10-Q Filing

IRHYTHM TECHNOLOGIES, INC. CIK: 1388658 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001564590-18-012636`
Period End Date	20180331
Filing Date	20180510
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	irtc-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 71 Income Statement 24 Cash Flow Statement 56 Comprehensive Income 6

Balance Sheet 71 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`	$8.67M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$16.47M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Short-term investments	`AvailableForSaleSecuritiesCurrent`	$74.27M	USD	Point-in-time
Short-term investments	`AvailableForSaleSecuritiesCurrent`	$93.69M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$17.16M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$12.95M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventory	`InventoryNet`	$1.86M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Inventory	`InventoryNet`	$1.68M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.58M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	23.59M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.78M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	23.38M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$111.54M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	23.38M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	23.59M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$119.58M	USD	Point-in-time
Investments, long-term	`AvailableForSaleSecuritiesNoncurrent`	$2.99M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$6.22M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$6.86M	USD	Point-in-time
Goodwill	`Goodwill`	$862.00K	USD	Point-in-time
Goodwill	`Goodwill`	$862.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.46M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.06M	USD	Point-in-time
Total assets	`Assets`	$122.32M	USD	Point-in-time
Total assets	`Assets`	$133.12M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.52M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.40M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$12.66M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$15.64M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$1.10M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$1.24M	USD	Point-in-time
Accrued interest, current portion	`InterestPayableCurrent`	$161.00K	USD	Point-in-time
Accrued interest, current portion	`InterestPayableCurrent`	$154.00K	USD	Point-in-time
Debt, current portion	`LongTermDebtCurrent`	$1.50M	USD	Point-in-time
Debt, current portion	`LongTermDebtCurrent`	$1.49M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$16.94M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$20.92M	USD	Point-in-time
Debt	`LongTermDebtNoncurrent`	$32.53M	USD	Point-in-time
Debt	`LongTermDebtNoncurrent`	$32.49M	USD	Point-in-time
Deferred rent, noncurrent portion	`DeferredRentCreditNoncurrent`	$161.00K	USD	Point-in-time
Deferred rent, noncurrent portion	`DeferredRentCreditNoncurrent`	$227.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$49.70M	USD	Point-in-time
Total liabilities	`Liabilities`	$53.57M	USD	Point-in-time
Commitments and contingencies (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.001 par value 5,000,000 authorized at March 31, 2018 and December 31, 2017, respectively; and none issued and outstanding at March 31, 2018 and December 31, 2017, respectively	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value 5,000,000 authorized at March 31, 2018 and December 31, 2017, respectively; and none issued and outstanding at March 31, 2018 and December 31, 2017, respectively	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value 100,000,000 shares authorized at March 31, 2018 and December 31, 2017, respectively; 23,591,959 and 23,377,315 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively	`CommonStockValue`	$23.00K	USD	Point-in-time
Common stock, $0.001 par value 100,000,000 shares authorized at March 31, 2018 and December 31, 2017, respectively; 23,591,959 and 23,377,315 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively	`CommonStockValue`	$23.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$236.18M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$239.04M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-65.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-85.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-166.35M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-156.59M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$79.55M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$72.62M	USD	Point-in-time
Total liabilities, preferred stock and stockholders equity	`LiabilitiesAndStockholdersEquity`	$122.32M	USD	Point-in-time
Total liabilities, preferred stock and stockholders equity	`LiabilitiesAndStockholdersEquity`	$133.12M	USD	Point-in-time

Income Statement 24 line items

Line Item	Tag	Value	Unit	Period
Revenue	`SalesRevenueNet`	$21.44M	USD	1 Quarter
Revenue	`SalesRevenueNet`	$30.57M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$8.61M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$6.34M	USD	1 Quarter
Gross profit	`GrossProfit`	$21.95M	USD	1 Quarter
Gross profit	`GrossProfit`	$15.10M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$2.62M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$4.02M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$17.22M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$28.58M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$19.84M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$32.60M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-10.64M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-4.75M	USD	1 Quarter
Interest expense	`InterestExpense`	$822.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$858.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$383.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$264.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.30M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-11.12M	USD	1 Quarter
Net loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.47	USD	1 Quarter
Net loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.24	USD	1 Quarter
Weighted-average shares, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	23.48M	shares	1 Quarter
Weighted-average shares, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	22.15M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-5.30M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-11.12M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$548.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$298.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$3.25M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$2.03M	USD	1 Quarter
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$64.00K	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
Amortization of premiums (accretion of discounts) on investments, net	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$171.00K	USD	1 Quarter
Non-cash interest expense	`PaidInKindInterest`	$375.00K	USD	1 Quarter
Provision for doubtful accounts and contractual allowances	`ProvisionForDoubtfulAccountsAndContractualAllowances`	$2.68M	USD	1 Quarter
Provision for doubtful accounts and contractual allowances	`ProvisionForDoubtfulAccountsAndContractualAllowances`	$1.77M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$5.54M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$3.35M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-234.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$174.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-790.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-403.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-409.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$346.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-950.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-690.00K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-2.98M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-1.87M	USD	1 Quarter
Deferred rent	`IncreaseDecreaseInDeferredRent`	$66.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-139.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$33.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-13.26M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-6.40M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.17M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.11M	USD	1 Quarter
Purchases of available-for-sale investments	`PaymentsToAcquireAvailableForSaleSecurities`	$5.44M	USD	1 Quarter
Purchases of available-for-sale investments	`PaymentsToAcquireAvailableForSaleSecurities`	$31.82M	USD	1 Quarter
Maturities of available-for-sale investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities`	$28.00M	USD	1 Quarter
Maturities of available-for-sale investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities`	$3.30M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-29.70M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$21.46M	USD	1 Quarter
Proceeds from issuance of common stock, net	`ProceedsFromIssuanceOfCommonStock`	$877.00K	USD	1 Quarter
Proceeds from issuance of common stock, net	`ProceedsFromIssuanceOfCommonStock`	$35.00K	USD	1 Quarter
Tax withholding upon vesting of restricted stock awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.27M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-397.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$35.00K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$7.80M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-36.06M	USD	1 Quarter
Cash, cash equivalents and restricted cash beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.67M	USD	Point-in-time
Cash, cash equivalents and restricted cash beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$51.73M	USD	Point-in-time
Cash, cash equivalents and restricted cash beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$15.67M	USD	Point-in-time
Cash, cash equivalents and restricted cash beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$16.47M	USD	Point-in-time
Cash, cash equivalents and restricted cash end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.67M	USD	Point-in-time
Cash, cash equivalents and restricted cash end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$51.73M	USD	Point-in-time
Cash, cash equivalents and restricted cash end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$15.67M	USD	Point-in-time
Cash, cash equivalents and restricted cash end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$16.47M	USD	Point-in-time
Interest paid	`InterestPaid`	$787.00K	USD	1 Quarter
Interest paid	`InterestPaid`	$375.00K	USD	1 Quarter
Property, plant and equipment costs included in accounts payable	`PropertyPlantAndEquipmentCostsIncludedInAccountsPayable`	$80.00K	USD	1 Quarter

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-5.30M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-11.12M	USD	1 Quarter
Net change in unrealized losses on available-for-sale securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-20.00K	USD	1 Quarter
Net change in unrealized losses on available-for-sale securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-19.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-5.32M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-11.14M	USD	1 Quarter

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