ORLANDO, Fla., Sept. 02, 2025 (GLOBE NEWSWIRE) -- IRADIMED CORPORATION (“Iradimed” or the “Company”) (NASDAQ: IRMD), a leader in innovative medical devices for Magnetic Resonance Imaging (“MRI”)-compatible patient monitoring and infusion systems, today announced a Board of Directors (the “Board”) transition. Anthony Vuoto has retired from his position as a director, effective August 27, 2025, after deciding it is time to step away following many years of dedicated service. Effective September 2, 2025, the B ...

ORLANDO, Fla., Aug. 26, 2025 (GLOBE NEWSWIRE) -- IRADIMED CORPORATION (NASDAQ: IRMD), a leader in innovative medical devices for Magnetic Resonance Imaging (“MRI”) compatible patient monitoring and infusion systems, today announced that it will participate in the Wells Fargo 2025 Healthcare Conference, held September 3-5, 2025, in Boston, Massachusetts. Roger Susi, President and CEO, and Jack Glenn, CFO, will host 1x1 investor meetings at the 2025 Wells Fargo Healthcare Conference on September 4, 2025, in B ...

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Core Insights - Iradimed Corporation reported record revenue and profit for Q2 2025, with revenue of $20.41 million and non-GAAP EPS of $0.49, surpassing analyst expectations and the company's own guidance [1][2][9] Financial Performance - Revenue increased by 14% year-over-year from $17.93 million in Q2 2024 to $20.41 million in Q2 2025 [2][5] - Non-GAAP EPS rose 17% from $0.42 in Q2 2024 to $0.49 in Q2 2025, while GAAP EPS increased 18% from $0.38 to $0.45 [2][6] - Gross profit margin remained stable at 78% [2][6] - Free cash flow decreased by 8% year-over-year to $4.92 million [2][6] Product Performance - MRI-compatible IV infusion pump systems, the largest product group, saw revenue growth of approximately 15.5% compared to Q2 2024 [5] - Patient vital signs monitoring systems grew by approximately 1.3%, while disposables expanded by 14% [5] - Ferro magnetic detection systems experienced the highest growth at 32% compared to Q2 2024 [5] Business Strategy - The company focuses on technological innovation, expanding its installed base, and maintaining regulatory compliance [4] - A new manufacturing facility is nearing completion to meet increasing demand [4][6] Geographic Distribution - Domestic sales accounted for 89% of total revenue, up from 86% a year ago, while international sales remained flat or lower [7] Future Outlook - For Q3 2025, revenue guidance is set between $20.5 million and $20.9 million, with projected non-GAAP EPS of $0.45 to $0.49 [11] - Fiscal 2025 revenue outlook has been raised to $80.0–$82.5 million, with non-GAAP EPS expected between $1.76 and $1.86 [11] - The next-generation MRidium 3870 pump is expected to launch commercially in late 2025 [10]

[Cautionary Statements Regarding Forward-Looking Statements](index=3&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) The report contains forward-looking statements subject to risks and uncertainties, which may cause actual results to differ materially from expectations - The report contains forward-looking statements subject to risks and uncertainties, which may cause actual results to differ materially from expectations[8](index=8&type=chunk) - Key risks include the ability to receive and maintain FDA 510(k) clearance, unexpected costs from regulatory actions, reliance on a limited number of products, ability to retain key personnel, supply chain integrity, market acceptance of new products, and intellectual property protection[8](index=8&type=chunk)[9](index=9&type=chunk)[10](index=10&type=chunk) [Part I. Financial Information](index=8&type=section&id=Part%20I%20Financial%20Information) [Item 1. Condensed Financial Statements](index=8&type=section&id=Item%201%20Financial%20Statements) The Company's financial position as of June 30, 2025, shows an increase in total assets and stockholders' equity compared to December 31, 2024. For the three and six months ended June 30, 2025, the Company reported increased revenue, gross profit, and net income year-over-year, driven by strong operating performance. Cash flows from operations also increased, while investing activities saw a significant increase in cash usage primarily due to new facility construction [Condensed Balance Sheets](index=8&type=section&id=Condensed%20Balance%20Sheets) Condensed Balance Sheet Highlights (June 30, 2025 vs. Dec 31, 2024) | Metric | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | Change | | :--------------------------------- | :------------------------ | :------------------------ | :------- | | Cash and cash equivalents | $52,995,781 | $52,233,907 | +$761,874 | | Total current assets | $77,372,612 | $75,242,219 | +$2,130,393 | | Property and equipment, net | $22,938,080 | $16,810,797 | +$6,127,283 | | Total assets | $106,447,489 | $98,325,775 | +$8,121,714 | | Total current liabilities | $8,814,546 | $8,512,308 | +$302,238 | | Total liabilities | $12,146,103 | $11,507,019 | +$639,084 | | Total stockholders' equity | $94,301,386 | $86,818,756 | +$7,482,630 | [Condensed Statements of Operations](index=9&type=section&id=Condensed%20Statements%20of%20Operations) Condensed Statements of Operations Highlights (Three Months Ended June 30) | Metric | Q2 2025 (Unaudited) | Q2 2024 (Unaudited) | Change (YoY) | % Change (YoY) | | :--------------------------------- | :------------------ | :------------------ | :----------- | :------------- | | Revenue | $20,409,400 | $17,928,876 | +$2,480,524 | +13.8% | | Gross profit | $15,954,992 | $14,009,593 | +$1,945,399 | +13.9% | | Income from operations | $6,787,997 | $5,627,043 | +$1,160,954 | +20.6% | | Net income | $5,773,961 | $4,901,224 | +$872,737 | +17.8% | | Basic EPS | $0.45 | $0.39 | +$0.06 | +15.4% | | Diluted EPS | $0.45 | $0.38 | +$0.07 | +18.4% | Condensed Statements of Operations Highlights (Six Months Ended June 30) | Metric | H1 2025 (Unaudited) | H1 2024 (Unaudited) | Change (YoY) | % Change (YoY) | | :--------------------------------- | :------------------ | :------------------ | :----------- | :------------- | | Revenue | $39,920,037 | $35,526,995 | +$4,393,042 | +12.4% | | Gross profit | $30,797,798 | $27,397,316 | +$3,400,482 | +12.4% | | Income from operations | $12,219,453 | $10,375,390 | +$1,844,063 | +17.8% | | Net income | $10,461,390 | $9,037,757 | +$1,423,633 | +15.8% | | Basic EPS | $0.82 | $0.71 | +$0.11 | +15.5% | | Diluted EPS | $0.82 | $0.71 | +$0.11 | +15.5% | [Condensed Statements of Stockholders' Equity](index=10&type=section&id=Condensed%20Statements%20of%20Stockholders'%20Equity) Stockholders' Equity Changes (Six Months Ended June 30, 2025) | Item | Amount (USD) | | :--------------------------------- | :----------- | | Net income | $10,461,390 | | Dividends declared | $(4,323,150) | | Stock-based compensation expense | $1,556,682 | | Net share settlement of restricted stock units | $(212,291) | | Total increase in equity | $7,482,630 | [Condensed Statements of Cash Flows](index=11&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) Cash Flow Activities (Six Months Ended June 30) | Activity | H1 2025 (Unaudited) | H1 2024 (Unaudited) | Change (YoY) | | :--------------------------------- | :------------------ | :------------------ | :----------- | | Net cash provided by operating activities | $12,038,353 | $10,521,680 | +$1,516,673 | | Net cash used in investing activities | $(6,741,038) | $(1,748,573) | $(4,992,465) | | Net cash used in financing activities | $(4,535,441) | $(10,000,165) | +$5,464,724 | | Net increase (decrease) in cash | $761,874 | $(1,227,058) | +$1,988,932 | | Cash and cash equivalents, end of period | $52,995,781 | $48,535,140 | +$4,460,641 | [Notes to Unaudited Condensed Financial Statements](index=13&type=section&id=Notes%20to%20Unaudited%20Condensed%20Financial%20Statements) The notes provide essential context to the unaudited condensed financial statements, detailing the basis of presentation, significant accounting policies, and disaggregation of revenue. Key disclosures include risks related to FDA clearance and sole-sourced components, the composition of inventory, property, and intangible assets, and the impact of stock-based compensation and income taxes. Notably, the Company is transitioning to a new facility, impacting lease liabilities, and has received FDA clearance for its next-generation MRidium® 3870 IV infusion pump system - The Company operates in one reportable segment, focusing on MRI compatible medical devices and related products[27](index=27&type=chunk)[43](index=43&type=chunk) - Significant risks include the ability to receive and maintain FDA clearance for products and product candidates, and potential disruptions due to reliance on sole-sourced key components[30](index=30&type=chunk)[31](index=31&type=chunk) Revenue by Geographic Region (Six Months Ended June 30) | Region | H1 2025 (Unaudited) | H1 2024 (Unaudited) | Change (YoY) | % Change (YoY) | | :------------- | :------------------ | :------------------ | :----------- | :------------- | | United States | $34,142,682 | $28,894,172 | +$5,248,510 | +18.2% | | International | $5,777,355 | $6,632,823 | $(855,468) | -12.9% | | Total revenue | $39,920,037 | $35,526,995 | +$4,393,042 | +12.4% | Revenue by Type (Six Months Ended June 30) | Revenue Type | H1 2025 (Unaudited) | H1 2024 (Unaudited) | Change (YoY) | % Change (YoY) | | :----------------------------------------- | :------------------ | :------------------ | :----------- | :------------- | | Devices | $27,576,078 | $24,601,863 | +$2,974,215 | +12.1% | | Amortization of extended warranty agreements | $1,152,651 | $1,055,319 | +$97,332 | +9.2% | | Disposables | $9,150,958 | $7,709,592 | +$1,441,366 | +18.7% | | Services and other | $2,040,350 | $2,160,221 | $(119,871) | -5.5% | | Total revenue | $39,920,037 | $35,526,995 | +$4,393,042 | +12.4% | - The Company's effective tax rate for the three and six months ended June 30, 2025, was **21.2%**, primarily due to U.S. state income tax expense partially offset by research and development tax credits. The IRS completed its review of the 2021 tax year with no changes[47](index=47&type=chunk)[49](index=49&type=chunk) - The Company is completing its move to a new corporate office and manufacturing facility in Orlando, Florida, during Q3 2025, which led to a lease amendment for the old facility and a reduction in ROU asset valuation[51](index=51&type=chunk)[59](index=59&type=chunk) - On July 31, 2025, the Board declared a regular quarterly cash dividend of **$0.17 per share**[56](index=56&type=chunk) - The One Big Beautiful Bill Act (OBBBA), enacted on July 4, 2025, includes provisions for immediate expensing of domestic R&D expenditures and increased first-year bonus depreciation, which the Company is assessing for Q3 2025 impact[58](index=58&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202%20Operations) IRADIMED Corporation, a leader in MRI-compatible medical devices, reported a 14% increase in Q2 2025 revenue to $20.4 million and a 12% increase for the six months ended June 30, 2025, to $39.9 million, driven by strong demand for its IV infusion pump systems and disposables, particularly in the U.S. Net income also saw significant growth. The Company recently received FDA 510(k) clearance for its next-generation MRidium® 3870 IV infusion pump system, with a strategic rollout planned for Q4 2025. Operating expenses increased due to higher sales, marketing, and administrative costs, while liquidity remains strong with $53.0 million in cash and cash equivalents [Our Business](index=24&type=section&id=Our%20Business) - IRADIMED develops, manufactures, markets, sells, and distributes MRI compatible medical devices, accessories, disposables, and services, primarily to hospitals and acute care facilities[62](index=62&type=chunk)[68](index=68&type=chunk) - The Company is the only known provider of a non-magnetic IV infusion pump system (MRidium®) designed for safe use during MRI procedures[63](index=63&type=chunk) - Key products include the MRidium® MRI compatible IV infusion pump system, the 3880 MRI compatible patient vital signs monitoring system, and the Model 3600 ferromagnetic detection device (IRadimed FMD1) with TruSense™ technology[63](index=63&type=chunk)[65](index=65&type=chunk)[66](index=66&type=chunk) [Financial Highlights](index=26&type=section&id=Financial%20Highlights) Financial Highlights (Quarter Ended June 30, 2025 vs. 2024) | Metric | Q2 2025 | Q2 2024 | Change | % Change | | :------------- | :---------- | :---------- | :------- | :------- | | Revenue | $20.4 million | $17.9 million | +$2.5 million | +14% | | Income before tax | $7.3 million | $6.3 million | +$1.0 million | +15.9% | | Net income | $5.8 million | $4.9 million | +$0.9 million | +18.4% | | Diluted EPS | $0.45 | $0.38 | +$0.07 | +18.4% | - For the remainder of fiscal year 2025, the Company expects higher revenue due to increased sales of medical devices, products, accessories, disposables, and services, along with higher operating expenses from increased sales and marketing, regulatory, and general and administrative activities[71](index=71&type=chunk) [Recent Developments and Trends](index=26&type=section&id=Recent%20Developments%20and%20Trends) - The FDA granted 510(k) clearance for the Company's next-generation MRidium® 3870 IV infusion pump system on May 29, 2025, extending its unique position as the world's only supplier of non-magnetic MRI infusion pump devices[73](index=73&type=chunk)[74](index=74&type=chunk) - Initial strategic rollout of the MRidium® 3870 is planned for Q4 2025, with full commercial distribution expected throughout 2026[75](index=75&type=chunk) - The One Big Beautiful Bill Act (OBBBA), enacted July 4, 2025, includes provisions for immediate expensing of domestic R&D expenditures and increased first-year bonus depreciation, which the Company is assessing for its Q3 2025 financial statements[75](index=75&type=chunk)[76](index=76&type=chunk) [Critical Accounting Estimates](index=28&type=section&id=Critical%20Accounting%20Estimates) - The Company's financial statements rely on estimates and assumptions in accordance with GAAP, with no material changes to critical accounting policies or recent accounting pronouncements since the 2024 Annual Report[77](index=77&type=chunk)[78](index=78&type=chunk) [Results of Operations](index=28&type=section&id=Results%20of%20Operations) For the three months ended June 30, 2025, total revenue increased by 14% to $20.4 million, primarily driven by U.S. sales (up 17%) and device sales (up 15%), particularly IV infusion pump systems and disposables. Gross profit margin remained stable at 78%. Operating expenses increased across general and administrative (4%), sales and marketing (15%), and research and development (10%), mainly due to higher payroll, sales commissions, and regulatory consulting. For the six months, similar trends were observed with total revenue up 12% to $39.9 million, U.S. sales up 18%, and device sales up 12%. Gross profit margin remained at 77% Revenue Growth (Three Months Ended June 30) | Category | Q2 2025 Revenue | Q2 2024 Revenue | Change | % Change | | :--------------------------------- | :-------------- | :-------------- | :------- | :------- | | Total Revenue | $20,409,400 | $17,928,876 | +$2,480,524 | +14% | | U.S. Sales | $18,190,063 | $15,485,216 | +$2,704,847 | +17% | | International Sales | $2,219,337 | $2,443,660 | $(224,323) | -8% | | Total Devices Revenue | $14,613,983 | $12,697,825 | +$1,916,158 | +15% | | Disposables Revenue | $4,203,870 | $3,695,717 | +$508,153 | +14% | Revenue Growth (Six Months Ended June 30) | Category | H1 2025 Revenue | H1 2024 Revenue | Change | % Change | | :--------------------------------- | :-------------- | :-------------- | :------- | :------- | | Total Revenue | $39,920,037 | $35,526,995 | +$4,393,042 | +12% | | U.S. Sales | $34,142,682 | $28,894,172 | +$5,248,510 | +18% | | International Sales | $5,777,355 | $6,632,823 | $(855,468) | -13% | | Total Devices Revenue | $27,576,078 | $24,601,863 | +$2,974,215 | +12% | | Disposables Revenue | $9,150,958 | $7,709,592 | +$1,441,366 | +19% | Gross Profit and Operating Expenses (Three Months Ended June 30) | Metric | Q2 2025 | Q2 2024 | Change | % Change | | :-------------------------- | :---------- | :---------- | :------- | :------- | | Gross Profit | $15,954,992 | $14,009,593 | +$1,945,399 | +14% | | Gross Profit Percentage | 78% | 78% | 0% | - | | General and Administrative | $4,279,993 | $4,104,961 | +$175,032 | +4% | | Sales and Marketing | $4,009,640 | $3,476,460 | +$533,180 | +15% | | Research and Development | $877,362 | $801,129 | +$76,233 | +10% | Gross Profit and Operating Expenses (Six Months Ended June 30) | Metric | H1 2025 | H1 2024 | Change | % Change | | :-------------------------- | :---------- | :---------- | :------- | :------- | | Gross Profit | $30,797,798 | $27,397,316 | +$3,400,482 | +12% | | Gross Profit Percentage | 77% | 77% | 0% | - | | General and Administrative | $8,890,825 | $8,096,172 | +$794,653 | +10% | | Sales and Marketing | $8,185,913 | $7,303,625 | +$882,288 | +12% | | Research and Development | $1,501,607 | $1,622,129 | $(120,522) | -7% | [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity Position (June 30, 2025 vs. Dec 31, 2024) | Metric | June 30, 2025 | December 31, 2024 | Change | | :------------------------ | :------------ | :------------ | :------- | | Cash and cash equivalents | $53.0 million | $52.2 million | +$0.8 million | | Stockholders' equity | $94.3 million | $86.8 million | +$7.5 million | | Working capital | $68.6 million | $66.7 million | +$1.9 million | - The Company believes current cash and cash flow from operations will be sufficient to meet operating requirements for at least the next 12 months and into the foreseeable future[107](index=107&type=chunk) - Cash provided by operating activities increased by **$1.5 million** to **$12.0 million** for the six months ended June 30, 2025, primarily due to higher net income[108](index=108&type=chunk) - Cash used in investing activities increased significantly by **$5.0 million** to **$6.7 million**, mainly due to construction costs for the new corporate facility[109](index=109&type=chunk) - Cash used in financing activities decreased by **$5.5 million** to **$4.5 million**, primarily due to a special cash dividend payment in Q1 2024 not recurring in 2025[110](index=110&type=chunk) [Off-Balance Sheet Arrangements](index=36&type=section&id=Off-Balance%20Sheet%20Arrangements) - As of June 30, 2025, and December 31, 2024, the Company did not have any material off-balance sheet arrangements[113](index=113&type=chunk) [Contractual Obligations](index=38&type=section&id=Contractual%20Obligations) - There have been no material changes outside the ordinary course of business to contractual obligations and commercial commitments since December 31, 2024[115](index=115&type=chunk) [Recent Accounting Pronouncements](index=38&type=section&id=Recent%20Accounting%20Pronouncements) - As of June 30, 2025, there were no material changes to the information provided regarding recent accounting pronouncements in the 2024 Annual Report[116](index=116&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=38&type=section&id=Item%203) There have been no material changes in the Company's market risks from those disclosed in the 2024 Annual Report - No material changes in market risks from those disclosed in the 2024 Annual Report[117](index=117&type=chunk) [Item 4. Controls and Procedures](index=38&type=section&id=Item%204%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes in internal control over financial reporting during the period - Disclosure controls and procedures were evaluated and deemed effective as of June 30, 2025[119](index=119&type=chunk) - There were no material changes in internal control over financial reporting during the period covered by this Quarterly Report[120](index=120&type=chunk) [Part II. Other Information](index=39&type=section&id=Part%20II%20Other%20Information) [Item 1. Legal Proceedings](index=39&type=section&id=Item%201%20Legal%20Proceedings) The Company is not involved in any legal matters that management believes would have a material adverse effect on its business, financial condition, results of operations, or cash flows - The Company is not currently involved in any legal proceedings that management believes would have a material adverse effect on its business or financial condition[122](index=122&type=chunk) [Item 1A. Risk Factors](index=39&type=section&id=Item%201ARisk%20Factors) There have been no material changes in the Company's risk factors from those described in its 2024 Annual Report and the Q1 2025 Quarterly Report - No material changes in risk factors from those described in the 2024 Annual Report and the Q1 2025 Quarterly Report[123](index=123&type=chunk) [Item 2. Unregistered Sale of Equity Securities and Use of Proceeds](index=39&type=section&id=Item%202) There were no unregistered sales of equity securities or use of proceeds to report for the period - No unregistered sales of equity securities and use of proceeds to report[124](index=124&type=chunk) [Item 3. Default Upon Senior Securities](index=39&type=section&id=Item%203%20Default%20Upon%20Senior%20Securities) This item is not applicable to the Company for the reporting period - Not applicable[125](index=125&type=chunk) [Item 4. Mine Safety Disclosures](index=39&type=section&id=Item%204%20Mine%20Safety%20Disclosures) This item is not applicable to the Company for the reporting period - Not applicable[126](index=126&type=chunk) [Item 5. Other Information](index=39&type=section&id=Item%205%20Other%20Information) Roger Susi, the Company's President, CEO, and Chairman, adopted a Rule 10b5-1 trading plan on June 16, 2025, for the potential sale of up to 100,000 shares of common stock, effective until June 16, 2026, or until all transactions under the plan are completed - CEO Roger Susi adopted a Rule 10b5-1 trading plan on June 16, 2025, for the potential sale of up to **100,000 shares** of common stock, effective until June 16, 2026, or plan completion[127](index=127&type=chunk) [Item 6. Exhibits](index=40&type=section&id=Item%206%20Exhibits) This section lists the exhibits filed with the Quarterly Report, including certifications from the Chief Executive Officer and Chief Financial Officer, as well as various XBRL documents - The report includes certifications from the CEO and CFO, as well as various XBRL documents[128](index=128&type=chunk) [Signatures](index=41&type=section&id=Signatures)

Financial Data and Key Metrics Changes - The company reported revenue of $20,400,000 for Q2 2025, a 14% increase from $17,900,000 in Q2 2024 [13] - Gross profit margin remained strong at 78%, with net income increasing 18% to $5,800,000 or $0.45 per diluted share compared to $4,900,000 or $0.38 per diluted share in 2024 [15][16] - For the full year 2025, the company raised its revenue guidance to $80 to $82,500,000, reflecting 9% to 13% growth over 2024 [11] Business Line Data and Key Metrics Changes - MRI compatible IV infusion pump systems contributed $8,200,000, up 19% year over year, while patient vital signs monitoring systems contributed $5,900,000, up 9% [13] - Disposables revenue grew 14% to $4,200,000, reflecting increased utilization of devices [14] - Domestic sales increased 18% to $18,200,000, while international sales decreased 9% to $2,200,000 [14] Market Data and Key Metrics Changes - Domestic revenue accounted for 89% of total revenue for Q2 2025, compared to 86% for Q2 2024 [14] - The company anticipates a significant demand for replacing older pump models, with over 6,205 units in the U.S. market alone that are over five years old [9] Company Strategy and Development Direction - The company aims to achieve a revenue run rate exceeding $100,000,000 by 2026, driven by the introduction of the new 3,870 IV pump [7][10] - 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 [36] - The company plans to transition to a new facility, which may cause short-lived operational inefficiencies [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong backlog and anticipated continued growth, particularly with the upcoming launch of the new pump [20][22] - The company noted that the FDA clearance of the new pump is a significant milestone that will drive future sales growth [6] - Management acknowledged potential operational inefficiencies during the facility transition but remains optimistic about long-term growth prospects [11] Other Important Information - The company declared a quarterly dividend of $0.17 per share for Q3, payable on 08/28/2025 [11] - Cash flow from operations was reported at $7,700,000 for the quarter, up 17% from $6,600,000 in 2024 [17] Q&A Session Summary Question: Can you talk about the composition of the current backlog? - The backlog is composed of both pumps and a strong monitoring backlog, providing good visibility into the second half of the year [19][20] Question: How do you expect 3860 sales to trend in front of 3,870 launching? - Orders for the older pump are expected to remain strong until the new pump is actively marketed, likely around December [22] Question: What is the expected ramp-up to the $50,000,000 of pump revenue? - Initial sales of the new pump will be modest, with a stronger ramp-up expected in Q2 2026 [28] Question: Will the new pump's functionality expand the overall market? - The new pump's improved usability is expected to attract customers who previously hesitated to adopt the older model [31] Question: What is the timing from order to backlog fulfillment? - The monitor backlog is approximately four to five weeks, while the pump backlog is about five to six months [38]

Financial Data and Key Metrics Changes - For Q2 2025, the company reported revenue of $20.4 million, a 14% increase from $17.9 million in Q2 2024 [12] - Gross profit margin remained strong at 78%, with net income increasing 18% to $5.8 million or $0.45 per diluted share compared to $4.9 million or $0.38 per diluted share in 2024 [14] - The company raised its full-year revenue guidance to $80 million to $82.5 million, reflecting a 9% to 13% growth over 2024's $73.2 million [10] 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% [12] - Disposables revenue grew 14% to $4.2 million, indicating increased utilization of devices [13] - 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 [13] Market Data and Key Metrics Changes - The company anticipates a significant demand for replacing older 3,860 model pumps, with over 6,200 units in the U.S. market alone that are over five years old [8] - The company expects to increase annual sales from 1,000 to 2,000 channels for pump replacements starting in 2026 [9] Company Strategy and Development Direction - The company aims to achieve a revenue run rate exceeding $100 million by 2026, driven by the new 3,870 pump and increased replacement sales [7] - 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 [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong backlog and anticipated continued growth, particularly with the introduction of the new 3,870 pump [18] - The company acknowledged potential operational inefficiencies during the transition to a new facility but remains optimistic about future performance [10] 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 $6.6 million in 2024 [15] 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 monitoring systems, providing good visibility into the second half of the year [17] Question: How do you expect 3860 sales to trend in front of 3,870 launching? - Management indicated that orders for the older pump would remain strong until the new pump is actively marketed, expected around December [20] Question: What is the expected ramp-up to the $50 million of pump revenue? - Management expects a gradual increase in bookings for the new pump, with Q1 anticipated to be weak but strong growth expected in subsequent quarters [25] Question: How long does it take to fulfill the backlog? - The backlog for monitors is about four to five weeks, while the pump backlog is approximately five to six months [35] Question: Will there be upgrades from the backlog? - Management stated that only a limited number of new pumps would be delivered this year for feedback purposes, with no significant upgrades expected from the backlog [36]

Core Viewpoint - iRadimed (IRMD) reported quarterly earnings of $0.49 per share, exceeding the Zacks Consensus Estimate of $0.45 per share, and showing an increase from $0.42 per share a year ago, indicating a positive earnings surprise of +8.89% [1] Group 1: Earnings Performance - The company achieved revenues of $20.41 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 0.49% and up from $17.93 million year-over-year [2] - Over the last four quarters, iRadimed has exceeded consensus EPS estimates two times and topped consensus revenue estimates four times [2] Group 2: Stock Performance and Outlook - iRadimed shares have increased approximately 6.1% since the beginning of the year, while the S&P 500 has gained 7.8% [3] - The company's earnings outlook will be crucial for future stock performance, with current consensus EPS estimates at $0.44 for the upcoming quarter and $1.76 for the current fiscal year [7] Group 3: Industry Context - The Medical - Instruments industry, to which iRadimed belongs, is currently ranked in the bottom 37% of over 250 Zacks industries, which may impact stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that investors should monitor these revisions closely [5]

[Press Release Highlights](index=1&type=section&id=Press%20Release%20Highlights) This section provides an overview of IRADIMED CORPORATION's Q2 2025 financial performance, updated guidance, and dividend declaration [Q2 2025 Performance Overview](index=1&type=section&id=Q2%202025%20Performance%20Overview) The company achieved record Q2 2025 revenue of **$20.4 million** and **$0.45** GAAP diluted EPS, marking its sixteenth consecutive quarter of growth - Achieved **sixteenth consecutive quarter of record revenue**[3](index=3&type=chunk) Q2 2025 Performance Metrics | Metric | Q2 2025 (USD) | YoY Change | | :----------------- | :---------- | :--------- | | Revenue | $20.4 million | +14% | | GAAP Diluted EPS | $0.45 | +18% | | Gross Profit Margin | 78% | - | - Reported a **record backlog** for pump and monitor products as of June 30, 2025, underscoring unprecedented market demand[3](index=3&type=chunk) [Financial Guidance Update](index=1&type=section&id=Financial%20Guidance%20Update) The company raised its financial guidance for both the third quarter and the full year 2025, reflecting increased confidence in future revenue and earnings performance Q3 2025 Financial Guidance | Metric | Range (USD) | | :-------------------------- | :-------------------- | | Revenue | $20.5 million to $20.9 million | | GAAP Diluted EPS | $0.41 to $0.45 | | Non-GAAP Diluted EPS | $0.45 to $0.49 | Full Year 2025 Financial Guidance (Revised) | Metric | New Guidance (USD) | Previous Guidance (USD) | | :-------------------------- | :-------------------- | :-------------------- | | Revenue | $80.0 million to $82.5 million | $78.0 million to $82.0 million | | GAAP Diluted EPS | $1.60 to $1.70 | $1.55 to $1.65 | | Non-GAAP Diluted EPS | $1.76 to $1.86 | $1.71 to $1.81 | [Quarterly Cash Dividend](index=1&type=section&id=Quarterly%20Cash%20Dividend) IRADIMED's board of directors declared a regular quarterly cash dividend of $0.17 per share of common stock, payable on August 28, 2025, to stockholders of record as of August 18, 2025 - Declared a regular quarterly cash dividend of **$0.17 per share** of common stock[1](index=1&type=chunk)[5](index=5&type=chunk)[6](index=6&type=chunk) - Dividend payable on **August 28, 2025**, to stockholders of record as of **August 18, 2025**[5](index=5&type=chunk)[6](index=6&type=chunk) [Detailed Financial Results](index=1&type=section&id=Detailed%20Financial%20Results) This section provides a comprehensive breakdown of the company's financial performance for Q2 and H1 2025 [Three Months Ended June 30, 2025](index=1&type=section&id=Three%20Months%20Ended%20June%2030%2C%202025) For Q2 2025, IRADIMED reported strong financial growth with revenue increasing 14% and net income rising 18% year-over-year. Both GAAP and non-GAAP diluted EPS also saw double-digit percentage increases Financial Performance (Q2 2025 vs Q2 2024) | Metric | Q2 2025 (USD) | Q2 2024 (USD) | Change (YoY) | | :-------------------------- | :------------ | :------------ | :------------- | | Revenue | $20.4 million | $17.9 million | +14% | | Net Income | $5.8 million | $4.9 million | +18% | | GAAP Diluted EPS | $0.45 | $0.38 | +18% | | Non-GAAP Net Income | $6.4 million | $5.4 million | +19% | | Non-GAAP Diluted EPS | $0.49 | $0.42 | +17% | [Six Months Ended June 30, 2025](index=3&type=section&id=Six%20Months%20Ended%20June%2030%2C%202025) For the first half of 2025, the company continued its growth trajectory, reporting a 12% increase in revenue and a 16% rise in net income compared to the same period in 2024. Both GAAP and non-GAAP diluted EPS also showed strong growth Financial Performance (H1 2025 vs H1 2024) | Metric | H1 2025 (USD) | H1 2024 (USD) | Change (YoY) | | :-------------------------- | :------------ | :------------ | :------------- | | Revenue | $39.9 million | $35.5 million | +12% | | Net Income | $10.5 million | $9.0 million | +16% | | GAAP Diluted EPS | $0.82 | $0.71 | +16% | | Non-GAAP Net Income | $11.7 million | $10.0 million | +17% | | Non-GAAP Diluted EPS | $0.91 | $0.79 | +15% | [Revenue Breakdown and Geographic Sales](index=3&type=section&id=Revenue%20Breakdown%20and%20Geographic%20Sales) The company's revenue is primarily driven by MRI Compatible IV Infusion Pump Systems and Patient Vital Signs Monitoring Systems. Domestic sales constitute the majority of total revenue, showing an increasing trend year-over-year for both the three and six-month periods Revenue by Product Category | Product Category | Q2 2025 Revenue (USD) | Q2 2024 Revenue (USD) | H1 2025 Revenue (USD) | H1 2024 Revenue (USD) | | :------------------------------------ | :-------------- | :-------------- | :-------------- | :-------------- | | MRI Compatible IV Infusion Pump Systems | $8,187,511 | $6,881,199 | $14,186,723 | $12,073,879 | | MRI Compatible Patient Vital Signs Monitoring Systems | $5,944,269 | $5,450,224 | $12,488,948 | $11,911,882 | | Ferro Magnetic Detection Systems | $482,203 | $366,402 | $900,407 | $616,102 | | Disposables | $4,203,870 | $3,695,717 | $9,150,958 | $7,709,592 | - Domestic sales as a percentage of total revenue: - Q2 2025: **89%** (vs **86%** in Q2 2024) - H1 2025: **86%** (vs **81%** in H1 2024)[11](index=11&type=chunk)[12](index=12&type=chunk) [Gross Profit Margin](index=3&type=section&id=Gross%20Profit%20Margin) The company maintained a consistent gross profit margin of 78% for the three months ended June 30, 2025, and 77% for the six months ended June 30, 2025, reflecting stable cost management relative to revenue - Gross profit margin: - Q2 2025: **78%** (constant YoY) - H1 2025: **77%** (constant YoY)[11](index=11&type=chunk)[12](index=12&type=chunk) [Cash Flow from Operations](index=3&type=section&id=Cash%20Flow%20from%20Operations) IRADIMED generated increased cash flow from operations for both the three and six-month periods ended June 30, 2025, indicating healthy operational cash generation - Cash flow from operations: - Q2 2025: **$7.7 million**, up **17%** YoY - H1 2025: **$12.0 million**, up **14%** YoY[13](index=13&type=chunk)[14](index=14&type=chunk) [Operational Developments](index=3&type=section&id=Operational%20Developments) The construction of the company's new facility in Orlando, Florida, was completed in early July 2025, with final payments expected in Q3 2025. This expansion is anticipated to support future growth - New facility construction in Orlando, Florida, **completed in early July 2025**[15](index=15&type=chunk) - Total construction cost of the new facility is approximately **$12.6 million**[15](index=15&type=chunk) - Remaining final payments of approximately **$1.1 million** on the new facility are expected in **Q3 2025**[15](index=15&type=chunk) [Financial Guidance](index=4&type=section&id=Financial%20Guidance) This section outlines the company's updated financial projections for the third quarter and full year 2025 [Third Quarter 2025 Guidance](index=4&type=section&id=Third%20Quarter%202025%20Guidance) For Q3 2025, the company expects revenue between $20.5 million and $20.9 million, with GAAP diluted EPS ranging from $0.41 to $0.45 and non-GAAP diluted EPS from $0.45 to $0.49 Q3 2025 Financial Guidance | Metric | Range (USD) | | :-------------------------- | :-------------------- | | Revenue | $20.5 million to $20.9 million | | GAAP Diluted EPS | $0.41 to $0.45 | | Non-GAAP Diluted EPS | $0.45 to $0.49 | - Expected stock-based compensation expense, net of tax, for Q3 2025: approximately **$0.6 million**[17](index=17&type=chunk) [Full Year 2025 Guidance](index=4&type=section&id=Full%20Year%202025%20Guidance) The company raised its full-year 2025 guidance, now expecting revenue between $80.0 million and $82.5 million, GAAP diluted EPS from $1.60 to $1.70, and non-GAAP diluted EPS from $1.76 to $1.86 Full Year 2025 Financial Guidance (Revised) | Metric | New Guidance (USD) | Previous Guidance (USD) | | :-------------------------- | :-------------------- | :-------------------- | | Revenue | $80.0 million to $82.5 million | $78.0 million to $82.0 million | | GAAP Diluted EPS | $1.60 to $1.70 | $1.55 to $1.65 | | Non-GAAP Diluted EPS | $1.76 to $1.86 | $1.71 to $1.81 | - Expected stock-based compensation expense, net of tax, for Full Year 2025: approximately **$2.6 million**[17](index=17&type=chunk) [Use of Non-GAAP Financial Measures](index=4&type=section&id=Use%20of%20Non-GAAP%20Financial%20Measures) This section clarifies the purpose and calculation of non-GAAP financial measures used to supplement GAAP reporting [Definition and Rationale](index=4&type=section&id=Definition%20and%20Rationale) Non-GAAP measures offer supplemental insights into operating results, excluding non-core items for clearer period-to-period comparisons - Non-GAAP financial measures (net income, EPS, free cash flow) are provided as **supplemental perspectives** on operating results, performance trends, and financial condition, **not as substitutes for GAAP measures**[18](index=18&type=chunk) - Non-GAAP net income **excludes stock-based compensation expense** (net of tax), **operating expenses not indicative of core performance**, and **infrequent income tax items**[19](index=19&type=chunk) - Free cash flow is calculated as **net cash provided by operating activities**, less **net cash used in investing activities** for internal software development and property/equipment purchases[20](index=20&type=chunk) [Reconciliation Note](index=4&type=section&id=Reconciliation%20Note) A reconciliation of non-GAAP to GAAP measures is provided later in the release, stressing that non-GAAP figures should not be considered in isolation or as a substitute for GAAP performance or liquidity measures - A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is available later in the release[23](index=23&type=chunk) - Non-GAAP financial measures should **not be considered in isolation or as a substitute** for GAAP operating performance or liquidity measures[23](index=23&type=chunk) [Conference Call Information](index=4&type=section&id=Conference%20Call%20Information) IRADIMED scheduled a conference call for August 1, 2025, at 11:00 a.m. Eastern Time to discuss the financial results, with registration and webcast details provided - Conference call scheduled for **August 1, 2025**, at **11:00 a.m. Eastern Time**[24](index=24&type=chunk) - Registration for the conference call is available at https://register-conf.media-server.com/register/BI52cf21ec526142b8b6142d07c87cfcf9[24](index=24&type=chunk) - A real-time webcast and recording of the call will be available on the Company's website at http://www.iradimed.com/en-us/investors/events/[25](index=25&type=chunk) [About IRADIMED CORPORATION](index=5&type=section&id=About%20IRADIMED%20CORPORATION) This section provides an overview of IRADIMED CORPORATION, highlighting its leadership in MRI-compatible medical devices and key product offerings [Company Overview](index=5&type=section&id=Company%20Overview) IRADIMED CORPORATION is a leader in developing, manufacturing, marketing, and distributing innovative MRI-compatible medical devices, accessories, disposables, and related services - IRADIMED CORPORATION is a **leader in developing innovative Magnetic Resonance Imaging ("MRI") compatible medical devices**[26](index=26&type=chunk) - The company designs, manufactures, markets, and distributes MRI-compatible medical devices, accessories, disposables, and related services[26](index=26&type=chunk) [Key Products](index=5&type=section&id=Key%20Products) The company's core products include the patented MRidium® MRI compatible IV infusion pump system, which uses non-magnetic components for safe fluid delivery during MRI scans, and the 3880 MRI-compatible patient vital signs monitoring system, designed for accurate and uninterrupted patient monitoring in strong magnetic fields - The company is the **only known provider of a non-magnetic intravenous ("IV") infusion pump system** specifically designed for use during MRI procedures (MRidium® MRI compatible IV infusion pump system)[27](index=27&type=chunk) - The MRidium® pump system features a **non-magnetic ultrasonic motor** and uniquely designed **non-ferrous parts** to safely deliver anesthesia and other IV fluids during MRI procedures[27](index=27&type=chunk) - The 3880 MRI-compatible patient vital signs monitoring system is designed with **non-magnetic components** to safely and accurately monitor patient vital signs in magnetic fields **up to 30,000 gauss**[28](index=28&type=chunk) [Forward-Looking Statements](index=5&type=section&id=Forward-Looking%20Statements) This section contains cautionary statements regarding forward-looking information, including financial guidance, future dividends, operational issues, product commercialization, and strategic plans. It highlights that these statements are based on current beliefs and involve risks and uncertainties that could cause actual results to differ materially - The release contains forward-looking statements regarding financial guidance, future quarterly cash dividends, operational issues, commercialization of next-generation products, and strategic plans[30](index=30&type=chunk) - Forward-looking statements are based on management's current beliefs and involve **risks and uncertainties** that could cause actual results to **differ materially**[30](index=30&type=chunk)[31](index=31&type=chunk) - Readers are cautioned **not to place undue reliance** on these statements, and the Company undertakes **no commitment to update or revise them**[31](index=31&type=chunk)[33](index=33&type=chunk) [Condensed Financial Statements](index=7&type=section&id=Condensed%20Financial%20Statements) This section presents the company's condensed balance sheets, statements of operations, and non-GAAP reconciliations [Condensed Balance Sheets](index=7&type=section&id=Condensed%20Balance%20Sheets) The condensed balance sheets show an increase in total assets from $98.3 million at December 31, 2024, to $106.4 million at June 30, 2025, primarily driven by an increase in property and equipment, net. Total stockholders' equity also increased Condensed Balance Sheet Data | Metric | June 30, 2025 (USD) | December 31, 2024 (USD) | | :-------------------------- | :-------------- | :---------------- | | Cash and cash equivalents | $52,995,781 | $52,233,907 | | Total current assets | $77,372,612 | $74,706,209 | | Property and equipment, net | $22,938,080 | $16,810,797 | | Total assets | $106,447,489 | $98,325,775 | | Total current liabilities | $8,814,546 | $8,512,308 | | Total liabilities | $12,146,103 | $11,507,019 | | Total stockholders' equity | $94,301,386 | $86,818,756 | [Condensed Statements of Operations](index=8&type=section&id=Condensed%20Statements%20of%20Operations) The condensed statements of operations show significant year-over-year growth in revenue, gross profit, and net income for both the three and six months ended June 30, 2025, reflecting strong operational performance Condensed Statements of Operations (Three Months Ended June 30) | Metric | 2025 (USD) | 2024 (USD) | | :-------------------------- | :----------- | :----------- | | Revenue | $20,409,400 | $17,928,876 | | Gross profit | $15,954,992 | $14,009,593 | | Income from operations | $6,787,997 | $5,627,043 | | Net income | $5,773,961 | $4,901,224 | | Diluted EPS | $0.45 | $0.38 | Condensed Statements of Operations (Six Months Ended June 30) | Metric | 2025 (USD) | 2024 (USD) | | :-------------------------- | :----------- | :----------- | | Revenue | $39,920,037 | $35,526,995 | | Gross profit | $30,797,798 | $27,397,316 | | Income from operations | $12,219,453 | $10,375,390 | | Net income | $10,461,390 | $9,037,757 | | Diluted EPS | $0.82 | $0.71 | [Reconciliation of Non-GAAP Financial Measures](index=9&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) This section provides the detailed reconciliation tables for non-GAAP net income, diluted EPS, and free cash flow, adjusting GAAP figures primarily for stock-based compensation expense and capital expenditures [Non-GAAP Net Income and Diluted EPS Reconciliation](index=9&type=section&id=Non-GAAP%20Net%20Income%20and%20Diluted%20EPS%20Reconciliation) The reconciliation shows the adjustments made to GAAP net income to arrive at non-GAAP net income and diluted EPS, primarily by adding back stock-based compensation expense, net of tax benefit Non-GAAP Net Income and Diluted EPS Reconciliation (Three Months Ended June 30) | Metric | 2025 (USD) | 2024 (USD) | | :------------------------------------ | :----------- | :----------- | | Net income (GAAP) | $5,773,961 | $4,901,224 | | Stock-based compensation expense, net of tax benefit | $577,188 | $481,186 | | Non-GAAP net income | $6,351,149 | $5,382,410 | | Non-GAAP net income per share – diluted | $0.49 | $0.42 | Non-GAAP Net Income and Diluted EPS Reconciliation (Six Months Ended June 30) | Metric | 2025 (USD) | 2024 (USD) | | :------------------------------------ | :----------- | :----------- | | Net income (GAAP) | $10,461,390 | $9,037,757 | | Stock-based compensation expense, net of tax benefit | $1,229,778 | $977,812 | | Non-GAAP net income | $11,691,168 | $10,015,569 | | Non-GAAP net income per share – diluted | $0.91 | $0.79 | [Non-GAAP Free Cash Flow Reconciliation](index=9&type=section&id=Non-GAAP%20Free%20Cash%20Flow%20Reconciliation) The free cash flow reconciliation shows net cash provided by operating activities less capital expenditures, indicating the cash available for strategic opportunities. Free cash flow decreased year-over-year for both periods, primarily due to increased capital expenditures Non-GAAP Free Cash Flow Reconciliation (Three Months Ended June 30) | Metric | 2025 (USD) | 2024 (USD) | | :------------------------------------ | :----------- | :----------- | | Net cash provided by operating activities | $7,746,261 | $6,638,526 | | Less: Capital Expenditures | $2,823,738 | $1,269,770 | | Free cash flow | $4,922,523 | $5,368,756 | Non-GAAP Free Cash Flow Reconciliation (Six Months Ended June 30) | Metric | 2025 (USD) | 2024 (USD) | | :------------------------------------ | :----------- | :----------- | | Net cash provided by operating activities | $12,038,353 | $10,521,680 | | Less: Capital Expenditures | $6,741,038 | $1,748,573 | | Free cash flow | $5,297,315 | $8,773,107 |

Core Insights - Iradimed Corporation reported record revenue of $20.4 million for Q2 2025, marking a 14% increase year-over-year, and a GAAP diluted EPS of $0.45, up 18% year-over-year [3][9][10] - The company raised its full-year 2025 revenue guidance to a range of $80.0 million to $82.5 million, and GAAP diluted EPS guidance to $1.60 to $1.70 [4][17] - A quarterly cash dividend of $0.17 per share was declared, payable on August 28, 2025 [5][9] Financial Performance - For Q2 2025, net income was reported at $5.8 million, an 18% increase from $4.9 million in Q2 2024, translating to $0.45 per diluted share [6][10] - Non-GAAP net income for Q2 2025 was $6.4 million, a 19% increase from $5.4 million in Q2 2024, with non-GAAP diluted EPS at $0.49, up 17% [7][11] - For the first half of 2025, total revenue reached $39.9 million, a 12% increase from $35.5 million in the same period of 2024, with net income of $10.5 million, up 16% [10][11] Operational Highlights - The gross profit margin for Q2 2025 was 78%, consistent with the same period in 2024, driven by increased overhead absorption [3][12] - Domestic sales accounted for 89% of total revenue in Q2 2025, compared to 86% in Q2 2024 [12] - The company completed the construction of a new facility in Orlando, Florida, with total construction costs of approximately $12.6 million [16] Future Outlook - For Q3 2025, the company expects revenue between $20.5 million and $20.9 million, with GAAP diluted EPS guidance of $0.41 to $0.45 [4][17] - The anticipated commercialization of a next-generation MRI-compatible IV infusion pump is expected to drive sustained growth starting late 2025 [3][4]