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¡ RHYTHM PRESS RELEASE Exhibit 99.1 iRhythm Technologies Announces First Quarter 2021 Financial Results SAN FRANCISCO , May 6 , 2021 -- iRhythm Technologies , Inc. ( NASDAQ : IRTC ) , a leading digital health care solutions company focused on the advancement of cardiac care , today reported financial results for the three months ended March 31 , 2021 . First Quarter 2021 Financial Highlights • Revenue was $ 74.3 million , a 17 % increase compared to first quarter 2020 Gross margin was 68.4 % , a 6.3 % decrease compared to first quarter 2020 Adjusted EBITDA ( defined as EBITDA less stock compensation ) was negative $ 5.2 million , a positive $ 2.2 million EBITDA increase compared to first quarter 2020 Cash and Short - Term Investments were $ 262 million at March 31 , 2021 , a $ 73 million decrease from December 31 , 2020 " The clinical and economic value of our Zio service continues to drive strong demand and generated record volumes in the first quarter . Volumes were 31 % above pre - COVID levels seen in the first quarter of 2020 , powered primarily by Zio XT in the U.S. , while Zio AT in the U.S. and Zio XT in the UK outpaced overall company growth on a percentage basis , " said Mike Coyle , iRhythm President and CEO . " As we look forward , our differentiated technology and the enthusiasm we are seeing from both physicians and patients gives confidence in iRhythm's continued market leadership . " We remain steadfast in our pursuit of higher Medicare reimbursement that is more in line with the significant benefits that Zio XT provides . We are also realistic about what direction reimbursement dynamics may take . Accordingly , we are focused on instilling greater discipline across our organization , to increase efficiency in our manufacturing , clinical operations , revenue cycle management and sales and marketing functions . " Investing in long term growth , including international expansion and expanding indications of use , remains a top priority , and importantly , we have the financial strength to execute on these opportunities . While we face headwinds , iRhythm has the foundation in place to deliver meaningful value creation . " Medicare Reimbursement Update Following the April 10 , 2021 publication of Novitas updated rates for CPT codes 93243 and 93247 , iRhythm has identified multiple paths that it is pursuing to achieve pricing that it believes is more in line with the benefits of its technology . In particular , the Company is : • • Engaging with Novitas to better understand their valuation methodology and discuss an alternative methodology that iRhythm believes is more appropriate for establishing the true cost to provide the Zio XT service . Having discussions with other Medicare Administrative Contractors ( MACS ) , both in geographies where the company has an existing independent diagnostic testing facility as well as potentially new geographies in order to share the same cost model that is being developed for Novitas discussions . Continuing to pursue national pricing with the Centers for Medicare and Medicaid Services ( CMS ) for the calendar year 2022 physician fee schedule as its ultimate goal given the recent establishment of Category 1 CPT codes for Zio XT . " Recent conversations with Novitas have been constructive , and we believe there are multiple viable paths to achieve more equitable rates . We are committed to fully exploring those before making any changes to the availability of Zio XT in the Medicare fee for service segment , " added Coyle . " It is our strong preference , and that of our customers , to achieve reasonable rates that ensure continued access to all patients . "