10-Q Filing

IRHYTHM TECHNOLOGIES, INC. CIK: 1388658 Q3 2018

Filing Information

Form Type	10-Q
Accession Number	`0001564590-18-025650`
Period End Date	20180930
Filing Date	20181030
Fiscal Year	2018
Fiscal Period	Q3
XBRL Instance	irtc-20180930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 69 Income Statement 48 Cash Flow Statement 62 Comprehensive Income 14

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
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$17.34M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.67M	USD	Point-in-time
Short-term investments	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$63.83M	USD	Point-in-time
Short-term investments	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$93.69M	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
Accounts receivable, net	`AccountsReceivableNetCurrent`	$12.95M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$20.46M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	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`	$2.32M	USD	Point-in-time
Inventory	`InventoryNet`	$1.68M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	24.15M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.77M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.58M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	23.38M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$106.73M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	23.38M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	24.15M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$119.58M	USD	Point-in-time
Investments, long-term	`AvailableForSaleSecuritiesDebtSecuritiesNoncurrent`	$2.99M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$8.25M	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`	$3.15M	USD	Point-in-time
Total assets	`Assets`	$133.12M	USD	Point-in-time
Total assets	`Assets`	$118.99M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.91M	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`	$19.18M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$1.24M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$1.17M	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`	$22.26M	USD	Point-in-time
Debt	`LongTermDebtNoncurrent`	$32.49M	USD	Point-in-time
Debt	`LongTermDebtNoncurrent`	$32.55M	USD	Point-in-time
Deferred rent, noncurrent portion	`DeferredRentCreditNoncurrent`	$161.00K	USD	Point-in-time
Deferred rent, noncurrent portion	`DeferredRentCreditNoncurrent`	$214.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$55.03M	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 September 30, 2018 and December 31, 2017, respectively; and none issued and outstanding at September 30, 2018 and December 31, 2017, respectively	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value 5,000,000 authorized at September 30, 2018 and December 31, 2017, respectively; and none issued and outstanding at September 30, 2018 and December 31, 2017, respectively	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value 100,000,000 shares authorized at September 30, 2018 and December 31, 2017, respectively; 24,148,814 and 23,377,315 shares issued and outstanding at September 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 September 30, 2018 and December 31, 2017, respectively; 24,148,814 and 23,377,315 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively	`CommonStockValue`	$23.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$252.76M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$236.18M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-65.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-29.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-188.80M	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`	$63.96M	USD	Point-in-time
Total liabilities, preferred stock and stockholders equity	`LiabilitiesAndStockholdersEquity`	$118.99M	USD	Point-in-time
Total liabilities, preferred stock and stockholders equity	`LiabilitiesAndStockholdersEquity`	$133.12M	USD	Point-in-time

Income Statement 48 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$38.10M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$104.14M	USD	3 Qtrs
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$25.04M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$70.33M	USD	3 Qtrs
Cost of revenue	`CostOfRevenue`	$20.00M	USD	3 Qtrs
Cost of revenue	`CostOfRevenue`	$6.92M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$28.05M	USD	3 Qtrs
Cost of revenue	`CostOfRevenue`	$9.95M	USD	1 Quarter
Gross profit	`GrossProfit`	$28.16M	USD	1 Quarter
Gross profit	`GrossProfit`	$50.33M	USD	3 Qtrs
Gross profit	`GrossProfit`	$18.11M	USD	1 Quarter
Gross profit	`GrossProfit`	$76.09M	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$13.75M	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$5.16M	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`	$94.41M	USD	3 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$57.79M	USD	3 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$32.74M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$20.31M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$66.97M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$24.10M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$37.90M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$108.16M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-5.98M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-32.07M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-16.65M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-9.75M	USD	1 Quarter
Interest expense	`InterestExpense`	$861.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$2.52M	USD	3 Qtrs
Interest expense	`InterestExpense`	$862.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$2.58M	USD	3 Qtrs
Other income, net	`OtherNonoperatingIncomeExpense`	$1.08M	USD	3 Qtrs
Other income, net	`OtherNonoperatingIncomeExpense`	$365.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$321.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$900.00K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-6.52M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-10.24M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-18.27M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-33.57M	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`	$-1.41	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`	$-0.43	USD	1 Quarter
Weighted-average shares, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	24.06M	shares	1 Quarter
Weighted-average shares, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	23.76M	shares	3 Qtrs
Weighted-average shares, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	22.45M	shares	3 Qtrs
Weighted-average shares, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	22.81M	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-33.57M	USD	3 Qtrs
Net loss	`ProfitLoss`	$-18.27M	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$500.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$600.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$1.67M	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$1.10M	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$11.53M	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$7.02M	USD	3 Qtrs
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$118.00K	USD	3 Qtrs
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$197.00K	USD	3 Qtrs
Amortization of premiums (accretion of discounts) on investments, net	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$207.00K	USD	3 Qtrs
Amortization of premiums (accretion of discounts) on investments, net	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$633.00K	USD	3 Qtrs
Loss on disposal of assets	`GainLossOnDispositionOfAssets1`	$-71.00K	USD	3 Qtrs
Non-cash interest expense	`PaidInKindInterest`	$1.15M	USD	3 Qtrs
Provision for doubtful accounts and contractual allowances	`ProvisionForDoubtfulAccountsAndContractualAllowances`	$8.92M	USD	3 Qtrs
Provision for doubtful accounts and contractual allowances	`ProvisionForDoubtfulAccountsAndContractualAllowances`	$5.93M	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$8.56M	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$15.09M	USD	3 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$637.00K	USD	3 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$-76.00K	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$197.00K	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$231.00K	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-319.00K	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$793.00K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-33.00K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-524.00K	USD	3 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$1.29M	USD	3 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$3.33M	USD	3 Qtrs
Deferred rent	`IncreaseDecreaseInDeferredRent`	$53.00K	USD	3 Qtrs
Deferred rent	`IncreaseDecreaseInDeferredRent`	$143.00K	USD	3 Qtrs
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-64.00K	USD	3 Qtrs
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-43.00K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-24.72M	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-11.19M	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.65M	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.69M	USD	3 Qtrs
Purchases of available-for-sale investments	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$74.07M	USD	3 Qtrs
Purchases of available-for-sale investments	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$90.24M	USD	3 Qtrs
Maturities of available-for-sale investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities`	$107.61M	USD	3 Qtrs
Maturities of available-for-sale investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities`	$68.68M	USD	3 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$29.85M	USD	3 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-24.21M	USD	3 Qtrs
Repayment of debt	`RepaymentsOfDebt`	$1.50M	USD	3 Qtrs
Proceeds from issuance of common stock, net	`ProceedsFromIssuanceOfCommonStock`	$4.09M	USD	3 Qtrs
Proceeds from issuance of common stock, net	`ProceedsFromIssuanceOfCommonStock`	$6.68M	USD	3 Qtrs
Tax withholding upon vesting of restricted stock awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.64M	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$4.09M	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.55M	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$8.67M	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-31.30M	USD	3 Qtrs
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`	$51.73M	USD	Point-in-time
Cash, cash equivalents and restricted cash beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$20.43M	USD	Point-in-time
Cash, cash equivalents and restricted cash beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$17.34M	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`	$51.73M	USD	Point-in-time
Cash, cash equivalents and restricted cash end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$20.43M	USD	Point-in-time
Cash, cash equivalents and restricted cash end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$17.34M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$1.15M	USD	3 Qtrs
Interest paid	`InterestPaidNet`	$2.55M	USD	3 Qtrs
Property, plant and equipment costs included in accounts payable and accrued liabilities	`PropertyPlantAndEquipmentCostsIncludedInAccountsPayableAndAccruedLiabilities`	$6.00K	USD	3 Qtrs
Property, plant and equipment costs included in accounts payable and accrued liabilities	`PropertyPlantAndEquipmentCostsIncludedInAccountsPayableAndAccruedLiabilities`	$86.00K	USD	3 Qtrs

Comprehensive Income 14 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-6.52M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-10.24M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-18.27M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-33.57M	USD	3 Qtrs
Net change in unrealized losses on available-for-sale securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$21.00K	USD	1 Quarter
Net change in unrealized losses on available-for-sale securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$19.00K	USD	1 Quarter
Net change in unrealized losses on available-for-sale securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-19.00K	USD	3 Qtrs
Net change in unrealized losses on available-for-sale securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-83.00K	USD	3 Qtrs
Foreign currency translation loss	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-10.00K	USD	3 Qtrs
Foreign currency translation loss	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-10.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-33.66M	USD	3 Qtrs
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-10.23M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-18.29M	USD	3 Qtrs
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-6.50M	USD	1 Quarter

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