iRhythm Technologies Achieves Significant Operational Milestone with Launch of Initial Phase of Manufacturing Automation

SAN FRANCISCO, June 17, 2024 (GLOBE NEWSWIRE) -- iRhythm Technologies, Inc. (NASDAQ:IRTC), a leading digital health care company focused on creating trusted solutions that detect, predict, and prevent disease, announced today that the company has successfully launched the initial phases of its previously disclosed manufacturing automation plans, marking a significant corporate milestone expected to set the stage for future growth and innovation while also yielding substantial cost savings.

In this initial phase, iRhythm has implemented a cutting-edge autohandler machine to automate the testing of printed circuit board assembly (PCBA) components of the recently-launched Zio monitor. This advanced technology automates the functional testing of PCBAs, handles their movement to and from test fixtures, and efficiently separates passed and failed units, streamlining the manufacturing process and enhancing overall efficiency.

“We are pleased to announce the launch of automated testing for our Zio monitor platform manufacturing, a milestone that will significantly enhance our operational efficiency and capacity,” said Quentin Blackford, iRhythm President and CEO. “This advanced technology allows us to serve more patients globally at a reduced cost and paves the way for our next phase of growth and innovation.”

Zio monitor was previously assembled and tested manually; the introduction of manufacturing automation enhances iRhythm’s scalability for continued expansion in both the U.S. and international markets. Additionally, as the company anticipates that the new Zio monitor will serve as the foundational hardware platform for future technology iterations – including the next generation mobile cardiac telemetry (MCT) product – automation will be crucial in keeping pace with the projected global demand for its Zio ECG monitoring products. The company anticipates that all phases of planned manufacturing improvements will enable capacity production of up to 10 million units annually.

About Zio monitor

Zio monitor was launched in September 2023 and is a prescription-only ECG monitor, which is an integral part of the Zio long-term cardiac monitoring (LTCM) service. The Zio LTCM service consists of a patch ECG monitoring device (Zio monitor), the ZEUS (Zio ECG Utilization Software) System – iRhythm’s advanced AI algorithm which supports the capture and analysis of ECG data recorded by Zio monitor – and a comprehensive end-of-wear report which is reviewed by certified cardiographic technicians. This end-of-wear report has a 99% physician agreement.¹

About iRhythm Technologies, Inc.
iRhythm is a leading digital health care company that creates trusted solutions that detect, predict, and prevent disease. Combining wearable biosensors and cloud-based data analytics with powerful proprietary algorithms, iRhythm distills data from millions of heartbeats into clinically actionable information. Through a relentless focus on patient care, iRhythm’s vision is to deliver better data, better insights, and better health for all.

Investor Relations Contact
Stephanie Zhadkevich
investors@irhythmtech.com

Media Contact
Kassandra Perry
irhythm@highwirepr.com

1. 99% of physicians agree with the comprehensive patient report. Based on a review of all online Zio XT, Zio monitor, and Zio AT end-of-wear reports. Data on file. iRhythm Technologies, 2023.