IRADIMED Announces Special $1.00 Per Share Cash Dividend

Rhea-AI Summary

IRADIMED CORPORATION (NASDAQ: IRMD) has announced a special cash dividend of $1.00 per share, payable on February 24, 2022, to shareholders of record by February 17, 2022. This decision reflects the company's strong financial performance, with a cash reserve of nearly $62 million at the end of 2021. The Board aims to return excess cash to its shareholders while ensuring operational and investment needs are met.

Positive

• Approval of a special cash dividend of $1.00 per share.
• Cash reserve of nearly $62 million as of end of 2021.

Negative

• None.

WINTER SPRINGS, Fla., Feb. 07, 2022 (GLOBE NEWSWIRE) -- IRADIMED CORPORATION (the “Company”) (NASDAQ: IRMD), announced that its Board of Directors approved a special cash dividend of $1.00 per share on the Company’s outstanding common stock. This special cash dividend is payable on February 24, 2022 to shareholders of record at the close of business on February 17, 2022. The Company is a leader in the development of innovative magnetic resonance imaging (“MRI”) medical devices. It produces the only known non-magnetic intravenous (“IV”) infusion pump system, and a non-magnetic patient vital signs monitoring system that is designed for use during MRI procedures.

“One of the Board’s commitments is maximizing returns to its shareholders. With our strong financial results over the years and our ability to generate cash from operations, our cash balance grew to nearly $62 million at the end of 2021. This balance exceeds our needs to support normal operations and make future investments in the Company that will support the additional growth we expect. Therefore, the Board determined the best use of this excess cash is to return it to shareholders in the form of a special cash dividend,” said Roger Susi, Chairman, President and Chief Executive Officer of the Company.

IRADIMED will allocate capital in the future based on its continued ability to generate cash from operations, its capital needs to support normal operations, and making investments that are aimed at supporting its growth.

About IRADIMED CORPORATION

IRADIMED CORPORATION is a leader in the development of innovative magnetic resonance imaging (“MRI”) compatible medical devices. We are the only known provider of a non-magnetic intravenous (“IV”) infusion pump system that is specifically designed to be safe for use during MRI procedures. We were the first to develop an infusion delivery system that largely eliminates many of the dangers and problems present during MRI procedures. Standard infusion pumps contain magnetic and electronic components which can create radio frequency interference and are dangerous to operate in the presence of the powerful magnet that drives an MRI system. Our patented MRidium® MRI compatible IV infusion pump system has been designed with a non-magnetic ultrasonic motor, uniquely designed non-ferrous parts and other special features to safely and predictably deliver anesthesia and other IV fluids during various MRI procedures. Our pump solution provides a seamless approach that enables accurate, safe and dependable fluid delivery before, during and after an MRI scan, which is important to critically ill patients who cannot be removed from their vital medications, and children and infants who must generally be sedated to remain immobile during an MRI scan.

Our 3880 MRI compatible patient vital signs monitoring system has been designed with non-magnetic components and other special features to safely and accurately monitor a patient’s vital signs during various MRI procedures. The IRADIMED 3880 system operates dependably in magnetic fields up to 30,000 gauss, which means it can operate virtually anywhere in the MRI scanner room. The IRADIMED 3880 has a compact, lightweight design allowing it to travel with the patient from their critical care unit, to the MRI and back, resulting in increased patient safety through uninterrupted vital signs monitoring and decreasing the amount of time critically ill patients are away from critical care units. The features of the IRADIMED 3880 include: wireless ECG with dynamic gradient filtering; wireless SpO2 using Masimo® algorithms; non-magnetic respiratory CO2; invasive and non-invasive blood pressure; patient temperature, and; optional advanced multi-gas anesthetic agent unit featuring continuous Minimum Alveolar Concentration measurements. The IRADIMED 3880 MRI compatible patient vital signs monitoring system has an easy-to-use design and allows for the effective communication of patient vital signs information to clinicians.

For more information please visit www.iradimed.com.  

Forward-Looking Statements

This press release contains forward-looking statements (i.e., statements which are not historical facts). Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date that they are made and which reflect management's current estimates, projections, expectations or beliefs and which involve risks and uncertainties that could cause actual results and outcomes to be materially different. Risks and uncertainties that may affect the future results of the company include, but are not limited to, impacts of the COVID-19 pandemic, including the impact of existing and new variants, and measures taken in response; potential disruptions in our limited supply chain for our products; the Company’s ability to receive FDA 510(k) clearance for new products and product candidates; unexpected costs, delays or diversion of management’s attention associated with the design, manufacture or sale of new products; the Company’s ability to implement successful sales techniques for existing and future products and evaluate the effectiveness of its sales techniques; additional actions, warnings or requests from the FDA or other regulatory bodies; our significant reliance on a limited number of products; a reduction in international distribution; actions of the FDA or other regulatory bodies that could delay, limit or suspend product development, manufacturing or sales; the effect of recalls, patient adverse events or deaths on our business; difficulties or delays in the development, production, manufacturing and marketing of new or existing products and services; changes in laws and regulations or in the interpretation or application of laws or regulations. Further information on these and other factors that could affect the Company’s financial results is included in filings we make with the Securities and Exchange Commission from time to time. All forward-looking statements are based on information available to us on the date hereof, and we assume no obligation to update forward-looking statements.

Media Contact:
Chris Scott
Chief Financial and Operating Officer
IRADIMED CORPORATION
(407) 677-8022
InvestorRelations@iradimed.com

FAQ

What is the special cash dividend declared by IRADIMED (IRMD)?

IRADIMED declared a special cash dividend of $1.00 per share.

When will the special dividend be paid to shareholders?

The special cash dividend will be paid on February 24, 2022.

What is the record date for the dividend payment?

The record date for the dividend payment is February 17, 2022.

What is the reason behind the special dividend by IRADIMED?

The dividend reflects strong financial results and excess cash from operations.