iRhythm Technologies Files Q3 2024 10-Q Report

TL;DR

iRhythm Q3 10-Q filed. Financials and ops updates out.

AI Summary

iRhythm Technologies, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial figures and business developments are presented within this report.

Why It Matters

This filing provides investors and analysts with the latest financial health and operational performance of iRhythm Technologies, crucial for understanding the company's trajectory in the medical device sector.

Risk Assessment

Risk Level: medium — The company's financial performance and market position are subject to the dynamic healthcare and medical device industries, which can involve regulatory changes and competitive pressures.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2024-10-30 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)
• 2024-01-01 — Start of Year-to-Date Period (Marks the beginning of the fiscal year for year-to-date financial comparisons.)
• 2023-09-30 — Prior Year Quarter End (Provides a comparative point for the current quarter's financial performance.)

Key Players & Entities

• iRhythm Technologies, Inc. (company) — Filer of the 10-Q report
• 20240930 (date) — End of the reporting period
• 20241030 (date) — Filing date of the report
• San Francisco (location) — Company headquarters city
• Silicon Valley Bank (company) — Mentioned in relation to a term loan facility
• Braidwell (company) — Mentioned in relation to a term loan facility

FAQ

Key Financial Figures

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

Filing Documents

• irtc-20240930.htm (10-Q) — 1457KB
• irtc-projectvoyagertechnol.htm (EX-10.1) — 263KB
• irtc-20240930xex311.htm (EX-31.1) — 11KB
• irtc-20240930xex312.htm (EX-31.2) — 11KB
• irtc-20240930xex321.htm (EX-32.1) — 7KB
• 0001388658-24-000167.txt ( ) — 7575KB
• irtc-20240930.xsd (EX-101.SCH) — 51KB
• irtc-20240930_cal.xml (EX-101.CAL) — 79KB
• irtc-20240930_def.xml (EX-101.DEF) — 252KB
• irtc-20240930_lab.xml (EX-101.LAB) — 637KB
• irtc-20240930_pre.xml (EX-101.PRE) — 450KB
• irtc-20240930_htm.xml (XML) — 918KB

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 8

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 25

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 33

Controls and Procedures

Item 4. Controls and Procedures 34

OTHER INFORMATION

PART II. OTHER INFORMATION 35

Legal Proceedings

Item 1. Legal Proceedings 35

Risk Factors

Item 1A. Risk Factors 36

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 69

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 69

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 69

Other Information

Item 5. Other Information 69

Exhibits

Item 6. Exhibits 69 Exhibit Index 69

Signatures

Signatures 71 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 additiona

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS IRHYTHM TECHNOLOGIES, INC. Condensed Consolidated Balance Sheets (In thousands, except par value) September 30, 2024 December 31, 2023 (unaudited) Assets Current assets: Cash and cash equivalents $ 519,535 $ 36,173 Marketable securities 2,496 97,591 Accounts receivable, net 77,427 61,484 Inventory 15,032 13,973 Prepaid expenses and other current assets 13,419 21,591 Total current assets 627,909 230,812 Property and equipment, net 122,390 104,114 Operating lease right-of-use assets 45,570 49,317 Restricted cash, long-term 8,358 — Goodwill 862 862 Long-term strategic investments 59,059 3,000 Other assets 45,540 45,039 Total assets $ 909,688 $ 433,144 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 7,593 $ 5,543 Accrued liabilities 73,958 83,362 Deferred revenue 3,031 3,306 Operating lease liabilities, current portion 15,522 15,159 Total current liabilities 100,104 107,370 Long-term senior convertible notes 645,821 — Debt, noncurrent portion — 34,950 Other noncurrent liabilities 17,978 1,012 Operating lease liabilities, noncurrent portion 74,019 79,715 Total liabilities 837,922 223,047 Commitments and contingencies (Note 7) Stockholders' equity: Preferred stock, $ 0.001 par value – 5,000 shares authorized; none issued and outstanding at September 30, 2024 and December 31, 2023 — — Common stock, $ 0.001 par value – 100,000 shares authorized; 31,516 shares issued and 31,287 shares outstanding at September 30, 2024, respectively; and 30,954 shares issued and outstanding at December 31, 2023 31 31 Additional paid-in capital 854,363 855,784 Accumulated other comprehensive loss ( 66 ) ( 112 ) Accumulated deficit ( 757,562 ) ( 645,606 ) Treasury stock, at cost; 229 and 0 shares at September 30, 2024 and December 31, 2023, respectively ( 25,000 ) — Total stockholders' equity 71,766 210,097 Total liabilities and stockholders' equity $ 909,688 $ 433,144 The accompanying n

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View this 10-Q filing on SEC EDGAR