iRhythm Technologies, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>iRhythm Technologies filed its Q1 2024 10-Q, detailing financial performance and debt obligations.</b>

AI Summary

iRhythm Technologies, Inc. (IRTC) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. iRhythm Technologies reported financial results for the first quarter of 2024. The filing covers the period from January 1, 2024, to March 31, 2024. Key financial data points such as revenue, net income, and EPS are detailed. Information on debt facilities including Silicon Valley Bank Term Loan and Braidwell Term Loan is provided. Details on convertible notes due in 2029 are also included.

Why It Matters

For investors and stakeholders tracking iRhythm Technologies, Inc., this filing contains several important signals. Investors can assess the company's financial health and operational performance in the first quarter of 2024. The filing provides insights into the company's debt structure and its ability to manage financial obligations.

Risk Assessment

Risk Level: — iRhythm Technologies, Inc. shows moderate risk based on this filing. The company's financial performance and debt structure require careful analysis to assess its overall financial health and future prospects.

Analyst Insight

Monitor iRhythm Technologies' revenue growth and profitability trends in upcoming filings to gauge its market position and financial stability.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly Report)
• 2024-01-01 — Period Start Date (Quarterly Report)
• 2023-03-31 — Prior Year Period End Date (Comparative Analysis)
• 2023-01-01 — Prior Year Period Start Date (Comparative Analysis)

Key Players & Entities

• iRhythm Technologies, Inc. (company) — Filer
• 2024-03-31 (date) — Period of Report
• 2024-05-02 (date) — Filed as of Date
• San Francisco (location) — Business Address City
• Silicon Valley Bank (company) — Loan Facility
• Braidwell (company) — Loan Facility

FAQ

Industry Context

iRhythm Technologies operates in the medical devices sector, focusing on cardiac monitoring solutions.

Regulatory Implications

The company is subject to standard SEC reporting requirements for public companies, including quarterly filings (10-Q).

What Investors Should Do

1. Review the detailed financial statements for Q1 2024.
2. Analyze the company's debt structure and repayment terms.
3. Assess any new risk factors or updates to existing ones mentioned in the filing.

Year-Over-Year Comparison

This filing represents the quarterly report for the period ending March 31, 2024, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.001 — ich registered Common Stock, Par Value $0.001 Per Share IRTC The Nasdaq Stock Market

Filing Documents

• irtc-20240331.htm (10-Q) — 1185KB
• irtc-20240331xex311.htm (EX-31.1) — 11KB
• irtc-20240331xex312.htm (EX-31.2) — 11KB
• irtc-20240331xex321.htm (EX-32.1) — 7KB
• 0001388658-24-000098.txt (&nbsp;) — 6556KB
• irtc-20240331.xsd (EX-101.SCH) — 51KB
• irtc-20240331_cal.xml (EX-101.CAL) — 72KB
• irtc-20240331_def.xml (EX-101.DEF) — 236KB
• irtc-20240331_lab.xml (EX-101.LAB) — 617KB
• irtc-20240331_pre.xml (EX-101.PRE) — 436KB
• irtc-20240331_htm.xml (XML) — 781KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 1

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited): 1 Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations 2 Condensed Consolidated Statements of Comprehensive Loss 3 Condensed Consolidated Statements of Cash Flows 4 Condensed Consolidated Statements of Stockholders' Equity 6 Notes to Condensed Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 23

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 30

Controls and Procedures

Item 4. Controls and Procedures 31

OTHER INFORMATION

PART II. OTHER INFORMATION 32

Legal Proceedings

Item 1. Legal Proceedings 32

Risk Factors

Item 1A. Risk Factors 33

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 65

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 65

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 65

Other Information

Item 5. Other Information 65

Exhibits

Item 6. Exhibits 65 Exhibit Index 66

Signatures

Signatures 67 i SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements contained in this Quarterly Report on Form 10-Q other than statements of historical fact, including statements concerning our plans, objectives, and expectations for our business, operations, and financial performance and condition, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "assume," "believe," "contemplate," "continue," "could," "due," "estimate," "expect," "goal," "intend," "may," "objective," "plan," "predict," "potential," "positioned," "seek," "should," "target," "will," "would", and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. These forward-looking statements include, but are not limited to, statements about: the expected impact of global business, political, and macroeconomic conditions, including inflation, interest rate volatility, cybersecurity events, uncertainty with respect to the federal budget and debt ceiling and potential government shutdowns related thereto, potential instability in the global banking system, and volatile market conditions, and global events, including public health crises, and ongoing geopolitical conflicts, such as the war in Ukraine and conflict in the Middle East, on our business, operations, and financial results; the impact of supply chain disruptions on our operations and financial results; the impact of inflationary costs on our operations and financial results; plans to conduct further clinical studies, including any clinical trials initiated by third parties; our plans to modify

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS IRHYTHM TECHNOLOGIES, INC. Condensed Consolidated Balance Sheets (In thousands, except par value) March 31, 2024 December 31, 2023 (unaudited) Assets Current assets: Cash and cash equivalents $ 520,421 $ 36,173 Marketable securities 48,671 97,591 Accounts receivable, net 89,712 61,484 Inventory 14,873 13,973 Prepaid expenses and other current assets 13,778 21,591 Total current assets 687,455 230,812 Property and equipment, net 112,274 104,114 Operating lease right-of-use assets 48,073 49,317 Restricted cash, long-term 8,358 — Goodwill 862 862 Other assets 52,733 48,039 Total assets $ 909,755 $ 433,144 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 8,440 $ 5,543 Accrued liabilities 70,044 83,362 Deferred revenue 3,068 3,306 Operating lease liabilities, current portion 15,289 15,159 Total current liabilities 96,841 107,370 Long-term senior convertible notes 644,076 — Debt, noncurrent portion — 34,950 Other noncurrent liabilities 908 1,012 Operating lease liabilities, noncurrent portion 77,640 79,715 Total liabilities 819,465 223,047 Commitments and contingencies (Note 7) Stockholders' equity: Preferred stock, $ 0.001 par value – 5,000 shares authorized; none issued and outstanding at March 31, 2024 and December 31, 2023 — — Common stock, $ 0.001 par value – 100,000 shares authorized; 31,326 shares issued and 31,097 shares outstanding at March 31, 2024, respectively; and 30,954 shares issued and outstanding at December 31, 2023 31 31 Additional paid-in capital 806,621 855,784 Accumulated other comprehensive loss ( 89 ) ( 112 ) Accumulated deficit ( 691,273 ) ( 645,606 ) Treasury stock, at cost; 229 and 0 shares at March 31, 2024 and December 31, 2023, respectively ( 25,000 ) — Total stockholders' equity 90,290 210,097 Total liabilities and stockholders' equity $ 909,755 $ 433,144 The accompanying notes are an integral part of these unaudited condensed consolida

View Full Filing

View this 10-Q filing on SEC EDGAR