SCHEDULE: Sands Capital Boosts iRhythm Stake to 6.9%

Sands Capital Management and Frank M. Sands have reported a 6.9% beneficial ownership stake in iRhythm Technologies, Inc., holding 2,236,110 shares.

Summary

• Sands Capital Management, LLC and Frank M. Sands jointly reported beneficial ownership of 2,236,110 shares of iRhythm Technologies, Inc. Common Stock.
• This aggregate amount represents 6.9% of the issuer's class of securities.
• The percentage is based on 32,219,143 shares outstanding as of October 23, 2025, as reported in iRhythm's Form 10-Q filed on October 30, 2025.
• Sands Capital Management, LLC and Frank M. Sands share voting power over 1,468,245 shares.
• Sands Capital Management, LLC and Frank M. Sands share dispositive power over 2,236,110 shares.
• Frank M. Sands holds ultimate voting and investment power over securities held by Sands Capital Management, LLC.
• The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of iRhythm Technologies, Inc.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive. It's a routine disclosure of a significant ownership stake by a reputable investment firm, indicating continued investment interest without any explicit negative or highly positive news about the company's operations or financials.

Positives

• A significant institutional investor, Sands Capital Management, LLC, maintains a substantial stake, indicating continued confidence in iRhythm Technologies, Inc.
• The filing clarifies that the ownership is for investment purposes in the ordinary course of business, not for control-influencing activities, which can provide stability.

Risks

• The concentration of a significant portion of shares under shared voting and dispositive power by a single entity (Sands Capital Management and its principal) could influence future corporate actions or shareholder votes, even if not intended for control.

Future Outlook

The filing does not contain specific forward-looking statements or guidance regarding the issuer's future performance or the reporting persons' future investment intentions beyond the statement that the shares are held in the ordinary course of business.

Industry Context

This filing reflects an institutional investor's continued or adjusted stake in iRhythm Technologies, Inc., a company operating in the medical device and healthcare technology sector, specifically known for its cardiac monitoring solutions. Such filings are common as large investors manage their portfolios in response to market conditions and company performance within their respective industries.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake can provide a level of confidence or signal a long-term investment perspective from a major fund. It also confirms the current ownership structure.
• Management: Awareness of a significant institutional holder can influence management's communication strategies and focus on long-term value creation.

Key Dates

Recommendation

This Schedule 13G filing is a routine disclosure of an institutional investor's ownership stake and does not contain new financial performance data, strategic shifts, or material operational updates that would warrant a change in investment recommendation. It confirms Sands Capital Management's continued significant, but passive, investment in iRhythm Technologies, Inc. Investors should 'hold' and await further operational or financial news for a more comprehensive assessment.

Keywords

iRhythm Technologies, Sands Capital Management, Frank M. Sands, Schedule 13G, Beneficial Ownership, Common Stock, Medical Devices, Healthcare Technology, Institutional Investment