10-Q Filing

IRHYTHM TECHNOLOGIES, INC. CIK: 1388658 Q2 2017

Filing Information

Form Type	10-Q
Accession Number	`0001564590-17-015766`
Period End Date	20170630
Filing Date	20170807
Fiscal Year	2017
Fiscal Period	Q2
XBRL Instance	irtc-20170630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 48 Cash Flow Statement 60 Comprehensive Income 10

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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.97M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$16.25M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$25.21M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$51.64M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Investments, short-term	`ShortTermInvestments`	$93.58M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Investments, short-term	`ShortTermInvestments`	$54.41M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$9.41M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$10.85M	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
Inventory	`InventoryNet`	$1.23M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	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 issued	`CommonStockSharesIssued`	22.14M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.82M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	22.59M	shares	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
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`	22.59M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$123.82M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$118.61M	USD	Point-in-time
Investments, long-term	`AvailableForSaleSecuritiesNoncurrent`	$10.98M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$6.17M	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`	$3.53M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.05M	USD	Point-in-time
Total assets	`Assets`	$138.16M	USD	Point-in-time
Total assets	`Assets`	$134.38M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.66M	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`	$9.98M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$947.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$557.00K	USD	Point-in-time
Accrued interest, current portion	`InterestPayableCurrent`	$525.00K	USD	Point-in-time
Debt, current portion	`LongTermDebtCurrent`	$1.47M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$15.20M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$13.21M	USD	Point-in-time
Debt	`LongTermDebtNoncurrent`	$31.61M	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`	$140.00K	USD	Point-in-time
Accrued interest, net of current portion	`AccruedInterestNonCurrent`	$126.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$46.95M	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 June 30, 2017 and December 31, 2016, respectively; and none issued and outstanding at June 30, 2017 and December 31, 2016, respectively	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value 5,000,000 authorized at June 30, 2017 and December 31, 2016, respectively; and none issued and outstanding at June 30, 2017 and December 31, 2016, respectively	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value 100,000,000 shares authorized at June 30, 2017 and December 31, 2016, respectively; 22,588,422 and 22,139,346 shares issued and outstanding at June 30, 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 June 30, 2017 and December 31, 2016, respectively; 22,588,422 and 22,139,346 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively	`CommonStockValue`	$27.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$226.37M	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`	$-50.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-138.92M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-127.17M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$92.56M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$87.43M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$138.16M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$134.38M	USD	Point-in-time

Income Statement 48 line items

Line Item	Tag	Value	Unit	Period
Revenue	`SalesRevenueNet`	$28.59M	USD	2 Qtrs
Revenue	`SalesRevenueNet`	$45.29M	USD	2 Qtrs
Revenue	`SalesRevenueNet`	$23.85M	USD	1 Quarter
Revenue	`SalesRevenueNet`	$15.73M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$13.08M	USD	2 Qtrs
Cost of revenue	`CostOfRevenue`	$5.16M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$9.81M	USD	2 Qtrs
Cost of revenue	`CostOfRevenue`	$6.74M	USD	1 Quarter
Gross profit	`GrossProfit`	$17.11M	USD	1 Quarter
Gross profit	`GrossProfit`	$32.21M	USD	2 Qtrs
Gross profit	`GrossProfit`	$10.58M	USD	1 Quarter
Gross profit	`GrossProfit`	$18.77M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$3.21M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$1.67M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$5.40M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$2.78M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$12.61M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$20.25M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$24.13M	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$37.48M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$42.88M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$27.34M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$14.28M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$23.03M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-8.57M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-10.67M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-5.92M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-3.70M	USD	1 Quarter
Interest expense	`InterestExpense`	$1.66M	USD	2 Qtrs
Interest expense	`InterestExpense`	$839.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$1.58M	USD	2 Qtrs
Interest expense	`InterestExpense`	$803.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-413.00K	USD	2 Qtrs
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$316.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$580.00K	USD	2 Qtrs
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$64.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-10.56M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-6.44M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-11.75M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-4.44M	USD	1 Quarter
Net loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.53	USD	2 Qtrs
Net loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.29	USD	1 Quarter
Net loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-7.42	USD	2 Qtrs
Net loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-3.09	USD	1 Quarter
Weighted-average shares used to compute net loss per common share, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	1.44M	shares	1 Quarter
Weighted-average shares used to compute net loss per common share, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	1.42M	shares	2 Qtrs
Weighted-average shares used to compute net loss per common share, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	22.36M	shares	1 Quarter
Weighted-average shares used to compute net loss per common share, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	22.26M	shares	2 Qtrs

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net Loss	`NetIncomeLoss`	$-10.56M	USD	2 Qtrs
Net Loss	`NetIncomeLoss`	$-6.44M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-11.75M	USD	2 Qtrs
Net Loss	`NetIncomeLoss`	$-4.44M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$200.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$635.00K	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$300.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$436.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$850.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$4.29M	USD	2 Qtrs
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$128.00K	USD	2 Qtrs
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$125.00K	USD	2 Qtrs
Amortization of premiums (accretion of discounts) on investments, net	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$116.00K	USD	2 Qtrs
Non-cash interest expense	`PaidInKindInterest`	$759.00K	USD	2 Qtrs
Non-cash interest expense	`PaidInKindInterest`	$727.00K	USD	2 Qtrs
Provision for bad debt and contractual allowance	`ProvisionForBadDebtAndContractualAllowance`	$4.22M	USD	2 Qtrs
Provision for bad debt and contractual allowance	`ProvisionForBadDebtAndContractualAllowance`	$2.12M	USD	2 Qtrs
Change in fair value of preferred stock warrant liabilities	`FairValueAdjustmentOfWarrants`	$397.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$5.66M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$5.77M	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$311.00K	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$-159.00K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$25.00K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$17.00K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$508.00K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$499.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$526.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$116.00K	USD	2 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-827.00K	USD	2 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$219.00K	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-147.00K	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-390.00K	USD	2 Qtrs
Deferred rent	`IncreaseDecreaseInDeferredRent`	$114.00K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-7.40M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-13.36M	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.07M	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.12M	USD	2 Qtrs
Purchases of available-for-sale investments	`PaymentsToAcquireAvailableForSaleSecurities`	$56.03M	USD	2 Qtrs
Maturities of available-for-sale investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities`	$27.80M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-30.35M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-1.07M	USD	2 Qtrs
Proceeds from issuance of common stock related to the exercise of options and employee stock purchase program, net of repurchases	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$2.36M	USD	2 Qtrs
Proceeds from issuance of common stock related to the exercise of options and employee stock purchase program, net of repurchases	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$75.00K	USD	2 Qtrs
Payments of deferred issuance costs	`PaymentsOfStockIssuanceCosts`	$1.88M	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-1.80M	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$2.36M	USD	2 Qtrs
Net decrease in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-35.39M	USD	2 Qtrs
Net decrease in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-16.23M	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$8.97M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$16.25M	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`	$51.64M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$8.97M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$16.25M	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`	$51.64M	USD	Point-in-time
Interest paid	`InterestPaid`	$838.00K	USD	2 Qtrs
Interest paid	`InterestPaid`	$375.00K	USD	2 Qtrs
Deferred offering costs included in accounts payable and accrued liabilities	`StockIssuanceCostsIncurredButNotYetPaid`	$397.00K	USD	2 Qtrs
Property, plant and equipment costs included in accounts payable	`PropertyPlantAndEquipmentCostsIncludedInAccountsPayable`	$28.00K	USD	2 Qtrs

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net Loss	`NetIncomeLoss`	$-10.56M	USD	2 Qtrs
Net Loss	`NetIncomeLoss`	$-6.44M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-11.75M	USD	2 Qtrs
Net Loss	`NetIncomeLoss`	$-4.44M	USD	1 Quarter
Change in unrealized loss on available-for-sale securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-22.00K	USD	1 Quarter
Change in unrealized loss on available-for-sale securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-41.00K	USD	2 Qtrs
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-6.47M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-10.56M	USD	2 Qtrs
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-4.44M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-11.79M	USD	2 Qtrs

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