NASDAQ: IRTC
iRhythm Holdings, Inc.CIK 0001388658 · SIC 3841 · Surgical & Medical Instruments
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iRhythm board member Brian Yoor resigns for personal reasons; McGinnis named Audit chair
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iRhythm to acquire Vital Connect for $287.5M in cash and stock
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revenue $224.2M, net income -$381,000. iRhythm Q2 FY26: revenue +20%, operating loss narrows 86%
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iRhythm discloses material cybersecurity breach exposing patient health data and proprietary info
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iRhythm settles securities class action for $45M, mostly covered by insurance
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iRhythm shareholders approve new 2026 equity plan, elect directors at annual meeting
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iRhythm reports Q1 2026 financial results in routine earnings disclosure
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iRhythm Q1 revenue jumps 26% to $199.4M; profitability turns positive amid new DOJ probe
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iRhythm switches auditors from PwC to KPMG, cites no accounting disputes
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iRhythm appoints Jason Patten to Board and Audit Committee effective March 12
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revenue $747.1M, net income -$44.6M. iRhythm swings to positive Adjusted EBITDA amid 26% revenue growth, IP litigation costs
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Latest financial statements
From 10-Q filed Aug 6, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except per share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| 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 | — | 13,950 | — |
| Impairment charges | — | 2,479 | — | 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) | — | (183) | 500 | 482 |
| Net loss | (381) | (14,218) | (14,314) | (44,918) |
| Net loss per common share, basic and diluted | (0.01) | (0.44) | (0.44) | (1.41) |
| Weighted-average shares, basic and diluted | 32,895 | 31,990 | 32,702 | 31,791 |
Condensed Consolidated Balance Sheets
(In thousands, except par value)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| Assets | ||
| 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 |
| Liabilities and Stockholders’ Equity | ||
| 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 | — | — |
| 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 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 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 | — | 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) | — |
| 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) | — |
| 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 |
Amounts as printed on the EDGAR/iXBRL face — (In thousands, except per share data); (In thousands, except par value); (In thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗