iRhythm Technologies, Inc. (NASDAQ:IRTC) Q4 2021 Earnings Conference Call February 23, 2022 4:30 PM ET Company Participants Leigh Salvo - Head, Investor Relations Quentin Blackford - President and Chief Executive Officer Doug Devine - COO & CFO Dan Wilson - EVP of Corporate Strategy and Investor Relations Conference Call Participants Allen Gong - JP Morgan Calvin Chu - Morgan Stanley Maggie Boeye - William Blair David Rescott - Truist Securities David Saxon - Needham Suraj Kalia - Oppenheimer & Company Bill ...

iRHYTHM® Investor Presentation January 2022 Safe Harbor Certain data in this presentation was obtained from various external sources, and neither "iRhythm" or the "Company" nor its affiliates or representatives has verified such data with independent sources. Accordingly, neither the Company nor any of its affiliates, advisers or representatives makes any representations as to the accuracy of that data or undertakes to update such data after the date of this presentation. Such data involves risks and uncert ...

iRhythm Technologies, Inc. (NASDAQ:IRTC) Q3 2021 Earnings Conference Call November 4, 2021 4:30 PM ET Company Participants Leigh Salvo – Head, Investor Relations Quentin Blackford – President and Chief Executive Officer Doug Devine – Chief Financial Officer Conference Call Participants Brandon Vazquez – William Blair Calvin Chu – Morgan Stanley David Rescott – Truist Securities Joanne Wuensch – Citibank Allen Gong – JP Morgan Marie Thibault – BTIG William Plovanic – Canaccord Operator Good day and thank you ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________________________________________ Form 10-Q _______________________________________________________________________ (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-37918 _______ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________________________________________ Form 10-Q _______________________________________________________________________ (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-37918 ____________ ...

iRhythm Technologies, Inc. (NASDAQ:IRTC) Q2 2021 Earnings Conference Call August 5, 2021 4:30 PM ET Company Participants Leigh Salvo - Head, Investor Relations Doug Devine - Interim Chief Executive Officer & Chief Financial Officer Dan Wilson - Executive Vice President of Strategy, Corporate Development Mark Day - Executive Vice President of Research & Development Conference Call Participants Brandon Vazquez - William Blair Calvin Chu - Morgan Stanley Bill Plovanic - Canaccord Sam Brodovsky - Truist Suraj K ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________________________________________ Form 10-Q _______________________________________________________________________ (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-37918 ___________ ...

Financial Data and Key Metrics Changes - Revenue for Q1 2021 was $74.3 million, representing a year-over-year growth of 17% despite a negative impact of $13 million from updated Novitas rates [32][38] - Gross margins were 68.4%, down 6.3% year-over-year and 5.6% quarter-on-quarter [38][40] - Adjusted EBITDA was negative $5.2 million, an increase of $2.2 million year-on-year but down $11.7 million quarter-on-quarter [38][42] - Cash and short-term investments were $262 million at quarter end, down $73 million from Q4 2020 [39][42] - Net loss for Q1 2021 was negative $27.8 million or a loss of $0.95 per share compared to a net loss of $9.1 million or $0.34 per share in the same period of the prior year [44] Business Line Data and Key Metrics Changes - Zio XT volume in the U.S. drove the majority of growth in Q1, while Zio AT in the U.S. and Zio XT in the U.K. outpaced overall company growth on a percentage basis [39][33] - New account onboarding increased by 11% compared to Q4 2020, reaching historically high levels [39] - Zio AT has seen significant traction as a best-in-class mobile cardiac telemetry service, with strong volume growth exceeding initial expectations [32][35] Market Data and Key Metrics Changes - The U.K. market showed very strong volume growth, outpacing overall company growth, driven by the AI award and NICE recommendation [34] - The company estimates it is near 20% penetrated in its core market, with continued growth driving toward becoming the new standard of care in cardiac arrhythmia monitoring [33] Company Strategy and Development Direction - The company is committed to achieving pricing that reflects the benefits of its technology and is actively pursuing multiple paths for revised Medicare pricing [10][12] - There is a focus on operational efficiencies to support profitability and growth, with initiatives in manufacturing, clinical operations, and revenue cycle management [12][46] - International expansion and expanding indications for use are seen as substantial opportunities for sustainable growth and value creation [13][35] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the strong demand for Zio XT and the clinical and economic value it provides [50][51] - The company acknowledges the need to adapt to lower reimbursement levels while continuing to invest in growth areas [52] - There is a commitment to ensuring access to Zio XT for Medicare patients until all paths for appropriate pricing have been fully explored [51][31] Other Important Information - The company is holding discussions with Novitas and other MACs to establish more appropriate rates for long-term continuous ECG monitoring [20][21] - Advocacy efforts are ongoing to highlight the clinical value of long-term continuous monitoring, with over 140 letters sent to Novitas [24][25] Q&A Session Summary Question: Can you provide insights into conversations with payors and upcoming contract renewals? - Management reported constructive discussions with payors, with 90% of negotiations completed and a focus on addressing Medicare pricing concerns [55][56] Question: What has changed in Novitas's approach to pricing? - The methodology used by Novitas is based on direct product costs, and management is working to include broader variable costs in discussions [61][62] Question: What factors influenced the Q2 guidance? - The guidance reflects a conservative approach due to the need for staffing to meet demand, despite strong performance in Q1 [68] Question: What are the next steps for national coverage decisions? - The process involves comment periods and decision-making phases, with key milestones expected in July/August and November/December [86][89]

iRhythm Technologies, Inc. (NASDAQ:IRTC) Q4 2020 Earnings Conference Call February 25, 2021 4:30 PM ET Company Participants Leigh Salvo - Investor Relations Mike Coyle - Chief Executive Officer Doug Devine - Chief Financial Officer Conference Call Participants David Lewis - Morgan Stanley Robbie Marcus - JPMorgan Brandon Vazquez - William Blair Kaila Krum - Truist Marie Thibault - BTIG Bill Plovanic - Canaccord Suraj Kalia - Oppenheimer Operator Ladies and gentlemen, thank you for standing by and welcome to ...

PART I [Business](index=4&type=section&id=Item%201.%20Business) iRhythm Technologies is a digital healthcare company specializing in ambulatory cardiac monitoring with its Zio service, reporting **$265.2 million revenue** and a **$43.8 million net loss** in 2020 - iRhythm is a digital healthcare company diagnosing cardiac arrhythmias via its Zio service, which has served over **three million patients** and accumulated over **750 million hours** of heartbeat data[14](index=14&type=chunk) Financial Performance (2019-2020) | Metric | 2020 (million $) | 2019 (million $) | | :--- | :--- | :--- | | Revenue | $265.2 | $214.6 | | Net Loss | $43.8 | $54.6 | - The Zio service platform features the Zio XT monitor for continuous monitoring and the Zio AT monitor for timely transmission of significant arrhythmia events[19](index=19&type=chunk)[23](index=23&type=chunk) - Growth strategy focuses on U.S. market penetration, sales force expansion, international growth (U.K.), and new clinical use cases for high-risk asymptomatic patients and post-procedure monitoring[74](index=74&type=chunk)[75](index=75&type=chunk)[76](index=76&type=chunk) - In September 2019, iRhythm collaborated with Verily Life Sciences to develop next-generation atrial fibrillation screening and detection products, involving upfront and milestone payments[71](index=71&type=chunk) - As of December 31, 2020, the company employed **1,157 full-time staff**, including **145 direct sales representatives**[23](index=23&type=chunk)[97](index=97&type=chunk) [Risk Factors](index=32&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from reimbursement changes, intense competition, operational execution, and the ongoing impact of the COVID-19 pandemic, alongside a history of net losses - Adverse changes in CMS reimbursement rates for the Zio service, particularly new CPT code rates published in January 2021, pose a significant risk to revenue if not favorably renegotiated[160](index=160&type=chunk)[180](index=180&type=chunk)[181](index=181&type=chunk) - The COVID-19 pandemic adversely impacted operations through limited sales access, deferred diagnostic procedures, and supply chain disruptions[160](index=160&type=chunk)[161](index=161&type=chunk)[163](index=163&type=chunk) - The company has a history of net losses, reporting **$43.8 million** in 2020 and **$54.6 million** in 2019, with continued losses expected due to growth investments[170](index=170&type=chunk) - Business success is highly dependent on broad physician adoption of the Zio service; failure to achieve this would adversely impact operations[160](index=160&type=chunk)[171](index=171&type=chunk) - The ambulatory cardiac monitoring market is highly competitive, with recent industry consolidation intensifying pressure from rivals possessing greater resources[160](index=160&type=chunk)[212](index=212&type=chunk)[213](index=213&type=chunk) - Recent management turnover, including the CEO's retirement and CFO/COO resignations, introduces operational uncertainty[160](index=160&type=chunk)[222](index=222&type=chunk) [Unresolved Staff Comments](index=60&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments - Not applicable[313](index=313&type=chunk) [Properties](index=60&type=section&id=Item%202.%20Properties) The company leases all its facilities, including corporate headquarters in San Francisco, clinical centers, and manufacturing in Cypress, deemed sufficient for current needs Leased Facilities | Facility Type | Location | Size (sq. ft.) | | :--- | :--- | :--- | | Corporate Headquarters | San Francisco, CA | 117,560 | | Clinical Center | Lincolnshire, IL | 41,500 | | Clinical Center | Houston, TX | 20,276 | | Manufacturing/Distribution | Cypress, CA | 17,558 | [Legal Proceedings](index=60&type=section&id=Item%203.%20Legal%20Proceedings) The company faces a putative class action lawsuit filed February 1, 2021, alleging Exchange Act violations, which it believes is without merit - A putative class action lawsuit was filed on February 1, 2021, alleging violations of Sections 10(b) and 20(a) of the Exchange Act for the period August 4, 2020, to January 28, 2021[319](index=319&type=chunk) - The company believes the lawsuit lacks merit and intends to defend itself vigorously[319](index=319&type=chunk) [Mine Safety Disclosures](index=61&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[320](index=320&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=62&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on NASDAQ under "IRTC"; it has never paid cash dividends and plans to retain earnings for business development Quarterly Stock Price (2020) | Quarter | High ($) | Low ($) | | :--- | :--- | :--- | | First | 101.40 | 57.79 | | Second | 131.18 | 72.13 | | Third | 238.11 | 111.60 | | Fourth | 261.17 | 180.80 | - The company has never declared or paid cash dividends and does not anticipate paying any in the foreseeable future[325](index=325&type=chunk) [Selected Consolidated Financial Data](index=64&type=section&id=Item%206.%20Selected%20Consolidated%20Financial%20Data) Selected financial data for 2016-2020 shows consistent revenue growth to **$265.2 million** in 2020, alongside continuous net losses, reaching **$43.8 million** in 2020 Selected Financial Data (2016-2020, in thousands) | Metric | 2020 (thousands $) | 2019 (thousands $) | 2018 (thousands $) | 2017 (thousands $) | 2016 (thousands $) | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | $265,166 | $214,552 | $147,277 | $99,129 | $64,551 | | Gross Profit | $194,889 | $162,067 | $108,482 | $70,926 | $43,660 | | Net Loss | $(43,830) | $(54,568) | $(50,378) | $(29,740) | $(20,795) | | Total Assets | $511,739 | $306,212 | $117,523 | $133,379 | $138,635 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=65&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2020, revenue grew **24% to $265.2 million**, while gross margin declined to **73%**; operating loss decreased to **$43.7 million**, and liquidity improved with a **$206.8 million** public offering despite COVID-19 disruptions Results of Operations Comparison (2019 vs. 2020) | Metric (thousands $) | 2020 | 2019 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Revenue | $265,166 | $214,552 | $50,614 | 24% | | Gross Profit | $194,889 | $162,067 | $32,822 | 20% | | Gross Margin | 73% | 76% | - | - | | Loss from Operations | $(43,673) | $(54,755) | $11,082 | 20% | | Net Loss | $(43,830) | $(54,568) | $10,738 | 20% | - The **24% revenue growth** in 2020 was driven by increased Zio service volume, while gross margin decreased due to product mix and fixed costs during the COVID-19 pandemic[355](index=355&type=chunk)[357](index=357&type=chunk) - COVID-19 caused a mid-March 2020 decline in patient registrations, but volumes recovered in the second half, supported by increased "Home Enrollment" services[340](index=340&type=chunk)[342](index=342&type=chunk) Cash Flow Summary (in thousands) | Activity | 2020 (thousands $) | 2019 (thousands $) | 2018 (thousands $) | | :--- | :--- | :--- | :--- | | Net cash used in Operating | $(13,759) | $(21,863) | $(29,093) | | Net cash (used in) provided by Investing | $(132,391) | $(89,274) | $34,142 | | Net cash provided by Financing | $214,316 | $111,576 | $6,303 | - As of December 31, 2020, the company held **$88.6 million** in cash and equivalents and **$246.6 million** in short-term investments, with liquidity significantly enhanced by a **$206.0 million** public offering in August 2020[373](index=373&type=chunk)[383](index=383&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=78&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's market risks, primarily from interest rate sensitivity and British Pound Sterling foreign currency exposure, are not considered material by management - The company faces interest rate risk on cash, investments, and variable-rate debt, but a hypothetical **10%** interest rate change would not materially impact financial statements[419](index=419&type=chunk)[421](index=421&type=chunk) - Foreign currency exchange risk, mainly from British Pound Sterling transactions, is not considered material[422](index=422&type=chunk) [Financial Statements and Supplementary Data](index=79&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents audited financial statements for 2020, with PricewaterhouseCoopers LLP identifying a material weakness in internal control over financial reporting due to an ineffective control environment - PricewaterhouseCoopers LLP concluded that internal control over financial reporting was ineffective as of December 31, 2020, citing a material weakness from an ineffective control environment and insufficient accounting expertise[428](index=428&type=chunk)[429](index=429&type=chunk) - The auditor identified the estimation of Contractual Allowance and Allowance for Doubtful Accounts for third-party payors as a Critical Audit Matter, given significant management judgment[437](index=437&type=chunk)[438](index=438&type=chunk) Consolidated Balance Sheet Highlights (in thousands) | Account | Dec 31, 2020 (thousands $) | Dec 31, 2019 (thousands $) | | :--- | :--- | :--- | | Cash, cash equivalents, & short-term investments | $335,217 | $140,551 | | Total Assets | $511,739 | $306,212 | | Total Liabilities | $170,127 | $170,803 | | Total Stockholders' Equity | $341,612 | $135,409 | Consolidated Statement of Operations (in thousands) | Account | 2020 (thousands $) | 2019 (thousands $) | 2018 (thousands $) | | :--- | :--- | :--- | | Revenue | $265,166 | $214,552 | $147,277 | | Gross Profit | $194,889 | $162,067 | $108,482 | | Loss from Operations | $(43,673) | $(54,755) | $(45,691) | | Net Loss | $(43,830) | $(54,568) | $(50,378) | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=125&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants regarding accounting and financial disclosure - None[622](index=622&type=chunk) [Controls and Procedures](index=125&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded disclosure controls were ineffective as of December 31, 2020, due to a material weakness in the control environment, though prior weaknesses were remediated - Management concluded that disclosure controls and procedures were ineffective as of December 31, 2020, due to a material weakness in internal control over financial reporting[624](index=624&type=chunk) - The material weakness identified is an ineffective control environment, resulting from insufficient accounting and internal control expertise amidst rapid company growth[627](index=627&type=chunk) - Remediation efforts include hiring additional experienced finance staff and two Internal Audit Directors to enhance the control environment[630](index=630&type=chunk) - Previously disclosed material weaknesses in the 2019 10-K, concerning financial statement close and revenue accounting, were remediated by December 31, 2020[632](index=632&type=chunk)[634](index=634&type=chunk) [Other Information](index=127&type=section&id=Item%209B.%20Other%20Information) The company reports no other information to disclose for this item - None[637](index=637&type=chunk) PART III [Directors, Executive Officers, Corporate Governance, Executive Compensation, Security Ownership, and Principal Accountant Fees and Services](index=128&type=section&id=Item%2010%2C%2011%2C%2012%2C%2013%2C%20and%2014) Information for Items 10-14, covering governance, compensation, and ownership, is incorporated by reference from the 2021 Proxy Statement - Information for Items 10, 11, 12, 13, and 14 is incorporated by reference from the definitive Proxy Statement, to be filed within **120 days** after December 31, 2020[640](index=640&type=chunk)[641](index=641&type=chunk)[642](index=642&type=chunk) PART IV [Exhibits, Financial Statement Schedules](index=129&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists exhibits for the 10-K, with financial statement schedules omitted, and includes an index of material agreements and corporate governance documents - All required financial statements are included; financial statement schedules are omitted as not applicable or already present in the statements and notes[648](index=648&type=chunk) - An index of exhibits, as required by Item 601 of Regulation S-K, provides a list of material agreements and corporate governance documents[649](index=649&type=chunk)[650](index=650&type=chunk)