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10-Q Filing

IRHYTHM TECHNOLOGIES, INC. CIK: 1388658 Q1 2022
Filing Information
Form Type 10-Q
Accession Number 0001388658-22-000065
Period End Date 20220331
Filing Date 20220506
Fiscal Year 2022
Fiscal Period Q1
XBRL Instance irtc-20220331_htm.xml
Balance Sheet 76 line items
Line Item Tag Value Unit Period
Preferred stock, par value (in USD per share) PreferredStockParOrStatedValuePerShare $0.00 USD Point-in-time
Preferred stock, par value (in USD per share) PreferredStockParOrStatedValuePerShare $0.00 USD Point-in-time
Preferred stock, shares authorized (in shares) PreferredStockSharesAuthorized 5.00M shares Point-in-time
Preferred stock, shares authorized (in shares) PreferredStockSharesAuthorized 5.00M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $127.56M USD Point-in-time
Preferred stock, shares issued (in shares) PreferredStockSharesIssued 0.00 shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $94.79M USD Point-in-time
Preferred stock, shares issued (in shares) PreferredStockSharesIssued 0.00 shares Point-in-time
Short-term investments AvailableForSaleSecuritiesDebtSecuritiesCurrent $114.00M USD Point-in-time
Preferred stock, shares outstanding (in shares) PreferredStockSharesOutstanding 0.00 shares Point-in-time
Short-term investments AvailableForSaleSecuritiesDebtSecuritiesCurrent $111.57M USD Point-in-time
Preferred stock, shares outstanding (in shares) PreferredStockSharesOutstanding 0.00 shares Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $46.43M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $55.29M USD Point-in-time
Common stock, par value (in USD per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Common stock, par value (in USD per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 100.00M shares Point-in-time
Inventory InventoryNet $12.45M USD Point-in-time
Inventory InventoryNet $10.27M USD Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 100.00M shares Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 29.49M shares Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 29.77M shares Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $9.69M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $9.84M USD Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 29.77M shares Point-in-time
Total current assets AssetsCurrent $305.52M USD Point-in-time
Total current assets AssetsCurrent $286.35M USD Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 29.49M shares Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $57.13M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $55.94M USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $65.26M USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $84.59M USD Point-in-time
Goodwill Goodwill $862.00K USD Point-in-time
Goodwill Goodwill $862.00K USD Point-in-time
Other assets OtherAssetsNoncurrent $19.11M USD Point-in-time
Other assets OtherAssetsNoncurrent $16.05M USD Point-in-time
Total assets Assets $462.97M USD Point-in-time
Total assets Assets $428.72M USD Point-in-time
Accounts payable AccountsPayableCurrent $10.51M USD Point-in-time
Accounts payable AccountsPayableCurrent $5.41M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $41.94M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $51.49M USD Point-in-time
Deferred revenue ContractWithCustomerLiabilityCurrent $3.05M USD Point-in-time
Deferred revenue ContractWithCustomerLiabilityCurrent $2.93M USD Point-in-time
Debt, current portion DebtCurrent $11.67M USD Point-in-time
Debt, current portion DebtCurrent - USD Point-in-time
Operating lease liabilities, current portion OperatingLeaseLiabilityCurrent $11.14M USD Point-in-time
Operating lease liabilities, current portion OperatingLeaseLiabilityCurrent $11.50M USD Point-in-time
Total current liabilities LiabilitiesCurrent $61.78M USD Point-in-time
Total current liabilities LiabilitiesCurrent $87.85M USD Point-in-time
Debt, noncurrent portion LongTermDebtNoncurrent $9.69M USD Point-in-time
Debt, noncurrent portion LongTermDebtNoncurrent $34.92M USD Point-in-time
Other noncurrent liabilities OtherLiabilitiesNoncurrent $832.00K USD Point-in-time
Other noncurrent liabilities OtherLiabilitiesNoncurrent $697.00K USD Point-in-time
Operating lease liabilities, noncurrent portion OperatingLeaseLiabilityNoncurrent $85.21M USD Point-in-time
Operating lease liabilities, noncurrent portion OperatingLeaseLiabilityNoncurrent $86.34M USD Point-in-time
Total liabilities Liabilities $183.45M USD Point-in-time
Total liabilities Liabilities $183.88M USD Point-in-time
Commitments and contingencies (Note 7) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies (Note 7) CommitmentsAndContingencies - USD Point-in-time
Preferred stock, $0.001 par value; 5,000,000 shares authorized; none issued and outstanding at March 31, 2022 and December 31, 2021 PreferredStockValue - USD Point-in-time
Preferred stock, $0.001 par value; 5,000,000 shares authorized; none issued and outstanding at March 31, 2022 and December 31, 2021 PreferredStockValue - USD Point-in-time
Common stock, $0.001 par value; 100,000,000 shares authorized; 29,768,718 shares at March 31, 2022 and 29,493,726 at December 31, 2021 issued and outstanding CommonStockValue $27.00K USD Point-in-time
Common stock, $0.001 par value; 100,000,000 shares authorized; 29,768,718 shares at March 31, 2022 and 29,493,726 at December 31, 2021 issued and outstanding CommonStockValue $27.00K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $685.59M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $701.82M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $-353.00K USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $-61.00K USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-406.05M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-456.65M USD Point-in-time
Total stockholders equity StockholdersEquity $244.84M USD Point-in-time
Total stockholders equity StockholdersEquity $279.51M USD Point-in-time
Total stockholders equity StockholdersEquity $341.61M USD Point-in-time
Total stockholders equity StockholdersEquity $309.57M USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $428.72M USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $462.97M USD Point-in-time
Income Statement 34 line items
Line Item Tag Value Unit Period
Revenue, net RevenueFromContractWithCustomerExcludingAssessedTax $74.31M USD 1 Quarter
Revenue, net RevenueFromContractWithCustomerExcludingAssessedTax $92.38M USD 1 Quarter
Cost of revenue CostOfRevenue $30.62M USD 1 Quarter
Cost of revenue CostOfRevenue $23.46M USD 1 Quarter
Gross profit GrossProfit $61.76M USD 1 Quarter
Gross profit GrossProfit $50.85M USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $10.54M USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $8.51M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $73.16M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $69.81M USD 1 Quarter
Impairment and restructuring charges RestructuringCostsAndAssetImpairmentCharges - USD 1 Quarter
Impairment and restructuring charges RestructuringCostsAndAssetImpairmentCharges $26.61M USD 1 Quarter
Total operating expenses OperatingExpenses $110.31M USD 1 Quarter
Total operating expenses OperatingExpenses $78.32M USD 1 Quarter
Loss from operations OperatingIncomeLoss $-27.47M USD 1 Quarter
Loss from operations OperatingIncomeLoss $-48.55M USD 1 Quarter
Interest expense InterestExpense $335.00K USD 1 Quarter
Interest expense InterestExpense $2.03M USD 1 Quarter
Other income, net OtherNonoperatingIncomeExpense $124.00K USD 1 Quarter
Other income, net OtherNonoperatingIncomeExpense $16.00K USD 1 Quarter
Loss before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-27.68M USD 1 Quarter
Loss before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-50.56M USD 1 Quarter
Income tax provision IncomeTaxExpenseBenefit $47.00K USD 1 Quarter
Income tax provision IncomeTaxExpenseBenefit $98.00K USD 1 Quarter
Net loss NetIncomeLoss $-27.78M USD 1 Quarter
Net loss NetIncomeLoss $-50.61M USD 1 Quarter
Net loss per common share, basic (in USD per share) EarningsPerShareBasic $-0.95 USD 1 Quarter
Net loss per common share, basic (in USD per share) EarningsPerShareBasic $-1.71 USD 1 Quarter
Net loss per common share, diluted (in USD per share) EarningsPerShareDiluted $-1.71 USD 1 Quarter
Net loss per common share, diluted (in USD per share) EarningsPerShareDiluted $-0.95 USD 1 Quarter
Weighted-average shares, basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 29.16M shares 1 Quarter
Weighted-average shares, basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 29.60M shares 1 Quarter
Weighted-average shares, diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 29.16M shares 1 Quarter
Weighted-average shares, diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 29.60M shares 1 Quarter
Cash Flow Statement 72 line items
Line Item Tag Value Unit Period
Net loss ProfitLoss $-50.61M USD 1 Quarter
Net loss ProfitLoss $-27.78M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $2.04M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $3.14M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $13.90M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $20.23M USD 1 Quarter
Accretion of discounts on investments, net and other AccretionAmortizationOfDiscountsAndPremiumsInvestments $-498.00K USD 1 Quarter
Accretion of discounts on investments, net and other AccretionAmortizationOfDiscountsAndPremiumsInvestments $-432.00K USD 1 Quarter
Provision for doubtful accounts and contractual allowances ProvisionForDoubtfulAccountsAndContractualAllowances $9.77M USD 1 Quarter
Provision for doubtful accounts and contractual allowances ProvisionForDoubtfulAccountsAndContractualAllowances $14.02M USD 1 Quarter
Amortization of operating lease right-of-use assets OperatingLeaseRightOfUseAssetAmortizationExpense $1.55M USD 1 Quarter
Amortization of operating lease right-of-use assets OperatingLeaseRightOfUseAssetAmortizationExpense $6.55M USD 1 Quarter
Impairment charges AssetImpairmentCharges $23.16M USD 1 Quarter
Impairment charges AssetImpairmentCharges - USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $22.88M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $39.82M USD 1 Quarter
Inventory IncreaseDecreaseInInventories $2.38M USD 1 Quarter
Inventory IncreaseDecreaseInInventories $1.61M USD 1 Quarter
Prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-387.00K USD 1 Quarter
Prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $146.00K USD 1 Quarter
Other assets IncreaseDecreaseInOtherNoncurrentAssets $3.06M USD 1 Quarter
Other assets IncreaseDecreaseInOtherNoncurrentAssets $775.00K USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $-5.31M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $673.00K USD 1 Quarter
Accrued liabilities IncreaseDecreaseInAccruedLiabilities $-9.43M USD 1 Quarter
Accrued liabilities IncreaseDecreaseInAccruedLiabilities $-6.14M USD 1 Quarter
Deferred revenue IncreaseDecreaseInContractWithCustomerLiability $495.00K USD 1 Quarter
Deferred revenue IncreaseDecreaseInContractWithCustomerLiability $-116.00K USD 1 Quarter
Operating lease liabilities IncreaseDecreaseInOperatingLeaseLiabilities $-6.17M USD 1 Quarter
Operating lease liabilities IncreaseDecreaseInOperatingLeaseLiabilities $-1.36M USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-38.88M USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-41.84M USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $5.57M USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $4.21M USD 1 Quarter
Purchases of available-for-sale investments PaymentsToAcquireAvailableForSaleSecuritiesDebt $45.97M USD 1 Quarter
Purchases of available-for-sale investments PaymentsToAcquireAvailableForSaleSecuritiesDebt $30.05M USD 1 Quarter
Sales of available-for-sale investments ProceedsFromSaleOfAvailableForSaleSecuritiesDebt $15.02M USD 1 Quarter
Sales of available-for-sale investments ProceedsFromSaleOfAvailableForSaleSecuritiesDebt - USD 1 Quarter
Maturities of available-for-sale investments ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities $151.30M USD 1 Quarter
Maturities of available-for-sale investments ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities $28.00M USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $-8.53M USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $117.03M USD 1 Quarter
Payment of long-term debt RepaymentsOfLongTermDebt $21.39M USD 1 Quarter
Payment of long-term debt RepaymentsOfLongTermDebt $2.92M USD 1 Quarter
Proceeds from term loan ProceedsFromIssuanceOfDebt - USD 1 Quarter
Proceeds from term loan ProceedsFromIssuanceOfDebt $35.00M USD 1 Quarter
Proceeds from issuance of common stock in connection with employee equity incentive plans ProceedsFromStockPlans $1.08M USD 1 Quarter
Proceeds from issuance of common stock in connection with employee equity incentive plans ProceedsFromStockPlans $1.58M USD 1 Quarter
Tax withholding upon vesting of restricted stock awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation - USD 1 Quarter
Tax withholding upon vesting of restricted stock awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation $25.11M USD 1 Quarter
Payments of issuance costs for long term debt PaymentsOfDebtIssuanceCosts $51.00K USD 1 Quarter
Payments of issuance costs for long term debt PaymentsOfDebtIssuanceCosts - USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $14.64M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-26.45M USD 1 Quarter
Net (decrease) increase in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-32.78M USD 1 Quarter
Net (decrease) increase in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $48.75M USD 1 Quarter
Cash and cash equivalents beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $137.38M USD Point-in-time
Cash and cash equivalents beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $88.63M USD Point-in-time
Cash and cash equivalents beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $127.56M USD Point-in-time
Cash and cash equivalents beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $94.79M USD Point-in-time
Cash and cash equivalents end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $137.38M USD Point-in-time
Cash and cash equivalents end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $88.63M USD Point-in-time
Cash and cash equivalents end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $127.56M USD Point-in-time
Cash and cash equivalents end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $94.79M USD Point-in-time
Interest paid InterestPaidNet $331.00K USD 1 Quarter
Interest paid InterestPaidNet $1.97M USD 1 Quarter
Property and equipment costs included in accounts payable and accrued liabilities PropertyPlantAndEquipmentCostsIncludedInLiabilities $115.00K USD 1 Quarter
Property and equipment costs included in accounts payable and accrued liabilities PropertyPlantAndEquipmentCostsIncludedInLiabilities $225.00K USD 1 Quarter
Right-of-use assets obtained in exchange for operating lease liabilities RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability $7.67M USD 1 Quarter
Right-of-use assets obtained in exchange for operating lease liabilities RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability $5.76M USD 1 Quarter
Capitalized stock-based compensation EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount $1.25M USD 1 Quarter
Capitalized stock-based compensation EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount $911.00K USD 1 Quarter
Stockholders Equity 20 line items
Line Item Tag Value Unit Period
Beginning balance StockholdersEquity $244.84M USD Point-in-time
Beginning balance StockholdersEquity $279.51M USD Point-in-time
Beginning balance StockholdersEquity $341.61M USD Point-in-time
Beginning balance StockholdersEquity $309.57M USD Point-in-time
Issuance of common stock in connection with employee equity incentive plans, net (in shares) StockIssuedDuringPeriodSharesStockOptionsExercised 90,939.00 shares Annual
Issuance of common stock in connection with employee equity incentive plans, net (in shares) StockIssuedDuringPeriodSharesStockOptionsExercised 22,114.00 shares 1 Quarter
Issuance of common stock in connection with employee equity incentive plans, net StockIssuedDuringPeriodValueStockOptionsExercised $1.58M USD 1 Quarter
Issuance of common stock in connection with employee equity incentive plans, net StockIssuedDuringPeriodValueStockOptionsExercised $1.08M USD 1 Quarter
Tax withholding upon vesting of restricted stock awards AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation - USD 1 Quarter
Tax withholding upon vesting of restricted stock awards AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $25.11M USD 1 Quarter
Stock-based compensation expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $15.15M USD 1 Quarter
Stock-based compensation expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $19.27M USD 1 Quarter
Net loss NetIncomeLoss $-27.78M USD 1 Quarter
Net loss NetIncomeLoss $-50.61M USD 1 Quarter
Net change in unrealized gain on investments OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $-292.00K USD 1 Quarter
Net change in unrealized gain on investments OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $1.00K USD 1 Quarter
Ending balance StockholdersEquity $244.84M USD Point-in-time
Ending balance StockholdersEquity $279.51M USD Point-in-time
Ending balance StockholdersEquity $341.61M USD Point-in-time
Ending balance StockholdersEquity $309.57M USD Point-in-time
Comprehensive Income 6 line items
Line Item Tag Value Unit Period
Net loss NetIncomeLoss $-27.78M USD 1 Quarter
Net loss NetIncomeLoss $-50.61M USD 1 Quarter
Net change in unrealized gains on available-for-sale securities OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $-292.00K USD 1 Quarter
Net change in unrealized gains on available-for-sale securities OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $1.00K USD 1 Quarter
Comprehensive loss ComprehensiveIncomeNetOfTax $-27.78M USD 1 Quarter
Comprehensive loss ComprehensiveIncomeNetOfTax $-50.90M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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