10-Q Filing

IRHYTHM TECHNOLOGIES, INC. CIK: 1388658 Q3 2016

Filing Information

Form Type	10-Q
Accession Number	`0001564590-16-029827`
Period End Date	20160930
Filing Date	20161205
Fiscal Year	2016
Fiscal Period	Q3
XBRL Instance	irtc-20160930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 71 Income Statement 48 Cash Flow Statement 59

Balance Sheet 71 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.62M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$25.21M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.76M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.13M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$5.58M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$9.31M	USD	Point-in-time
Inventory	`InventoryNet`	$1.67M	USD	Point-in-time
Inventory	`InventoryNet`	$1.15M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.01M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$808.00K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$91.00K	USD	Point-in-time
Temporary equity, shares authorized	`TemporaryEquitySharesAuthorized`	11.39M	shares	Point-in-time
Temporary equity, shares authorized	`TemporaryEquitySharesAuthorized`	11.39M	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$91.00K	USD	Point-in-time
Temporary equity, shares issued	`TemporaryEquitySharesIssued`	11.05M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$32.83M	USD	Point-in-time
Temporary equity, shares issued	`TemporaryEquitySharesIssued`	11.05M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$17.84M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$3.36M	USD	Point-in-time
Temporary equity, shares outstanding	`TemporaryEquitySharesOutstanding`	11.05M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.04M	USD	Point-in-time
Temporary equity, shares outstanding	`TemporaryEquitySharesOutstanding`	11.05M	shares	Point-in-time
Temporary equity, liquidation preference	`TemporaryEquityLiquidationPreference`	$117.50M	USD	Point-in-time
Goodwill	`Goodwill`	$862.00K	USD	Point-in-time
Goodwill	`Goodwill`	$862.00K	USD	Point-in-time
Temporary equity, liquidation preference	`TemporaryEquityLiquidationPreference`	$117.50M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$2.15M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$5.31M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	18.53M	shares	Point-in-time
Total assets	`Assets`	$37.87M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	18.53M	shares	Point-in-time
Total assets	`Assets`	$27.38M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	1.41M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	1.46M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	1.41M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	1.46M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.58M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.46M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$6.89M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$6.70M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$506.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$850.00K	USD	Point-in-time
Accrued interest, current portion	`InterestPayableCurrent`	$111.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$9.32M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$8.78M	USD	Point-in-time
Debt	`LongTermDebtNoncurrent`	$31.80M	USD	Point-in-time
Debt	`LongTermDebtNoncurrent`	$30.55M	USD	Point-in-time
Deferred rent, noncurrent portion	`DeferredRentCreditNoncurrent`	$27.00K	USD	Point-in-time
Deferred rent, noncurrent portion	`DeferredRentCreditNoncurrent`	$28.00K	USD	Point-in-time
Accrued interest, net of current portion	`AccruedInterestNonCurrent`	$119.00K	USD	Point-in-time
Accrued interest, net of current portion	`AccruedInterestNonCurrent`	$96.00K	USD	Point-in-time
Preferred stock warrant liabilities	`PreferredStockWarrantLiabilities`	$3.94M	USD	Point-in-time
Preferred stock warrant liabilities	`PreferredStockWarrantLiabilities`	$2.95M	USD	Point-in-time
Total liabilities	`Liabilities`	$42.40M	USD	Point-in-time
Total liabilities	`Liabilities`	$45.21M	USD	Point-in-time
Commitments and contingencies (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Convertible preferred stock, $0.001 par value 11,392,882 and 11,392,882 shares authorized at September 30, 2016 and December 31, 2015, respectively; 11,046,146 and 11,046,146 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively; aggregate liquidation preference of $117,495, and $117,495 at September 30, 2016 and December 31, 2015, respectively	`TemporaryEquityCarryingAmountAttributableToParent`	$97.10M	USD	Point-in-time
Convertible preferred stock, $0.001 par value 11,392,882 and 11,392,882 shares authorized at September 30, 2016 and December 31, 2015, respectively; 11,046,146 and 11,046,146 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively; aggregate liquidation preference of $117,495, and $117,495 at September 30, 2016 and December 31, 2015, respectively	`TemporaryEquityCarryingAmountAttributableToParent`	$97.10M	USD	Point-in-time
Common stock, $0.001 par value 18,528,913 and 18,528,913 shares authorized at September 30, 2016 and December 31, 2015, respectively; 1,455,020 and 1,410,565 shares issued and outstanding at and September 30, 2016 December 31, 2015, respectively	`CommonStockValue`	$1.00K	USD	Point-in-time
Common stock, $0.001 par value 18,528,913 and 18,528,913 shares authorized at September 30, 2016 and December 31, 2015, respectively; 1,455,020 and 1,410,565 shares issued and outstanding at and September 30, 2016 December 31, 2015, respectively	`CommonStockValue`	$1.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$4.64M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$5.97M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-106.27M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-120.90M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-114.93M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-101.62M	USD	Point-in-time
Total liabilities, convertible preferred stock and stockholders deficit	`LiabilitiesAndStockholdersEquity`	$37.87M	USD	Point-in-time
Total liabilities, convertible preferred stock and stockholders deficit	`LiabilitiesAndStockholdersEquity`	$27.38M	USD	Point-in-time

Income Statement 48 line items

Line Item	Tag	Value	Unit	Period
Revenue	`SalesRevenueNet`	$9.34M	USD	1 Quarter
Revenue	`SalesRevenueNet`	$25.29M	USD	3 Qtrs
Revenue	`SalesRevenueNet`	$16.78M	USD	1 Quarter
Revenue	`SalesRevenueNet`	$45.37M	USD	3 Qtrs
Cost of revenue	`CostOfRevenue`	$15.10M	USD	3 Qtrs
Cost of revenue	`CostOfRevenue`	$5.28M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$10.54M	USD	3 Qtrs
Cost of revenue	`CostOfRevenue`	$3.75M	USD	1 Quarter
Gross profit	`GrossProfit`	$14.75M	USD	3 Qtrs
Gross profit	`GrossProfit`	$5.60M	USD	1 Quarter
Gross profit	`GrossProfit`	$11.50M	USD	1 Quarter
Gross profit	`GrossProfit`	$30.27M	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$4.85M	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$1.64M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.65M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$4.55M	USD	3 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$36.66M	USD	3 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$24.93M	USD	3 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$12.53M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$9.45M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$41.51M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$14.16M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$11.10M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$29.48M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-14.74M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-2.67M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-11.23M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-5.50M	USD	1 Quarter
Interest expense	`InterestExpense`	$807.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$477.00K	USD	3 Qtrs
Interest expense	`InterestExpense`	$222.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$2.39M	USD	3 Qtrs
Other expense, net	`OtherNonoperatingIncomeExpense`	$117.00K	USD	3 Qtrs
Other expense, net	`OtherNonoperatingIncomeExpense`	$-602.00K	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-1.01M	USD	3 Qtrs
Other expense, net	`OtherNonoperatingIncomeExpense`	$-24.00K	USD	1 Quarter
Net loss and comprehensive loss	`NetIncomeLoss`	$-5.75M	USD	1 Quarter
Net loss and comprehensive loss	`NetIncomeLoss`	$-14.64M	USD	3 Qtrs
Net loss and comprehensive loss	`NetIncomeLoss`	$-4.08M	USD	1 Quarter
Net loss and comprehensive loss	`NetIncomeLoss`	$-15.10M	USD	3 Qtrs
Net loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-10.20	USD	3 Qtrs
Net loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-2.80	USD	1 Quarter
Net loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-11.07	USD	3 Qtrs
Net loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-4.07	USD	1 Quarter
Weighted-average shares used to compute net loss per common share, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	1.41M	shares	1 Quarter
Weighted-average shares used to compute net loss per common share, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	1.45M	shares	1 Quarter
Weighted-average shares used to compute net loss per common share, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	1.43M	shares	3 Qtrs
Weighted-average shares used to compute net loss per common share, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	1.36M	shares	3 Qtrs

Cash Flow Statement 59 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-5.75M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-14.64M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-4.08M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-15.10M	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$293.00K	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$646.00K	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$1.25M	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$1.03M	USD	3 Qtrs
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$284.00K	USD	3 Qtrs
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$92.00K	USD	3 Qtrs
Non-cash interest expense	`PaidInKindInterest`	$1.10M	USD	3 Qtrs
Change in accrued interest	`IncreaseDecreaseInAccruedInterest`	$83.00K	USD	3 Qtrs
Change in allowance for doubtful accounts and contractual allowance	`DoubtfulAccountsAndContractualAllowanceAdjustments`	$3.38M	USD	3 Qtrs
Change in allowance for doubtful accounts and contractual allowance	`DoubtfulAccountsAndContractualAllowanceAdjustments`	$618.00K	USD	3 Qtrs
Change in fair value of preferred stock warrant liabilities	`FairValueAdjustmentOfWarrants`	$996.00K	USD	3 Qtrs
Change in fair value of preferred stock warrant liabilities	`FairValueAdjustmentOfWarrants`	$-104.00K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-163.00K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$7.12M	USD	3 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$527.00K	USD	3 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$315.00K	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$205.00K	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$330.00K	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$842.00K	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$345.00K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-528.00K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$69.00K	USD	3 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$2.05M	USD	3 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-363.00K	USD	3 Qtrs
Deferred rent	`IncreaseDecreaseInDeferredRent`	$-1.00K	USD	3 Qtrs
Deferred rent	`IncreaseDecreaseInDeferredRent`	$14.00K	USD	3 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$344.00K	USD	3 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-55.00K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-12.41M	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-15.62M	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.52M	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.82M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-1.82M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-1.52M	USD	3 Qtrs
Proceeds from issuance of common stock upon exercise of stock options, net of repurchases	`ProceedsFromStockOptionsExercised`	$82.00K	USD	3 Qtrs
Proceeds from issuance of common stock upon exercise of stock options, net of repurchases	`ProceedsFromStockOptionsExercised`	$312.00K	USD	3 Qtrs
Proceeds from issuance of convertible preferred stock, net of issuance costs	`ProceedsFromIssuanceOfRedeemableConvertiblePreferredStock`	$12.13M	USD	3 Qtrs
Payments of deferred issuance costs	`PaymentsOfStockIssuanceCosts`	$2.00M	USD	3 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-2.01M	USD	3 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$12.44M	USD	3 Qtrs
Net decrease in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-19.45M	USD	3 Qtrs
Net decrease in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-1.49M	USD	3 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$8.62M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$25.21M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$5.76M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$7.13M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$8.62M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$25.21M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$5.76M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$7.13M	USD	Point-in-time
Interest paid	`InterestPaid`	$279.00K	USD	3 Qtrs
Interest paid	`InterestPaid`	$1.21M	USD	3 Qtrs
Issuance of warrants to purchase preferred stock	`IssuanceOfWarrantsToPurchasePreferredStock`	$44.00K	USD	3 Qtrs
Property and equipment included in accounts payable	`PropertyAndEquipmentIncludedInAccountsPayable`	$152.00K	USD	3 Qtrs
Deferred offering costs included in accounts payables and accrued liabilities	`StockIssuanceCostsIncurredButNotYetPaid`	$637.00K	USD	3 Qtrs

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