iRhythm Technologies Amends Credit Agreement
Ticker: IRTC · Form: 8-K · Filed: Sep 4, 2024 · CIK: 1388658
Sentiment: neutral
Topics: credit-agreement, amendment, financing
Related Tickers: IRTC
TL;DR
iRhythm just amended its credit agreement, watch for financial flexibility changes.
AI Summary
On August 30, 2024, iRhythm Technologies, Inc. entered into a Material Definitive Agreement, specifically a Second Amendment to its Credit Agreement. This amendment modifies the existing credit facility, which was originally established on March 15, 2022, and previously amended on December 22, 2022, and June 29, 2023. The specific terms of the amendment are detailed within the filing.
Why It Matters
This amendment to iRhythm's credit agreement could impact its financial flexibility and borrowing capacity, potentially affecting future investments or operational needs.
Risk Assessment
Risk Level: low — The filing reports an amendment to an existing credit agreement, which is a routine financial maneuver and does not inherently signal significant new risks.
Key Players & Entities
- iRhythm Technologies, Inc. (company) — Registrant
- March 15, 2022 (date) — Original Credit Agreement Date
- December 22, 2022 (date) — First Amendment Date
- June 29, 2023 (date) — Second Amendment Date
- August 30, 2024 (date) — Date of Earliest Event Reported
FAQ
What is the primary purpose of the Second Amendment to the Credit Agreement?
The filing indicates that the Second Amendment to the Credit Agreement was entered into on August 30, 2024, modifying the terms of the existing credit facility.
When was the original Credit Agreement established?
The original Credit Agreement was established on March 15, 2022.
What were the previous amendment dates for the Credit Agreement?
The Credit Agreement was previously amended on December 22, 2022, and June 29, 2023.
What is the filing date of this Current Report on Form 8-K?
This Current Report on Form 8-K was filed on September 4, 2024.
What is the principal executive office address for iRhythm Technologies, Inc.?
The principal executive office address is 699 8th Street, Suite 600, San Francisco, California 94103.
Filing Stats: 1,096 words · 4 min read · ~4 pages · Grade level 13.3 · Accepted 2024-09-04 07:35:57
Key Financial Figures
- $0.001 — ich registered Common Stock, Par Value $0.001 Per Share IRTC The NASDAQ Global Select
- $15.0 million — ompany will pay BioIS an upfront fee of $15.0 million in cash upon the Company's acceptance o
- $20.0 m — ny will pay BioIS up to an aggregate of $20.0 million, plus accrued and unpaid interest
- $40.0 million — Company also purchased an aggregate of $40.0 million of convertible promissory notes from Bi
- $20.0 million — rtible Notes with a principal amount of $20.0 million (the "Milestone Notes"), plus accrued a
Filing Documents
- irtc-20240830.htm (8-K) — 29KB
- irtcbasil-voyagerpartner.htm (EX-99.1) — 11KB
- irtcbasil-voyagerpartner001.jpg (GRAPHIC) — 291KB
- irtcbasil-voyagerpartner002.jpg (GRAPHIC) — 290KB
- irtcbasil-voyagerpartner003.jpg (GRAPHIC) — 207KB
- 0001388658-24-000156.txt ( ) — 1259KB
- irtc-20240830.xsd (EX-101.SCH) — 2KB
- irtc-20240830_lab.xml (EX-101.LAB) — 22KB
- irtc-20240830_pre.xml (EX-101.PRE) — 13KB
- irtc-20240830_htm.xml (XML) — 3KB
01. Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement. Technology License Agreement On August 30, 2024, iRhythm Technologies, Inc. (the "Company") entered into a Technology License Agreement (the "License Agreement") with BioIntelliSense, Inc. ("BioIS"), pursuant to which (i) the Company will receive a perpetual fully paid up license to certain of BioIS' intellectual property, technology and products for research, development and commercialization of potential next-generation products and services in certain fields of use, including an exclusive license to develop and commercialize pulse oximetry, accelerometry, and trending non-invasive blood pressure technologies for use within the Company's ambulatory cardiac monitoring products and services, and (ii) the Company and BioIS agreed to negotiate in good faith a supply agreement for pulse oximetry hardware. Under the terms of the License Agreement, the Company will pay BioIS an upfront fee of $15.0 million in cash upon the Company's acceptance of the initial transfer of certain licensed technologies and data following the execution of the License Agreement. In addition, the Company will pay BioIS up to an aggregate of $20.0 million, plus accrued and unpaid interest, if any, on the Milestone Notes (as defined below), in additional milestone payments upon achievement of various regulatory milestones over the term of the License Agreement. BioIS is also eligible to receive low single-digit royalty payments on annual net sales of certain products in the home sleep testing field, subject to certain adjustments specified in the License Agreement. The royalty payment obligations under the License Agreement expire on a country-by-country basis no earlier than ten years following the first commercial sale and expiration of the last valid claim of a licensed patent right of a covered product under and pursuant to the terms of the License Agreement. The License Agreement will be terminable for convenience by the Company
01. Regulation FD Disclosure
Item 7.01. Regulation FD Disclosure. On September 4, 2024, the Company issued a press release announcing the entry into the License Agreement with BioIS, a copy of which is attached hereto as Exhibit 99.1. The information in this Item 7.01 of this report, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended ("Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (d) Exhibits Exhibit No. Description 99.1 Press Release of iRhythm Technologies, Inc. dated as of September 4, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. IRHYTHM TECHNOLOGIES, INC. Date: September 4, 2024 By: /s/ Quentin S. Blackford Quentin S. Blackford Chief Executive Officer