0001388658FALSE00013886582024-07-312024-07-31
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): July 31, 2024
iRhythm Technologies, Inc.
(Exact name of Registrant as specified in its charter)
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| Delaware | 001-37918 | 20-8149544 |
(State or other jurisdiction of
incorporation or organization) | (Commission
File Number) | (I.R.S. Employer
Identification Number) |
699 8th Street, Suite 600
San Francisco, California 94103
(Address of principal executive office) (Zip Code)
(415) 632-5700
(Registrant’s telephone number, including area code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
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| Title of each class | Trading Symbol | Name of each exchange on which registered |
| Common Stock, Par Value $0.001 Per Share | IRTC | The NASDAQ Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On August 1, 2024, iRhythm Technologies, Inc. issued a press release regarding its financial results for the second quarter ended June 30, 2024. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K.
The information in this Item 2.02, including Exhibit 99.1 to this Form 8-K, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The information contained in this Item 2.02 and in the accompanying Exhibit 99.1 shall not be incorporated by reference into any other filing under the Exchange Act or under the Securities Act, except as shall be expressly set forth by specific reference in such filing.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(b)
On August 1, 2024, iRhythm Technologies, Inc. (the “Company”) announced that Brice Bobzien resigned from his position as Chief Financial Officer of the Company, and his employment with the Company, effective August 31, 2024 (the “Separation Date”). Mr. Bobzien’s resignation is not a result of any disagreement regarding the Company’s financial statements or disclosures. In connection with his resignation, Mr. Bobzien and the Company have entered into the Consulting Agreement (as defined below) pursuant to which Mr. Bobzien will assist with the transition of his role and consult for the Company as an executive advisor following the Separation Date through March 15, 2025.
In connection with his resignation, Mr. Bobzien and the Company entered into a separation and release agreement (the “Separation and Release Agreement”) and a consulting agreement (the “Consulting Agreement”) pursuant to which, if the Separation and Release Agreement becomes effective pursuant to its terms, Mr. Bobzien shall receive (i) his base salary and continued standard benefits through the Separation Date and (ii) a cash payment of $12,500, approximately equivalent to four months of COBRA premiums, and, additionally, Mr. Bobzien shall remain eligible to receive payment of his fiscal year 2024 cash incentive bonus (subject to the Company’s achievement of the applicable metrics, and prorated for his service during the fiscal year through August 31, 2024). During the term of the Consulting Agreement and in consideration of his services thereunder, Mr. Bobzien shall continue to vest in his outstanding restricted stock units granted February 27, 2023 and February 28, 2024 in accordance with their existing vesting schedules and subject to his continued service through each vesting date. Each of Mr. Bobzien’s other restricted stock units and performance restricted stock units will terminate and be forfeited on the Separation Date. Mr. Bobzien’s resignation and scheduled departure shall not entitle him to any payments or benefits under the Company’s Executive Change in Control and Severance Policy, and his participation thereunder shall cease on the Separation Date.
The foregoing summary of the Separation and Release Agreement and the Consulting Agreement (which is attached as Exhibit A to the Separation and Release Agreement) does not purport to be complete and is subject to, and qualified in its entirety by, the Separation and Release Agreement and the Consulting Agreement, which will be filed as exhibits to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ending September 30, 2024.
(c)
On July 31, 2024, the Board of Directors (the “Board”) of the Company appointed Daniel Wilson as the Company’s Chief Financial Officer and principal financial officer, effective as of August 31, 2024.
Mr. Wilson, age 42, has served as the Company’s Executive Vice President, Corporate Development and Investor Relations since April 2023 and previously served as Executive Vice President, Corporate Development, Corporate Strategy and Investor Relations from June 2019 to April 2023. Previously, he served as Director and Head of Business Development at Penumbra, Inc., a global healthcare company focused on innovative therapies. Prior to Penumbra, he held various positions at J.P. Morgan between August 2006 and May 2016, most recently as Executive Director in the Healthcare Investment Banking group focused on digital health, medical technology and emerging healthcare companies. Earlier in his career, he held various positions in Piper Sandler’s Healthcare Investment Banking group from August 2004 to August 2006. He started his career at KPMG as an Audit Associate
from September 2003 to August 2004. Mr. Wilson has a B.S. in Business Administration from California Polytechnic State University at San Luis Obispo.
There is no arrangement or understanding between Mr. Wilson and any other persons, pursuant to which Mr. Wilson was selected as an officer, no family relationships among any of the Company’s directors or executive officers and Mr. Wilson, and Mr. Wilson does not have any direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
In connection with his appointment as Chief Financial Officer, Mr. Wilson and the Company entered into an Amendment to Offer Letter dated August 1, 2024 (the “Amendment Letter”), which amends Mr. Wilson’s existing offer letter with the Company to reflect his promotion and updated compensation terms. Pursuant to the Amendment Letter, effective August 31, 2024 Mr. Wilson will receive an increased annual base salary of $425,000, will be eligible to earn an increased annual target bonus of 60% of his annual base salary and will continue to be eligible to participate in Company-sponsored benefits to the extent he complies with the eligibility requirements of each such benefit plan. In addition, the Amendment Letter provides for (i) a grant of restricted stock units with an approximate grant date fair value of $400,000 that will vest in equal installments annually over four years. Mr. Wilson will continue to be eligible to receive severance benefits pursuant to the terms of the Company’s Executive Change in Control and Severance Policy (the “Severance Policy”), with any benefit eligibility calculated by reference to the Tier 2 eligibility standard as set forth in the Severance Policy. The foregoing summary of the Amendment Letter does not purport to be complete and is subject to, and qualified in its entirety by, the Amendment Letter, which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ending September 30, 2024.
Mr. Wilson has also entered into the Company’s standard form of Indemnification Agreement. The form of the Indemnification Agreement was previously filed by the Company as Exhibit 10.1 to the Company’s Registration Statement on Form S-1 filed with the Securities and Exchange Commission on September 23, 2016 and is incorporated by reference herein.
(e)
The information set forth above under 5.02(c) is hereby incorporated by reference into this Item 5.02(e).
Item 7.01 Regulation FD Disclosure.
On August 1, 2024, the Company issued a press release announcing the resignation of Mr. Bobzien and the appointment of Mr. Wilson as its Chief Financial Officer and principal financial officer, a copy of which is furnished with this Current Report on Form 8-K as Exhibit 99.2. This information is furnished pursuant to Item 7.01 “Regulation FD Disclosure,” and shall not be deemed “filed” for purpose of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act. The information contained in this Item 7.01 and in the accompanying Exhibit 99.2 shall not be incorporated by reference into any other filing under the Exchange Act or under the Securities Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits
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| Exhibit No. | | Description |
| 99.1 | | |
| 99.2 | | |
| 104 | | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| | IRHYTHM TECHNOLOGIES, INC. |
| | | |
Date: August 1, 2024 | | By: | /s/ Quentin S. Blackford |
| | | Quentin S. Blackford |
| | | Chief Executive Officer |
iRhythm Technologies Announces Second Quarter 2024 Financial Results
SAN FRANCISCO, August 1, 2024 - iRhythm Technologies, Inc. (NASDAQ: IRTC), a leading digital health care company focused on creating trusted solutions that detect, predict, and prevent disease, today reported financial results for the three months ended June 30, 2024.
Second Quarter 2024 Financial Highlights
•Revenue of $148.0 million, a 19.3% increase compared to second quarter 2023
•Gross margin of 69.9%, a 40-basis point increase compared to second quarter 2023
•Unrestricted cash, cash equivalents and marketable securities of $561.5 million as of June 30, 2024
•Increased fiscal year 2024 guidance for revenue, gross margin, and adjusted EBITDA
Recent Operational Highlights
•Record quarterly demand driven by strong growth in existing accounts as well as accelerated expansion into primary care channels
•Nearing operational readiness for four European country Zio launches with first patient patching anticipated before year-end and anticipate Japanese regulatory decision in late 2024
•Achieved significant operational milestone in May 2024 with launch of initial phase of manufacturing automation to set the stage for future growth, innovation, and operational efficiency in 2H24 and beyond
•Continued to make progress on remediation of the FDA warning letter and have submitted the first of our responses to the FDA's requests for additional information on two 510(k)s related to Zio AT
•Upcoming data presentation at the HRX 2024 Conference in Atlanta, Georgia, from September 5-7, 2024
"The second quarter of 2024 was another quarter of continued traction in our core markets reflective of record demand for Zio products and services," said Quentin Blackford, president and chief executive officer of iRhythm. "Second quarter revenue growth of 19.3% year-over-year was driven by continued uptake from new accounts opened in the prior twelve months but also expansion of the ambulatory cardiac monitoring market by pushing deeper into primary care channels. Zio’s value proposition to address the quintuple aim of healthcare is clearly resonating with providers in integrated delivery networks as well as large, national primary care accounts. This strength in our core market has given us confidence to raise our revenue guidance and profitability targets for the full year."
"Additionally, we are thrilled with the progress we are making to expand and scale the Zio platform for global markets. We are excited about our upcoming commercial launches in four European countries and we continue to anticipate a Japanese regulatory decision on our submitted dossier in late 2024, both of which are demonstrative of iRhythm’s commitment to introducing a better way to monitor for arrhythmias to millions more patients globally. With strong momentum in our core business and multiple catalysts on the horizon, we could not be more excited about our position moving into the back half of 2024."
Second Quarter Financial Results
Revenue for the second quarter of 2024 was $148.0 million, up 19.3% from $124.1 million during the same period in 2023. The increase was driven by growth in demand for Zio services as well as a slight increase in average selling price.
Gross profit for the second quarter of 2024 was $103.5 million, up 20.0% from $86.2 million during the same period in 2023, while gross margin was 69.9%, up from 69.5% during the same period in 2023. The increase in gross profit was primarily due to increased volume of Zio services provided due to higher demand. The increase in gross margin was primarily due to the increase in selling price and manufacturing efficiencies, offset by accelerated recognition of the cost of our legacy Zio XT components associated with our ongoing Zio monitor commercial launch as well as costs related to scaling and training newly onboarded clinical cardiac technicians at our San Francisco IDTF center of excellence.
Operating expenses for the second quarter of 2024 were $126.5 million, compared to $105.1 million for the same period in 2023. Adjusted operating expenses for the second quarter of 2024 were $125.2 million, compared to $99.7 million during the same period in 2023. This increase in adjusted operating expenses resulted primarily from increased headcount-related and third-party costs to support growth in operations and the further development, enhancement, and functionality of our current and future product offerings.
Net loss for the second quarter of 2024 was $20.1 million, or a diluted loss of $0.65 per share, compared with net loss of $18.5 million, or a diluted loss of $0.61 per share, for the same period in 2023. Adjusted net loss for the second quarter of 2024 was $18.8 million, or a diluted loss of $0.61 per share, compared with an adjusted net loss of $13.1 million, or a diluted loss of $0.43 per share, for the same period in 2023.
Unrestricted cash, cash equivalents, and marketable securities were $561.5 million as of June 30, 2024.
2024 Annual Guidance
iRhythm projects revenue for the full year 2024 to grow approximately 18% to 20% compared to prior year results, ranging from approximately $580 million to $590 million. Gross margin for the full year 2024 is expected to range from 68.5% to 69% and adjusted EBITDA margin for the full year 2024 is expected to range from approximately 3.5% to 4% of revenues.
Webcast and Conference Call Information
iRhythm’s management team will host a conference call today beginning at 1:30 p.m. PT/4:30 p.m. ET. Interested parties may access a live and archived webcast of the presentation on the “Events & Presentations” section of the company’s investor website at investors.irhythmtech.com.
About iRhythm Technologies, Inc.
iRhythm is a leading digital health care company that creates trusted solutions that detect, predict, and prevent disease. Combining wearable biosensors and cloud-based data analytics with powerful proprietary algorithms, iRhythm distills data from millions of heartbeats into clinically actionable information. Through a relentless focus on patient care, iRhythm’s vision is to deliver better data, better insights, and better health for all.
Use of Non-GAAP Financial Measures
We refer to certain financial measures that are not recognized under U.S. generally accepted accounting principles (GAAP) in this press release, including adjusted EBITDA, adjusted net loss, adjusted net loss per share and adjusted operating expenses. We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. See the schedules attached to this press release for additional information and reconciliations of such non-GAAP financial measures. We have not reconciled our adjusted operating expenses and adjusted EBITDA estimates for full year 2024 because certain items that impact these figures are uncertain or out of our control and cannot be reasonably predicted. Accordingly, a reconciliation of adjusted operating expenses and adjusted EBITDA estimates is not available without unreasonable effort.
Adjusted EBITDA excludes non-cash operating charges for stock-based compensation expense, impairment and restructuring charges, business transformation costs, and loss on extinguishment of debt. Business transformation costs include costs associated with professional services, employee termination and relocation, third-party merger and acquisition, integration, and other costs to augment and restructure the organization, inclusive of both outsourced and offshore resources.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These statements include statements regarding financial guidance, market opportunity, ability to penetrate the market, anticipated productivity improvements and expectations for growth. Such statements are based on current assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties, many of which are beyond our control, include risks described in the section entitled “Risk Factors” and elsewhere in our filings made with the Securities and Exchange Commission, including those on the Form 10-Q expected to be filed on or about August 1, 2024. These forward-looking statements speak only as of the date hereof and should not be unduly relied upon. iRhythm disclaims any obligation to update these forward-looking statements.
Investor Relations Contact
Stephanie Zhadkevich
investors@irhythmtech.com
iRhythm Media Contact
Kassandra Perry
irhythm@highwirepr.com
IRHYTHM TECHNOLOGIES, INC.
Condensed Consolidated Balance Sheets
(unaudited)
(In thousands, except par value)
| | | | | | | | | | | |
| June 30, 2024 | | December 31, 2023 |
| | | | |
| Assets | | | |
| Current assets: | | | |
| Cash and cash equivalents | $ | 550,552 | | | $ | 36,173 | |
| Marketable securities | 10,905 | | | 97,591 | |
| Accounts receivable, net | 85,513 | | | 61,484 | |
| Inventory | 15,425 | | | 13,973 | |
| Prepaid expenses and other current assets | 15,113 | | | 21,591 | |
| Total current assets | 677,508 | | | 230,812 | |
| Property and equipment, net | 117,572 | | | 104,114 | |
| Operating lease right-of-use assets | 46,833 | | | 49,317 | |
| Restricted cash, long-term | 8,358 | | | — | |
| Goodwill | 862 | | | 862 | |
| Other assets | 68,052 | | | 48,039 | |
| Total assets | $ | 919,185 | | | $ | 433,144 | |
| Liabilities and Stockholders’ Equity | | | |
| Current liabilities: | | | |
| Accounts payable | $ | 13,425 | | | $ | 5,543 | |
| Accrued liabilities | 65,940 | | | 83,362 | |
| Deferred revenue | 3,146 | | | 3,306 | |
| Operating lease liabilities, current portion | 15,384 | | | 15,159 | |
| Total current liabilities | 97,895 | | | 107,370 | |
| Long-term senior convertible notes | 644,977 | | | — | |
| Debt, noncurrent portion | — | | | 34,950 | |
| Other noncurrent liabilities | 940 | | | 1,012 | |
| Operating lease liabilities, noncurrent portion | 76,184 | | | 79,715 | |
| Total liabilities | 819,996 | | | 223,047 | |
| Stockholders’ equity: | | | |
Preferred stock, $0.001 par value – 5,000 shares authorized; none issued and outstanding at June 30, 2024 and December 31, 2023 | — | | | — | |
Common stock, $0.001 par value – 100,000 shares authorized; 31,439 shares issued and 31,210 shares outstanding at June 30, 2024, respectively; and 30,954 shares issued and outstanding at December 31, 2023 | 31 | | | 31 | |
| Additional paid-in capital | 835,356 | | | 855,784 | |
| Accumulated other comprehensive income (loss) | 182 | | | (112) | |
| Accumulated deficit | (711,380) | | | (645,606) | |
Treasury stock, at cost; 229 and 0 shares at June 30, 2024 and December 31, 2023, respectively | (25,000) | | | — | |
| Total stockholders’ equity | 99,189 | | | 210,097 | |
| Total liabilities and stockholders’ equity | $ | 919,185 | | | $ | 433,144 | |
| | | |
IRHYTHM TECHNOLOGIES, INC.
Condensed Consolidated Statements of Operations
(unaudited)
(In thousands, except per share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Revenue, net | | $ | 148,047 | | | $ | 124,130 | | | $ | 279,976 | | | $ | 235,566 | |
| Cost of revenue | | 44,576 | | | 37,905 | | | 88,989 | | | 73,660 | |
| Gross profit | | 103,471 | | | 86,225 | | | 190,987 | | | 161,906 | |
| Operating expenses: | | | | | | | | |
| Research and development | | 19,690 | | | 13,677 | | | 36,684 | | | 28,519 | |
| Selling, general and administrative | | 106,762 | | | 91,420 | | | 215,422 | | | 191,763 | |
| | | | | | | | |
| Total operating expenses | | 126,452 | | | 105,097 | | | 252,106 | | | 220,282 | |
| Loss from operations | | (22,981) | | | (18,872) | | | (61,119) | | | (58,376) | |
| | | | | | | | |
| Interest expense | | (3,312) | | | (832) | | | (6,172) | | | (1,782) | |
| Interest and other income, net | | 6,380 | | | 1,435 | | | 9,332 | | | 2,867 | |
| Loss on extinguishment of debt | | — | | | — | | | (7,589) | | | — | |
| Loss before income taxes | | (19,913) | | | (18,269) | | | (65,548) | | | (57,291) | |
| Income tax provision | | 194 | | | 213 | | | 226 | | | 300 | |
| Net loss | | $ | (20,107) | | | $ | (18,482) | | | $ | (65,774) | | | $ | (57,591) | |
| Net loss per common share, basic and diluted | | $ | (0.65) | | | $ | (0.61) | | | $ | (2.12) | | | $ | (1.89) | |
| Weighted-average shares, basic and diluted | | 31,145 | | | 30,502 | | | 31,089 | | | 30,400 | |
| | | | | | | | |
IRHYTHM TECHNOLOGIES, INC.
Reconciliation of GAAP to Non-GAAP Financial Information
(unaudited)
(in thousands, except per share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
| | | 2024 | | 2023 | | 2024 | | 2023 |
| Adjusted EBITDA reconciliation | | | | | | | | |
| Net loss | | $ | (20,107) | | | $ | (18,482) | | | $ | (65,774) | | | $ | (57,591) | |
| Interest expense | | 3,312 | | | 832 | | | 6,172 | | | 1,782 | |
| Interest income | | (6,685) | | | (1,468) | | | (9,742) | | | (2,902) | |
| Income tax provision | | 194 | | | 213 | | | 226 | | | 300 | |
Depreciation and amortization | | 5,160 | | | 3,791 | | | 10,291 | | | 7,367 | |
| Stock-based compensation | | 21,821 | | | 14,099 | | | 42,812 | | | 32,350 | |
| | | | | | | | |
| Business transformation costs | | 1,296 | | | 5,409 | | | 1,296 | | | 11,095 | |
| Loss on extinguishment of debt | | — | | | — | | | 7,589 | | | — | |
| Adjusted EBITDA | | $ | 4,991 | | | $ | 4,394 | | | $ | (7,130) | | | $ | (7,599) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
| | | 2024 | | 2023 | | 2024 | | 2023 |
| Adjusted net loss reconciliation | | | | | | | | |
| Net loss, as reported | | $ | (20,107) | | | $ | (18,482) | | | $ | (65,774) | | | $ | (57,591) | |
| | | | | | | | |
| Business transformation costs | | 1,296 | | | 5,409 | | | 1,296 | | | 11,095 | |
| Loss on extinguishment of debt | | — | | | — | | | 7,589 | | | — | |
| Adjusted net loss | | $ | (18,811) | | | $ | (13,073) | | | $ | (56,889) | | | $ | (46,496) | |
| | | | | | | | |
| Adjusted net loss per share reconciliation | | | | | | | | |
| Net loss per share, as reported | | $ | (0.65) | | | $ | (0.61) | | | $ | (2.12) | | | $ | (1.89) | |
| | | | | | | | |
| Business transformation costs per share | | 0.04 | | | 0.18 | | | 0.04 | | | 0.36 | |
| Loss on extinguishment of debt per share | | — | | | — | | | 0.24 | | | — | |
| Adjusted net loss per share | | $ | (0.61) | | | $ | (0.43) | | | $ | (1.84) | | | $ | (1.53) | |
| Weighted-average shares, basic and diluted | | 31,145 | | | 30,502 | | | 31,089 | | | 30,400 | |
| | | | | | | | |
| Adjusted operating expense reconciliation | | | | | | | | |
| Operating expense, as reported | | $ | 126,452 | | | $ | 105,097 | | | $ | 252,106 | | | $ | 220,282 | |
| | | | | | | | |
| Business transformation costs | | (1,296) | | | (5,409) | | | (1,296) | | | (11,095) | |
| Adjusted operating expense | | $ | 125,156 | | | $ | 99,688 | | | $ | 250,810 | | | $ | 209,187 | |
| | | | | | | | |
iRhythm Technologies Announces Chief Financial Officer Transition
SAN FRANCISCO, August 1, 2024 - iRhythm Technologies, Inc. (NASDAQ: IRTC), a leading digital health care company focused on creating trusted solutions that detect, predict, and prevent disease, announced today that Brice Bobzien, Chief Financial Officer, will step down for personal reasons effective August 31, 2024. He will be succeeded by Daniel Wilson, iRhythm’s current Executive Vice President of Corporate Development and Investor Relations. Mr. Bobzien has served as the CFO since 2022, and he will continue to serve the Company in an advisory capacity into 2025 following the succession to ensure a smooth transition.
“Brice has been an outstanding leader at iRhythm over the past two years, making significant contributions to transform iRhythm’s finance organization during his tenure with the company,” said Quentin Blackford, iRhythm’s President and CEO. “He has been invaluable in helping position our company to operate efficiently and effectively ahead of immense growth, leading with a disciplined and rigorous approach to financial management, operational excellence, and strategic development. We wish him all the best as he shifts his attention towards personal and family matters.”
“At the same time, we are thrilled to have Dan take over the finance organization and are confident in the expanded leadership he will provide as our next CFO. Dan has a long history with iRhythm, advising the company on its initial public offering and then joining iRhythm in 2019. In his time with the company, Dan has been a trusted partner, strategic leader, unwavering brand ambassador, and a passionate champion of iRhythm’s mission. His strong strategic background, industry experience, and financial acumen make him uniquely qualified to help lead the organization into our next phase of growth.”
Mr. Wilson has served as iRhythm’s Executive Vice President of Corporate Development and Investor Relations since April 2023 and previously served as Executive Vice President of Corporate Development, Corporate Strategy, and Investor Relations since June 2019. Previously, he served as Director and Head of Business Development at Penumbra, Inc., a global healthcare company focused on innovative therapies. Prior to Penumbra, he held various positions at J.P. Morgan between August 2006 and May 2016, most recently as Executive Director in the Healthcare Investment Banking group focused on digital health, medical technology, and emerging healthcare companies. Earlier in his career, he held various positions in Piper Jaffray’s Healthcare Investment Banking group. He started his career at KPMG as an Audit Associate. Mr. Wilson has a B.S. in Business Administration from California Polytechnic State University at San Luis Obispo.
About iRhythm Technologies, Inc.
iRhythm is a leading digital health care company that creates trusted solutions that detect, predict, and prevent disease. Combining wearable biosensors and cloud-based data analytics with powerful proprietary algorithms, iRhythm distills data from millions of heartbeats into clinically actionable information. Through a relentless focus on patient care, iRhythm’s vision is to deliver better data, better insights, and better health for all.
Investor Relations Contact
Stephanie Zhadkevich
investors@irhythmtech.com
iRhythm Media Contact
Kassandra Perry
irhythm@highwirepr.com
v3.24.2.u1
Cover
|
Jul. 31, 2024 |
| Cover [Abstract] |
|
| Document Type |
8-K
|
| Document Period End Date |
Jul. 31, 2024
|
| Entity Registrant Name |
iRhythm Technologies, Inc.
|
| Entity Incorporation, State or Country Code |
DE
|
| Entity File Number |
001-37918
|
| Entity Tax Identification Number |
20-8149544
|
| Entity Address, Address Line One |
699 8th Street
|
| Entity Address, Address Line Two |
Suite 600
|
| Entity Address, City or Town |
San Francisco
|
| Entity Address, State or Province |
CA
|
| Entity Address, Postal Zip Code |
94103
|
| City Area Code |
415
|
| Local Phone Number |
632-5700
|
| Written Communications |
false
|
| Soliciting Material |
false
|
| Pre-commencement Tender Offer |
false
|
| Pre-commencement Issuer Tender Offer |
false
|
| Title of 12(b) Security |
Common Stock, Par Value $0.001 Per Share
|
| Trading Symbol |
IRTC
|
| Security Exchange Name |
NASDAQ
|
| Entity Emerging Growth Company |
false
|
| Entity Central Index Key |
0001388658
|
| Amendment Flag |
false
|
| X |
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dei_AmendmentFlag |
| Namespace Prefix: |
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xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
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dei_DocumentPeriodEndDate |
| Namespace Prefix: |
dei_ |
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xbrli:dateItemType |
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na |
| Period Type: |
duration |
|
| X |
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dei_DocumentType |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:submissionTypeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
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| X |
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| Name: |
dei_EntityAddressAddressLine1 |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
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| Period Type: |
duration |
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| X |
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| Name: |
dei_EntityAddressAddressLine2 |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Definition
+ References
+ Details
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dei_EntityAddressCityOrTown |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
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dei_EntityAddressPostalZipCode |
| Namespace Prefix: |
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| Period Type: |
duration |
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| X |
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| Namespace Prefix: |
dei_ |
| Data Type: |
dei:stateOrProvinceItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
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| X |
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-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
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na |
| Period Type: |
duration |
|
| X |
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dei_EntityFileNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:fileNumberItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
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dei_EntityIncorporationStateCountryCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarStateCountryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
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-Publisher SEC
-Name Exchange Act
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-Section 12
-Subsection b-2
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| Period Type: |
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| X |
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-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
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dei_EntityTaxIdentificationNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:employerIdItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionLocal phone number for entity.
| Name: |
dei_LocalPhoneNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
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dei_PreCommencementIssuerTenderOffer |
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dei_ |
| Data Type: |
xbrli:booleanItemType |
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| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
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| Data Type: |
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-Publisher SEC
-Name Exchange Act
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-Section 12
-Subsection b
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dei_ |
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-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
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dei_ |
| Data Type: |
dei:edgarExchangeCodeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14a
-Subsection 12
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dei_SolicitingMaterial |
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dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
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dei_TradingSymbol |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:tradingSymbolItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
iRhythm Technologies (NASDAQ:IRTC)
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iRhythm Technologies (NASDAQ:IRTC)
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From Feb 2024 to Feb 2025
