2016 Q4 Form 10-Q Financial Statement
#000156459017015766 Filed on August 07, 2017
Income Statement
| Concept | 2016 Q4 |
|---|---|
| Revenue | $18.70M |
| YoY Change | 72.32% |
| Cost Of Revenue | $5.790M |
| YoY Change | 39.18% |
| Gross Profit | $12.92M |
| YoY Change | 93.01% |
| Gross Profit Margin | 69.07% |
| Selling, General & Admin | $14.96M |
| YoY Change | 26.89% |
| % of Gross Profit | 115.81% |
| Research & Development | $2.300M |
| YoY Change | 27.78% |
| % of Gross Profit | 17.8% |
| Depreciation & Amortization | -$80.00K |
| YoY Change | -140.0% |
| % of Gross Profit | -0.62% |
| Operating Expenses | $17.26M |
| YoY Change | 27.01% |
| Operating Profit | -$4.342M |
| YoY Change | -37.05% |
| Interest Expense | -$860.0K |
| YoY Change | 48.28% |
| % of Operating Profit | |
| Other Income/Expense, Net | $3.700M |
| YoY Change | -1708.7% |
| Pretax Income | -$6.270M |
| YoY Change | -18.57% |
| Income Tax | $0.00 |
| % Of Pretax Income | |
| Net Earnings | -$6.266M |
| YoY Change | -18.64% |
| Net Earnings / Revenue | -33.5% |
| Basic Earnings Per Share | |
| Diluted Earnings Per Share | -$374.1K |
| COMMON SHARES | |
| Basic Shares Outstanding | 22.13M |
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2016 Q4 |
|---|---|
| SHORT-TERM ASSETS | |
| Cash & Short-Term Investments | $106.1M |
| YoY Change | 321.03% |
| Cash & Equivalents | $51.64M |
| Short-Term Investments | $54.40M |
| Other Short-Term Assets | $1.800M |
| YoY Change | 100.0% |
| Inventory | $1.390M |
| Prepaid Expenses | |
| Receivables | $9.406M |
| Other Receivables | $0.00 |
| Total Short-Term Assets | $118.6M |
| YoY Change | 261.29% |
| LONG-TERM ASSETS | |
| Property, Plant & Equipment | $4.653M |
| YoY Change | 128.54% |
| Goodwill | $862.0K |
| YoY Change | 0.0% |
| Intangibles | |
| YoY Change | |
| Long-Term Investments | $11.00M |
| YoY Change | |
| Other Assets | $3.052M |
| YoY Change | 42.28% |
| Total Long-Term Assets | $19.55M |
| YoY Change | 287.63% |
| TOTAL ASSETS | |
| Total Short-Term Assets | $118.6M |
| Total Long-Term Assets | $19.55M |
| Total Assets | $138.2M |
| YoY Change | 264.8% |
| SHORT-TERM LIABILITIES | |
| YoY Change | |
| Accounts Payable | $2.103M |
| YoY Change | 44.14% |
| Accrued Expenses | $10.17M |
| YoY Change | 51.74% |
| Deferred Revenue | |
| YoY Change | |
| Short-Term Debt | $0.00 |
| YoY Change | |
| Long-Term Debt Due | |
| YoY Change | |
| Total Short-Term Liabilities | $13.22M |
| YoY Change | 50.6% |
| LONG-TERM LIABILITIES | |
| Long-Term Debt | $32.23M |
| YoY Change | 5.48% |
| Other Long-Term Liabilities | $200.0K |
| YoY Change | -93.55% |
| Total Long-Term Liabilities | $32.23M |
| YoY Change | 5.48% |
| TOTAL LIABILITIES | |
| Total Short-Term Liabilities | $13.22M |
| Total Long-Term Liabilities | $32.23M |
| Total Liabilities | $45.59M |
| YoY Change | 7.53% |
| SHAREHOLDERS EQUITY | |
| Retained Earnings | -$127.2M |
| YoY Change | 19.67% |
| Common Stock | $219.7M |
| YoY Change | 4633.74% |
| Preferred Stock | |
| YoY Change | |
| Treasury Stock (at cost) | |
| YoY Change | |
| Treasury Stock Shares | |
| Shareholders Equity | $93.04M |
| YoY Change | |
| Total Liabilities & Shareholders Equity | $138.2M |
| YoY Change | 264.8% |
Cashflow Statement
| Concept | 2016 Q4 |
|---|---|
| OPERATING ACTIVITIES | |
| Net Income | -$6.266M |
| YoY Change | -18.64% |
| Depreciation, Depletion And Amortization | -$80.00K |
| YoY Change | -140.0% |
| Cash From Operating Activities | -$940.0K |
| YoY Change | -83.21% |
| INVESTING ACTIVITIES | |
| Capital Expenditures | -$940.0K |
| YoY Change | 248.15% |
| Acquisitions | |
| YoY Change | |
| Other Investing Activities | -$65.40M |
| YoY Change | |
| Cash From Investing Activities | -$66.35M |
| YoY Change | 24474.07% |
| FINANCING ACTIVITIES | |
| Cash Dividend Paid | |
| YoY Change | |
| Common Stock Issuance & Retirement, Net | |
| YoY Change | |
| Debt Paid & Issued, Net | |
| YoY Change | |
| Cash From Financing Activities | 113.2M |
| YoY Change | 372.68% |
| NET CHANGE | |
| Cash From Operating Activities | -940.0K |
| Cash From Investing Activities | -66.35M |
| Cash From Financing Activities | 113.2M |
| Net Change In Cash | 45.87M |
| YoY Change | 153.85% |
| FREE CASH FLOW | |
| Cash From Operating Activities | -$940.0K |
| Capital Expenditures | -$940.0K |
| Free Cash Flow | $0.00 |
| YoY Change | -100.0% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
436000 | ||
| us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
|
-41000 | ||
| us-gaap |
Share Based Compensation
ShareBasedCompensation
|
850000 | ||
| us-gaap |
Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
|
125000 | ||
| us-gaap |
Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
|
116000 | ||
| us-gaap |
Paid In Kind Interest
PaidInKindInterest
|
727000 | ||
| irtc |
Provision For Bad Debt And Contractual Allowance
ProvisionForBadDebtAndContractualAllowance
|
2116000 | ||
| us-gaap |
Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
|
397000 | ||
| us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
-147000 | ||
| us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
2120000 | ||
| us-gaap |
Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
|
56034000 | ||
| us-gaap |
Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
|
27800000 | ||
| us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-30354000 | ||
| us-gaap |
Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
|
2360000 | ||
| us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
1876000 | ||
| us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
2360000 | ||
| us-gaap |
Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
|
-35394000 | ||
| CY2015Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
25208000 | |
| us-gaap |
Interest Paid
InterestPaid
|
375000 | ||
| irtc |
Stock Issuance Costs Incurred But Not Yet Paid
StockIssuanceCostsIncurredButNotYetPaid
|
397000 | ||
| irtc |
Property Plant And Equipment Costs Included In Accounts Payable
PropertyPlantAndEquipmentCostsIncludedInAccountsPayable
|
28000 | ||
| us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
5768000 | ||
| us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
311000 | ||
| us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
17000 | ||
| us-gaap |
Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
|
499000 | ||
| us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
116000 | ||
| us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-827000 | ||
| us-gaap |
Use Of Estimates
UseOfEstimates
|
<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The preparation of the condensed 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 for revenue, 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 valuation of deferred tax assets, the fair value of the Company’s preferred and common stock and stock-based compensation. The Company bases these estimates on historical and anticipated results, trends, and various other assumptions that the Company believes are reasonable under the circumstances, including assumptions as to future events. Actual results may differ from those estimates.</p></div> | ||
| us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Concentrations of Risk</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Credit Risk</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents, investments and accounts receivable. Cash, cash equivalents, and investments 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, United States Government securities, corporate notes, 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.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 when it becomes probable that a receivable will not be collected. Government agencies, including CMS and the Veterans Administration, accounted for approximately 38%, 41%, 37% and 41% of the Company’s revenue for the three and six months ended June 30, 2017 and 2016 respectively. Accounts receivable related to government agencies accounted for 16% and 27% at June 30, 2017 and December 31, 2016, respectively.</p></div> | ||
| us-gaap |
Lease And Rental Expense
LeaseAndRentalExpense
|
900000 | ||
| CY2015Q4 | irtc |
Accounts Receivable For Contractual Allowance
AccountsReceivableForContractualAllowance
|
338000 | |
| us-gaap |
Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
|
On October 4, 2016, the Company’s board of directors approved an amendment to the Company’s amended and restated certificate of incorporation to effect a reverse split of the Company’s issued and outstanding common stock at a 1-for-5.882698 ratio, which was effected on October 5, 2016. | ||
| CY2016Q4 | us-gaap |
Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
|
5.882698 | |
| CY2016Q4 | us-gaap |
Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
|
7238235 | |
| CY2016Q4 | irtc |
Initial Public Offering Closing Date
InitialPublicOfferingClosingDate
|
2016-10-25 | |
| CY2016Q4 | us-gaap |
Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
|
110700000 | |
| CY2016Q4 | irtc |
Underwriting Discounts And Commissions
UnderwritingDiscountsAndCommissions
|
8600000 | |
| CY2016Q4 | us-gaap |
Other Expenses
OtherExpenses
|
3700000 | |
| CY2015Q4 | us-gaap |
Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
|
1125000 | |
| us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
1426000 | ||
| CY2016 | us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
1960000 | |
| irtc |
Allowance For Doubtful Accounts Receivable Write Offs Net Of Recoveries And Other Adjustments
AllowanceForDoubtfulAccountsReceivableWriteOffsNetOfRecoveriesAndOtherAdjustments
|
378000 | ||
| CY2016 | irtc |
Allowance For Doubtful Accounts Receivable Write Offs Net Of Recoveries And Other Adjustments
AllowanceForDoubtfulAccountsReceivableWriteOffsNetOfRecoveriesAndOtherAdjustments
|
1293000 | |
| CY2017Q2 | us-gaap |
Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
|
2840000 | |
| CY2016Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
1651000 | |
| CY2017Q2 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
300000 | |
| CY2016Q2 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
200000 | |
| CY2017Q2 | us-gaap |
Accrued Vacation Current
AccruedVacationCurrent
|
1988000 | |
| CY2016Q4 | us-gaap |
Accrued Vacation Current
AccruedVacationCurrent
|
1642000 | |
| irtc |
Contractual Allowance Before Adjustments
ContractualAllowanceBeforeAdjustments
|
2790000 | ||
| CY2016 | irtc |
Contractual Allowance Before Adjustments
ContractualAllowanceBeforeAdjustments
|
2726000 | |
| irtc |
Accounts Receivable For Contractual Allowance Write Offs Net Of Recoveries And Other Adjustments
AccountsReceivableForContractualAllowanceWriteOffsNetOfRecoveriesAndOtherAdjustments
|
96000 | ||
| CY2016 | irtc |
Accounts Receivable For Contractual Allowance Write Offs Net Of Recoveries And Other Adjustments
AccountsReceivableForContractualAllowanceWriteOffsNetOfRecoveriesAndOtherAdjustments
|
724000 | |
| CY2017Q2 | irtc |
Accounts Receivable For Contractual Allowance
AccountsReceivableForContractualAllowance
|
5034000 | |
| us-gaap |
Asset Impairment Charges
AssetImpairmentCharges
|
0 | ||
| us-gaap |
Income Tax Examination Likelihood Of Unfavorable Settlement
IncomeTaxExaminationLikelihoodOfUnfavorableSettlement
|
greater than 50% | ||
| us-gaap |
Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
|
0 | ||
| CY2016Q4 | us-gaap |
Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
|
111334000 | |
| CY2017Q2 | us-gaap |
Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
|
1000 | |
| CY2016Q4 | us-gaap |
Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
|
11000 | |
| CY2017Q2 | us-gaap |
Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
|
51000 | |
| CY2016Q4 | us-gaap |
Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
|
20000 | |
| CY2017Q2 | us-gaap |
Available For Sale Securities
AvailableForSaleSecurities
|
106637000 | |
| CY2016Q4 | us-gaap |
Available For Sale Securities
AvailableForSaleSecurities
|
111325000 | |
| CY2017Q2 | us-gaap |
Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
|
13059000 | |
| CY2017Q2 | us-gaap |
Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
|
106637000 | |
| CY2016Q4 | us-gaap |
Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
|
45937000 | |
| CY2016Q4 | us-gaap |
Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
|
111325000 | |
| irtc |
Available For Sale Securities Maturity Period
AvailableForSaleSecuritiesMaturityPeriod
|
P126D | ||
| CY2017Q2 | us-gaap |
Available For Sale Securities Current
AvailableForSaleSecuritiesCurrent
|
106637000 | |
| CY2016Q4 | us-gaap |
Available For Sale Securities Current
AvailableForSaleSecuritiesCurrent
|
100344000 | |
| CY2017Q2 | us-gaap |
Assets Fair Value Disclosure
AssetsFairValueDisclosure
|
106637000 | |
| CY2016Q4 | us-gaap |
Assets Fair Value Disclosure
AssetsFairValueDisclosure
|
111325000 | |
| us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3
|
0 | ||
| us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3
|
0 | ||
| CY2017Q2 | irtc |
Inventory And Printed Circuit Board Assemblies
InventoryAndPrintedCircuitBoardAssemblies
|
4462000 | |
| CY2016Q4 | irtc |
Inventory And Printed Circuit Board Assemblies
InventoryAndPrintedCircuitBoardAssemblies
|
4163000 | |
| CY2017Q2 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
8452000 | |
| CY2016Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
6304000 | |
| CY2017Q2 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
2286000 | |
| CY2017Q2 | us-gaap |
Accrued Salaries Current
AccruedSalariesCurrent
|
4970000 | |
| CY2016Q4 | us-gaap |
Accrued Salaries Current
AccruedSalariesCurrent
|
6179000 | |
| CY2017Q2 | us-gaap |
Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
|
232000 | |
| CY2016Q4 | us-gaap |
Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
|
417000 | |
| CY2017Q2 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
1152000 | |
| CY2016Q4 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
636000 | |
| CY2017Q2 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
1643000 | |
| CY2016Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
1291000 | |
| CY2017Q2 | us-gaap |
Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
|
2491000 | |
| CY2017Q2 | us-gaap |
Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
|
5089000 | |
| CY2017Q2 | us-gaap |
Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
|
5108000 | |
| CY2017Q2 | us-gaap |
Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
|
1178000 | |
| CY2017Q2 | us-gaap |
Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
|
406000 | |
| CY2017Q2 | us-gaap |
Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
|
2541000 | |
| CY2017Q2 | us-gaap |
Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
|
16813000 | |
| us-gaap |
Lease And Rental Expense
LeaseAndRentalExpense
|
2500000 |
