IRADIMED CORPORATION Announces Fourth Quarter and Full Year of 2024 Financial Results and Increases its Regular Quarterly Cash Dividend to $0.17 Per Share from $0.15 Per Share
IRADIMED (NASDAQ: IRMD) reported record Q4 2024 revenue of $19.4 million, up 11% year-over-year, marking its fourteenth consecutive quarter of revenue growth. The company achieved Q4 GAAP diluted EPS of $0.40 and non-GAAP diluted EPS of $0.44.
For full-year 2024, revenue reached $73.2 million, a 12% increase from 2023, with GAAP diluted EPS of $1.50 and non-GAAP diluted EPS of $1.66. The company increased its quarterly dividend to $0.17 per share from $0.15.
Looking ahead to 2025, IRADIMED projects revenue between $78.0-82.0 million, with GAAP diluted EPS of $1.55-1.65 and non-GAAP diluted EPS of $1.71-1.81. Q1 2025 guidance indicates revenue of $19.2-19.4 million with GAAP diluted EPS of $0.35-0.39.
IRADIMED (NASDAQ: IRMD) ha riportato un fatturato record per il quarto trimestre del 2024 di 19,4 milioni di dollari, con un incremento dell'11% rispetto all'anno precedente, segnando il quattordicesimo trimestre consecutivo di crescita dei ricavi. L'azienda ha registrato un utile per azione (EPS) diluito GAAP di 0,40 dollari e un EPS diluito non GAAP di 0,44 dollari.
Per l'intero anno 2024, il fatturato ha raggiunto i 73,2 milioni di dollari, con un aumento del 12% rispetto al 2023, con un EPS diluito GAAP di 1,50 dollari e un EPS diluito non GAAP di 1,66 dollari. L'azienda ha aumentato il suo dividendo trimestrale a 0,17 dollari per azione, rispetto a 0,15 dollari.
Guardando al 2025, IRADIMED prevede un fatturato compreso tra 78,0 e 82,0 milioni di dollari, con un EPS diluito GAAP di 1,55-1,65 dollari e un EPS diluito non GAAP di 1,71-1,81 dollari. Le previsioni per il primo trimestre del 2025 indicano un fatturato di 19,2-19,4 milioni di dollari con un EPS diluito GAAP di 0,35-0,39 dollari.
IRADIMED (NASDAQ: IRMD) reportó ingresos récord de 19,4 millones de dólares en el cuarto trimestre de 2024, un aumento del 11% en comparación con el año anterior, marcando su decimocuarto trimestre consecutivo de crecimiento en los ingresos. La compañía logró un EPS diluido GAAP de 0,40 dólares y un EPS diluido no GAAP de 0,44 dólares.
Para el año completo de 2024, los ingresos alcanzaron los 73,2 millones de dólares, un aumento del 12% respecto a 2023, con un EPS diluido GAAP de 1,50 dólares y un EPS diluido no GAAP de 1,66 dólares. La compañía aumentó su dividendo trimestral a 0,17 dólares por acción, desde 0,15 dólares.
De cara a 2025, IRADIMED proyecta ingresos entre 78,0 y 82,0 millones de dólares, con un EPS diluido GAAP de 1,55-1,65 dólares y un EPS diluido no GAAP de 1,71-1,81 dólares. La guía para el primer trimestre de 2025 indica ingresos de 19,2-19,4 millones de dólares con un EPS diluido GAAP de 0,35-0,39 dólares.
IRADIMED (NASDAQ: IRMD)는 2024년 4분기 매출이 1,940만 달러로 작년 대비 11% 증가했다고 보고했으며, 이는 14분기 연속 매출 성장 기록입니다. 회사는 GAAP 희석 EPS가 0.40달러, 비GAAP 희석 EPS가 0.44달러를 기록했습니다.
2024년 전체 연도 매출은 7320만 달러에 도달하여 2023년 대비 12% 증가했으며, GAAP 희석 EPS는 1.50달러, 비GAAP 희석 EPS는 1.66달러였습니다. 회사는 분기 배당금을 0.15달러에서 0.17달러로 인상했습니다.
2025년을 바라보며, IRADIMED는 매출이 7,800만 달러에서 8,200만 달러 사이가 될 것으로 예상하며, GAAP 희석 EPS는 1.55-1.65달러, 비GAAP 희석 EPS는 1.71-1.81달러가 될 것으로 보입니다. 2025년 1분기 가이던스는 1,920만-1,940만 달러의 매출과 GAAP 희석 EPS가 0.35-0.39달러로 예상됩니다.
IRADIMED (NASDAQ: IRMD) a annoncé un chiffre d'affaires record de 19,4 millions de dollars pour le quatrième trimestre 2024, en hausse de 11 % par rapport à l'année précédente, marquant son quatorzième trimestre consécutif de croissance des revenus. L'entreprise a réalisé un BPA dilué GAAP de 0,40 dollar et un BPA dilué non GAAP de 0,44 dollar.
Pour l'année 2024 dans son ensemble, le chiffre d'affaires a atteint 73,2 millions de dollars, soit une augmentation de 12 % par rapport à 2023, avec un BPA dilué GAAP de 1,50 dollar et un BPA dilué non GAAP de 1,66 dollar. L'entreprise a augmenté son dividende trimestriel à 0,17 dollar par action, contre 0,15 dollar auparavant.
En regardant vers 2025, IRADIMED prévoit un chiffre d'affaires compris entre 78,0 et 82,0 millions de dollars, avec un BPA dilué GAAP de 1,55-1,65 dollar et un BPA dilué non GAAP de 1,71-1,81 dollar. Les prévisions pour le premier trimestre 2025 indiquent un chiffre d'affaires de 19,2-19,4 millions de dollars avec un BPA dilué GAAP de 0,35-0,39 dollar.
IRADIMED (NASDAQ: IRMD) berichtete über einen Rekordumsatz von 19,4 Millionen Dollar im vierten Quartal 2024, was einem Anstieg von 11% im Vergleich zum Vorjahr entspricht und das vierzehnte aufeinanderfolgende Quartal mit Umsatzwachstum markiert. Das Unternehmen erzielte einen GAAP-diluted EPS von 0,40 Dollar und einen non-GAAP-diluted EPS von 0,44 Dollar.
Für das Gesamtjahr 2024 erreichte der Umsatz 73,2 Millionen Dollar, was einem Anstieg von 12% gegenüber 2023 entspricht, mit einem GAAP-diluted EPS von 1,50 Dollar und einem non-GAAP-diluted EPS von 1,66 Dollar. Das Unternehmen erhöhte seine vierteljährliche Dividende von 0,15 Dollar auf 0,17 Dollar pro Aktie.
Für 2025 prognostiziert IRADIMED einen Umsatz zwischen 78,0 und 82,0 Millionen Dollar, mit einem GAAP-diluted EPS von 1,55-1,65 Dollar und einem non-GAAP-diluted EPS von 1,71-1,81 Dollar. Die Prognose für das erste Quartal 2025 deutet auf einen Umsatz von 19,2-19,4 Millionen Dollar mit einem GAAP-diluted EPS von 0,35-0,39 Dollar hin.
- Record Q4 2024 revenue of $19.4M, up 11% YoY
- Full-year 2024 revenue increased 12% to $73.2M
- Q4 2024 net income grew 13% to $5.1M
- Quarterly dividend increased by 13.3% to $0.17 per share
- Strong gross profit margin of 76.1% in Q4 2024
- Cash flow from operations increased 54% to $6.0M in Q4
- Slight decline in gross profit margin from 76.9% to 76.1% in Q4 YoY
- Patient Vital Signs Monitoring Systems revenue decreased YoY
Insights
IRADIMED's Q4 2024 results reveal a company executing exceptionally well across multiple fronts. The
Three key metrics signal robust business fundamentals:
- The increase in domestic sales mix to
85% from78% suggests strengthening market penetration in the higher-margin U.S. market - Recurring revenue streams from disposables, services, and warranty agreements now constitute
26% of total revenue, providing predictable cash flows - The
90% year-over-year increase in operating cash flow to$25.6 million demonstrates excellent operational efficiency and working capital management
The
The dividend increase to
- Reports record revenue of
$19.4 million for the fourth quarter of 2024, an increase of$1.9 million or11% , compared to the same period in 2023.
- Reports GAAP diluted EPS of
$0.40 and non-GAAP diluted EPS of$0.44 for the fourth quarter of 2024. - Reports GAAP diluted EPS of
$1.50 and non-GAAP diluted EPS of$1.66 for the full year of 2024. - Declares a regular quarterly cash dividend of
$0.17 per common share for the first quarter of 2025, payable on March 5, 2025.
WINTER SPRINGS, Fla., Feb. 13, 2025 (GLOBE NEWSWIRE) -- IRADIMED CORPORATION (the “Company”) (NASDAQ: IRMD) announced today its financial results for the three months and year ended December 31, 2024. The Company is a leader in the development of innovative magnetic resonance imaging (“MRI”) medical devices and the Company is the only known provider of a (i) non-magnetic intravenous (“IV”) infusion pump system and (ii) a non-magnetic patient vital signs monitoring system that are each designed for use during MRI procedures.
"We are proud to close out 2024 with another record-breaking quarter, marking our fourteenth consecutive quarter of revenue growth. Our strong performance was driven by sustained demand for our IV infusion pumps, robust gross and operating margins, and a growing order backlog that provides excellent momentum as we enter 2025. In light of our strong financial position and commitment to returning value to stockholders, we are pleased to announce an increase in our quarterly cash dividend from
“As for our guidance for the full year 2025, we expect to report revenue of
The Company’s board of directors (the “Board”) declared a regular quarterly cash dividend of
Three Months Ended December 31, 2024
For the three months ended December 31, 2024, the Company reported revenue of
For the three months ended December 31, 2024, the Company reported non-GAAP net income of
Year Ended December 31, 2024
For the year ended December 31, 2024, the Company reported revenue of
For the year ended December 31, 2024, the Company reported non-GAAP net income of
Revenue Information:
| Three Months Ended | Year Ended | |||||||||||
| December 31, | December 31, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Devices: | (unaudited) | (unaudited) | ||||||||||
| MRI Compatible IV Infusion Pump Systems | $ | 7,572,771 | $ | 5,644,225 | $ | 26,598,792 | $ | 19,611,128 | ||||
| MRI Compatible Patient Vital Signs Monitoring Systems | 6,573,867 | 6,850,452 | 24,411,777 | 25,414,537 | ||||||||
| Ferro Magnetic Detection Systems | 165,008 | 325,252 | 909,615 | 944,793 | ||||||||
| Total Devices revenue | 14,311,646 | 12,819,929 | 51,920,184 | 45,970,458 | ||||||||
| Disposables, services and other | 4,467,916 | 4,114,088 | 19,072,795 | 17,578,366 | ||||||||
| Amortization of extended warranty agreements | 609,605 | 518,159 | 2,249,142 | 2,013,472 | ||||||||
| Total revenue | $ | 19,389,167 | $ | 17,452,176 | $ | 73,242,121 | $ | 65,562,296 | ||||
For the three months ended December 31, 2024, domestic sales were
For the year ended December 31, 2024, domestic sales were
Cash Flow from Operations
For the three months ended December 31, 2024, cash flow from operations was
For the year ended December 31, 2024, cash flow from operations was
As construction continues on the Company’s new facility in Orlando, Florida, the Company anticipates spending approximately
Financial Guidance
For the full year 2025, the Company expects to report revenue of
The Company’s non-GAAP diluted earnings per share guidance excludes stock-based compensation expense, net of tax expense. The Company expects stock-based compensation expense, net of tax, to be approximately
Use of Non-GAAP Financial Measures
The Company believes using Non-GAAP net income, earnings per share, and free cash flow is helpful to our investors. These measures, which we refer to as our non-GAAP financial measures, are not prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These non-GAAP measures are intended to provide the reader with additional supplemental perspectives on operating results, performance trends, and financial condition. Non-GAAP financial measures are not a substitute for GAAP measures; they should be read and used in conjunction with the Company’s GAAP financial information. Because non-GAAP financial measures presented in this release are not measurements determined in accordance with GAAP and are susceptible to varying calculations, these non-GAAP financial measures, as presented, may not be comparable to other similarly titled measures presented by other companies.
We calculate non-GAAP net income as net income excluding:
(1) Stock-based compensation expense, net of tax. Because of varying available valuation methodologies, subjective assumptions, and the variety of equity instruments that can impact a company’s non-cash expenses, we believe that providing non-GAAP financial measures that exclude stock-based compensation expense allows for meaningful comparisons between our operating results from period to period;
(2) Operating expenses, net of tax, that we believe are not indicative of the Company’s ongoing core operating performance and;
(3) Infrequent income tax items are considered based on their nature and are excluded from the provision for income taxes as these costs or benefits are not indicative of our normal or future provision for income taxes.
We calculate free cash flow as net cash provided by operating activities, less net cash used in investing activities for the development of internal software and purchases of property and equipment.
We consider free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by our business that can be used for strategic opportunities, including investing in our business, making strategic acquisitions, strengthening our balance sheet and returning cash to our stockholders through various means.
Our non-GAAP financial measures are important tools for financial and operational decision-making and for evaluating our ongoing core operating results.
A reconciliation of the non-GAAP financial measures used in this release to the most comparable GAAP measures for the respective periods can be found in the table later in this release immediately following the condensed statements of operations. These non-GAAP financial measures should not be considered in isolation or as a substitute for a measure of the Company’s operating performance or liquidity prepared in accordance with GAAP and are not indicative of net income or cash provided by operating activities.
Conference Call
The Company has scheduled a conference call to discuss this release beginning at 11:00 a.m. Eastern Time, February 13, 2025. Individuals interested in listening to the conference call may do so by registering here, https://register.vevent.com/register/BI94f1f3be82df46ccb09997e06cb41e49. Once registered a dial-in number, a unique PIN, and instructions will be provided to participants.
The conference call will also be available in real-time via the Internet at http://www.iradimed.com/en-us/investors/events/. A recording of the call will be available on the Company’s website following the call's completion.
About IRADIMED CORPORATION
IRADIMED CORPORATION is a leader in developing innovative Magnetic Resonance Imaging (“MRI”) compatible medical devices. We design, manufacture, market, and distribute MRI-compatible medical devices, accessories, disposables, and related services.
We are the only known provider of a non-magnetic intravenous (“IV”) infusion pump system 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 that 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 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 essential 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 the 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 release and any oral statements made regarding the subject of this release contain forward-looking statements as defined under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, that address activities that the Company assumes, plans, expects, believes, intends, projects, indicates, estimates or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements, including statements relating financial guidance, future quarterly cash dividends, construction costs for the Company’s new facility in Orlando, Florida, and the Company’s strategic plans, objectives, and intentions. The forward-looking statements are based on management’s current belief, based on currently available information, as to the outcome and timing of future events. The forward-looking statements involve risks and uncertainties, including, among others, that our business plans may change as circumstances warrant.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date that they are made, 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; potential disruptions in our limited supply chain for our products; the Company’s ability to receive U.S. Food and Drug Administration (“FDA”) 510(k) clearance for new products and product candidates; unexpected costs, delays or diversion of management’s attention associated with the design, manufacturing 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; and changes in laws and regulations or in the interpretation or application of laws or regulations.
Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside of the Company’s control that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to, those included in Part II, Item 1A, “Risk Factors” of the Company’s Quarterly Reports on Form 10-Q, and Part I, Item 1A, “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as well as those otherwise described or updated from time to time in our other filings with the U.S. Securities and Exchange Commission. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and the Company undertakes no commitment to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
| IRADIMED CORPORATION CONDENSED BALANCE SHEETS | |||||
| December 31, | December 31, | ||||
| 2024 | 2023 | ||||
| (unaudited) | (audited) | ||||
| ASSETS | |||||
| Current assets: | |||||
| Cash and cash equivalents | $ | 52,233,907 | $ | 49,762,198 | |
| Other current assets | 22,472,302 | 26,238,914 | |||
| Total current assets | 74,706,209 | 76,001,112 | |||
| Property and equipment, net | 16,810,797 | 9,288,625 | |||
| Other assets | 6,808,769 | 6,866,361 | |||
| Total assets | $ | 98,325,775 | $ | 92,156,098 | |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||
| Current liabilities: | |||||
| Accounts payable | $ | 1,896,405 | $ | 1,857,091 | |
| Deferred revenue | 2,259,616 | 2,570,407 | |||
| Dividend payable | — | 7,975,997 | |||
| Other current liabilities | 4,356,287 | 3,923,811 | |||
| Total current liabilities | 8,512,308 | 16,327,306 | |||
| Deferred revenue, non-current | 2,993,287 | 2,793,548 | |||
| Operating lease liability, non-current | 1,424 | 1,615,080 | |||
| Total liabilities | 11,507,019 | 20,735,934 | |||
| Stockholders’ equity: | |||||
| Total stockholders’ equity | 86,818,756 | 71,420,164 | |||
| Total liabilities and stockholders’ equity | $ | 98,325,775 | $ | 92,156,098 | |
| IRADIMED CORPORATION CONDENSED STATEMENTS OF OPERATIONS (Unaudited) | ||||||||||||
| Three Months Ended | Year Ended | |||||||||||
| December 31, | December 31, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Revenue | $ | 19,389,167 | $ | 17,452,176 | $ | 73,242,121 | $ | 65,562,296 | ||||
| Cost of revenue | 4,628,308 | 4,039,236 | 16,892,240 | 15,404,027 | ||||||||
| Gross profit | 14,760,859 | 13,412,940 | 56,349,881 | 50,158,269 | ||||||||
| Operating expenses: | ||||||||||||
| General and administrative | 3,873,152 | 4,273,454 | 15,937,123 | 15,122,065 | ||||||||
| Sales and marketing | 4,517,497 | 3,329,218 | 15,616,442 | 12,142,090 | ||||||||
| Research and development | 569,993 | 650,435 | 2,831,589 | 2,858,656 | ||||||||
| Total operating expenses | 8,960,642 | 8,253,107 | 34,385,154 | 30,122,811 | ||||||||
| Income from operations | 5,800,217 | 5,159,833 | 21,964,727 | 20,035,458 | ||||||||
| Other income, net | 544,160 | 521,810 | 2,310,732 | 1,702,798 | ||||||||
| Income before provision for income taxes | 6,344,377 | 5,681,643 | 24,275,459 | 21,738,256 | ||||||||
| Provision for income tax expense | 1,197,599 | 1,141,957 | 5,041,433 | 4,545,480 | ||||||||
| Net income | $ | 5,146,778 | $ | 4,539,686 | $ | 19,234,026 | $ | 17,192,776 | ||||
| Net income per share: | ||||||||||||
| Basic | $ | 0.41 | $ | 0.36 | $ | 1.52 | $ | 1.36 | ||||
| Diluted | $ | 0.40 | $ | 0.36 | $ | 1.50 | $ | 1.35 | ||||
| Weighted average shares outstanding: | ||||||||||||
| Basic | 12,683,538 | 12,619,856 | 12,670,216 | 12,602,948 | ||||||||
| Diluted | 12,810,482 | 12,739,072 | 12,783,558 | 12,722,530 | ||||||||
| IRADIMED CORPORATION RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited) | ||||||||||||
| Non-GAAP Net Income and Diluted EPS | ||||||||||||
| Three Months Ended | Year Ended | |||||||||||
| December 31, | December 31, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Net income | $ | 5,146,778 | $ | 4,539,686 | $ | 19,234,026 | $ | 17,192,776 | ||||
| Excluding: | ||||||||||||
| Stock-based compensation expense, net of tax benefit | 518,901 | 435,892 | 1,994,384 | 1,694,854 | ||||||||
| Non-GAAP net income | $ | 5,665,679 | $ | 4,975,578 | $ | 21,228,410 | $ | 18,887,630 | ||||
| Weighted-average shares outstanding – diluted | 12,810,482 | 12,739,072 | 12,783,558 | 12,722,530 | ||||||||
| Non-GAAP net income per share – diluted | $ | 0.44 | $ | 0.39 | $ | 1.66 | $ | 1.48 | ||||
| Non-GAAP Free Cash Flow | |||||||||||||
| Three Months Ended | Year Ended | ||||||||||||
| December 31, | December 31, | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||
| Net cash provided by operating activities | $ | 5,987,069 | $ | 3,912,480 | $ | 25,624,463 | $ | 13,465,012 | |||||
| Less: | |||||||||||||
| Capital Expenditures | 3,056,729 | 632,816 | 8,816,786 | 8,007,167 | 1 | ||||||||
| Free cash flow | $ | 2,930,340 | $ | 3,279,664 | $ | 16,807,677 | $ | 5,457,845 | |||||
| 1 Capital expenditures include the land acquisition of | |||||||||||||
Media Contact:
IRADIMED CORPORATION
(407) 677-8022
InvestorRelations@iradimed.com
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