療這兩種疾病以及改變心血管危險因子可以改善治療結果。鑑於睡眠呼吸中止症與心臟監測平台在臨床上有顯著的重疊，因此睡眠呼吸中止症自然而然地成為我們心臟監測平台的一個高度互補的鄰近領域，這增強了我們拓展到具有顯著臨床重疊的鄰近市場的能力。

Importantly, by providing broader clinical insights, we can provide the tools to clinicians that have the potential to allow for a more efficient workflow, better patient experience and holistic approach to patient care.

重要的是，透過提供更廣泛的臨床見解，我們可以為臨床醫生提供工具，從而有可能實現更有效率的工作流程、更好的患者體驗和更全面的患者護理方法。

Outside of the United States, we continue to advance commercially to drive adoption of long-term continuous monitoring. In Japan, we now have 13 systems live, supported by positive physician feedback highlighting Zio's clear and comprehensive reports, rapid turnaround time and Zio's ability to find arrhythmias that might be missed with other solutions.

在美國以外，我們持續推動商業發展，以推動長期連續監測的普及。在日本，我們目前有 13 個系統投入使用，並得到了醫生的正面回饋，這些回饋強調了 Zio 清晰全面的報告、快速的周轉時間和 Zio 能夠發現其他解決方案可能遺漏的心律不整。

We are also advancing evidence generation to support potentially differentiated reimbursement with retrospective and prospective studies underway that include head-to-head comparison of Zio versus local Japanese cardiac monitoring devices in local patient populations.

我們也在推動證據生成，以支持潛在的差異化報銷，目前正在進行回顧性和前瞻性研究，其中包括在當地患者群體中對 Zio 與日本本土心臟監測設備進行直接比較。

With the Japanese Heart Rhythm Society recommendation and high medical needs designation, we are hopeful that this additional real-world evidence will strengthen our reimbursement positioning over time. In Europe, growth in the UK private market remains strong, and we continue to grow our presence in the four EU countries. Our focus on clinical evidence and key opinion leader engagement is building awareness and credibility across these new markets.

憑藉日本心律學會的推薦和高醫療需求認定，我們希望這些額外的真實世界證據能隨著時間的推移加強我們的報銷地位。在歐洲，英國私人市場的成長依然強勁，我們也不斷擴大在歐盟四個國家的市場份額。我們著重臨床證據和關鍵意見領袖的參與，從而在這些新市場中建立知名度和信譽。

The Oxford University led a multi-randomized trial of over 5,000 patients presented at this year's ESC Congress and published simultaneously in JAMA, demonstrated that a remote screening strategy with the Zio long-term cardiac monitoring service led to higher AFib detection rates and faster diagnosis versus usual care and in an older population with more comorbidities compared to prior screening trials, including mSToPS.

牛津大學牽頭進行了一項針對 5000 多名患者的多隨機試驗，該試驗結果在今年的 ESC 大會上公佈，並同時發表在 JAMA 上。試驗表明，與常規護理相比，採用 Zio 長期心臟監測服務的遠端篩檢策略能夠提高心房顫動檢出率並加快診斷速度；此外，與先前的篩檢測試（包括 mSToPS）相比，該策略在合併症較多的老年人群中也更為有效。

The data show that just as we have proven in the US, primary care initiated home-based monitoring with Zio at scale is feasible and effective, reinforcing the potential for growth in primary care channels in the UK and beyond.

數據顯示，正如我們在美國所證明的那樣，由初級保健機構發起的大規模家庭監測（使用 Zio）是可行且有效的，這進一步鞏固了初級保健管道在英國及其他地區的成長潛力。

Overall, our third quarter results demonstrate the operational and financial momentum across iRhythm. We are executing well on our strategic priorities with disciplined execution. While our commercial momentum continues to build, our focus on driving productivity gains and improving efficiencies are allowing us to meaningfully advance our profitability profile at the same time.

總體而言，我們第三季的業績體現了 iRhythm 的營運和財務發展勢頭。我們以嚴謹的執行力，很好地推進了各項戰略重點工作。在商業發展動能持續增強的同時，我們專注於提高生產力和提升效率，這使得我們能夠同時顯著提升獲利能力。

Importantly, we are now generating positive free cash flow earlier than anticipated and expect this year to be free cash flow positive on an annual basis for the first time in our company's history, reflecting both the strength of our commercial model and the progress we've been making in building a scalable, sustainable and profitable business.

重要的是，我們現在比預期更早地產生了正的自由現金流，並預計今年將實現公司歷史上首次年度自由現金流為正，這既反映了我們商業模式的實力，也反映了我們在構建可擴展、可持續和盈利的業務方面所取得的進展。

With that, I'll turn it over to Dan to review our financial performance in more detail.

接下來，我將把發言權交給丹，讓他更詳細地回顧我們的財務表現。

Thank you, Quentin. As a reminder, unless otherwise noted, the financial metrics that I discuss today will be presented on a non-GAAP basis. Reconciliations to GAAP can be found in today's earnings release and on our IR website.

謝謝你，昆汀。再次提醒大家，除非另有說明，我今天討論的財務指標將以非GAAP準則呈現。有關與 GAAP 的調節表，請參閱今天的盈利報告和我們的投資者關係網站。

We delivered another quarter of strong profitable growth in the third quarter with revenue of $192.9 million, up 30.7% year-over-year, combined with an adjusted EBITDA margin of 11.2%. Volume growth was strong across both product lines, driven by continued execution in our core business, sustained Zio AT volume growth and contributions from innovative channel accounts. Pricing also came in slightly favorable due primarily to higher Zio AT product mix.

第三季我們再次實現了強勁的獲利成長，營收達 1.929 億美元，年增 30.7%，調整後的 EBITDA 利潤率為 11.2%。兩大產品線的銷售量均實現了強勁成長，這得益於我們核心業務的持續推進、Zio AT 銷售的持續成長以及創新通路客戶的貢獻。由於 Zio AT 產品組合佔比較高，定價也略佔優勢。

New store growth with new stores defined as accounts that have been open for less than 12 months accounted for approximately 60% of our year-over-year volume growth. Home enrollment for Zio Services in the US remained steady at approximately 23% of volume in the third quarter.

新店成長（新店定義為開業不到 12 個月的帳戶）約占我們同比銷量成長的 60%。第三季度，Zio Services在美國的家庭用戶註冊量保持穩定，約為總註冊量的23%。

Moving down the P&L. Gross margin for the third quarter was 71.1%, an improvement of 230 basis points compared to the third quarter of 2024. This improvement to gross margin was driven by volume leverage and continued benefit from operational efficiencies, offsetting the higher blended cost per unit from increased Zio AT product mix.

向下移動損益表。第三季毛利率為 71.1%，比 2024 年第三季提高了 230 個基點。毛利率的提高得益於銷售成長和營運效率的持續提升，抵消了 Zio AT 產品組合增加所導致的單位綜合成本上升。

Third quarter adjusted operating expenses were $141.4 million compared to $143.8 million in the third quarter of 2024. Recall that third quarter 2024 adjusted operating expenses included a $32.1 million charge associated with licensed technology that was recognized as acquired in-process research and development, or IPR&D expense. Excluding that charge, the increase in adjusted operating expenses in third quarter 2025 was primarily driven by volume-related costs to serve and investments to drive future growth.

第三季調整後營運費用為 1.414 億美元，而 2024 年第三季為 1.438 億美元。回想一下，2024 年第三季調整後的營運費用包括與授權技術相關的 3,210 萬美元費用，該費用被確認為收購的在研研發費用（IPR&D 費用）。除該項費用外，2025 年第三季調整後營運費用的增加主要由與業務量相關的服務成本和推動未來成長的投資所驅動。

On a normalized basis, adjusted operating expenses as a percentage of revenue improved as a result of thoughtful and intentional initiatives that our teams have implemented to drive sustainable efficiencies while simultaneously investing in growth initiatives and infrastructure investments for future scale.

以正常水平計算，由於我們的團隊實施了深思熟慮且有針對性的舉措，在提高可持續效率的同時，投資於增長計劃和基礎設施建設以實現未來規模化，調整後的運營費用佔收入的百分比有所改善。

Adjusted net loss in the third quarter of 2025 was $2 million, or an adjusted net loss of $0.06 per share compared to an adjusted net loss of $39.2 million, or an adjusted net loss of $1.26 per share in the third quarter of 2024.

2025 年第三季調整後淨虧損為 200 萬美元，即每股調整後淨虧損 0.06 美元，而 2024 年第三季調整後淨虧損為 3,920 萬美元，即每股調整後淨虧損 1.26 美元。

Adjusted EBITDA in the third quarter of 2025 was $21.6 million, or an adjusted EBITDA margin of 11.2% of revenue compared to an adjusted EBITDA margin of negative 13.5% in the third quarter of 2024. Excluding IPR&D expenses, adjusted EBITDA margin during the third quarter of 2024 would have been 8.3% versus 11.3% for the third quarter of 2025, an improvement of approximately 300 basis points.

2025 年第三季調整後 EBITDA 為 2,160 萬美元，調整後 EBITDA 利潤率為營收的 11.2%，而 2024 年第三季調整後 EBITDA 利潤率為負 13.5%。不計入智慧財產權和研發費用，2024 年第三季的調整後 EBITDA 利潤率為 8.3%，而 2025 年第三季的調整後 EBITDA 利潤率為 11.3%，提高了約 300 個基點。

Given our strong performance year-to-date and our outlook for sustained growth, we are raising our revenue guidance for full year 2025 to $735 million to $740 million or 24% to 25% year-over-year growth. This outlook contemplates continued strong volume growth as well as a low single-digit pricing tailwind.

鑑於我們今年迄今的強勁業績以及對持續成長的展望，我們將 2025 年全年營收預期上調至 7.35 億美元至 7.4 億美元，年增 24% 至 25%。這項展望預計銷售量將持續強勁成長，同時價格也將維持個位數小幅上漲。

We continue to anticipate a strong fourth quarter aligned with normal seasonality, but note that our year-over-year growth rate outlook includes a slight deceleration due to the unique strength of our business in the fourth quarter of 2024 as discussed previously.

我們繼續預期第四季度將保持強勁成長，符合正常的季節性規律，但請注意，由於我們業務在 2024 年第四季的獨特優勢（如前所述），我們的同比成長率預期略有放緩。

For gross margin, we continue to anticipate full year 2025 gross margin to slightly exceed full year 2024 gross margin as clinical operations and manufacturing efficiencies largely offset impacts from tariffs on global imports. We continue to anticipate approximately 50 basis points of negative impact to gross margin from tariffs for the full year.

對於毛利率，我們繼續預計 2025 年全年毛利率將略高於 2024 年全年毛利率，因為臨床營運和生產效率的提高在很大程度上抵消了全球進口關稅的影響。我們仍然預計關稅將對全年毛利率產生約 50 個基點的負面影響。

We are also raising our full year adjusted EBITDA margin guidance to 8.25% to 8.75% of revenues. As discussed in prior quarters, adjusted EBITDA continues to absorb acquired IPR&D expenses, tariff impacts and FDA remediation expense.

我們同時將全年調整後 EBITDA 利潤率預期上調至營收的 8.25% 至 8.75%。正如前幾季所討論的，調整後的 EBITDA 繼續吸收收購的智慧財產權開發費用、關稅影響和 FDA 補救費用。

Finally, we ended the third quarter in a strong financial position with $565.2 million in unrestricted cash and short-term investments. Free cash flow generation during the quarter was $20.0 million, which marks our third consecutive quarter of trailing 12-month positive free cash flow generation.

最後，我們以強勁的財務狀況結束了第三季度，擁有 5.652 億美元的非限制性現金和短期投資。本季自由現金流為 2,000 萬美元，這是我們連續第三個季度實現過去 12 個月的正自由現金流。

We now expect to be slightly free cash flow positive for full year 2025. This significant company milestone represents our ability to drive sustainable efficiencies while also investing in infrastructure, growth initiatives for future success and next-generation technology platforms.

我們現在預計 2025 年全年自由現金流將略微為正。這一重要的公司里程碑表明，我們有能力在提高永續效率的同時，投資基礎設施、促進未來成功的成長計畫以及下一代技術平台。

In closing, we were very pleased with our financial results from the third quarter of 2025 and the sustained growth of our business. Our teams are executing at a high level, and we remain focused on delivering durable profitable growth.

最後，我們對2025年第三季的財務表現以及業務的持續成長感到非常滿意。我們的團隊執行力很強，我們將繼續專注於實現可持續的獲利成長。

We see momentum across multiple growth vectors, and we are making appropriate investments in growth initiatives and infrastructure scalability while continuing to improve our profitability profile. We believe this sets us up well for continued profitable growth as we close out 2025 and look towards 2026 and beyond.

我們看到多個成長方向都呈現出強勁勢頭，我們正在對成長計劃和基礎設施擴展進行適當的投資，同時不斷提高我們的獲利能力。我們相信，這將為我們在 2025 年末及 2026 年及以後的持續獲利成長奠定良好的基礎。

With that, I will now turn the call back to Quentin for closing remarks.

接下來，我將把電話轉回給昆汀，請他作總結發言。

Thanks, Dan, and thank you all for your continued support of iRhythm today. In closing, the continued progress we've made this quarter is a testament to our accelerating momentum. We're expanding adoption, forging new partnerships and delivering innovative solutions that are transforming cardiac care.

謝謝丹，也謝謝大家今天對 iRhythm 的持續支持。總之，本季我們的持續進展證明了我們不斷加快的發展勢頭。我們正在擴大應用範圍，建立新的合作夥伴關係，並提供正在改變心臟護理的創新解決方案。

Our clinically proven platform, advanced AI analytics and seamless digital integration are driving real impact for patients, providers and shareholders. With each milestone, we're building toward a future where early actionable cardiac insights are the standard, and iRhythm is leading the way.

我們經過臨床驗證的平台、先進的人工智慧分析和無縫的數位化集成，正在為患者、醫療服務提供者和股東帶來真正的影響。每一個里程碑都讓我們朝著一個未來邁進，在這個未來中，早期可操作的心臟資訊將成為標準，而 iRhythm 正引領著這一潮流。

Operator, we're now ready for questions.

接線員，我們現在可以開始接受提問了。

Nathan Treybeck, Wells Fargo.

內森·特雷貝克，富國銀行。

Great, thanks for taking the question and congrats on a very strong quarter. Just to kick it off, Q3 growth accelerated versus the first half and guidance implies over 20% in Q4. You didn't see the expected seasonal step down.

太好了，謝謝你回答這個問題，也恭喜你們本季業績非常出色。首先，第三季增速較上半年加快，預計第四季成長率將超過 20%。你沒有看到預期的季節性下降。

So your core Zio Monitor business has been accelerating for the past couple of quarters on record new account openings. I was hoping you could go into more detail on what specifically has been driving the new account openings and the volume growth? How much of it is share shift versus overall market growth?

因此，在過去的幾個季度裡，隨著新帳戶開立數量創下紀錄，您的核心 Zio Monitor 業務一直在加速成長。希望您能更詳細地說明一下，究竟是什麼因素推動了新帳戶的開立和交易量的成長？其中有多少是市佔率轉移，又有多少是整體市場成長？

Yeah. I think -- Nathan, thanks for the question. It's good to be talking with you. I think there's a few things that are driving the growth in that core business. And I would point out, it was a record quarter for us in the monitor business, just like it was in the AT business, to be quite honest with you.

是的。我想——內森，謝謝你的提問。很高興能和你聊天。我認為有幾個因素正在推動核心業務的成長。坦白說，我想指出，對於我們的顯示器業務來說，這是一個創紀錄的季度，就像在AT業務中一樣。

And a lot of that is driven by new accounts onboarding. But one of the things that's unique about iRhythm in the last 12 months is we've developed the ability to scale and really absorb the entire network of these customers who are coming on board on day one.

其中很大一部分是由新帳戶的開通所驅動的。但在過去 12 個月裡，iRhythm 的獨特之處在於，我們已經發展出擴展能力，並真正吸收了第一天就加入的所有這些客戶。

And that's very appealing to these customers where historically, we might have to go in and convert an account at a time and work to ultimately convert the entire system over a period of time. Now we're able to do that out of the gate.

這對客戶來說非常有吸引力，因為從過去來看，我們可能需要一次轉換一個帳戶，並努力在一段時間內最終轉換整個系統。現在我們一開始就能做到這一點。

The other thing that I would note in those new accounts is that we're seeing more than ever new accounts come into working with iRhythm, where they're bringing their entire long-term cardiac monitor business, so monitor, but also bringing their MCT business with AT as well, and that's fueling a lot of strength in the AT portfolio for us, which I think is just reflective of the value of that product line and these customers seeing that.

我還想指出，在這些新客戶中，我們看到越來越多的新客戶選擇與 iRhythm 合作，他們不僅帶來了整個長期心臟監護業務（即監視器），還帶來了他們的 MCT 業務（包括 AT），這極大地增強了我們的 AT 產品組合實力，我認為這恰恰反映了該產品線的價值，以及這些客戶對這一點的認可。

So the quality of the new accounts has gotten stronger and stronger over the course of the year. The size of them has gotten stronger, and we're more bullish than ever on our ability to continue to take share, but also grow the overall market.

因此，新帳戶的品質在這一年中越來越好。它們的規模越來越大，我們比以往任何時候都更加樂觀地認為，我們不僅能夠繼續擴大市場份額，還能發展整個市場。

There's no doubt that the move to primary care continues to expand. We're seeing it within the networks that we're already in. And of course, innovative channel partners continues to grow as well as it did from Q2 to Q3 and stepping up there.

毫無疑問，基層醫療的趨勢正在不斷擴大。我們在現有的網路中已經看到了這種情況。當然，創新通路夥伴也像第二季到第三季一樣持續成長，而且還在持續進步。

So quite a few drivers across the business, but I think it's a combination of market share shift as well as the overall market probably picking up a bit.

因此，業務中有很多驅動因素，但我認為這是市場份額變化以及整體市場可能略有回暖的綜合結果。

Joanne Wuensch, Citigroup.

Joanne Wuensch，花旗集團。

This is actually [Anthony] on for Joanne. Sort of just piggybacking off of Nathan's question. You raised the full year by more than a beat. I think it implies like a $4 million and change over consensus for the fourth quarter. Could you maybe just pick apart what is driving that outperformance you're expecting this quarter?

實際上，這是安東尼替喬安妮上場。算是藉用內森的問題。你籌集的資金比全年的總額多出一個節拍。我認為這意味著第四季營收將比市場普遍預期高出400萬美元左右。您能否詳細分析一下是什麼因素推動了您預期本季業績的超預期表現？

Yeah. Thanks for the question, Anthony. This is Dan. I can start and Quentin can fill in with anything. So as Quentin just spoke to, really the beat in Q3 was primarily attributable to monitor in the core business, but also saw a really healthy contribution from AT, record growth for both AT and Monitor and then growing contribution continued from innovative channel.

是的。謝謝你的提問，安東尼。這是丹。我可以先開始，昆汀可以接替我的位置。正如昆汀剛才所說，第三季業績超預期主要歸功於核心業務的監控業務，但AT也做出了非常健康的貢獻，AT和監控業務均實現了創紀錄的增長，創新管道的貢獻也持續增長。

And as we think about the fourth quarter, it's a very similar setup. I would point out the raise for the guidance for Q4 really primarily tied to Zio Monitor, still expect nice healthy growth from both AT and innovative channel.

當我們展望第四季時，情況也非常相似。我想指出的是，第四季業績指引的上調主要與 Zio Monitor 有關，我們仍然預期 AT 和創新管道都會實現良好的健康成長。

Those are two that we've -- particularly with innovative channel have taken the approach to really leave outside of guidance for everything that we don't have really strong visibility to and high confidence. So very similar approach to Q4. Most of that raise is attributable to Monitor. But encouragingly, seeing really good contribution across the different businesses.

對於這兩方面，特別是創新管道，我們採取的策略是，對於我們無法真正清晰了解和高度確信的事項，不予提供指導。所以和第四季採取的方法非常相似。大部分成長都歸功於 Monitor。但令人鼓舞的是，我們看到各個業務部門都做出了非常好的貢獻。

Richard Newitter, Truist.

Richard Newitter，Truist。

Just wondering on AT, momentum seems to be holding strong. As we think about the launch of MCT next year or at least potential approval, I mean, how should we be thinking about growth cadence for MCT?

只是好奇AT的情況，感覺它的勢頭依然強勁。當我們考慮明年推出 MCT 或至少獲得潛在批准時，我的意思是，我們應該如何考慮 MCT 的成長節奏？

Yeah. Thanks for the question. Look, we continue to be very encouraged by the performance in that AT business line. I think when you start to dissect it, what's really encouraging is that we're seeing it grow very well in our existing core monitor accounts that are now beginning to adopt AT, but also more than ever, the new accounts that are coming on board with us are coming on board using both Monitor and AT out of the gate.

是的。謝謝你的提問。你看，我們對AT業務線的表現仍然感到非常鼓舞。我認為，當你開始深入分析時，真正令人鼓舞的是，我們看到它在我們現有的核心監控帳戶中發展得非常好，這些帳戶現在開始採用 AT，而且比以往任何時候都更甚的是，新加入我們的帳戶從一開始就同時使用 Monitor 和 AT。

And I think that bodes well for our expectations into the future when we're seeing that these new accounts are willing to come on board with us using both product lines. In terms of MCT itself, I think that's a hard one for us to forecast exactly when it's going to ultimately make its way to the market.

我認為，當我們看到這些新客戶願意同時使用我們的兩條產品線時，這對我們未來的發展前景來說是一個好兆頭。就MCT本身而言，我認為我們很難準確預測它最終何時會進入市場。

We're planning for that to be in the back half of next year. However, I think without clear visibility from an FDA perspective on what the timeline is from an approval perspective, you're probably going to see us set up expectations for 2026 that don't include MCT contribution until we have real clear line of sight into when that timeline is going to firm up for us.

我們計劃在明年下半年完成這項工作。然而，我認為，如果 FDA 方面沒有明確的審批時間表，那麼我們可能會對 2026 年的預期做出調整，但這些預期不包括 MCT 的貢獻，直到我們真正清楚地看到審批時間表何時才能確定為止。

So I continue to be big believers in the AT business, super bullish on the opportunity to convert market share within that MCT category. I think we're probably around a 13% market share player today. I think there's a real path into 25%, 35%. But in terms of MCT itself, I think we want to see some clear line of sight to exactly when that approval might come before we start to really bake in expectations, at least for '26.

所以我仍然非常看好AT業務，並對在MCT類別中轉化市場份額的機會充滿信心。我認為我們目前的市佔率大概在13%左右。我認為很有可能達到 25%、35%。但就 MCT 本身而言，我認為我們希望看到明確的審批時間，然後再開始真正抱持期望，至少對 2026 年來說是如此。

David Saxon, Needham & Company.

David Saxon，Needham & Company。

Thanks for taking my questions and congrats on the quarter. So I wanted to ask on the innovative partner channel. So I think it was last quarter, you talked about 100 potential partners in the US. I think in the script, you said you had 18 today. That's up six from last quarter, I believe.

感謝您回答我的問題，並祝賀您本季取得佳績。所以我想透過創新合作夥伴管道詢問一下。所以我覺得應該是上個季度，你談到了在美國的100個潛在合作夥伴。我想劇本裡你說你今天有18個。我相信，這比上一季增加了6個。

So can you just talk about the sales cycle there? Like how long does it typically take to onboard? And then what's a realistic penetration level for that channel over the next, call it, one to two years? And then can you also size that customer group at this point in terms of percentage of sales?

那麼，您能談談那裡的銷售週期嗎？例如，通常需要多長時間才能登機？那麼，在未來一到兩年內，該通路的實際滲透率會是多少呢？那麼，您能否根據目前的銷售額百分比來估算一下該客戶群的規模？

Yeah. Maybe I'll hit that last point first. We continue to see that step up from where it was in Q2. We're not going to disclose it each and every quarter, but you can assume that it did continue to step up. And the overall dollar contribution from innovative channel partners was absolutely higher in Q3 than it was in Q2 as well. So we're seeing good progress there.

是的。或許我會先談到最後一點。我們看到這一趨勢較第二季度有所上升。我們不會每季都揭露具體數字，但你可以假設它確實繼續成長了。第三季創新通路夥伴的整體美元貢獻也絕對高於第二季。所以我們看到這方面進展良好。

To your point, we had 12 customers in Q2. We communicated in the prepared remarks, we're up to 18. I would say the size of those customers on average are about similar to what we saw in the initial 12, and we're excited about where that has the potential to go.

正如您所說，我們第二季有 12 位客戶。我們在準備好的演講稿中提到，我們已經達到 18 人。我認為這些客戶的平均規模與我們最初看到的 12 位客戶大致相同，我們對它的發展潛力感到興奮。

In terms of the sales cycle, it's so different by customer right now. And I think that's a little bit of the hesitation that we have in putting forward specific expectations in our guidance. I could give you the example of Signify that took well over a year to sort of get to scale. Then I could give you an example of CenterWell that took about 90 days to get to scale. So it's just -- it's a different sales process. It's a different scaling process with each one of them.

就銷售週期而言，目前不同客戶的銷售週期差異很大。我認為，這在一定程度上解釋了為什麼我們在製定指導方針時，對提出具體期望有所猶豫。我可以舉 Signify 的例子，它花了超過一年的時間才達到一定的規模。然後我可以給你舉個例子，CenterWell 花了大約 90 天才達到規模。所以，這只是──銷售流程不同而已。它們各自的擴展過程都不一樣。

Some of these move very quickly when you can show the data that is coming together articulating the value of finding these arrhythmias, particularly in undiagnosed unaware populations and some of the economic data that's coming together that is quite compelling around the impact of finding these arrhythmias more proactively.

當你能夠展示正在匯集的數據，闡明發現這些心律不整的價值，尤其是在未確診且不知情的群體中，以及一些正在匯集的經濟數據，這些數據相當有說服力地表明了更積極地發現這些心律失常的影響時，其中一些進展非常迅速。

So some move very quick, some take longer. I think as we get more experience here, we'll have more confidence to know exactly how to guide to it into the future. But for the time being, as Dan shared earlier, we're going to take a little bit of a wait-and-see approach on some of these without getting way ahead of ourselves.

所以有些動作很快，有些動作則需要更長。我認為隨著我們在這裡累積更多經驗，我們會更有信心知道如何更好地引導它走向未來。但就目前而言，正如丹之前所說，我們將對其中一些事情採取觀望態度，不會操之過急。

Marie Thibault, BTIG.

瑪麗·蒂博，BTIG。

This is Sam on for Marie. Maybe I can ask about the latest and any updates with the FDA on the remediation efforts for the warning letter and 483s?

這裡是薩姆替瑪麗報道。我可以詢問一下FDA關於警告信和483表格的補救措施的最新進展嗎？

No, it's a good question. There hasn't been a whole lot of communication through the shutdown with the FDA, particularly from a remediation perspective. As a matter of fact, I can share with you that the FDA has been clear with us that they've asked for that to more or less be put on hold and reengage with them on remediation after the shutdown is remediated or lifted, which I think is a good sign.

不，這是個好問題。在停擺期間，與FDA的溝通並不多，尤其是在補救措施方面。事實上，我可以告訴你們，FDA已經明確表示，他們要求我們基本暫停此事，並在停工結束後或停工解除後再與他們重新就補救措施進行磋商，我認為這是個好兆頭。

Our understanding is through the shutdown, these folks are focused on the more critical sort of matters and the fact that we've been asked to pick it back up once the shutdown is through is encouraging. There's not been any communication with respect to MCT at this point in time.

據我們了解，在政府停擺期間，這些人專注於更重要的事情，而政府要求我們在停擺結束後重新接手這項工作，這令人鼓舞。目前還沒有任何關於MCT方面的溝通。

We are -- as we shared, we've submitted it. They have it, but there's been no communication around it, which is why I think for us, as we think about 2026, it's just prudent to think about that as a year where we'll wait for some more clarity around MCT before we would put it into any expectations out there in the new year.

正如我們之前所說，我們已經提交了。他們掌握了這項技術，但一直沒有進行任何溝通，所以我認為，對我們來說，在考慮 2026 年的時候，謹慎的做法是先等待 MCT 的相關情況更加明朗，然後再對新的一年做出任何預期。

So that's where things sit at this point in time. Obviously, if things change with respect to any communication or feedback, we'll let you know. I think it's important to recognize we're not changing anything from our continued efforts to remediate our internal systems.

這就是目前的情況。當然，如果溝通或回饋方面有任何變化，我們會通知您。我認為重要的是要認識到，我們不會改變我們持續改善內部系統的努力。

As you might recall, we agreed and made the decision that we were going to go above and beyond what the FDA had asked us to remediate as part of the warning letter and the 483s. We've been doing that. All of those efforts will be complete here by the end of the year.

您可能還記得，我們​​同意並決定，我們將採取比 FDA 在警告信和 483 表格中要求我們採取的補救措施更多的方式來解決問題。我們一直在做這件事。所有這些工作都將在年底前完成。

The other thing we committed to, and this has already started, is we've launched the external review/audit of our quality systems by an independent third party that we were doing on our own. We communicated that to the FDA, and we've also communicated we'd be willing to share those things with the FDA. That's gotten started. It's off to a good start. It's early, but it's demonstrating the good progress we've made, and that will continue on through the remainder of the year.

我們承諾的另一件事，而且已經開始實施，就是我們委託獨立的第三方對我們先前自行開展的品質系統進行外部審查/審核。我們已將此情況告知美國食品藥物管理局 (FDA)，我們也已表示願意與 FDA 分享這些資訊。已經開始了。開局不錯。雖然現在還為時過早，但這已經表明我們取得了良好的進展，而且這種進展將在今年餘下的時間裡繼續下去。

Suraj Kalia, Oppenheimer.

Suraj Kalia，奧本海默。

Quentin, can you hear me all right?

昆汀，你聽得清楚我說話嗎？

Yes, yes.

是的，是的。

Perfect. Gentlemen, congrats on a fantastic quarter. Quentin, many calls going on. So forgive me if you've already touched on this. The innovative channels, the 100 or so, I thought I heard that, that you cited.

完美的。各位先生，恭喜你們度過了一個精彩的季度。昆汀，電話很多。如果您已經談到過這一點，請原諒我。我好像聽你說過，你提到的那100個左右的創新頻道。

Quentin, this question comes up with clients and maybe you can articulate it. What is the incremental patient pool you see in this cohort, the types of patients, symptomatic, asymptomatic, how should we think about it and the durability of this channel so that we can sort of size what is the incremental pull-through? Once again, gentlemen, congrats on a great quarter.

昆汀，客戶常常會問這個問題，也許你能詳細解釋一下。您認為該群體中新增患者群體有哪些？患者類型有哪些？有症狀的、無症狀的？我們該如何看待這個問題？以及該通路的持久性如何？這樣我們才能大致估算新增的拉動量是多少？再次恭喜各位先生，你們本季表現出色。

Thanks, Suraj. I appreciate it. One of the most encouraging things in this innovative channel effort has been the realization that these folks are monitoring more and more of the asymptomatic, undiagnosed, unaware population.

謝謝你，蘇拉傑。謝謝。這項創新管道工作中最令人鼓舞的事情之一是，人們意識到這些人正在監測越來越多的無症狀、未確診、不知情的人群。

There are a few partners who have targeted symptomatic patients, but we've even seen a few of those move from symptomatic into asymptomatic after recognizing the success that they're having with it. So that's encouraging, and I think it's a great data point that validates that the asymptomatic population is ultimately going to be monitored here.

有些伴侶的目標是有症狀的患者，但我們甚至看到其中一些患者在意識到治療效果後，從有症狀轉變為無症狀。這令人鼓舞，我認為這是一個很好的數據點，證實了無症狀人群最終將會在這裡受到監測。

We believe there's roughly 27 million patients in the US alone who are unaware, certainly undiagnosed, maybe confusing their symptoms with other comorbid disease states like type type diabetics, COPD or CKD. One of the things that's interesting that we're discovering in a lot of the data that we're capturing in the research we're doing is that just looking retrospectively over the last five to six years, nearly 90%, this is an incredible stat.

我們認為光在美國就有大約 2,700 萬名患者不知情，肯定沒有被診斷出來，他們可能會將自己的症狀與其他合併症混淆，如第 2 型糖尿病、慢性阻塞性肺病或慢性腎病。我們在研究中收集的大量數據中發現一件很有趣的事情，那就是回顧過去五到六年，近 90% 的數據都顯示如此，這是一個令人難以置信的統計數據。

Nearly 90% of patients who are either a type type diabetic, have COPD or CKD and ultimately get diagnosed with an arrhythmia. Nearly 90% of them were never monitored prior to that diagnosis, which just speaks to the incredible opportunity to get out there and proactively monitor these unaware, undiagnosed populations, maybe even asymptomatic populations.

近 90% 的糖尿病患者、慢性阻塞性肺病患者或慢性腎病患者最終都會被診斷出患有心律不整。近 90% 的患者在確診前從未接受過監測，這顯示我們有機會主動監測這些不知情、未確診的族群，甚至可能是無症狀族群。

And what's encouraging is with the innovative channel partners is most of these programs are focused on these comorbid disease states. It also leads into sort of what we're doing around Lucem that we talked about last quarter in terms of developing these algorithmic capabilities to look across large data sets, particularly these comorbid data sets and looking through the medical records, finding these patients who are likely to have an arrhythmia, get a patch on them and then with a high degree of accuracy, certainly diagnose arrhythmias. And some of these early pilots that we've run, we've seen those yields 80% to 90% in terms of who we think has an arrhythmia, get a patch on them and find out that they do, in fact, have the arrhythmia.

令人鼓舞的是，這些創新通路合作夥伴的大多數專案都專注於這些合併症狀態。這也引出了我們上個季度在 Lucem 專案上所做的工作，即開發這些演算法能力來查看大型資料集，特別是這些合併症資料集，並查看醫療記錄，找到可能患有心律不整的患者，給他們貼上貼片，然後以很高的準確度診斷心律不整。在我們進行的一些早期試點計畫中，我們發現，對於我們認為患有心律不整的患者，貼上貼片後發現他們確實患有心律不整，其準確率達到了 80% 到 90%。

It's important once we diagnose them that now we help reduce the cost of caring for those patients. But the majority of the cost that these partners are saving is a reduction in ER visits, hospital visits, reduction in length of stay in the hospital. These are all things that these partners understand very, very well, and I think speaks to the durability of the channel itself as they see the benefits that are going to continue to accrue for them.

一旦確診，重要的是要幫助降低這些患者的治療費用。但這些合作夥伴節省的大部分成本來自於急診就診次數、住院次數的減少、住院時間的縮短。這些合作夥伴都非常非常了解這些事情，我認為這體現了管道本身的持久性，因為他們看到了管道將持續為他們帶來的好處。

David Rescott, Baird.

David Rescott，貝爾德。

Oh great, thanks for taking the questions and congrats on the really good quarter here. I wanted to ask on the margin front, the profitability front. Obviously, you had really great progress on are now expecting to hit free cash flow profitability this year, and my guess is that extends into 2026.

太好了，謝謝你回答問題，也恭喜你本季取得了非常好的成績。我想問一下利潤率和獲利能力方面的問題。顯然，你們取得了非常大的進展，現在預計今年就能實現自由現金流盈利，我猜這種情況會持續到 2026 年。

But when you think about some of the moving pieces around Zio MCT the drag there on the gross margin line, maybe some pickup with the downgradable capabilities you have with MCT. I believe with MCT, you're going to be running on the same product manufacturing line, I believe, as what Monitor is. I recall that being talked about in the past.

但當你考慮到 Zio MCT 的一些變動因素時，你會發現它對毛利率的拖累，而 MCT 的降級功能或許能帶來一些提升。我相信，MCT 將會和 Monitor 使用同一條產品生產線。我記得以前討論過這件事。

So I'm just trying to get a sense for how we should be thinking about this margin trajectory into -- toward that 15% goal that you called out for 2027. When you think about the pieces from MCT coming in and the scale benefits and this innovative channel partner business ramping as a percent of the business?

所以，我只是想了解我們應該如何看待這個利潤率軌跡，以達到您提出的 2027 年 15% 的目標。當你想到MCT的各項業務拓展、規模效益以及這種創新通路合作夥伴業務在公司中所佔的百分比時，你會作何感想？

Yeah, David, thanks for the question. So you're right, there are a number of moving pieces there. I think maybe breaking it down first starting with gross margin. We do feel -- continue to feel good about the guidance that we had previously for 2027, where we called out 72% to 73% gross margin in 2027. Obviously, we haven't provided '26 guidance yet. You heard the comments for 2025 being slightly above 2024, so call that low 70%.

是的，大衛，謝謝你的提問。所以你說得對，這裡面有很多變數。我認為或許可以先從毛利率著手進行分析。我們仍然對我們先前對 2027 年的業績指引感到樂觀，當時我們預測 2027 年的毛利率將達到 72% 至 73%。顯然，我們還沒有提供 2026 年的指導意見。你聽過 2025 年的預測會略高於 2024 年，所以就說 2025 年的預測值低點在 70% 左右吧。

So feel really good about that path to 72% to 73% with all the different moving pieces, right? There's benefits from manufacturing automation as we scale the business, as we get Zio MCT on the same platform as Zio Monitor and then just continued efficiencies all around the business. So still feel good about that 72% to 73% gross margin.

所以，考慮到各種不同的變數，最終達到 72% 到 73% 的目標，你感覺很不錯吧？隨著業務規模的擴大，製造自動化帶來了許多好處，例如，我們將 Zio MCT 與 Zio Monitor 放在同一平台上，在整個業務範圍內持續提高效率。所以，我對72%到73%的毛利率仍然感到滿意。

And similarly, with adjusted EBITDA, you've heard us talk about a cadence of, call it, 400 basis points of margin expansion year-to-year. We're set to deliver that this year relative to 2024 and feel good about that cadence continuing into next year and beyond. So absolutely still feel good about those targets that we provided for 2027.

同樣地，對於調整後的 EBITDA，你們也聽我們說過，其利潤率每年都會成長 400 個基點。我們計劃在今年實現這一目標，比 2024 年提前完成，並且有信心這一節奏能夠延續到明年及以後。所以，我仍然對我們為 2027 年設定的目標感到非常滿意。

[Stephanie Piazzola], Bank of America.

[史蒂芬妮·皮亞佐拉]，美國銀行。

Hi, thanks for taking the question, and congrats on a good quarter. You talked about the early work you're doing in sleep diagnostics. So I just wanted to follow up if there's any more color you can provide about how you're thinking about that opportunity, any potential economics of a multi-sensing platform and some of the next steps that you're taking there?

您好，感謝您回答這個問題，並祝賀您本季業績出色。您談到了您在睡眠診斷領域所做的早期工作。所以我想進一步了解一下，您能否更詳細地說明一下您對這個機會的看法，多感測平台的潛在經濟效益，以及您正在採取的下一步措施？

Yeah. Stephanie, thanks for the question. Sleep is something that we certainly have a lot of excitement around. I think the overlap of just cardiac arrhythmia and sleep is a natural one. We see it in our customer channel already.

是的。史蒂芬妮，謝謝你的提問。睡眠無疑是我們非常感興趣的一件事。我認為心律不整和睡眠之間存在重疊是很自然的。我們已經在客戶管道中看到了這種情況。

We see it in our patients as well. And it's a great deal of overlap in the customers we're already serving that are ordering these home sleep tests. And so I think there's a natural opportunity for us to step in here and really disrupt that space, but at the same time, really improve the workflow and the efficiency for our physician customers, but also for the patient who many times has a pretty cumbersome experience.

我們在患者身上也看到了這種情況。而且，在我們目前服務的客戶中，訂購這些家庭睡眠測試的客戶與我們正在服務的客戶有許多重疊之處。所以我認為，我們完全有機會介入並真正顛覆這個領域，同時真正改善我們醫生客戶的工作流程和效率，以及病人常常面臨的繁瑣就醫體驗。

So we're excited to be able to do that. I think you're going to see us step into it in a couple of different ways, and I'm not going to get into the real specific efforts that are going underway from a competitive perspective, but I think there's ability to see even within our patient population today and the EKG data that we're capturing where there's a likelihood of sleep disease likely being present.

所以我們很高興能夠做到這一點。我認為你會看到我們以幾種不同的方式涉足其中，我不會深入探討從競爭角度正在進行的具體努力，但我認為即使在我們目前的患者群體和我們正在收集的心電圖數據中，也能夠看出睡眠疾病的可能性。

I think that's good information to help our physicians understand and ultimately leads into testing opportunities. And then ultimately, we want to get to where we can have a diagnostic capability right off of the platform on the chest, and that's the multi-sensing effort or opportunity that you mentioned, and that's enabled by some of the BioIntelliSense’s licensed IP that we made last year.

我認為這是有助於我們醫生理解並最終帶來檢測機會的好資訊。最終，我們希望能夠直接從胸部的平台上獲得診斷能力，這就是您提到的多感測工作或機會，而這得益於我們去年開發的一些 BioIntelliSense™ 授權知識產權。

So those development efforts are going on as we speak. I think that's a couple of years away in terms of having a diagnostic product, but I think there are a lot of things that we can do ahead of time that can really create some nice opportunity for us within the sleep channel.

所以，這些開發工作正在進行中。我認為，就診斷產品而言，還需要幾年時間，但我認為我們可以提前做很多事情，這真的可以為我們在睡眠領域創造一些很好的機會。

As a matter of fact, we've got pilots that are beginning to launch in the back part of this year and will run over the course of next year that we'll continue to learn from and help us get even better in this space and excited with where it can take us.

事實上，我們有一些試點計畫將於今年稍後啟動，並將持續到明年，我們將繼續從中學習，幫助我們在這個領域做得更好，並對它能帶給我們的未來感到興奮。

Max Kruszeski, William Blair.

馬克斯·克魯澤斯基，威廉·布萊爾。

Hey guys it's Max on for Brandon. Congrats on a nice quarter here. Quentin, I think you had mentioned in your prepared remarks that 76 out of your top 100 customers have EHR integration and that these integrated accounts see an average increase in utilization of about 25% within the first six months.

大家好，我是Max，今天替Brandon為大家報道。恭喜你們本季業績不錯。昆汀，我想你在準備好的發言稿中提到過，你的前 100 位客戶中有 76 位實現了 EHR 集成，這些集成帳戶在頭六個月內的平均使用率提高了約 25%。

Can you just give us some color on, a, what's driving this? B, how durable is that 25% beyond the six months? And how is this 25% evolved compared to some of the earlier accounts you guys had EHR integration with?

能給我們詳細介紹一下，a，是什麼原因導致了這種情況嗎？B，這 25% 的增幅在六個月後能持續多久？與你們之前一些已經整合 EHR 的帳戶相比，這 25% 的成長幅度有何不同？

Yeah. Well, look, one of the things that's been unique with integrations is our announced relationship with Epic that we communicated a little over a year ago and really started to step into it in the first half of this year and is really hitting its stride now.

是的。嗯，你看，整合方面最獨特的一點是我們與 Epic 的合作關係，我們一年多前就宣布了這一合作關係，並在今年上半年真正開始深入推進，現在正處於蓬勃發展階段。

And I think I mentioned we've got 30 accounts integrated, and there's another 65 that are in the pipeline that are specific to Epic itself. And when I made the comment around an increase of about 25% 6 months post integration, that's really around the Epic integrations.

我想我之前提到過，我們已經整合了 30 個帳戶，還有 65 個帳戶正在開發中，這些帳戶都是 Epic 特有的。當我提到整合後 6 個月成長約 25% 時，這實際上是指 Epic 整合帶來的成長。

And so I want to be clear about that. But a lot of it comes down to workflow, making it as simple as the click of a button within their EMR system to be able to order a Zio to have the Zio report pushed right into that EMR system without having to manually upload or transfer files to have everything right there is incredibly important to our physician customers.

所以我想把這一點說清楚。但很多時候，這取決於工作流程。對於我們的醫生客戶來說，能夠像在他們的 EMR 系統中點擊一個按鈕一樣簡單地訂購 Zio，並將 Zio 報告直接推送到該 EMR 系統中，而無需手動上傳或傳輸文件，從而讓一切都井然有序，這一點至關重要。

One of the things that we love about the integration is that once it's integrated, the entire network of whether it's primary care, whether it's cardiology, whether it's EP, whether it's hospital, they see within their instance of Epic, Zio right there in the instance of it, right?

我們喜歡這種整合方式的一點是，一旦整合完成，整個網絡，無論是初級保健、心臟病學、電生理學還是醫院，都可以在他們的 Epic 實例中看到 Zio，對吧？

So the workflow can become very easy across all channels within these IDNs. And it ultimately ends up enabling the push up into primary care to happen in an easy way. Sometimes the pushback we get with trying to move prescribing patterns up into primary care is that the primary care physician isn't comfortable reading the report and diagnosing.

因此，在這些IDN中，所有管道的工作流程都可以變得非常簡單。最終，這使得向基層醫療機構的晉升變得更加容易。有時，當我們試圖將處方模式移至初級保健時，會遇到阻力，因為初級保健醫生不願意閱讀報告並進行診斷。

Well, within these integrated accounts, the primary care physician can prescribe the device, the device can be worn, the report can be put right into the integrated system. And then the cardiologist or the electrophysiologist can come into the system without ever seeing a patient read the report and diagnose whether they see an arrhythmia there or not.

在這些整合帳戶中，初級保健醫生可以開立設備處方，患者可以佩戴該設備，並將報告直接放入整合系統中。然後，心臟科醫生或電生理學家無需見到病人，只需閱讀報告，就能診斷出是否有心律不整。

And then they can even make sort of workflow decisions of do I want to see that patient or do I not. That's a huge enabler when it comes to pushing care further up the care pathway. And that's a big part of why we see the EHR integrated accounts grow the way that they do and have the success that they do. And it's also why we spend a lot of time and effort working to integrate our accounts as we go. Very seldom.

然後他們甚至可以做出一些工作流程的決定，例如是否要接診該病人。這對於推動護理服務在護理路徑上向前發展來說，是一個巨大的推動因素。這也是為什麼我們看到 EHR 整合帳戶能夠如此快速成長並取得如此成功的重要原因之一。這也是為什麼我們花費大量時間和精力來逐步整合我們的帳戶的原因。極少發生。

I'm not sure I could give you one example of where an integrated account once integrated has ever left working with iRhythm. And so this is very important to us and something you're going to see us continue to pour into.

我不太確定我能舉出一個例子，說明整合後的帳戶在與 iRhythm 整合後，曾經出現過無法繼續使用的情況。所以這對我們來說非常重要，你們將會看到我們繼續投入精力。

Zachary Day, Canaccord Genuity.

Zachary Day，Canaccord Genuity。

Hi, thanks for taking the question one for Bill tonight. Congrats on the quarter. On Zio MCT, I know you're not guiding anything financially. But once you have the approval in hand, what is the launch strategy for it? Is it going to be mainly targeted to new accounts and you're going to carry the momentum of AT into those accounts? Maybe just how are you thinking about it?

您好，感謝您今晚回答比爾的第一個問題。恭喜你本季取得佳績。在 Zio MCT 上，我知道你沒有進行任何財務上的指導。但是一旦獲得批准，上市策略是什麼？主要目標客戶是新用戶，你們打算將AT的動能延續到這些新用戶嗎？你是怎麼想的？

Yeah. Good question, and I appreciate it. As we think about sort of guidance, maybe let me just take a step back relative to that for a second. I'll tell you, we've never been more bullish around the business as we are right now. I think the structural growth drivers in the business are the strongest that we've ever seen.

是的。問得好，謝謝。當我們思考指導方針時，或許我可以先退後一步，談談這個問題。我可以告訴你，我們從未像現在這樣對這項業務充滿信心。我認為，公司目前的結構性成長動力是前所未有的強勁。

And I think it's demonstrated by the record quarter that we put up with Monitor with AT, innovative channels, even EHR integrated accounts. But when it comes to guidance, when it comes to next year, you're going to see us take an approach that, frankly, is very similar to the approach that we took this year. It's not going to be any different. I think that's one that is very thoughtful. It's going to be prudent.

我認為，我們透過與 AT 合作、創新管道，甚至 EHR 整合帳戶，實現了創紀錄的季度業績，這足以證明這一點。但就指導方針而言，就明年而言，你會看到我們採取的方法，坦白說，與我們今年採取的方法非常相似。情況不會有任何不同。我覺得這個建議非常周到。這樣做是明智的。

It's going to be calibrated and mindful of the tougher comps that come in, but also being mindful of those things that are really dependent on external timelines like MCT being dependent on the approval from the FDA.

我們會進行校準，並考慮到更艱難的比較，同時也考慮到那些真正取決於外部時間表的事情，例如 MCT 取決於 FDA 的批准。

In that case, we're not going to put it into our expectations for 2026. And so we'll let that sort of play out as upside. I know where the Street is sitting at right now. I feel good with where the Street is sitting at 17%. I think you're probably going to see us come out and guide to 2026, probably somewhere around that 16% to 18% range that leaves upside with these external factors like MCT being dependent on FDA approval or innovative channels sort of making their decisions when they're going to adapt and when they're going to ultimately step into working together.

在這種情況下，我們不會將其納入我們對 2026 年的預期。所以，我們就讓這種情況發展成利好吧。我知道華爾街目前的狀況。我對華爾街目前的17%的走勢感到滿意。我認為你們可能會看到我們發布 2026 年的業績指引，大概在 16% 到 18% 的範圍內，這其中存在上行空間，因為 MCT 取決於 FDA 的批准，或者創新管道正在決定何時進行調整，以及何時最終開始合作。

So we're going to be thoughtful around guidance. We're going to not get ahead of ourselves here. We're going to be responsible and that's how we're going to set up the year. I have not been more excited heading into a new year than what I am right now as we look ahead to 2026.

所以我們會認真考慮指導方針。我們不打算操之過急。我們將秉持負責任的態度，這就是我們規劃今年的方式。展望2026年，我對新的一年充滿了前所未有的興奮。

I think there are more drivers in the business, more new features that are going to be introduced into the commercial teams that are going to drive great momentum, but we're not going to get ahead of ourselves either as we head into the new year.

我認為公司裡還有更多驅動因素，更多新功能將引入商業團隊，這將帶來巨大的發展勢頭，但進入新的一年，我們不會操之過急。

Daniel Downes, Goldman Sachs.

丹尼爾唐斯，高盛集團。

Good afternoon, everyone, and thank you for taking the question. Just want to add to David's earlier question and how we should think about your reinvestment priorities as you transition to becoming a positive free cash flow business. Just noting your current cash position of almost $600 million I guess as a follow-up to that, what level of investment do you expect will be required ahead of the the MCT launch once approved? Thank you.

各位下午好，感謝你們回答這個問題。我想補充David先前提出的問題，以及在企業轉型為正自由現金流企業的過程中，我們應該如何考慮再投資的優先事項。鑑於您目前擁有近 6 億美元的現金儲備，我想就此提出一個後續問題：一旦 MCT 獲得批准，您預計在上市前需要多少投資？謝謝。

Yeah. Thanks, Daniel. This is Dan. I can take that question, and Quentin could fill in anything he'd like. So really very similar to this year, we have been actively reinvesting back into the business.

是的。謝謝你，丹尼爾。這是丹。我可以回答這個問題，昆汀可以隨意補充任何他想說的內容。所以和今年非常相似，我們一直積極地將資金再投資於業務。

You just heard Quentin remark that next year is setting up really well from kind of an innovation standpoint, and that's through some of the investments that we've been making this year and we'll continue to make next year.

你剛剛聽到昆汀說，從創新角度來看，明年的發展前景非常好，這是透過我們今年進行的一些投資實現的，明年我們將繼續進行這些投資。

Obviously, Zio MCT has been at kind of the forefront of that as we got to submission there with the FDA. We have the multi-vitals platform that we continue to work on and are excited about. And then as Quentin mentioned earlier, some of the initiatives around sleep.

顯然，Zio MCT 一直處於這一領域的前沿，因為我們已經向 FDA 提交了申請。我們正在繼續開發多生命體徵平台，對此我們感到非常興奮。正如昆汀之前提到的，還有一些關於睡眠的舉措。

That's kind of on the innovation side. And then I'd also say we're making investments operationally as well, right? So AI has been important from a service delivery standpoint that will continue to be, but also starting to embed AI within the organization and really look for those opportunities to scale the business as efficiently as we can. And so that's really how we look at where to invest in the business. As you noted, certainly have the balance sheet to make those investments.

這算是創新方面的一個問題。然後我還想說，我們也在營運方面進行投資，對吧？因此，從服務交付的角度來看，人工智慧一直非常重要，而且這種重要性還會持續下去。但我們也開始將人工智慧嵌入組織內部，並真正尋找機會，盡可能有效率地擴大業務規模。所以，這就是我們考慮在企業中投資什麼方向的真正方式。正如你所指出的，我們當然有足夠的資產負債表來進行這些投資。

And now that we're tipping into free cash flow positive, we have a lot of flexibility there.

現在我們即將實現自由現金流為正，這方面我們有了很大的彈性。

Gene Mannheimer, Freedom Capital Markets.

吉恩‧曼海默，《自由資本市場》。

Thanks very much, great quarter. I just wanted to follow up on the earlier point about your development in the sleep diagnostics. Just for my edification, are you suggesting that any new product for sleep would it be -- would it leverage the same or similar form factor as your Zio MCT today?

非常感謝，這個季度很棒。我只是想就您之前提到的睡眠診斷方面的進展做個後續說明。為了讓我更清楚地了解情況，您是說任何新的睡眠產品都會採用與您目前的 Zio MCT 相同或類似的外形設計嗎？

I think, Gene, thanks for the question. But I think, yes, you're thinking about that exactly the right way. The intent ultimately is for us to get to where we can identify, diagnose sleep right off of the exact same platform that we have today.

我想，吉恩，謝謝你的提問。但我認為，是的，你的想法完全正確。最終目標是讓我們能夠利用現有的平台來識別和診斷睡眠問題。

And I think that provides with it a lot of economic benefit. You can almost imagine a future, if you will, where somebody might wear the cardiac -- or sorry, might wear the Zio for cardiac arrhythmia monitoring and then maybe we suspect sleep disease and they end up wearing that similar patch to diagnose sleep as well.

我認為這會帶來很大的經濟效益。你可以想像，在未來，有人可能會佩戴心臟監測貼片——或者抱歉，是佩戴 Zio 來監測心律失常，然後我們可能懷疑他們患有睡眠疾病，最終他們也會佩戴類似的貼片來診斷睡眠問題。

The cost profile for us really doesn't change in that scenario, but the ability to diagnose multiple things could become quite interesting. And so ultimately, we want to serve the patient as well as we can and provide them with as much information as possible. We think that there's a lot of overlap with cardiac and sleep and that there's just natural synergy there. If we can do it off of the same platform, I think there's real financial synergy in that. And so that is the ultimate goal.

在這種情況下，我們的成本組成並不會真正改變，但能夠診斷多種問題可能會變得非常有趣。因此，最終，我們希望盡我們所能為患者提供最好的服務，並向他們提供盡可能多的信息。我們認為心臟和睡眠之間有很多重疊之處，而且兩者之間有天然的協同作用。如果我們能在同一個平台上完成這些工作，我認為這其中蘊含著真正的經濟綜效。所以，這就是最終目標。

Thank you.

謝謝。

Nathan Treybeck, Wells Fargo.

內森·特雷貝克，富國銀行。

Hey guys, thanks for letting me hop back and I just had one follow-up on something that was mentioned on this call. So I think Zio MCT is going to be downgradable to an event monitor, correct me if I'm wrong. I just want to understand what percentage of your Zio AT scripts today are not reimbursed? And being able to downgrade that to an event monitor eventually, does that improve your mix of reimbursed scripts? And I guess, your outlook for the MCOT ASP going forward?

大家好，感謝你們讓我回來，我只是想跟進剛才通話中提到的一件事。所以我認為 Zio MCT 將會降級為事件監視器，如果我錯了請指正。我只是想了解一下，目前你們Zio AT處方中有多少比例的處方沒有獲得報銷？如果最終能夠將其降級為事件監視器，這是否會改善您的報銷處方組合？那麼，您對MCOT ASP未來的發展前景有何看法？

Yeah, it's a great question, Nathan. Again, we're super excited with that MCT category. I think the biggest reason that we see folks choose not to work with iRhythm today is primarily around duration of report being 14 days and getting out to 21 days is going to be important for us, and I think it's going to close a lot of those gaps that the customers who are not working with us yet are requesting.

是的，這是一個很好的問題，內森。再次強調，我們對MCT這個品類感到非常興奮。我認為目前人們選擇不與 iRhythm 合作的最大原因主要是報告持續時間為 14 天，而延長至 21 天對我們來說非常重要，我認為這將彌補許多尚未與我們合作的客戶提出的要求。

There is the downgradable aspect. We're going to have that option. It's going to be at our option to enact that or not. How we commercialize that, I think, is something we're going to continue to work through. I'm not real certain yet exactly how we'll commercialize it.

它還具有降級功能。我們將保留這個選項。是否實施該措施將由我們自行決定。如何將其商業化，我認為是我們將繼續努力解決的問題。我目前還不太確定我們將如何將其商業化。

We don't have a lot of AT business that we're not capturing the revenue on, although we've been pretty intentional about not serving those customers that are looking to really downgrade the capability, but it does happen where MCT might get denied and then you're left with needing the downgrade or you just aren't able to recognize the revenue. So there is a little bit of that with us.

我們並沒有很多 AT 業務無法確認收入的情況，儘管我們一直很謹慎地避免服務那些想要大幅降低功能的客戶，但確實存在 MCT 被拒絕的情況，這樣一來，要么你就需要降低功能，要么你就根本無法確認收入。所以，我們身上也有點這種特質。

We'll figure out how we're going to commercialize the downgrade aspect if we do, but the functionality will absolutely be there in what we submitted to the FDA, and it's going to be left to us in terms of how we decide to commercialize it. We're not certain just yet.

如果需要，我們會想辦法將降級功能商業化，但我們提交給 FDA 的功能肯定會具備，至於如何將其商業化，將由我們自己決定。我們目前還不能確定。

At this time, there are no more questions registered in queue. I'd like to pass the conference back over to the management team for closing remarks.

目前隊列中已沒有新問題。我謹將會議交還給管理團隊，請他們作閉幕致詞。

Well, thanks again for joining us today. We couldn't be more proud of what the iRhythm team continues to accomplish. We're executing with discipline. We're driving innovation. We're delivering profitable growth, all while staying true to our mission of transforming patient care.

再次感謝您今天收看我們的節目。我們為 iRhythm 團隊不斷取得的成就感到無比自豪。我們正在以嚴謹的紀律執行任務。我們正在推動創新。我們實現了獲利成長，同時始終堅持我們改變病患照護的使命。

We're entering the final quarter of the year with strong momentum and a great confidence in the road that sits ahead of us. The future of our company has never been brighter than what it is today. So thank you for your support. Thank you for joining us today, and we'll see you on the road.

我們帶著強勁的發展勢頭和對未來道路的極大信心進入了今年的最後一個季度。我們公司的未來從未像今天這樣光明。非常感謝您的支持。感謝您今天加入我們，我們路上再見。

That will conclude today's conference call. Thank you for your participation, and enjoy the rest of your day.

今天的電話會議到此結束。感謝您的參與，祝您今天餘下的時間愉快。