$IRTC

iRhythm Holdings, Inc.

CIK:0001388658|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue, net	$ 224,172	$ 186,687	$ 423,562	$ 345,364
Cost of revenue	60,967	53,830	119,004	103,291
Gross profit	163,205	132,857	304,558	242,073
Operating expenses:
Research and development	19,843	21,012	41,201	42,531
Acquired in-process research and development	299	1,698	595	1,994
Selling, general and administrative	131,655	126,376	267,539	246,333
Litigation settlements	13,950	0	13,950	0
Impairment charges	0	2,479	0	2,479
Total operating expenses	165,747	151,565	323,285	293,337
Loss from operations	(2,542)	(18,708)	(18,727)	(51,264)
Interest and other income, net:
Interest income	4,776	5,321	9,655	10,240
Interest expense	(3,294)	(3,278)	(6,584)	(6,551)
Other income, net	679	2,264	1,842	3,139
Total interest and other income, net	2,161	4,307	4,913	6,828
Loss before income taxes	(381)	(14,401)	(13,814)	(44,436)
Income tax provision (benefit)	0	(183)	500	482
Net loss	$ (381)	$ (14,218)	$ (14,314)	$ (44,918)
Net loss per common share, basic (in USD per share)	$ (0.01)	$ (0.44)	$ (0.44)	$ (1.41)
Net loss per common share, diluted (in USD per share)	$ (0.01)	$ (0.44)	$ (0.44)	$ (1.41)
Weighted-average shares, basic (in shares)	32,895	31,990	32,702	31,791
Weighted-average shares used to compute net loss per common share, diluted (in shares)	32,895	31,990	32,702	31,791

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net loss	$ (14,314)	$ (44,918)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	10,264	10,315
Stock-based compensation	41,530	46,171
Amortization of premium and accretion of discounts, net	(1,512)	(1,273)
Amortization of operating lease right-of-use assets	3,033	2,816
Amortization of debt discount	1,595	1,564
Change in fair value of strategic investments	(2,269)	(2,995)
Provision for credit losses and contractual allowances	57,420	54,704
Acquired in-process research and development	595	1,994
Impairment charges	0	2,479
Other	188	172
Changes in operating assets and liabilities:
Accounts receivable	(65,988)	(56,916)
Inventory	(1,250)	(4,601)
Prepaid expenses and other current assets	(35,733)	(1,541)
Other assets	(5,494)	283
Accounts payable and accrued liabilities	42,260	14,682
Deferred revenue	4	567
Operating lease liabilities	(5,422)	(3,735)
Net cash provided by operating activities	24,907	19,768
Cash flows from investing activities
Purchases of property and equipment	(20,470)	(19,788)
Purchases of marketable securities	(254,453)	(169,466)
Maturities of marketable securities	258,500	50,200
Purchases of strategic investments	(2,000)	0
Net cash used in investing activities	(18,423)	(139,054)
Cash flows from financing activities
Proceeds from issuance of common stock in connection with employee equity incentive plans	4,232	8,823
Repayment of 2029 Notes	(3)	0
Net cash provided by financing activities	4,229	8,823
Effect of exchange rate changes	(46)	(29)
Net increase (decrease) in cash, cash equivalents and restricted cash	10,667	(110,492)
Cash, cash equivalents and restricted cash, beginning of period	244,370	427,955
Cash, cash equivalents and restricted cash, end of period	255,037	317,463
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	246,679	309,105
Restricted cash	8,358	8,358
Total cash, cash equivalents and restricted cash	255,037	317,463
Supplemental disclosures of cash flow information:
Interest paid	4,959	4,959
Cash taxes paid	400	647
Cash paid for operating lease liabilities	8,266	7,797
Cash received from tenant improvement allowances	0	745
Non-cash investing and financing activities:
Property and equipment costs included in accounts payable and accrued liabilities	1,124	4,885
Capitalized stock-based compensation in property and equipment	$ 2,380	$ 2,867

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 246,679	$ 236,012
Marketable securities	344,595	347,751
Accounts receivable, net	84,274	75,706
Inventory	22,513	21,634
Prepaid expenses and other current assets	57,893	21,662
Total current assets	755,954	702,765
Property and equipment, net	165,308	151,599
Operating lease right-of-use assets	38,794	41,827
Restricted cash	8,358	8,358
Goodwill	862	862
Long-term strategic investments	73,682	69,913
Other assets	50,468	44,718
Total assets	1,093,426	1,020,042
Current liabilities:
Accounts payable	17,411	2,256
Accrued liabilities	157,570	128,747
Deferred revenue	4,205	4,201
Operating lease liabilities, current portion	16,912	16,686
Total current liabilities	196,098	151,890
Long-term senior convertible notes	651,096	649,504
Other noncurrent liabilities	908	908
Operating lease liabilities, noncurrent portion	59,341	64,994
Total liabilities	907,443	867,296
Commitments and contingencies (Note 7)
Stockholders’ equity:
Preferred stock, $0.001 par value – 5,000 shares authorized; none issued and outstanding at June 30, 2026 and December 31, 2025	0	0
Common stock, $0.001 par value – 100,000 shares authorized; 33,173 shares issued and 32,944 shares outstanding at June 30, 2026, and 32,526 shares issued and 32,297 shares outstanding at December 31, 2025	33	32
Additional paid-in capital	1,028,898	980,757
Accumulated other comprehensive (loss) income	(188)	403
Accumulated deficit	(817,760)	(803,446)
Treasury stock, at cost; 229 shares at June 30, 2026 and December 31, 2025	(25,000)	(25,000)
Total stockholders’ equity	185,983	152,746
Total liabilities and stockholders’ equity	$ 1,093,426	$ 1,020,042