10-Q Filing

IRHYTHM TECHNOLOGIES, INC. CIK: 1388658 Q2 2018

Filing Information

Form Type	10-Q
Accession Number	`0001564590-18-019164`
Period End Date	20180630
Filing Date	20180803
Fiscal Year	2018
Fiscal Period	Q2
XBRL Instance	irtc-20180630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 69 Income Statement 48 Cash Flow Statement 61 Comprehensive Income 12

Balance Sheet 69 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`	$19.24M	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	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$93.69M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Short-term investments	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$66.67M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$12.95M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$19.07M	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`	$2.17M	USD	Point-in-time
Inventory	`InventoryNet`	$1.68M	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`	$2.51M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	23.38M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.58M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	23.93M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	23.38M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$119.58M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$109.66M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	23.93M	shares	Point-in-time
Investments, long-term	`AvailableForSaleSecuritiesDebtSecuritiesNoncurrent`	$2.99M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$7.56M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$6.22M	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`	$2.84M	USD	Point-in-time
Total assets	`Assets`	$120.92M	USD	Point-in-time
Total assets	`Assets`	$133.12M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.66M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.40M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$15.64M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$16.36M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$1.24M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$642.00K	USD	Point-in-time
Accrued interest, current portion	`InterestPayableCurrent`	$154.00K	USD	Point-in-time
Debt, current portion	`LongTermDebtCurrent`	$1.49M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$20.92M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$19.66M	USD	Point-in-time
Debt	`LongTermDebtNoncurrent`	$32.57M	USD	Point-in-time
Debt	`LongTermDebtNoncurrent`	$32.49M	USD	Point-in-time
Deferred rent, noncurrent portion	`DeferredRentCreditNoncurrent`	$222.00K	USD	Point-in-time
Deferred rent, noncurrent portion	`DeferredRentCreditNoncurrent`	$161.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$52.45M	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 June 30, 2018 and December 31, 2017, respectively; and none issued and outstanding at June 30, 2018 and December 31, 2017, respectively	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value 5,000,000 authorized at June 30, 2018 and December 31, 2017, respectively; and none issued and outstanding at June 30, 2018 and December 31, 2017, respectively	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value 100,000,000 shares authorized at June 30, 2018 and December 31, 2017, respectively; 23,925,497 and 23,377,315 shares issued and outstanding at June 30, 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 June 30, 2018 and December 31, 2017, respectively; 23,925,497 and 23,377,315 shares issued and outstanding at June 30, 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`	$247.04M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-38.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-65.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-156.59M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-178.56M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$68.47M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$79.55M	USD	Point-in-time
Total liabilities, preferred stock and stockholders equity	`LiabilitiesAndStockholdersEquity`	$133.12M	USD	Point-in-time
Total liabilities, preferred stock and stockholders equity	`LiabilitiesAndStockholdersEquity`	$120.92M	USD	Point-in-time

Income Statement 48 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$23.85M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$66.03M	USD	2 Qtrs
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$35.47M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$45.29M	USD	2 Qtrs
Cost of revenue	`CostOfRevenue`	$6.74M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$13.08M	USD	2 Qtrs
Cost of revenue	`CostOfRevenue`	$9.49M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$18.10M	USD	2 Qtrs
Gross profit	`GrossProfit`	$17.11M	USD	1 Quarter
Gross profit	`GrossProfit`	$32.21M	USD	2 Qtrs
Gross profit	`GrossProfit`	$25.98M	USD	1 Quarter
Gross profit	`GrossProfit`	$47.93M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$5.40M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$8.58M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$4.56M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$2.78M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$33.09M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$20.25M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$37.48M	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$61.67M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$23.03M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$42.88M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$70.25M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$37.66M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-22.32M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-5.92M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-10.67M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-11.68M	USD	1 Quarter
Interest expense	`InterestExpense`	$839.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$861.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$1.72M	USD	2 Qtrs
Interest expense	`InterestExpense`	$1.66M	USD	2 Qtrs
Other income, net	`OtherNonoperatingIncomeExpense`	$316.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$717.00K	USD	2 Qtrs
Other income, net	`OtherNonoperatingIncomeExpense`	$580.00K	USD	2 Qtrs
Other income, net	`OtherNonoperatingIncomeExpense`	$334.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-6.44M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-12.21M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-23.32M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-11.75M	USD	2 Qtrs
Net loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.53	USD	2 Qtrs
Net loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.99	USD	2 Qtrs
Net loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.51	USD	1 Quarter
Net loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.29	USD	1 Quarter
Weighted-average shares, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	23.61M	shares	2 Qtrs
Weighted-average shares, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	22.26M	shares	2 Qtrs
Weighted-average shares, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	22.36M	shares	1 Quarter
Weighted-average shares, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	23.75M	shares	1 Quarter

Cash Flow Statement 61 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-23.32M	USD	2 Qtrs
Net loss	`ProfitLoss`	$-11.75M	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$1.10M	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$300.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$600.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$635.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$7.32M	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$4.29M	USD	2 Qtrs
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$125.00K	USD	2 Qtrs
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$128.00K	USD	2 Qtrs
Amortization of premiums (accretion of discounts) on investments, net	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$350.00K	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
Provision for doubtful accounts and contractual allowances	`ProvisionForDoubtfulAccountsAndContractualAllowances`	$4.22M	USD	2 Qtrs
Provision for doubtful accounts and contractual allowances	`ProvisionForDoubtfulAccountsAndContractualAllowances`	$6.44M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$5.66M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$11.20M	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$-159.00K	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$485.00K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-46.00K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$25.00K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-625.00K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$508.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$106.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$526.00K	USD	2 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$497.00K	USD	2 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$219.00K	USD	2 Qtrs
Deferred rent	`IncreaseDecreaseInDeferredRent`	$114.00K	USD	2 Qtrs
Deferred rent	`IncreaseDecreaseInDeferredRent`	$61.00K	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-390.00K	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-596.00K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-7.40M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-19.62M	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.23M	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
Purchases of available-for-sale investments	`PaymentsToAcquireAvailableForSaleSecurities`	$42.62M	USD	2 Qtrs
Maturities of available-for-sale investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities`	$27.80M	USD	2 Qtrs
Maturities of available-for-sale investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities`	$73.00M	USD	2 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-30.35M	USD	2 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$28.16M	USD	2 Qtrs
Repayment of debt	`RepaymentsOfDebt`	$1.50M	USD	2 Qtrs
Proceeds from issuance of common stock, net	`ProceedsFromIssuanceOfCommonStock`	$2.36M	USD	2 Qtrs
Proceeds from issuance of common stock, net	`ProceedsFromIssuanceOfCommonStock`	$5.07M	USD	2 Qtrs
Tax withholding upon vesting of restricted stock awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.54M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.36M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.03M	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-35.39M	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$10.57M	USD	2 Qtrs
Cash, cash equivalents and restricted cash beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$19.24M	USD	Point-in-time
Cash, cash equivalents and restricted cash beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$8.67M	USD	Point-in-time
Cash, cash equivalents and restricted cash beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$16.34M	USD	Point-in-time
Cash, cash equivalents and restricted cash beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$51.73M	USD	Point-in-time
Cash, cash equivalents and restricted cash end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$19.24M	USD	Point-in-time
Cash, cash equivalents and restricted cash end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$8.67M	USD	Point-in-time
Cash, cash equivalents and restricted cash end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$16.34M	USD	Point-in-time
Cash, cash equivalents and restricted cash end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$51.73M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$375.00K	USD	2 Qtrs
Interest paid	`InterestPaidNet`	$1.75M	USD	2 Qtrs
Property, plant and equipment costs included in accounts payable and accrued liabilities	`PropertyPlantAndEqipmentCostsIncludedInAccountsPayableAndAccruedLiabilities`	$28.00K	USD	2 Qtrs
Property, plant and equipment costs included in accounts payable and accrued liabilities	`PropertyPlantAndEqipmentCostsIncludedInAccountsPayableAndAccruedLiabilities`	$218.00K	USD	2 Qtrs

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-6.44M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-12.21M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-23.32M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-11.75M	USD	2 Qtrs
Net change in unrealized losses on available-for-sale securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$47.00K	USD	1 Quarter
Net change in unrealized losses on available-for-sale securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$27.00K	USD	2 Qtrs
Net change in unrealized losses on available-for-sale securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-41.00K	USD	2 Qtrs
Net change in unrealized losses on available-for-sale securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-22.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-23.30M	USD	2 Qtrs
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-11.79M	USD	2 Qtrs
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-6.47M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-12.16M	USD	1 Quarter

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