(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) |
Title of each class | Trading Symbol | Name of each exchange on which registered |
(d) | Exhibits. |
Exhibit No. | Description | |
99.1 |
IRHYTHM TECHNOLOGIES, INC. | |||
Date: November 5, 2019 | By: | /s/ Kevin M. King | |
Kevin M. King | |||
Chief Executive Officer |
• | Revenue of $56.0 million for the three months ended September 30, 2019, an increase of 47% compared to third quarter revenue in 2018 |
• | Gross margin was 75.4%, a 150 basis point year-over-year improvement |
• | Announced a collaboration with Verily, an Alphabet company, focused on the development of solutions aimed at improving the screening, diagnosis and management of patients with atrial fibrillation (AFib) |
• | Received confirmation from the AMA that the proposed replacement of the existing four temporary codes with eight permanent codes was reviewed for Category 1 status and approved by the panel to move forward to the Relative Value Scale Update Committee (RUC) and valuation process |
• | Completed an underwritten public offering raising $107 million in net proceeds |
Investor Relations Contact: | Media Contact: | |
Lynn Pieper Lewis or Leigh Salvo | Saige Smith | |
(415) 937-5404 | (262) 289-7065 | |
investors@irhythmtech.com | irhythm@highwirepr.com |
September 30, 2019 | December 31, 2018 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 34,634 | $ | 20,023 | |||
Short-term investments | 118,091 | 58,320 | |||||
Accounts receivable, net | 25,640 | 21,977 | |||||
Inventory | 3,499 | 2,062 | |||||
Prepaid expenses and other current assets | 3,653 | 4,100 | |||||
Total current assets | 185,517 | 106,482 | |||||
Long-term investments | 9,026 | — | |||||
Property and equipment, net | 17,865 | 9,158 | |||||
Operating lease right-of-use assets | 91,935 | — | |||||
Goodwill | 862 | 862 | |||||
Other assets | 5,574 | 3,208 | |||||
Total assets | $ | 310,779 | $ | 119,710 | |||
Liabilities and Stockholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 4,186 | $ | 2,284 | |||
Accrued liabilities | 31,470 | 26,570 | |||||
Deferred revenue | 889 | 1,243 | |||||
Accrued interest, current portion | 128 | 139 | |||||
Operating lease liabilities, current portion | 8,036 | — | |||||
Total current liabilities | 44,709 | 30,236 | |||||
Debt | 34,929 | 34,899 | |||||
Deferred rent, noncurrent portion | — | 153 | |||||
Operating lease liabilities, noncurrent portion | 87,099 | — | |||||
Total liabilities | 166,737 | 65,288 | |||||
Commitments and contingencies | |||||||
Stockholders’ equity: | |||||||
Common stock | 25 | 23 | |||||
Additional paid-in capital | 385,613 | 257,955 | |||||
Accumulated other comprehensive income (loss) | 14 | (41 | ) | ||||
Accumulated deficit | (241,610 | ) | (203,515 | ) | |||
Total stockholders’ equity | 144,042 | 54,422 | |||||
Total liabilities and stockholders’ equity | $ | 310,779 | $ | 119,710 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenue | $ | 55,957 | $ | 38,104 | $ | 156,502 | $ | 104,138 | |||||||
Cost of revenue | 13,785 | 9,949 | 38,340 | 28,050 | |||||||||||
Gross profit | 42,172 | 28,155 | 118,162 | 76,088 | |||||||||||
Operating expenses: | |||||||||||||||
Research and development | 12,723 | 5,164 | 28,118 | 13,747 | |||||||||||
Selling, general and administrative | 48,007 | 32,739 | 127,901 | 94,410 | |||||||||||
Total operating expenses | 60,730 | 37,903 | 156,019 | 108,157 | |||||||||||
Loss from operations | (18,558 | ) | (9,748 | ) | (37,857 | ) | (32,069 | ) | |||||||
Interest expense | (409 | ) | (861 | ) | (1,258 | ) | (2,580 | ) | |||||||
Other income, net | 377 | 365 | 1,066 | 1,082 | |||||||||||
Loss before income taxes | (18,590 | ) | (10,244 | ) | (38,049 | ) | (33,567 | ) | |||||||
Income tax provision | 19 | — | 46 | — | |||||||||||
Net loss | $ | (18,609 | ) | $ | (10,244 | ) | $ | (38,095 | ) | $ | (33,567 | ) | |||
Net loss per common share, basic and diluted | $ | (0.74 | ) | $ | (0.43 | ) | $ | (1.53 | ) | $ | (1.41 | ) | |||
Weighted-average shares, basic and diluted | 25,247,831 | 24,059,010 | 24,818,482 | 23,764,153 |
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Document and Entity Information Document |
Nov. 05, 2019 |
---|---|
Cover page. | |
Document Type | 8-K |
Document Period End Date | Nov. 05, 2019 |
Entity Registrant Name | iRhythm Technologies, Inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-37918 |
Entity Tax Identification Number | 20-8149544 |
Entity Address, Address Line One | 650 Townsend Street |
Entity Address, Address Line Two | Suite 500 |
Entity Address, City or Town | San Francisco |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 94103 |
City Area Code | 415 |
Local Phone Number | 632-5700 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, Par Value $.0001 Per Share |
Trading Symbol | IRTC |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001388658 |
Amendment Flag | false |
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