iRhythm Technologies, which sells a cardiac arrhythmia monitoring device, filed on Friday with the SEC to raise up to $86 million in an initial public offering.
The digital health company offers its ZIO Service to patients with heart rhythm disorders (arrhythmias), which affect 11 million people in the US. The Service consists of a biosensor (ZIO Patch) worn for up to 14 days, as well as the company's algorithmic analysis (ZIO Report) sent to a patient's physician. Cleared by the FDA in 2009, it has provided the ZIO Service to over 500,000 patients and has collected over 125 million hours of heartbeat data.
The San Francisco, CA-based company was founded in 2006 and booked $49 million in sales for the 12 months ended June 30, 2016. It plans to list on the Nasdaq under the symbol IRTC. J.P. Morgan and Morgan Stanley are the joint bookrunners on the deal. No pricing terms were disclosed.
