iRhythm Technologies Announces Closing of Follow-on Public Offering and Full Exercise of the Underwriters’ Option to Purchase Additional Shares

Rhea-AI Summary

iRhythm Technologies (NASDAQ: IRTC) has successfully closed its underwritten public offering of 1,257,142 shares at $175.00 each, totaling approximately $220 million in gross proceeds. This includes the full exercise of underwriters' options for an additional 163,975 shares. J.P. Morgan and Morgan Stanley led the offering, with Citigroup and others as co-managers. Investors can access the final prospectus on the SEC website. iRhythm focuses on innovative cardiac care solutions, utilizing wearable biosensors and cloud analytics to enhance arrhythmia diagnosis.

Positive

• Gross proceeds from the offering amount to approximately $220 million.
• The offering included the full exercise of an option for additional shares, indicating strong demand.

Negative

• The public offering could lead to shareholder dilution.
• Potential risks associated with forward-looking statements as stated in the press release.

SAN FRANCISCO, Aug. 21, 2020 (GLOBE NEWSWIRE) -- iRhythm Technologies, Inc. (NASDAQ: IRTC), a leading digital health care solutions company focused on the advancement of cardiac care, announced today the closing of its underwritten public offering of 1,257,142 shares of its common stock at a public offering price of $175.00 per share, which included the exercise in full of the underwriters’ option to purchase 163,975 additional shares of common stock on the same terms and conditions. All of the shares were offered for sale by iRhythm Technologies. Gross proceeds from the offering to iRhythm Technologies were approximately $220 million, before deducting underwriting discounts and commissions and other offering expenses payable by iRhythm Technologies.

J.P. Morgan and Morgan Stanley served as joint lead book-running managers for the offering.  Citigroup, Truist Securities and William Blair acted as co-managers. 

Registration statements for the offering to which this press release relates have been filed with, and declared effective by, the U.S. Securities and Exchange Commission (the SEC). The final prospectus relating to the offering is available for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, copies may be obtained from: J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, via telephone: (866) 803-9204, or via email: prospectus-eq_fi@jpmorgan.com; or Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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.

Forward-Looking Statements
This press 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 an offering of iRhythm Technologies’ common stock. 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 the final prospectus supplement related to this offering filed with the Securities and Exchange Commission. 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
Lynn Pieper Lewis or Leigh Salvo
(415) 937-5404
investors@irhythmtech.com

FAQ

What is the size and price of iRhythm's public offering on August 21, 2020?

iRhythm Technologies closed its public offering of 1,257,142 shares at $175.00 per share.

What are the gross proceeds from iRhythm's recent offering?

The gross proceeds from the offering amount to approximately $220 million.

Who managed iRhythm's public offering?

J.P. Morgan and Morgan Stanley served as joint lead book-running managers for the offering.

What risks are associated with iRhythm's public offering?

Risks include potential shareholder dilution and uncertainties as mentioned in the forward-looking statements.