10-Q Filing

IRHYTHM TECHNOLOGIES, INC. CIK: 1388658 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001564590-19-018524`
Period End Date	20190331
Filing Date	20190510
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	irtc-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 71 Income Statement 28 Cash Flow Statement 59 Stockholders Equity 10 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`	$28.23M	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$20.02M	USD	Point-in-time
Short-term investments	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$30.51M	USD	Point-in-time
Short-term investments	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$58.32M	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
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$28.25M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$21.98M	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`	$2.50M	USD	Point-in-time
Inventory	`InventoryNet`	$2.06M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	24.37M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$4.10M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.81M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	24.63M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$93.31M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	24.63M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	24.37M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$106.48M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$10.21M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$9.16M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$9.23M	USD	Point-in-time
Goodwill	`Goodwill`	$862.00K	USD	Point-in-time
Goodwill	`Goodwill`	$862.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.21M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.57M	USD	Point-in-time
Total assets	`Assets`	$119.71M	USD	Point-in-time
Total assets	`Assets`	$117.18M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.96M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.28M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$20.10M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$26.57M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$1.24M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$1.31M	USD	Point-in-time
Accrued interest, current portion	`InterestPayableCurrent`	$139.00K	USD	Point-in-time
Accrued interest, current portion	`InterestPayableCurrent`	$129.00K	USD	Point-in-time
Operating lease liabilities, current portion	`OperatingLeaseLiabilityCurrent`	$5.05M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$28.55M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$30.24M	USD	Point-in-time
Debt	`LongTermDebtNoncurrent`	$34.90M	USD	Point-in-time
Debt	`LongTermDebtNoncurrent`	$34.92M	USD	Point-in-time
Deferred rent, noncurrent portion	`DeferredRentCreditNoncurrent`	$153.00K	USD	Point-in-time
Operating lease liabilities, noncurrent portion	`OperatingLeaseLiabilityNoncurrent`	$3.99M	USD	Point-in-time
Total liabilities	`Liabilities`	$65.29M	USD	Point-in-time
Total liabilities	`Liabilities`	$67.46M	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 shares authorized at March 31, 2019 and December 31, 2018; and none issued and outstanding at March 31, 2019 and December 31, 2018	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value 5,000,000 shares authorized at March 31, 2019 and December 31, 2018; and none issued and outstanding at March 31, 2019 and December 31, 2018	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value 100,000,000 shares authorized at March 31, 2019 and December 31, 2018; 24,628,643 and 24,368,073 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively	`CommonStockValue`	$23.00K	USD	Point-in-time
Common stock, $0.001 par value 100,000,000 shares authorized at March 31, 2019 and December 31, 2018; 24,628,643 and 24,368,073 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively	`CommonStockValue`	$24.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$257.95M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$261.23M	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-41.00K	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$2.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-211.53M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-203.51M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$72.62M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$54.42M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$49.72M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$117.18M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$119.71M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$30.57M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$47.21M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$11.73M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$8.61M	USD	1 Quarter
Gross profit	`GrossProfit`	$21.95M	USD	1 Quarter
Gross profit	`GrossProfit`	$35.48M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$6.76M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$4.02M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$36.70M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$28.58M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$32.60M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$43.46M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-7.98M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-10.64M	USD	1 Quarter
Interest expense	`InterestExpense`	$409.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$858.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$383.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$379.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-11.12M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-8.01M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$12.00K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.02M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-11.12M	USD	1 Quarter
Net loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.33	USD	1 Quarter
Net loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.47	USD	1 Quarter
Weighted-average shares, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	23.48M	shares	1 Quarter
Weighted-average shares, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	24.47M	shares	1 Quarter

Cash Flow Statement 59 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-11.12M	USD	1 Quarter
Net loss	`ProfitLoss`	$-8.02M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$621.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$548.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$4.42M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$3.25M	USD	1 Quarter
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$26.00K	USD	1 Quarter
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$64.00K	USD	1 Quarter
Accretion of discounts on investments, net	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$227.00K	USD	1 Quarter
Accretion of discounts on investments, net	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$171.00K	USD	1 Quarter
Provision for doubtful accounts and contractual allowances	`ProvisionForDoubtfulAccountsAndContractualAllowances`	$2.68M	USD	1 Quarter
Provision for doubtful accounts and contractual allowances	`ProvisionForDoubtfulAccountsAndContractualAllowances`	$4.71M	USD	1 Quarter
Amortization of operating lease right-of-use assets	`OperatingLeaseRightOfUseAssetsAmortization`	$1.18M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$10.98M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$5.54M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$174.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$442.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$169.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-790.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-409.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$365.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-950.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-333.00K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-2.98M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-6.38M	USD	1 Quarter
Deferred rent	`IncreaseDecreaseInDeferredRent`	$66.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$66.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-139.00K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilities`	$-1.20M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-17.10M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-13.26M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.64M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.11M	USD	1 Quarter
Purchases of available-for-sale investments	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$9.62M	USD	1 Quarter
Purchases of available-for-sale investments	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$5.44M	USD	1 Quarter
Maturities of available-for-sale investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities`	$37.70M	USD	1 Quarter
Maturities of available-for-sale investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities`	$28.00M	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$26.45M	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$21.46M	USD	1 Quarter
Proceeds from issuance of common stock, net	`ProceedsFromIssuanceOfCommonStock`	$2.12M	USD	1 Quarter
Proceeds from issuance of common stock, net	`ProceedsFromIssuanceOfCommonStock`	$877.00K	USD	1 Quarter
Tax withholding upon vesting of restricted stock awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$3.26M	USD	1 Quarter
Tax withholding upon vesting of restricted stock awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.27M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-397.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.14M	USD	1 Quarter
Net increase in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$7.80M	USD	1 Quarter
Net increase in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$8.21M	USD	1 Quarter
Cash, cash equivalents and restricted cash beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$28.23M	USD	Point-in-time
Cash, cash equivalents and restricted cash beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$20.02M	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`	$16.47M	USD	Point-in-time
Cash, cash equivalents and restricted cash end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$28.23M	USD	Point-in-time
Cash, cash equivalents and restricted cash end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$20.02M	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`	$16.47M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$787.00K	USD	1 Quarter
Interest paid	`InterestPaidNet`	$411.00K	USD	1 Quarter
Property, plant and equipment costs included in accounts payable and accrued liabilities	`PropertyPlantAndEquipmentCostsIncludedInAccountsPayableAndAccruedLiabilities`	$80.00K	USD	1 Quarter
Property, plant and equipment costs included in accounts payable and accrued liabilities	`PropertyPlantAndEquipmentCostsIncludedInAccountsPayableAndAccruedLiabilities`	$38.00K	USD	1 Quarter

Stockholders Equity 10 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$72.62M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$54.42M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$49.72M	USD	Point-in-time
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`	$43.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.02M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-11.12M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$72.62M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$54.42M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$49.72M	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-8.02M	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`	$43.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-11.14M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-7.98M	USD	1 Quarter

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