iRhythm Technologies Announces Amendment to Term Loan Agreement
iRhythm Technologies announced an amended credit facility with Silicon Valley Bank, enhancing its borrowing capacity to $100 million.
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Rhea-AI Summary
iRhythm Technologies announced an amended credit facility with Silicon Valley Bank, enhancing its borrowing capacity to $100 million. This includes a term loan of $75 million and a revolving credit line of $25 million, maturing on March 1, 2027. The company has drawn down $35 million to pay off previous debt and fund working capital. This non-dilutive financing strengthens iRhythm's financial position, supporting growth in cardiac care through advanced monitoring solutions.
Positive
- Enhanced credit facility increases borrowing capacity to $100 million.
- Non-dilutive financing improves financial stability.
- Amended terms include reduced cost of capital and extended maturity to March 2027.
Negative
- None.
Details
News Market Reaction – IRTC
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Provides enhanced credit facility up to
SAN FRANCISCO, March 29, 2022 (GLOBE NEWSWIRE) -- iRhythm Technologies, Inc. (NASDAQ: IRTC), a leading digital healthcare solutions company focused on the advancement of cardiac care, announced it has amended its existing debt facility with Silicon Valley Bank (the “Amended Credit Facility”). The agreement improves upon the pricing and terms of iRhythm’s existing credit facility (“Existing Credit Facility”).
The Amended Credit Facility is non-dilutive and consists of a term loan of up to
“We are pleased to further strengthen our cash position with non-dilutive financing at a reduced cost of capital and an extended maturity compared to our prior loan agreement,” said Quentin Blackford, iRhythm President and CEO. “This amendment to our existing debt facility provides us with continued financial stability and flexibility to execute upon our core strategies of accelerating growth in our core market and expanding our opportunities in adjacent ones.”
"Silicon Valley Bank is thrilled to continue partnering with iRhythm to support their mission to advance cardiac care with innovative and clinically actionable heart monitoring solutions," said Kristina Peralta, Senior Vice President, Life Science & Healthcare at Silicon Valley Bank.
Additional information on the Amended Credit Facility can be found in our Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on March 29, 2022.
About iRhythm Technologies, Inc.
iRhythm is a leading digital health care company redefining the way cardiac arrhythmias are clinically diagnosed. The company combines wearable biosensor devices worn for up to 14 days and cloud-based data analytics with powerful proprietary algorithms that distill data from millions of heartbeats into clinically actionable information. The company believes improvements in arrhythmia detection and characterization have the potential to change clinical management of patients.
About Silicon Valley Bank
Silicon Valley Bank (SVB) helps innovative companies and investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at http://svb.com.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These statements include statements regarding the availability of funds under the Term Loan and Credit Facility. 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 filing made with the Securities and Exchange Commission on the Form 10-K. 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: | Media Contact: |
| Leigh Salvo | Saige Smith |
| (415) 937-5404 | (262) 289-7065 |
| investors@irhythmtech.com | irhythm@highwirepr.com |
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