I'm no expert, but isn't your HR also dropping out whenever the power appears to drop?
I'd blame the head unit.
I should have mentioned that the strava file is from a Garmin usb dongle. The head unit was dropping out at the same time, which is why I'd assumed it was the PM. I hadn't clocked that the HR strap was also going.
@TTM started
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I'm no expert, but isn't your HR also dropping out whenever the power appears to drop?
I'd blame the head unit.