10-Q Filing

IRHYTHM TECHNOLOGIES, INC. CIK: 1388658 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001564590-17-010783`
Period End Date	20170331
Filing Date	20170512
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	irtc-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 24 Cash Flow Statement 54 Comprehensive Income 5

Balance Sheet 74 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$14.24M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$51.64M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$15.58M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$25.21M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Investments, short-term	`ShortTermInvestments`	$54.41M	USD	Point-in-time
Investments, short-term	`ShortTermInvestments`	$77.40M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$10.98M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$9.41M	USD	Point-in-time
Inventory	`InventoryNet`	$1.16M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Inventory	`InventoryNet`	$1.39M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	22.14M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	22.15M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.39M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.67M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$91.00K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	22.14M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	22.15M	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$91.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$106.60M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$118.61M	USD	Point-in-time
Investments, long-term	`AvailableForSaleSecuritiesNoncurrent`	$16.43M	USD	Point-in-time
Investments, long-term	`AvailableForSaleSecuritiesNoncurrent`	$10.98M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$5.53M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$4.65M	USD	Point-in-time
Goodwill	`Goodwill`	$862.00K	USD	Point-in-time
Goodwill	`Goodwill`	$862.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.05M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.38M	USD	Point-in-time
Total assets	`Assets`	$132.80M	USD	Point-in-time
Total assets	`Assets`	$138.16M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.41M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.10M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$10.16M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$8.28M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$947.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$980.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$10.68M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$13.21M	USD	Point-in-time
Debt	`LongTermDebtNoncurrent`	$32.65M	USD	Point-in-time
Debt	`LongTermDebtNoncurrent`	$32.23M	USD	Point-in-time
Deferred rent, noncurrent portion	`DeferredRentCreditNoncurrent`	$26.00K	USD	Point-in-time
Deferred rent, noncurrent portion	`DeferredRentCreditNoncurrent`	$26.00K	USD	Point-in-time
Accrued interest, net of current portion	`AccruedInterestNonCurrent`	$126.00K	USD	Point-in-time
Accrued interest, net of current portion	`AccruedInterestNonCurrent`	$134.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$43.49M	USD	Point-in-time
Total liabilities	`Liabilities`	$45.59M	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 authorized at March 31, 2017 and December 31, 2016, respectively; and none issued and outstanding at March 31, 2017 and December 31, 2016, respectively	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value 5,000,000 authorized at March 31, 2017 and December 31, 2016, respectively; and none issued and outstanding at March 31, 2017 and December 31, 2016, respectively	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value 100,000,000 shares authorized at March 31, 2017 and December 31, 2016, respectively; 22,153,146 and 22,139,346 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively	`CommonStockValue`	$22.00K	USD	Point-in-time
Common stock, $0.001 par value 100,000,000 shares authorized at March 31, 2017 and December 31, 2016, respectively; 22,153,146 and 22,139,346 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively	`CommonStockValue`	$27.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$221.78M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$219.72M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-9.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-19.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-127.17M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-132.47M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$92.56M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$89.31M	USD	Point-in-time
Total liabilities, stockholders equity	`LiabilitiesAndStockholdersEquity`	$138.16M	USD	Point-in-time
Total liabilities, stockholders equity	`LiabilitiesAndStockholdersEquity`	$132.80M	USD	Point-in-time

Income Statement 24 line items

Line Item	Tag	Value	Unit	Period
Revenue	`SalesRevenueNet`	$21.44M	USD	1 Quarter
Revenue	`SalesRevenueNet`	$12.85M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$4.66M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$6.34M	USD	1 Quarter
Gross profit	`GrossProfit`	$8.20M	USD	1 Quarter
Gross profit	`GrossProfit`	$15.10M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.54M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$2.62M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$11.52M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$17.22M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$13.07M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$19.84M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-4.87M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-4.75M	USD	1 Quarter
Interest expense	`InterestExpense`	$822.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$795.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$264.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-460.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.30M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-6.13M	USD	1 Quarter
Net loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.24	USD	1 Quarter
Net loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-4.34	USD	1 Quarter
Weighted-average shares used to compute net loss per common share, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	22.15M	shares	1 Quarter
Weighted-average shares used to compute net loss per common share, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	1.41M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net Loss	`NetIncomeLoss`	$-5.30M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-6.13M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$298.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$227.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$2.03M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$408.00K	USD	1 Quarter
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$62.00K	USD	1 Quarter
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$64.00K	USD	1 Quarter
Amortization of premiums (accretion of discounts) on investments, net	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$46.00K	USD	1 Quarter
Non-cash interest expense	`PaidInKindInterest`	$361.00K	USD	1 Quarter
Non-cash interest expense	`PaidInKindInterest`	$375.00K	USD	1 Quarter
Change in allowance for doubtful accounts and contractual allowance	`ProvisionForBadDebtAndContractualAllowance`	$1.77M	USD	1 Quarter
Change in allowance for doubtful accounts and contractual allowance	`ProvisionForBadDebtAndContractualAllowance`	$1.04M	USD	1 Quarter
Change in fair value of preferred stock warrant liabilities	`FairValueAdjustmentOfWarrants`	$462.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$3.13M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$3.35M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$236.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-234.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-403.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-42.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$230.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$346.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-690.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.01M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-3.24M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-1.87M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$33.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-132.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-6.40M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-9.49M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$659.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.17M	USD	1 Quarter
Purchases of available-for-sale investments	`PaymentsToAcquireAvailableForSaleSecurities`	$31.82M	USD	1 Quarter
Maturities of available-for-sale investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities`	$3.30M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-659.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-29.70M	USD	1 Quarter
Proceeds from issuance of common stock upon exercise of stock options, net of repurchases	`ProceedsFromStockOptionsExercised`	$6.00K	USD	1 Quarter
Proceeds from issuance of common stock upon exercise of stock options, net of repurchases	`ProceedsFromStockOptionsExercised`	$35.00K	USD	1 Quarter
Payments of deferred issuance costs	`PaymentsOfStockIssuanceCosts`	$822.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-816.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$35.00K	USD	1 Quarter
Net decrease in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-10.96M	USD	1 Quarter
Net decrease in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-36.06M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$14.24M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$51.64M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$15.58M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$25.21M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$14.24M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$51.64M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$15.58M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$25.21M	USD	Point-in-time
Interest paid	`InterestPaid`	$375.00K	USD	1 Quarter
Interest paid	`InterestPaid`	$472.00K	USD	1 Quarter
Deferred offering costs included in accounts payables and accrued liabilities	`StockIssuanceCostsIncurredButNotYetPaid`	$923.00K	USD	1 Quarter

Comprehensive Income 5 line items

Line Item	Tag	Value	Unit	Period
Net Loss	`NetIncomeLoss`	$-5.30M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-6.13M	USD	1 Quarter
Unrealized loss on available-for-sale securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-19.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-6.13M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-5.32M	USD	1 Quarter

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