10-Q Filing

IRHYTHM TECHNOLOGIES, INC. CIK: 1388658 Q3 2017

Filing Information

Form Type	10-Q
Accession Number	`0001564590-17-023798`
Period End Date	20170930
Filing Date	20171114
Fiscal Year	2017
Fiscal Period	Q3
XBRL Instance	irtc-20170930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 73 Income Statement 48 Cash Flow Statement 63 Comprehensive Income 10

Balance Sheet 73 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
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$20.43M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.76M	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
Investments, short-term	`ShortTermInvestments`	$87.02M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$12.04M	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`	$1.31M	USD	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 authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.67M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	22.98M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.99M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	22.14M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	22.98M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	22.14M	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$91.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$122.79M	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`	$4.65M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$6.21M	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`	$3.80M	USD	Point-in-time
Total assets	`Assets`	$138.16M	USD	Point-in-time
Total assets	`Assets`	$133.66M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.08M	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`	$11.44M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$904.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$947.00K	USD	Point-in-time
Accrued interest, current portion	`InterestPayableCurrent`	$149.00K	USD	Point-in-time
Debt, current portion	`LongTermDebtCurrent`	$1.48M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$16.04M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$13.21M	USD	Point-in-time
Debt	`LongTermDebtNoncurrent`	$32.05M	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`	$169.00K	USD	Point-in-time
Accrued interest, net of current portion	`AccruedInterestNonCurrent`	$126.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$45.59M	USD	Point-in-time
Total liabilities	`Liabilities`	$48.27M	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 September 30, 2017 and December 31, 2016, respectively; and none issued and outstanding at September 30, 2017 and December 31, 2016, respectively	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value 5,000,000 authorized at September 30, 2017 and December 31, 2016, respectively; and none issued and outstanding at September 30, 2017 and December 31, 2016, respectively	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value 100,000,000 shares authorized at September 30, 2017 and December 31, 2016, respectively; 22,978,954 and 22,139,346 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively	`CommonStockValue`	$28.00K	USD	Point-in-time
Common stock, $0.001 par value 100,000,000 shares authorized at September 30, 2017 and December 31, 2016, respectively; 22,978,954 and 22,139,346 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively	`CommonStockValue`	$22.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$230.83M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$219.72M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-30.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-9.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-127.17M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-145.44M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$92.56M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$85.39M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$138.16M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$133.66M	USD	Point-in-time

Income Statement 48 line items

Line Item	Tag	Value	Unit	Period
Revenue	`SalesRevenueNet`	$45.37M	USD	3 Qtrs
Revenue	`SalesRevenueNet`	$25.04M	USD	1 Quarter
Revenue	`SalesRevenueNet`	$70.33M	USD	3 Qtrs
Revenue	`SalesRevenueNet`	$16.78M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$20.00M	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`	$6.92M	USD	1 Quarter
Gross profit	`GrossProfit`	$30.27M	USD	3 Qtrs
Gross profit	`GrossProfit`	$18.11M	USD	1 Quarter
Gross profit	`GrossProfit`	$11.50M	USD	1 Quarter
Gross profit	`GrossProfit`	$50.33M	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`	$9.19M	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$3.79M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$57.79M	USD	3 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$36.66M	USD	3 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$20.31M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$12.53M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$24.10M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$66.97M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$41.51M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$14.16M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.67M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-5.98M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-16.65M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-11.23M	USD	3 Qtrs
Interest expense	`InterestExpense`	$2.39M	USD	3 Qtrs
Interest expense	`InterestExpense`	$862.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$2.52M	USD	3 Qtrs
Interest expense	`InterestExpense`	$807.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-1.01M	USD	3 Qtrs
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$321.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-602.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$900.00K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-4.08M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-14.64M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-6.52M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-18.27M	USD	3 Qtrs
Net loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.81	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`	$-0.29	USD	1 Quarter
Net loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-2.80	USD	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`	1.45M	shares	1 Quarter
Weighted-average shares used to compute net loss per common share, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	22.45M	shares	3 Qtrs
Weighted-average shares used to compute net loss per common share, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	22.81M	shares	1 Quarter

Cash Flow Statement 63 line items

Line Item	Tag	Value	Unit	Period
Net Loss	`NetIncomeLoss`	$-4.08M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-14.64M	USD	3 Qtrs
Net Loss	`NetIncomeLoss`	$-6.52M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-18.27M	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$1.10M	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$200.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$500.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$646.00K	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$7.02M	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$1.25M	USD	3 Qtrs
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$197.00K	USD	3 Qtrs
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$284.00K	USD	3 Qtrs
Amortization of premiums (accretion of discounts) on investments, net	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$207.00K	USD	3 Qtrs
Non-cash interest expense	`PaidInKindInterest`	$1.15M	USD	3 Qtrs
Non-cash interest expense	`PaidInKindInterest`	$1.10M	USD	3 Qtrs
Provision for bad debt and contractual allowance	`ProvisionForBadDebtAndContractualAllowance`	$3.38M	USD	3 Qtrs
Provision for bad debt and contractual allowance	`ProvisionForBadDebtAndContractualAllowance`	$5.93M	USD	3 Qtrs
Change in fair value of preferred stock warrant liabilities	`FairValueAdjustmentOfWarrants`	$996.00K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$7.12M	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$8.56M	USD	3 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$-76.00K	USD	3 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$527.00K	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$197.00K	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$301.00K	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$842.00K	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$793.00K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$69.00K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-33.00K	USD	3 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$1.29M	USD	3 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-363.00K	USD	3 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$344.00K	USD	3 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-43.00K	USD	3 Qtrs
Deferred rent	`IncreaseDecreaseInDeferredRent`	$143.00K	USD	3 Qtrs
Deferred rent	`IncreaseDecreaseInDeferredRent`	$-1.00K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-11.19M	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-15.71M	USD	3 Qtrs
Change in restricted cash	`IncreaseDecreaseInRestrictedCash`	$-91.00K	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.82M	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.65M	USD	3 Qtrs
Purchases of available-for-sale investments	`PaymentsToAcquireAvailableForSaleSecurities`	$90.24M	USD	3 Qtrs
Maturities of available-for-sale investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities`	$68.68M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-24.12M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-1.82M	USD	3 Qtrs
Net proceeds from employee stock transactions	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$4.09M	USD	3 Qtrs
Net proceeds from employee stock transactions	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$82.00K	USD	3 Qtrs
Payments of deferred issuance costs	`PaymentsOfStockIssuanceCosts`	$2.00M	USD	3 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$4.09M	USD	3 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-1.91M	USD	3 Qtrs
Net decrease in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-31.21M	USD	3 Qtrs
Net decrease in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-19.45M	USD	3 Qtrs
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, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$20.43M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$5.76M	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
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$20.43M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$5.76M	USD	Point-in-time
Interest paid	`InterestPaid`	$1.21M	USD	3 Qtrs
Interest paid	`InterestPaid`	$1.15M	USD	3 Qtrs
Deferred offering costs included in accounts payable and accrued liabilities	`StockIssuanceCostsIncurredButNotYetPaid`	$637.00K	USD	3 Qtrs
Property, plant and equipment costs included in accounts payable	`PropertyPlantAndEquipmentCostsIncludedInAccountsPayable`	$152.00K	USD	3 Qtrs
Property, plant and equipment costs included in accounts payable	`PropertyPlantAndEquipmentCostsIncludedInAccountsPayable`	$6.00K	USD	3 Qtrs

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net Loss	`NetIncomeLoss`	$-4.08M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-14.64M	USD	3 Qtrs
Net Loss	`NetIncomeLoss`	$-6.52M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-18.27M	USD	3 Qtrs
Change in unrealized loss on available-for-sale securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$21.00K	USD	1 Quarter
Change in unrealized loss on available-for-sale securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-19.00K	USD	3 Qtrs
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-4.08M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-18.29M	USD	3 Qtrs
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-6.50M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-14.64M	USD	3 Qtrs

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