$IRTC
iRhythm Technologies Inc

2018 Q1 Form 10-Q Financial Statement

#000156459018012636 Filed on May 10, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $31.76M $21.44M
YoY Change 48.16% 66.77%
Cost Of Revenue $8.550M $6.340M
YoY Change 34.86% 36.05%
Gross Profit $23.21M $15.10M
YoY Change 53.72% 84.26%
Gross Profit Margin 73.08% 70.44%
Selling, General & Admin $29.77M $17.22M
YoY Change 72.86% 49.48%
% of Gross Profit 128.24% 114.04%
Research & Development $4.043M $2.620M
YoY Change 54.31% 69.03%
% of Gross Profit 17.42% 17.35%
Depreciation & Amortization $550.0K $300.0K
YoY Change 83.33% 30.43%
% of Gross Profit 2.37% 1.99%
Operating Expenses $33.81M $19.84M
YoY Change 70.41% 51.8%
Operating Profit -$10.60M -$4.740M
YoY Change 123.59% -2.77%
Interest Expense $858.0K -$820.0K
YoY Change -204.63% 2.5%
% of Operating Profit
Other Income/Expense, Net $379.0K $260.0K
YoY Change 45.77% -156.52%
Pretax Income -$11.12M -$5.300M
YoY Change 109.75% -13.54%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$11.08M -$5.303M
YoY Change 108.88% -13.43%
Net Earnings / Revenue -34.88% -24.74%
Basic Earnings Per Share
Diluted Earnings Per Share -$473.6K -$239.3K
COMMON SHARES
Basic Shares Outstanding 23.45M 22.15M
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $90.70M $93.00M
YoY Change -2.47%
Cash & Equivalents $16.47M $15.58M
Short-Term Investments $74.30M $77.40M
Other Short-Term Assets $1.800M $1.500M
YoY Change 20.0%
Inventory $1.900M $1.200M
Prepaid Expenses
Receivables $17.14M $11.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $111.5M $106.6M
YoY Change 4.61%
LONG-TERM ASSETS
Property, Plant & Equipment $6.900M $5.529M
YoY Change 24.8%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $16.40M
YoY Change -100.0%
Other Assets $3.100M $3.400M
YoY Change -8.82%
Total Long-Term Assets $10.78M $26.20M
YoY Change -58.86%
TOTAL ASSETS
Total Short-Term Assets $111.5M $106.6M
Total Long-Term Assets $10.78M $26.20M
Total Assets $122.3M $132.8M
YoY Change -7.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.500M $1.400M
YoY Change 7.14%
Accrued Expenses $12.81M $8.300M
YoY Change 54.28%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.500M
YoY Change
Total Short-Term Liabilities $17.09M $10.68M
YoY Change 60.02%
LONG-TERM LIABILITIES
Long-Term Debt $32.50M $32.65M
YoY Change -0.47%
Other Long-Term Liabilities $200.0K $200.0K
YoY Change 0.0%
Total Long-Term Liabilities $32.70M $32.65M
YoY Change 0.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.09M $10.68M
Total Long-Term Liabilities $32.70M $32.65M
Total Liabilities $49.85M $43.33M
YoY Change 15.04%
SHAREHOLDERS EQUITY
Retained Earnings -$166.5M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $72.45M $89.30M
YoY Change
Total Liabilities & Shareholders Equity $122.3M $132.8M
YoY Change -7.91%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$11.08M -$5.303M
YoY Change 108.88% -13.43%
Depreciation, Depletion And Amortization $550.0K $300.0K
YoY Change 83.33% 30.43%
Cash From Operating Activities -$13.26M -$6.400M
YoY Change 107.19% -32.56%
INVESTING ACTIVITIES
Capital Expenditures $1.108M $1.174M
YoY Change -5.62% 78.15%
Acquisitions
YoY Change
Other Investing Activities $22.57M -$28.52M
YoY Change -179.14%
Cash From Investing Activities $21.46M -$29.70M
YoY Change -172.25% 4400.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $877.0K $35.00K
YoY Change 2405.71%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -397.0K 40.00K
YoY Change -1092.5% -104.88%
NET CHANGE
Cash From Operating Activities -13.26M -6.400M
Cash From Investing Activities 21.46M -29.70M
Cash From Financing Activities -397.0K 40.00K
Net Change In Cash 7.802M -36.06M
YoY Change -121.64% 228.71%
FREE CASH FLOW
Cash From Operating Activities -$13.26M -$6.400M
Capital Expenditures $1.108M $1.174M
Free Cash Flow -$14.37M -$7.574M
YoY Change 89.7% -25.37%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2018Q1 us-gaap Concentration Risk Credit Risk
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<div> <p style="text-align:justify;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="text-align:justify;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="text-align:justify;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, such deposits 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="text-align:justify;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&#8217;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. Federal government agencies, including CMS and the Veterans Administration, accounted for approximately 37% and 37% of the Company&#8217;s revenue for the three months ended March 31, 2018 and 2017 respectively. Accounts receivable related to government agencies accounted for 21% and 27% at March 31, 2018 and December 31, 2017, respectively.</p></div>
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7.80
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
17.67
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y11M4D
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y2M1D
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y3M10D
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y3M14D
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P7Y2M23D
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
70979000
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
113958000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
115936000
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
83901000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
114380000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
30.70
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
18.61
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y1M6D
CY2017Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y1M6D
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.459
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.532
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0272
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0209
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000
CY2018Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3247000
CY2017Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2028000
CY2018Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
16000000
CY2018Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y7M6D
CY2018Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3281897
CY2017Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3865320

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