(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 4, 2021 | By: | /s/ Douglas J. Devine | |||||||||
Douglas J. Devine | |||||||||||
Chief Financial Officer |
Investor Relations Contact: | ||
Leigh Salvo | ||
(415) 937-5404 | ||
investors@irhythmtech.com | ||
Media Contact: | ||
Morgan Mathis | ||
310-528-6306 | ||
irhythm@highwirepr.com |
September 30, 2021 | December 31, 2020 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 167,371 | $ | 88,628 | |||||||
Short-term investments | 89,396 | 246,589 | |||||||||
Accounts receivable, net | 52,820 | 29,932 | |||||||||
Inventory | 9,960 | 5,313 | |||||||||
Prepaid expenses and other current assets | 5,641 | 7,363 | |||||||||
Total current assets | 325,188 | 377,825 | |||||||||
Property and equipment, net | 53,429 | 34,247 | |||||||||
Operating lease right-of-use assets | 86,116 | 84,714 | |||||||||
Goodwill | 862 | 862 | |||||||||
Other assets | 14,655 | 14,091 | |||||||||
Total assets | $ | 480,250 | $ | 511,739 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 4,893 | $ | 4,365 | |||||||
Accrued liabilities | 53,141 | 40,532 | |||||||||
Deferred revenue | 2,374 | 930 | |||||||||
Debt, current portion | 11,667 | 11,667 | |||||||||
Operating lease liabilities, current portion | 10,707 | 8,171 | |||||||||
Total current liabilities | 82,782 | 65,665 | |||||||||
Debt, noncurrent portion | 12,603 | 21,339 | |||||||||
Other noncurrent liabilities | 2,432 | 1,830 | |||||||||
Operating lease liabilities, noncurrent portion | 86,593 | 81,293 | |||||||||
Total liabilities | 184,410 | 170,127 | |||||||||
Stockholders’ equity: | |||||||||||
Preferred stock | — | — | |||||||||
Common stock | 27 | 27 | |||||||||
Additional paid-in capital | 669,373 | 646,258 | |||||||||
Accumulated other comprehensive income | (6) | 11 | |||||||||
Accumulated deficit | (373,554) | (304,684) | |||||||||
Total stockholders’ equity | 295,840 | 341,612 | |||||||||
Total liabilities and stockholders’ equity | $ | 480,250 | $ | 511,739 |
Three Months Ended September 30, | Nine Months Ended September 30, 2021 | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenue, net | $ | 85,432 | $ | 71,944 | $ | 241,021 | $ | 186,357 | |||||||||||||||
Cost of revenue | 29,284 | 18,232 | 78,737 | 49,779 | |||||||||||||||||||
Gross profit | 56,148 | 53,712 | 162,284 | 136,578 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | 8,685 | 8,768 | 26,801 | 29,725 | |||||||||||||||||||
Selling, general and administrative | 70,745 | 49,701 | 203,227 | 140,945 | |||||||||||||||||||
Total operating expenses | 79,430 | 58,469 | 230,028 | 170,670 | |||||||||||||||||||
Loss from operations | (23,282) | (4,757) | (67,744) | (34,092) | |||||||||||||||||||
Interest expense | (279) | (384) | (921) | (1,145) | |||||||||||||||||||
Other income, net | (76) | 569 | 103 | 1,311 | |||||||||||||||||||
Loss before income taxes | (23,637) | (4,572) | (68,562) | (33,926) | |||||||||||||||||||
Income tax provision | 94 | 105 | 308 | 253 | |||||||||||||||||||
Net loss | $ | (23,731) | $ | (4,677) | $ | (68,870) | $ | (34,179) | |||||||||||||||
Net loss per common share, basic and diluted | $ | (0.81) | $ | (0.17) | $ | (2.35) | $ | (1.25) | |||||||||||||||
Weighted-average shares, basic and diluted | 29,397,845 | 28,050,210 | 29,294,559 | 27,358,096 |
Three Months Ended September 30, | Nine Months Ended September 30, 2021 | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net loss | $ | (23,731) | $ | (4,677) | $ | (68,870) | $ | (34,179) | |||||||||||||||
Income tax provision | 94 | 105 | 308 | 253 | |||||||||||||||||||
Depreciation and Amortization | 2,549 | 1,700 | 6,738 | 4,922 | |||||||||||||||||||
Interest expense | 223 | 223 | 717 | 163 | |||||||||||||||||||
Stock-based compensation | 12,160 | 17,444 | 42,651 | 27,517 | |||||||||||||||||||
Adjusted EBITDA | $ | (8,705) | $ | 14,795 | $ | (18,456) | $ | (1,324) |
Document and Entity Information Document |
Nov. 03, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Nov. 03, 2021 |
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 | 699 8th Street |
Entity Address, Address Line Two | Suite 600 |
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 $0.001 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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