$IRTC
iRhythm Technologies Inc

2022 Q4 Form 10-Q Financial Statement

#000138865822000159 Filed on November 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $112.6M $103.9M
YoY Change 37.67% 21.59%
Cost Of Revenue $33.91M $32.95M
YoY Change 11.1% 12.53%
Gross Profit $78.71M $70.92M
YoY Change 53.48% 26.31%
Gross Profit Margin 69.89% 68.28%
Selling, General & Admin $86.73M $80.56M
YoY Change 21.11% 13.87%
% of Gross Profit 110.19% 113.59%
Research & Development $12.68M $11.45M
YoY Change 6.78% 31.81%
% of Gross Profit 16.1% 16.14%
Depreciation & Amortization $3.475M $3.436M
YoY Change 11.95% 34.8%
% of Gross Profit 4.42% 4.84%
Operating Expenses $99.41M $92.01M
YoY Change 19.07% 15.83%
Operating Profit -$20.70M -$21.09M
YoY Change -35.72% -9.43%
Interest Expense -$1.013M -$614.0K
YoY Change 308.47% -320.07%
% of Operating Profit
Other Income/Expense, Net $1.586M $365.0K
YoY Change 10473.33% -580.26%
Pretax Income -$20.13M -$21.34M
YoY Change -37.95% -9.74%
Income Tax $73.00K $116.0K
% Of Pretax Income
Net Earnings -$20.20M -$21.45M
YoY Change -37.84% -9.61%
Net Earnings / Revenue -17.94% -20.65%
Basic Earnings Per Share -$0.71
Diluted Earnings Per Share -$0.67 -$713.7K
COMMON SHARES
Basic Shares Outstanding 30.11M shares 30.03M shares
Diluted Shares Outstanding 30.06M shares

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $213.1M $203.5M
YoY Change -10.87% -20.73%
Cash & Equivalents $78.83M $71.22M
Short-Term Investments $134.3M $132.3M
Other Short-Term Assets $10.56M $7.326M
YoY Change 8.89% 29.87%
Inventory $15.16M $14.45M
Prepaid Expenses
Receivables $49.92M $60.53M
Other Receivables $0.00 $0.00
Total Short-Term Assets $288.8M $285.9M
YoY Change -5.48% -12.1%
LONG-TERM ASSETS
Property, Plant & Equipment $75.67M $133.5M
YoY Change 35.26% 149.91%
Goodwill $862.0K $862.0K
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $22.25M $20.15M
YoY Change 38.62% 37.52%
Total Long-Term Assets $159.5M $154.5M
YoY Change 1.27% -0.34%
TOTAL ASSETS
Total Short-Term Assets $288.8M $285.9M
Total Long-Term Assets $159.5M $154.5M
Total Assets $448.2M $440.4M
YoY Change -3.18% -8.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.517M $7.404M
YoY Change -28.47% 51.32%
Accrued Expenses $65.50M $73.18M
YoY Change 27.21% 37.72%
Deferred Revenue $3.051M $3.003M
YoY Change 0.07% 26.5%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $89.10M $83.59M
YoY Change 1.41% 0.98%
LONG-TERM LIABILITIES
Long-Term Debt $34.94M $34.93M
YoY Change 260.53% 177.16%
Other Long-Term Liabilities $1.307M $82.64M
YoY Change 87.52% 3298.19%
Total Long-Term Liabilities $36.24M $117.6M
YoY Change 248.92% 682.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $89.10M $83.59M
Total Long-Term Liabilities $36.24M $117.6M
Total Liabilities $208.4M $201.2M
YoY Change 13.6% 9.09%
SHAREHOLDERS EQUITY
Retained Earnings -$522.2M -$502.0M
YoY Change 28.61% 34.39%
Common Stock $762.4M $741.9M
YoY Change 11.2% 10.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $239.8M $239.2M
YoY Change
Total Liabilities & Shareholders Equity $448.2M $440.4M
YoY Change -3.18% -8.3%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income -$20.20M -$21.45M
YoY Change -37.84% -9.61%
Depreciation, Depletion And Amortization $3.475M $3.436M
YoY Change 11.95% 34.8%
Cash From Operating Activities $12.58M $3.669M
YoY Change -196.4% -79.24%
INVESTING ACTIVITIES
Capital Expenditures $7.093M -$6.333M
YoY Change -253.36% -52.41%
Acquisitions
YoY Change
Other Investing Activities -$1.021M -$29.03M
YoY Change -95.46% -207.64%
Cash From Investing Activities -$8.114M -$35.36M
YoY Change -70.1% -358.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.148M 1.662M
YoY Change 753.12% -158.56%
NET CHANGE
Cash From Operating Activities 12.58M 3.669M
Cash From Investing Activities -8.114M -35.36M
Cash From Financing Activities 3.148M 1.662M
Net Change In Cash 7.610M -30.03M
YoY Change -119.12% -205.38%
FREE CASH FLOW
Cash From Operating Activities $12.58M $3.669M
Capital Expenditures $7.093M -$6.333M
Free Cash Flow $5.483M $10.00M
YoY Change -165.12% -67.72%

Facts In Submission

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4375000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
4643000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-2367000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-1722000 usd
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
4099000 usd
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
473000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-3105000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
492000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
8072000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
11338000 usd
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-46000 usd
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
1444000 usd
irtc Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-4692000 usd
irtc Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-959000 usd
irtc Reimbursement Of Tenant Improvement Allowance
ReimbursementOfTenantImprovementAllowance
0 usd
irtc Reimbursement Of Tenant Improvement Allowance
ReimbursementOfTenantImprovementAllowance
2351000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-35588000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-24708000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
22737000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
23442000 usd
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
137548000 usd
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
66676000 usd
us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
34965000 usd
us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
0 usd
us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
81000000 usd
us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
222515000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-44320000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
132397000 usd
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
21389000 usd
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
8750000 usd
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
35000000 usd
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
0 usd
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
10034000 usd
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
5657000 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
0 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
25853000 usd
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
77000 usd
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
23568000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-28946000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-56340000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
78743000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
127562000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
88628000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
71222000 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
167371000 usd
us-gaap Interest Paid Net
InterestPaidNet
2676000 usd
us-gaap Interest Paid Net
InterestPaidNet
943000 usd
irtc Property Plant And Equipment Costs Included In Liabilities
PropertyPlantAndEquipmentCostsIncludedInLiabilities
1179000 usd
irtc Property Plant And Equipment Costs Included In Liabilities
PropertyPlantAndEquipmentCostsIncludedInLiabilities
36000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
7666000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
6443000 usd
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
4306000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
10200000 usd
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
2534000 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
244642000 usd
CY2022Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
1662000 usd
CY2022Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
14469000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-21451000 usd
CY2022Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-98000 usd
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
239224000 usd
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
306442000 usd
CY2021Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
80000 usd
CY2021Q3 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
1000 usd
CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
13063000 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-23731000 usd
CY2021Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-13000 usd
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
295840000 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
279515000 usd
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
10034000 usd
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
46252000 usd
us-gaap Net Income Loss
NetIncomeLoss
-95957000 usd
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-620000 usd
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
239224000 usd
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
341612000 usd
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
5657000 usd
us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
25853000 usd
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
43311000 usd
us-gaap Net Income Loss
NetIncomeLoss
-68870000 usd
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-17000 usd
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
295840000 usd
CY2019Q4 irtc Number Of New Category1 Cpt Codes
NumberOfNewCategory1CPTCodes
8 code
us-gaap Use Of Estimates
UseOfEstimates
<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to revenue recognition, contractual allowances, allowance for doubtful accounts, the useful lives of property and equipment, the recoverability of long-lived assets including the estimated usage of the printed circuit board assemblies (“PCBAs”), the incremental borrowing rate for operating leases, accounting for income taxes, impairment of right-of-use assets ("ROU assets"), and various inputs used in estimating stock-based compensation. Certain of these estimates are impacted by uncertainties surrounding COVID-19, such as revenue recognition, contractual allowances for revenue, allowance for doubtful accounts, and stock-based compensation. The Company bases these estimates on historical and anticipated results, trends, and various other assumptions that management believes are reasonable under the circumstances, including assumptions as to future events. Actual results may differ from those estimates.</span></div>
CY2022Q3 us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
0 usd
us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
23200000 usd
CY2022Q3 irtc Uncollected Claims
UncollectedClaims
11500000 usd
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
14012000 usd
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
12711000 usd
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
12711000 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
12244000 usd
CY2021 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
9615000 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
5884000 usd
irtc Allowance For Doubtful Accounts Receivable Write Offs Net Of Recoveries And Other Adjustments
AllowanceForDoubtfulAccountsReceivableWriteOffsNetOfRecoveriesAndOtherAdjustments
-17000 usd
CY2021 irtc Allowance For Doubtful Accounts Receivable Write Offs Net Of Recoveries And Other Adjustments
AllowanceForDoubtfulAccountsReceivableWriteOffsNetOfRecoveriesAndOtherAdjustments
8314000 usd
irtc Allowance For Doubtful Accounts Receivable Write Offs Net Of Recoveries And Other Adjustments
AllowanceForDoubtfulAccountsReceivableWriteOffsNetOfRecoveriesAndOtherAdjustments
6484000 usd
CY2022Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
26273000 usd
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
14012000 usd
CY2021Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
12111000 usd
CY2021Q4 irtc Accounts Receivable For Contractual Allowance
AccountsReceivableForContractualAllowance
31274000 usd
CY2020Q4 irtc Accounts Receivable For Contractual Allowance
AccountsReceivableForContractualAllowance
21281000 usd
CY2020Q4 irtc Accounts Receivable For Contractual Allowance
AccountsReceivableForContractualAllowance
21281000 usd
irtc Accounts Receivable Allowance For Contractual Adjustments
AccountsReceivableAllowanceForContractualAdjustments
31534000 usd
CY2021 irtc Accounts Receivable Allowance For Contractual Adjustments
AccountsReceivableAllowanceForContractualAdjustments
27459000 usd
irtc Accounts Receivable Allowance For Contractual Adjustments
AccountsReceivableAllowanceForContractualAdjustments
18051000 usd
irtc Accounts Receivable Contractual Adjustments
AccountsReceivableContractualAdjustments
259000 usd
CY2021 irtc Accounts Receivable Contractual Adjustments
AccountsReceivableContractualAdjustments
17466000 usd
irtc Accounts Receivable Contractual Adjustments
AccountsReceivableContractualAdjustments
11524000 usd
CY2022Q3 irtc Accounts Receivable For Contractual Allowance
AccountsReceivableForContractualAllowance
62549000 usd
CY2021Q4 irtc Accounts Receivable For Contractual Allowance
AccountsReceivableForContractualAllowance
31274000 usd
CY2021Q3 irtc Accounts Receivable For Contractual Allowance
AccountsReceivableForContractualAllowance
27808000 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-top:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentrations of Risk</span></div><div style="margin-top:6pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents, investments and accounts receivable. </span></div><div style="margin-top:6pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cash balances are deposited in financial institutions which, at times may be in excess of federally insured limits. Cash equivalents are invested in highly-rated money market funds. The Company invests in a variety of financial instruments, such as but not limited to, U.S. government securities, corporate notes and commercial paper, and, by policy, limits the amount of credit exposure with any one financial institution or commercial issuer. The Company has not experienced any material losses on its deposits of cash and cash equivalents or investments.</span></div>Concentrations of credit risk with respect to accounts receivable are limited due to the large number of customers comprising the Company’s customer base and their dispersion across many geographies. The Company does not require collateral. The Company records an allowance for doubtful accounts based on the assessment of the collectability of customer accounts, considering factors such as historical experience, credit quality, the age of the accounts receivable balances, and current economic conditions that may affect a customer’s ability to pay.
CY2022Q3 irtc Number Of Performance Obligations
NumberOfPerformanceObligations
2 performanceobligation
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
103875000 usd
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
85432000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
298304000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
241021000 usd
CY2022Q1 irtc Lessee Operating Sublease Lease Percentage
LesseeOperatingSubleaseLeasePercentage
0.50
CY2022Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
157713000 usd
CY2022Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
3000 usd
CY2022Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
684000 usd
CY2022Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
157032000 usd
CY2022Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
24716000 usd
CY2022Q3 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
132316000 usd
CY2022Q3 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
157032000 usd
CY2021Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
221767000 usd
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0 usd
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
61000 usd
CY2021Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
221706000 usd
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
110137000 usd
CY2021Q4 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
111569000 usd
CY2021Q4 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
221706000 usd
CY2022Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Number Of Positions
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerNumberOfPositions
0 investment_security
irtc Available For Sale Debt Securities Maturity Period
AvailableForSaleDebtSecuritiesMaturityPeriod
P115D
CY2022Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
157032000 usd
CY2021Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
221706000 usd
CY2022Q3 irtc Inventory And Printed Circuit Board Assemblies
InventoryAndPrintedCircuitBoardAssemblies
14452000 usd
CY2021Q4 irtc Inventory And Printed Circuit Board Assemblies
InventoryAndPrintedCircuitBoardAssemblies
10268000 usd
CY2022Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
103520000 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
78648000 usd
CY2022Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
32005000 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
22704000 usd
CY2022Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
71515000 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
55944000 usd
us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
19400000 usd
CY2022Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
3400000 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
9900000 usd
CY2021Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
2500000 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
6700000 usd
CY2022Q1 irtc Sublease Of Majority Floor Space
SubleaseOfMajorityFloorSpace
1 floor
us-gaap Operating Lease Cost
OperatingLeaseCost
10300000 usd
CY2022Q3 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
32463000 usd
CY2021Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
34484000 usd
CY2022Q3 us-gaap Accrued Vacation Current
AccruedVacationCurrent
7997000 usd
CY2021Q4 us-gaap Accrued Vacation Current
AccruedVacationCurrent
7431000 usd
CY2022Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
6251000 usd
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1724000 usd
CY2022Q3 irtc Claims Payable Current
ClaimsPayableCurrent
3779000 usd
CY2021Q4 irtc Claims Payable Current
ClaimsPayableCurrent
2988000 usd
CY2022Q3 irtc Accrued Employee Stock Purchase Plan Contribution
AccruedEmployeeStockPurchasePlanContribution
2612000 usd
CY2021Q4 irtc Accrued Employee Stock Purchase Plan Contribution
AccruedEmployeeStockPurchasePlanContribution
1002000 usd
CY2022Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
7162000 usd
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3857000 usd
CY2022Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
60264000 usd
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
51486000 usd
CY2022Q3 us-gaap Restructuring Reserve
RestructuringReserve
400000 usd
CY2022Q1 irtc Reduction To Leased Square Footage Percent
ReductionToLeasedSquareFootagePercent
0.50
us-gaap Asset Impairment Charges
AssetImpairmentCharges
23200000 usd
us-gaap Restructuring Charges
RestructuringCharges
3444000 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
23164000 usd
us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
26608000 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
23164000 usd
CY2022Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3449000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
13958000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
14253000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
14645000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
15071000 usd
CY2022Q3 irtc Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
71397000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
132773000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
38372000 usd
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
94401000 usd
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y10M24D
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
7.28
CY2022Q3 irtc Collaboration Agreement Additional Milestone Payments Between2022 And Early2023
CollaborationAgreementAdditionalMilestonePaymentsBetween2022AndEarly2023
1750000 usd
CY2022Q3 irtc Collaboration Agreement Milestone Payments
CollaborationAgreementMilestonePayments
0 usd
CY2022Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
34931000 usd
CY2022Q3 irtc Operating Loss Carryforwards Tax Benefit Recognized
OperatingLossCarryforwardsTaxBenefitRecognized
0 usd
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2022Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2022Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2022Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
us-gaap Dividends Common Stock
DividendsCommonStock
0 usd
CY2022Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
12481492 shares
CY2021Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
11164880 shares
irtc Stock Issued During Period Shares Restricted Stock Award Grants In Period
StockIssuedDuringPeriodSharesRestrictedStockAwardGrantsInPeriod
0 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
504106 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
40.97
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y2M12D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
38675000 usd
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
172915 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
36.58
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
1374 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
83.15
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
329817 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
43.10
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y8M4D
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
27105000 usd
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
328658 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
42.96
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y8M4D
CY2022Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
27055000 usd
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
329807 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
43.10
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P4Y8M4D
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
27105000 usd
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12945000 usd
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12160000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
41946000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
42651000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-21451000 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-23731000 usd
us-gaap Net Income Loss
NetIncomeLoss
-95957000 usd
us-gaap Net Income Loss
NetIncomeLoss
-68870000 usd
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30055166 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30055166 shares
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29397845 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29397845 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29836601 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29836601 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29294559 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29294559 shares
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.71
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.71
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.81
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.81
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-3.22
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.22
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.35
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.35
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2406430 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2010536 shares

Files In Submission

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0001388658-22-000159-index.html Edgar Link pending
0001388658-22-000159.txt Edgar Link pending
0001388658-22-000159-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
irtc-20220930.htm Edgar Link pending
irtc-20220930.xsd Edgar Link pending
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