ORLANDO, Fla., Nov. 10, 2025 (GLOBE NEWSWIRE) -- IRADIMED CORPORATION (NASDAQ: IRMD), a leader in developing innovative magnetic resonance imaging (MRI)-compatible medical devices, today announced its selection to TIME's prestigious list of America's Growth Leaders for 2026. This marks the Company's recognition among the top U.S. companies demonstrating outstanding growth, as determined by TIME and Statista. The ranking evaluated thousands of public companies across three key dimensions: Revenue Growth, Fin ...

Company Overview - Iradimed is a specialized medical device company focused on MRI-compatible solutions, addressing critical needs in hospital imaging environments [6] - The company generates revenue through direct sales and distribution of proprietary medical equipment and consumables to healthcare facilities [9] - Revenue for the trailing twelve months (TTM) is approximately $80.5 million, with a net income of about $21.2 million [4] Recent Transactions - On November 3, 2025, CEO Roger E. Susi sold 5,000 shares in an open-market transaction valued at approximately $413,216, based on a weighted average purchase price of $82.64 per share [2][8] - Following the sale, Susi retains an indirect holding of over 2.2 million shares, which represents about 1% of his total equity stake [8] Financial Performance - The company reported a 16% year-over-year increase in third-quarter sales, reaching $21.2 million [11] - Adjusted earnings per share rose by 9% year-over-year to $0.47, indicating strong demand for its MRI-compatible medical devices [11] - Management has raised its full-year sales outlook to $83 million, implying a 13.4% increase for 2025 [11] Stock Performance - Shares of Iradimed increased by approximately 49% during the 12-month period ending November 7, 2025, largely driven by the record third-quarter revenue reported on November 3, 2025 [10]

Financial Performance - Revenue for Q3 2025 reached $21,202,064, a 15.5% increase from $18,325,959 in Q3 2024[18] - Net income for Q3 2025 was $5,576,652, representing a 10.4% increase compared to $5,049,491 in Q3 2024[18] - Net income for the nine months ended September 30, 2025, was $16,038,042, an increase of 13.8% compared to $14,087,248 for the same period in 2024[22] - Total revenue for the nine months ended September 30, 2025, reached $61,122,101, up 13.5% from $53,852,954 in 2024[32] - For the quarter ended September 30, 2025, revenue increased by $2.9 million, or 16%, to $21.2 million compared to $18.3 million for the same period in 2024[71] - Net income for the quarter ended September 30, 2025, was $5.6 million, or $0.43 per diluted share, compared to $5.0 million, or $0.40 per diluted share in the same quarter of 2024[71] Assets and Liabilities - Total current assets increased to $84,919,005 as of September 30, 2025, from $75,242,219 as of December 31, 2024, reflecting a growth of 12.3%[16] - Total assets rose to $114,721,779 as of September 30, 2025, compared to $98,325,775 as of December 31, 2024, marking a 16.7% increase[16] - Cash and cash equivalents increased to $56,526,151 as of September 30, 2025, up from $52,233,907 as of December 31, 2024[16] - Retained earnings grew to $66,343,052 as of September 30, 2025, compared to $56,790,751 as of December 31, 2024, reflecting a 16.5% increase[16] - Contract liabilities increased to $6,730,956 as of September 30, 2025, from $5,252,903 at the end of 2024, indicating a 28.1% rise[33] Expenses - Operating expenses for the nine months ended September 30, 2025, totaled $28,238,903, an increase of 11.0% from $25,424,512 in the same period of 2024[18] - For the three months ended September 30, 2025, general and administrative expense increased by $0.4 million, or 10%, to $4.4 million from $4.0 million for the same period in 2024[94] - For the nine months ended September 30, 2025, sales and marketing expense increased by $1.7 million, or 15%, to $12.8 million from $11.1 million for the same period last year[97] - For the three months ended September 30, 2025, research and development expense increased by $35 thousand, or 5%, to $674 thousand from $639 thousand for the same period in 2024[99] Cash Flow - Net cash provided by operating activities for the nine months ended September 30, 2025, was $19,024,428, slightly down from $19,637,394 in 2024[22] - Cash provided by operating activities decreased by $0.6 million, to $19.0 million for the nine months ended September 30, 2025, compared to $19.6 million for the same period in 2024[111] - Cash used in investing activities increased by $2.2 million, to $8.0 million for the nine months ended September 30, 2025, compared to $5.8 million for the same period in 2024[112] - Cash used in financing activities decreased by $5.2 million, to $6.7 million for the nine months ended September 30, 2025, compared to approximately $11.9 million for the same period in 2024[113] Dividends and Shareholder Returns - The company declared dividends totaling $2,162,591 in Q3 2025[20] - The Company declared a regular quarterly cash dividend of $0.17 per share, payable on November 25, 2025[58] - The weighted average shares outstanding for diluted earnings per share was 12,860,077 for Q3 2025, compared to 12,778,446 for Q3 2024[18] Product Development and Market Performance - Revenue from MRI Compatible Intravenous Infusion Pump Systems increased to $22,520,711 for the nine months ended September 30, 2025, compared to $19,026,021 in 2024, reflecting an 18.9% growth[32] - Revenue from sales in the U.S. increased by $2.9 million, or 19%, to $18.1 million for the three months ended September 30, 2025, from $15.2 million for the same period in 2024[86] - Revenue from sales of devices increased by $2.6 million, or 20%, to $15.6 million for the three months ended September 30, 2025, from $13.0 million for the same period in 2024[87] - Revenue from sales internationally remained constant at $3.1 million for the three months ended September 30, 2025, compared to the same period in 2024[86] - The FDA granted 510(k) clearance for the next-generation MRidium® 3870 IV infusion pump system on May 29, 2025[74] - The initial strategic rollout of the MRidium® 3870 infusion pump is planned for select healthcare facilities in Q4 2025, with full commercial distribution expected throughout 2026[76] Tax and Compliance - The Company recorded a provision for income tax expense of $1,721,074 for the three months ended September 30, 2025, with an effective tax rate of 23.6%[48] - The effective tax rate for the three months ended September 30, 2025, was 23.6%, compared to 21.3% for the same period in 2024[103][104] Other Financial Metrics - The gross profit margin increased to 78% for the three months ended September 30, 2025, compared to 77% for the same period in 2024[91] - The Company had $3,077,208 of unrecognized compensation cost related to unvested restricted stock units as of September 30, 2025, expected to be recognized over a weighted-average period of 2.18 years[46] - The Company had various purchase commitments totaling $9,851,492 as of September 30, 2025, up from $7,523,859 as of December 31, 2024, reflecting a 31.0% increase[56] - Other income, net decreased by $165 thousand, or 26%, to $464 thousand for the three months ended September 30, 2025, compared to $629 thousand for the same period in 2024[101]

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Financial Data and Key Metrics Changes - For Q2 2025, the company achieved revenue of $20.4 million, a 14% increase from $17.9 million in Q2 2024 [3][11] - Gross profit margin was reported at 78%, consistent with the prior year, with net income increasing 18% to $5.8 million or $0.45 per diluted share [12][13] - For Q3 2025, the company expects revenue between $20.5 million and $20.9 million, representing 12%-14% growth over Q3 2024 [9] - Full-year 2025 revenue guidance has been raised to $80 million-$82.5 million, up from the previous range of $78 million-$82 million, indicating 9%-13% growth over 2024 [9] Business Line Data and Key Metrics Changes - MRI compatible IV infusion pump systems contributed $8.2 million, up 19% year over year, while patient vital signs monitoring systems contributed $5.9 million, up 9% [11] - Disposables revenue grew 14% to $4.2 million, reflecting increased utilization of devices [11] Market Data and Key Metrics Changes - Domestic sales increased 18% to $18.2 million, while international sales decreased 9% to $2.2 million, with domestic revenue accounting for 89% of total revenue [12] - The company anticipates a significant demand for replacing older 3860 model pumps, with over 6,200 units in the U.S. market alone that are over five years old [6] Company Strategy and Development Direction - The company aims to achieve a revenue run rate exceeding $100 million by 2026, driven by the introduction of the new 3870 IV pump and increased replacement sales [5][8] - The new pump is expected to have a higher average selling price (ASP) of approximately 12% more than the existing pump, which may positively impact gross margins [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory, citing a record backlog and strong performance in existing product lines [16][18] - The company plans to introduce the new 3870 pump in Q4 2025, with initial sales aimed at gathering user feedback rather than generating significant revenue [20][21] Other Important Information - The company declared a quarterly dividend of $0.17 per share for Q3, payable on August 28, 2025 [10] - Cash flow from operations was reported at $7.7 million for the quarter, up 17% from the previous year [13] Q&A Session Summary Question: Can you talk about the composition of the current backlog? - Management confirmed a record backlog as of June 30, composed of both pumps and a strong monitoring backlog, providing good visibility into the second half of the year [16][18] Question: How do you expect 3860 sales to trend in front of the 3870 launching? - Management indicated that orders for the older pump would remain strong until the new pump is actively marketed, expected around December [18] Question: What is the expected ramp-up to the $50 million of pump revenue? - Management expects initial sales of the new pump to be insignificant in Q4, with a stronger ramp-up in bookings anticipated in Q2 2026 [21][22] Question: Is there an ASP increase for the new pump? - Management confirmed that the ASP for the new pump is expected to be around 12% higher than the existing pump [30] Question: How long is it taking to fulfill the backlog? - The monitor backlog is running about four to five weeks, while the pump backlog is approximately five to six months [33]

Financial Performance - The Company reported record revenue of $21.2 million for Q3 2025, a 16% increase year-over-year from $18.3 million in Q3 2024[3] - GAAP diluted earnings per share (EPS) for Q3 2025 were $0.43, an 8% increase compared to $0.40 in Q3 2024, while non-GAAP diluted EPS was $0.47, a 9% increase from $0.43[7] - Non-GAAP net income for Q3 2025 was $6.1 million, a 10% increase from $5.5 million in Q3 2024[9] - Net income for Q3 2025 reached $5,576,652, a 10.4% increase compared to $5,049,491 in Q3 2024[39] - Revenue for Q3 2025 was $21,202,064, representing a 15.5% increase from $18,325,959 in Q3 2024[39] - Gross profit for Q3 2025 was $16,494,308, up 16.2% from $14,191,706 in Q3 2024[39] - Free cash flow for Q3 2025 was $5,722,520, an increase from $5,104,230 in Q3 2024[43] Guidance and Expectations - The Company raised its full-year 2025 revenue guidance to $82.5 million to $83.5 million, up from the previous range of $80.0 million to $82.5 million[5] - For Q4 2025, the Company expects revenue between $21.4 million and $22.4 million, with GAAP diluted EPS guidance of $0.43 to $0.47[18] - The company expects to ramp up commercialization of its next-generation 3870 MRI-compatible IV infusion pump, with anticipated revenue growth[34] Operational Efficiency - The gross margin for Q3 2025 was 78%, compared to 77% in Q3 2024, indicating improved operational efficiency[14] - Operating expenses for Q3 2025 were $9,660,558, up from $8,402,586 in Q3 2024, representing a 14.9% increase[39] Cash Flow and Assets - Cash flow from operations for Q3 2025 was $7.0 million, a decrease of 23% from $9.1 million in Q3 2024[15] - Total current assets increased to $84,919,005 as of September 30, 2025, compared to $74,706,209 at the end of 2024, marking a 13.7% growth[37] - Total assets rose to $114,721,779 as of September 30, 2025, up from $98,325,775 at the end of 2024, indicating a 16.7% increase[37] - Total stockholders' equity increased to $98,351,971 as of September 30, 2025, compared to $86,818,756 at the end of 2024, reflecting a 13.4% growth[37] Sales and Market Presence - Domestic sales accounted for 85% of total revenue in Q3 2025, up from 83% in Q3 2024[14] - The total construction cost of the new facility in Orlando was approximately $13.3 million, completed in early July 2025[17] Product Development - The Company plans to begin limited commercial shipments of the next-generation 3870 MRI-compatible IV infusion pump in December 2025, with full U.S. commercialization expected in Q1 2026[4]

Core Insights - Iradimed Corporation reported record revenue of $21.2 million for Q3 2025, marking a 16% increase year-over-year, and maintained a strong gross margin of 78% [2][6][8] - The company is set to begin limited commercial shipments of its next-generation 3870 MRI-compatible IV infusion pump in December 2025, with full commercialization expected in Q1 2026 [3][4] - For Q4 2025, the company anticipates revenue between $21.4 million and $22.4 million, and has raised its full-year revenue guidance to $82.5 million to $83.5 million [4][16] Financial Performance - For the three months ended September 30, 2025, the company reported net income of $5.6 million, an increase of 10% from $5.0 million in Q3 2024, translating to diluted earnings per share of $0.43, up 8% from $0.40 [6][8] - Non-GAAP net income for Q3 2025 was $6.1 million, a 10% increase from $5.5 million in the same period of 2024, with non-GAAP diluted earnings per share at $0.47, up 9% [7][10] - For the nine months ended September 30, 2025, revenue reached $61.1 million, a 13% increase from $53.9 million in the same period of 2024, with net income also increasing by 13% to $16.0 million [9][10] Operational Highlights - The company completed the construction of its new facility in Orlando, Florida, with total costs amounting to approximately $13.3 million, and the facility is now fully operational [15] - The backlog for the company's pump and monitor products is at an all-time high, indicating strong demand [2][3] - Domestic sales accounted for 85% of total revenue for both Q3 and the nine months ended September 30, 2025, compared to 83% and 82% respectively in the prior year [11][12] Dividend Information - The board of directors declared a regular quarterly cash dividend of $0.17 per share, payable on November 25, 2025, to stockholders of record as of November 14, 2025 [5][8]

Core Points - Iradimed Corporation will release its 2025 third quarter financial results on November 3, 2025, before market opening [1] - A conference call will be held on the same day at 11:00 a.m. Eastern Time to discuss the results and answer questions [1][2] Company Overview - Iradimed Corporation specializes in developing MRI-compatible medical devices, notably a non-magnetic intravenous infusion pump system designed for safe use during MRI procedures [3] - The patented MRidium® MRI compatible IV infusion pump system utilizes a non-magnetic ultrasonic motor and non-ferrous parts to deliver anesthesia and IV fluids safely during MRI scans [3] - The 3880 MRI compatible patient vital signs monitoring system is designed with non-magnetic components, operating in magnetic fields up to 30,000 gauss, ensuring patient safety and uninterrupted monitoring during MRI procedures [4] - The Iradimed 3880 system features wireless ECG, SpO2 monitoring, non-magnetic respiratory CO2, and advanced multi-gas anesthetic agent measurements, facilitating effective communication of vital signs to clinicians [4]

Core Viewpoint - Iradimed Corporation announced a transition in its Board of Directors, with Anthony Vuoto retiring and Joe Kiani appointed as his successor, effective September 2, 2025. This change is expected to enhance the company's strategic direction in the medical device sector, particularly in MRI-compatible technologies [1][4]. Group 1: Board Transition - Anthony Vuoto has retired from his position as a director after serving since 2016, contributing significantly to the company's growth and innovation [2]. - Joe Kiani, founder of Masimo Corporation and a recognized innovator in medical technology, has been appointed to the Board, bringing extensive experience and over 500 patents [3][4]. Group 2: Company Overview - Iradimed Corporation specializes in developing innovative MRI-compatible medical devices, including patient monitoring and infusion systems [5]. - The company is the only known provider of a non-magnetic intravenous infusion pump system designed for safe use during MRI procedures, addressing safety concerns associated with standard infusion pumps [6]. - The Iradimed 3880 MRI-compatible patient vital signs monitoring system is designed to operate in magnetic fields up to 30,000 gauss, ensuring continuous monitoring of critically ill patients during MRI scans [7].

Core Insights - IRADIMED CORPORATION will participate in the Wells Fargo 2025 Healthcare Conference from September 3-5, 2025, in Boston, Massachusetts, highlighting its role in the healthcare sector [1][2] - The company is recognized as a leader in developing MRI-compatible medical devices, specifically focusing on patient monitoring and infusion systems [3][4] Company Overview - IRADIMED CORPORATION specializes in designing, manufacturing, marketing, and distributing MRI-compatible medical devices, accessories, disposables, and related services [3] - The company is the only known provider of a non-magnetic intravenous infusion pump system designed for safe use during MRI procedures, which addresses significant safety concerns associated with standard infusion pumps [4] Product Highlights - The MRidium® MRI-compatible IV infusion pump system features a non-magnetic ultrasonic motor and non-ferrous parts, ensuring safe and reliable delivery of anesthesia and IV fluids during MRI procedures [4] - The 3880 MRI-compatible patient vital signs monitoring system operates in magnetic fields up to 30,000 gauss, allowing for continuous monitoring of critically ill patients during MRI scans [5] - Key features of the Iradimed 3880 include wireless ECG, wireless SpO2, non-magnetic respiratory CO2 monitoring, and advanced multi-gas anesthetic agent measurement capabilities [5]