iRhythm Technologies Files 10-Q for Q2 2024
Ticker: IRTC · Form: 10-Q · Filed: Aug 1, 2024 · CIK: 1388658
Sentiment: neutral
Topics: 10-Q, financials, medical-devices
TL;DR
iRhythm Q2 10-Q filed. Financials and operations detailed.
AI Summary
iRhythm Technologies, Inc. filed its 10-Q for the period ending June 30, 2024. The filing covers the second quarter of 2024 and provides financial details for the company. Specific financial figures and operational updates are detailed within the report.
Why It Matters
This filing provides investors and analysts with the latest financial performance and operational status of iRhythm Technologies, crucial for understanding the company's trajectory in the medical device sector.
Risk Assessment
Risk Level: medium — As a medical device company, iRhythm faces regulatory, competitive, and technological risks inherent in the healthcare industry.
Key Numbers
- 2024 Q2 — Reporting Period (Covers the second quarter of 2024)
- 12-31 — Fiscal Year End (Indicates the company's fiscal year concludes on December 31st)
Key Players & Entities
- iRhythm Technologies, Inc. (company) — Filer of the 10-Q report
- 20240630 (date) — End of the reporting period
- 20240801 (date) — Filing date of the report
- San Francisco (location) — Company headquarters city
FAQ
What is the primary business of iRhythm Technologies, Inc.?
iRhythm Technologies, Inc. is involved in the Surgical & Medical Instruments & Apparatus industry, SIC code 3841.
What is the filing date of this 10-Q report?
The 10-Q report was filed on August 1, 2024.
For what period does this 10-Q report provide information?
This 10-Q report covers the period ending June 30, 2024.
Where is iRhythm Technologies, Inc. headquartered?
iRhythm Technologies, Inc. is headquartered in San Francisco, California.
What is the SEC file number for iRhythm Technologies, Inc.?
The SEC file number for iRhythm Technologies, Inc. is 001-37918.
Filing Stats: 4,519 words · 18 min read · ~15 pages · Grade level 19.4 · Accepted 2024-08-01 17:10:49
Key Financial Figures
- $0.001 — ich registered Common Stock, Par Value $0.001 Per Share IRTC The Nasdaq Stock Market
Filing Documents
- irtc-20240630.htm (10-Q) — 1308KB
- a31amendedandrestatedcerti.htm (EX-3.1) — 65KB
- irtc-20240630xex311.htm (EX-31.1) — 11KB
- irtc-20240630xex312.htm (EX-31.2) — 11KB
- irtc-20240630xex321.htm (EX-32.1) — 7KB
- 0001388658-24-000143.txt ( ) — 6630KB
- irtc-20240630.xsd (EX-101.SCH) — 47KB
- irtc-20240630_cal.xml (EX-101.CAL) — 73KB
- irtc-20240630_def.xml (EX-101.DEF) — 207KB
- irtc-20240630_lab.xml (EX-101.LAB) — 577KB
- irtc-20240630_pre.xml (EX-101.PRE) — 397KB
- irtc-20240630_htm.xml (XML) — 824KB
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 66
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 66
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 66
Other Information
Item 5. Other Information 66
Exhibits
Item 6. Exhibits 66 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, 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 our current systems and services, or identify and develop, or acquire, new products or services, to address addition
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS IRHYTHM TECHNOLOGIES, INC. Condensed Consolidated Balance Sheets (In thousands, except par value) June 30, 2024 December 31, 2023 (unaudited) Assets Current assets: Cash and cash equivalents $ 550,552 $ 36,173 Marketable securities 10,905 97,591 Accounts receivable, net 85,513 61,484 Inventory 15,425 13,973 Prepaid expenses and other current assets 15,113 21,591 Total current assets 677,508 230,812 Property and equipment, net 117,572 104,114 Operating lease right-of-use assets 46,833 49,317 Restricted cash, long-term 8,358 — Goodwill 862 862 Other assets 68,052 48,039 Total assets $ 919,185 $ 433,144 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 13,425 $ 5,543 Accrued liabilities 65,940 83,362 Deferred revenue 3,146 3,306 Operating lease liabilities, current portion 15,384 15,159 Total current liabilities 97,895 107,370 Long-term senior convertible notes 644,977 — Debt, noncurrent portion — 34,950 Other noncurrent liabilities 940 1,012 Operating lease liabilities, noncurrent portion 76,184 79,715 Total liabilities 819,996 223,047 Commitments and contingencies (Note 7) Stockholders' equity: Preferred stock, $ 0.001 par value – 5,000 shares authorized; none issued and outstanding at June 30, 2024 and December 31, 2023 — — Common stock, $ 0.001 par value – 100,000 shares authorized; 31,439 shares issued and 31,210 shares outstanding at June 30, 2024, respectively; and 30,954 shares issued and outstanding at December 31, 2023 31 31 Additional paid-in capital 835,356 855,784 Accumulated other comprehensive income (loss) 182 ( 112 ) Accumulated deficit ( 711,380 ) ( 645,606 ) Treasury stock, at cost; 229 and 0 shares at June 30, 2024 and December 31, 2023, respectively ( 25,000 ) — Total stockholders' equity 99,189 210,097 Total liabilities and stockholders' equity $ 919,185 $ 433,144 The accompanying notes are an integral part of these unaudited condensed conso