IRADIMED CORPORATION Announces Third Quarter of 2024 Financial Results and the Declaration of its Regular Quarterly Cash Dividend of $0.15 Per Share
IRADIMED (NASDAQ: IRMD) reported record Q3 2024 revenue of $18.3 million, up 11% year-over-year. The company achieved GAAP diluted EPS of $0.40 and Non-GAAP diluted EPS of $0.43. Management raised full-year 2024 guidance, expecting revenue between $72.7-73.1 million and GAAP diluted EPS of $1.49-1.52. The company declared a quarterly dividend of $0.15 per share. Domestic sales represented 83% of total revenue, with gross profit margin at 77.4%. The company's MRI-compatible IV infusion pump systems showed strong performance, contributing significantly to the quarter's success.
IRADIMED (NASDAQ: IRMD) ha riportato un fatturato record nel terzo trimestre del 2024 di $18.3 milioni, in aumento dell'11% rispetto all'anno precedente. L'azienda ha raggiunto un utile per azione diluito GAAP di $0.40 e un utile per azione diluito non-GAAP di $0.43. La direzione ha alzato le previsioni per l'intero anno 2024, prevedendo ricavi compresi tra $72.7-73.1 milioni e un utile per azione diluito GAAP di $1.49-1.52. L'azienda ha dichiarato un dividendo trimestrale di $0.15 per azione. Le vendite domestiche hanno rappresentato l'83% del fatturato totale, con un margine di profitto lordo del 77.4%. I sistemi di pompe per infusione IV compatibili con la risonanza magnetica hanno mostrato prestazioni solide, contribuendo in modo significativo al successo del trimestre.
IRADIMED (NASDAQ: IRMD) reportó ingresos récord en el tercer trimestre de 2024 de $18.3 millones, un aumento del 11% en comparación con el año anterior. La compañía logró un EPS diluido GAAP de $0.40 y un EPS diluido no-GAAP de $0.43. La dirección elevó la guía para todo el año 2024, esperando ingresos entre $72.7-73.1 millones y un EPS diluido GAAP de $1.49-1.52. La compañía declaró un dividendo trimestral de $0.15 por acción. Las ventas nacionales representaron el 83% de los ingresos totales, con un margen de ganancia bruta del 77.4%. Los sistemas de bombas de infusión IV compatibles con MRI mostraron un rendimiento fuerte, contribuyendo significativamente al éxito del trimestre.
IRADIMED (NASDAQ: IRMD)는 2024년 3분기에 $18.3백만의 기록적인 수익을 보고했으며, 이는 지난해 대비 11% 증가한 수치입니다. 회사는 GAAP 기준으로 희석 EPS $0.40, 비 GAAP 기준으로 희석 EPS $0.43을 달성했습니다. 경영진은 2024년 전체 수익 목표를 상향 조정하여 $72.7-73.1백만 달러의 수익과 GAAP 기준 희석 EPS $1.49-1.52를 예상하고 있습니다. 회사는 주당 $0.15의 분기 배당금을 선언했습니다. 국내 매출은 총 수익의 83%를 차지하며, 총 이익률은 77.4%입니다. 회사의 MRI 호환 IV 주입 펌프 시스템은 강력한 성능을 보여주어 분기의 성공에 크게 기여하였습니다.
IRADIMED (NASDAQ: IRMD) a annoncé un chiffre d'affaires record de 18,3 millions de dollars pour le troisième trimestre 2024, en hausse de 11 % par rapport à l'année précédente. La société a réalisé un BPA dilué GAAP de 0,40 $ et un BPA dilué non-GAAP de 0,43 $. La direction a relevé ses prévisions pour l'année 2024, s'attendant à un chiffre d'affaires compris entre 72,7 et 73,1 millions de dollars et à un BPA dilué GAAP de 1,49 à 1,52 $. La société a déclaré un dividende trimestriel de 0,15 $ par action. Les ventes nationales ont représenté 83 % des revenus totaux, avec une marge brute de 77,4 %. Les systèmes de pompes d'infusion IV compatibles avec l'IRM de l'entreprise ont montré de solides performances, contribuant de manière significative au succès du trimestre.
IRADIMED (NASDAQ: IRMD) meldete einen Rekordumsatz von $18.3 Millionen im 3. Quartal 2024, was einem Anstieg von 11 % im Vergleich zum Vorjahr entspricht. Das Unternehmen erzielte einen verwässerten GAAP-EPS von $0.40 und einen verwässerten Non-GAAP-EPS von $0.43. Das Management hob die Prognose für das Gesamtjahr 2024 an und erwartet einen Umsatz zwischen $72.7-73.1 Millionen sowie einen verwässerten GAAP-EPS von $1.49-1.52. Das Unternehmen erklärte eine vierteljährliche Dividende von $0.15 pro Aktie. Der Inlandsverkauf machte 83 % des Gesamtumsatzes aus, bei einer Bruttogewinnmarge von 77.4 %. Die MRI-kompatiblen IV-Infusionspumpensysteme des Unternehmens zeigten eine starke Leistung und trugen wesentlich zum Erfolg des Quartals bei.
- Record quarterly revenue of $18.3M, up 11% YoY
- Raised full-year EPS guidance from $1.37-1.47 to $1.49-1.52
- Strong gross profit margin of 77.4%
- MRI Compatible IV Infusion Pump Systems revenue increased to $7.0M from $3.9M YoY
- Cash flow from operations increased to $9.1M from $1.4M YoY
- Patient Vital Signs Monitoring Systems revenue declined to $5.9M from $7.7M YoY
- $9M cash expenditure expected for new facility completion
Insights
IRMD delivered strong Q3 results with
Management's raised guidance for FY2024 - projecting revenue of
- Reports record revenue of
$18.3 million for the third quarter of 2024, an increase of$1.8 million or11% over the comparable period 2023. - Reports GAAP diluted EPS of
$0.40 and Non-GAAP diluted EPS of$0.43 for the third quarter of 2024. - Raising year end guidance on GAAP diluted earnings per share to
$1.49 t o$1.52 from$1.37 t o$1.47 , and Non-GAAP diluted earnings per share to$1.64 t o$1.67 from$1.52 t o$1.62 . - Declares a regular quarterly cash dividend of
$0.15 per common share for the fourth quarter of 2024, payable on November 25, 2024.
WINTER SPRINGS, Fla., Oct. 31, 2024 (GLOBE NEWSWIRE) -- IRADIMED CORPORATION (the “Company”) (NASDAQ: IRMD) announced today its financial results for the three and nine months ended September 30, 2024. The Company is a leader in the development of innovative magnetic resonance imaging (“MRI”) medical devices and the only known provider of a non-magnetic intravenous (“IV”) infusion pump system, and a non-magnetic patient vital signs monitoring systems that are designed for use during MRI procedures.
“I am pleased to announce another record-breaking quarter, marking our thirteenth consecutive quarter of record revenue. Our domestic IV infusion pump revenue remained exceptionally strong, driving our quarter's performance as we exceeded our guidance on both revenue and EPS, supported by continued strength in our gross margins. We remain confident that the momentum in our bookings will carry into the fourth quarter, positioning us for continued success as we close out the year,” said Roger Susi, President and Chief Executive Officer of the Company.
“For the fourth quarter of 2024, we anticipate revenue of
The Company’s Board of Directors declared a regular quarterly cash dividend of
Three Months Ended September 30, 2024
For the three months ended September 30, 2024, the Company reported revenue of
Non-GAAP net income increased
Nine Months Ended September 30, 2024
For the nine months ended September 30, 2024, the Company reported revenue of
Non-GAAP net income was
Revenue Information:
| Three Months Ended | Nine Months Ended | |||||||||||
| September 30, | September 30, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| (unaudited) | (unaudited) | |||||||||||
| Devices: | ||||||||||||
| MRI Compatible IV Infusion Pump Systems | $ | 6,952,142 | $ | 3,905,520 | $ | 19,026,021 | $ | 13,966,905 | ||||
| MRI Compatible Patient Vital Signs Monitoring Systems | 5,926,028 | 7,738,549 | 17,837,910 | 18,564,085 | ||||||||
| Ferro Magnetic Detection Systems | 128,505 | 138,760 | 744,607 | 619,539 | ||||||||
| Total Devices revenue | 13,006,675 | 11,782,829 | 37,608,538 | 33,150,529 | ||||||||
| Disposables, services and other | 4,735,066 | 4,213,666 | 14,604,879 | 13,464,278 | ||||||||
| Amortization of extended warranty agreements | 584,218 | 508,145 | 1,639,537 | 1,495,313 | ||||||||
| Total revenue | $ | 18,325,959 | $ | 16,504,640 | $ | 53,852,954 | $ | 48,110,120 | ||||
For the three months ended September 30, 2024, domestic sales were
For the nine months ended September 30, 2024, domestic sales were
Cash Flow from Operations
For the three months ended September 30, 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 fourth quarter of 2024, 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 today, October 31, 2024. Individuals interested in listening to the conference call may do so by registering here, https://register.vevent.com/register/BIb21de778973841f8add41c2c49939c39. 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 and 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 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 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. Additional factors which could affect the forward-looking statements can be found in the Company’s annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K filed with the U.S. Securities and Exchange Commission (the “SEC”) and available on the SEC’s website at http://www.sec.gov. 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.
| IRADIMED CORPORATION | |||||
| CONDENSED BALANCE SHEETS | |||||
| September 30, | December 31, | ||||
| 2024 | 2023 | ||||
| (unaudited) | (audited) | ||||
| ASSETS | |||||
| Current assets: | |||||
| Cash and cash equivalents | $ | 51,721,051 | $ | 49,762,198 | |
| Other current assets | 22,565,176 | 26,238,914 | |||
| Total current assets | 74,286,227 | 76,001,112 | |||
| Property and equipment, net | 14,155,985 | 9,288,625 | |||
| Other assets | 5,804,549 | 6,866,361 | |||
| Total assets | $ | 94,246,761 | $ | 92,156,098 | |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||
| Current liabilities: | |||||
| Accounts Payable | $ | 1,400,544 | $ | 1,857,091 | |
| Deferred revenue | 2,555,105 | 2,570,407 | |||
| Dividend payable | — | 7,975,997 | |||
| Other current liabilities | 4,107,361 | 3,923,811 | |||
| Total current liabilities | 8,063,010 | 16,327,306 | |||
| Deferred revenue, non-current | 2,748,295 | 2,793,548 | |||
| Operating lease liability, non-current | 2,831 | 1,615,080 | |||
| Total liabilities | 10,814,136 | 20,735,934 | |||
| Stockholders’ equity: | |||||
| Total stockholders’ equity | 83,432,625 | 71,420,164 | |||
| Total liabilities and stockholders’ equity | $ | 94,246,761 | $ | 92,156,098 | |
| IRADIMED CORPORATION | ||||||||||||
| CONDENSED STATEMENTS OF OPERATIONS | ||||||||||||
| (Unaudited) | ||||||||||||
| For the Three Months Ended | For the Nine Months Ended | |||||||||||
| September 30, | September 30, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Revenue | $ | 18,325,959 | $ | 16,504,640 | $ | 53,852,954 | $ | 48,110,120 | ||||
| Cost of revenue | 4,134,253 | 3,667,256 | 12,263,932 | 11,364,791 | ||||||||
| Gross profit | 14,191,706 | 12,837,384 | 41,589,022 | 36,745,329 | ||||||||
| Operating expenses: | ||||||||||||
| General and administrative | 3,967,799 | 3,615,020 | 12,063,971 | 10,848,611 | ||||||||
| Sales and marketing | 3,795,320 | 2,864,469 | 11,098,945 | 8,812,872 | ||||||||
| Research and development | 639,467 | 452,555 | 2,261,596 | 2,208,221 | ||||||||
| Total operating expenses | 8,402,586 | 6,932,044 | 25,424,512 | 21,869,704 | ||||||||
| Income from operations | 5,789,120 | 5,905,340 | 16,164,510 | 14,875,625 | ||||||||
| Other income, net | 629,201 | 503,192 | 1,766,572 | 1,180,988 | ||||||||
| Income before provision for income taxes | 6,418,321 | 6,408,532 | 17,931,082 | 16,056,613 | ||||||||
| Provision for income tax expense | 1,368,830 | 1,341,352 | 3,843,834 | 3,403,523 | ||||||||
| Net income | $ | 5,049,491 | $ | 5,067,180 | $ | 14,087,248 | $ | 12,653,090 | ||||
| Net income per share: | ||||||||||||
| Basic | $ | 0.40 | $ | 0.40 | $ | 1.11 | $ | 1.00 | ||||
| Diluted | $ | 0.40 | $ | 0.40 | $ | 1.10 | $ | 0.99 | ||||
| Weighted average shares outstanding: | ||||||||||||
| Basic | 12,669,741 | 12,602,581 | 12,665,743 | 12,597,250 | ||||||||
| Diluted | 12,778,446 | 12,735,837 | 12,762,346 | 12,716,988 | ||||||||
| IRADIMED CORPORATION | ||||||||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | ||||||||||||
| (Unaudited) | ||||||||||||
| Non-GAAP Net Income and Diluted EPS | ||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||
| September 30, | September 30, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Net income | $ | 5,049,491 | $ | 5,067,180 | $ | 14,087,248 | $ | 12,653,090 | ||||
| Excluding: | ||||||||||||
| Stock-based compensation expense, net of tax benefit | 497,671 | 416,354 | 1,475,483 | 1,276,051 | ||||||||
| Non-GAAP net income | $ | 5,547,162 | $ | 5,483,534 | $ | 15,562,731 | $ | 13,929,141 | ||||
| Weighted-average shares outstanding – diluted | 12,778,446 | 12,735,837 | 12,762,346 | 12,716,988 | ||||||||
| Non-GAAP net income per share – diluted | $ | 0.43 | $ | 0.43 | $ | 1.22 | $ | 1.10 | ||||
| Non-GAAP Free Cash Flow | |||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||
| September 30, | September 30, | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||
| Net cash provided by operating activities | $ | 9,115,714 | $ | 1,392,684 | $ | 19,637,394 | $ | 9,552,532 | |||||
| Less: | |||||||||||||
| Capital Expenditures | 4,011,484 | 439,023 | 5,760,057 | 7,374,351 | 1 | ||||||||
| Free cash flow | $ | 5,104,230 | $ | 953,661 | $ | 13,877,337 | $ | 2,178,181 | |||||
| 1Capital expenditures include the land acquisition of | |||||||||||||
Media Contact:
IRADIMED CORPORATION
(407) 677-8022
InvestorRelations@iradimed.com
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