iRhythm licenses BioIntelliSense sensor tech for up to $35M + royalties; reaffirms FY2024 guidance

iRhythm Holdings, Inc.

iRhythm pays $15M upfront and up to $20M in milestone payments for an exclusive ACM license of pulse oximetry, accelerometry, and non-invasive BP tech.
Also purchased $40M in convertible notes from BioIntelliSense; $20M of Milestone Notes will be cancelled upon regulatory milestones.
Low single-digit royalties on home sleep testing product sales; license expires 10 years after first commercial sale per country.
iRhythm expects a non-recurring acquired IPR&D expense in 2024 but no material additional development costs; FY2024 revenue, gross margin, and adjusted EBITDA guidance reaffirmed.
Deal aims to expand iRhythm's ACM platform and enable entry into sleep apnea and other adjacent indications.

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