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IRADIMED CORPORATION (NASDAQ: IRMD) is a leading developer, manufacturer, marketer, and distributor of innovative Magnetic Resonance Imaging (MRI) compatible medical devices. Incorporated in 1992 and headquartered in Winter Springs, Florida, the company specializes in MRI-compatible intravenous (IV) infusion pump systems and MRI-compatible patient vital signs monitoring systems. These products are essential for ensuring the safety and accuracy of medical procedures during MRI scans, widely used in hospitals, acute care facilities, and outpatient imaging centers both in the United States and internationally.
IRADIMED’s flagship product, the MRidium® MRI-compatible IV infusion pump system, is designed with non-magnetic components to eliminate the risks associated with traditional infusion pumps in MRI environments. The pump system uses a non-magnetic ultrasonic motor and uniquely designed non-ferrous parts to safely deliver anesthesia and other IV fluids during MRI scans.
The company also offers the IRADIMED 3880 MRI-compatible patient vital signs monitoring system, which features non-magnetic components to safely monitor vital signs during MRI procedures. The compact, lightweight design allows it to move with the patient from critical care units to MRI rooms, ensuring uninterrupted monitoring.
IRADIMED distributes its products through a robust network of direct field sales representatives, regional sales directors, clinical support representatives, and independent distributors. The company has demonstrated strong financial performance, achieving record revenue and consistent profitability. For instance, in the third quarter of 2023, IRADIMED reported a 23% year-over-year revenue growth to $16.5 million, with continued strength in its monitoring business.
Recent achievements include being listed on Forbes’ 2024 list of America’s Most Successful Small-Cap Companies and transitioning to the Nasdaq Global Market, reflecting the company’s growth trajectory and commitment to delivering value to stockholders.
Looking ahead, IRADIMED projects further growth with anticipated revenue of $72.0 million to $74.0 million for the full year 2024 and continued innovations in MRI-compatible medical devices.
IRADIMED reported record revenue of $17.6 million, GAAP diluted EPS of $0.32, and non-GAAP diluted EPS of $0.36 for the first quarter of 2024. The company also declared a regular quarterly cash dividend of $0.15 per share for the second quarter of 2024. The financial results showed an increase in operating income by 18.5% compared to the same period in 2023. The company anticipates strong financial performance for the second quarter and full year of 2024.
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