Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No.: 001-36534 IRADIMED CORPORATION (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporat ...

IRadimed Corporation (NASDAQ:IRMD) Q1 2023 Earnings Conference Call May 4, 2023 11:00 AM ET Company Participants Roger Susi - President and Chief Executive Officer Jack Glenn - Chief Financial Officer Conference Call Participants Frank Takkinen - Lake Street Capital Scott Henry - ROTH Capital Operator Welcome to IRadimed Corporation First Quarter of the 2023 Financial Results Conference Call. Currently, all participants are in a listen-only mode. And at the end of the call, we will conduct a question-and-an ...

SECURITIES AND EXCHANGE COMMISSION Table of Contents UNITED STATES Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No.: 001-36534 IRADIMED CORPORATION (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorpora ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO COMMISSION FILE NO. 001-36534 IRADIMED CORPORATION (Exact Name of Registrant As Specified In Its Charter) Delaware 73-1408526 SECURITIES REGISTERED PURSU ...

IRadimed Corporation (NASDAQ:IRMD) Q4 2022 Earnings Conference Call February 2, 2023 11:00 AM ET Company Participants Roger Susi - President & CEO Jack Glenn – CFO Conference Call Participants Scott Henry - ROTH Capital Operator Ladies and gentlemen, welcome to IRadimed Corporation Fourth Quarter and Full Year 2022 Financial Results Conference Call. Currently, all participants are in a listen-only mode. And at the end of the call, we will conduct a question-and-answer session. As a reminder, this call is be ...

Financial Data and Key Metrics Changes - In Q3 2022, revenue reached $13.4 million, a 23% increase compared to Q3 2021 [6][12] - GAAP diluted earnings per share were $0.27, representing a 35% increase from Q3 2021 [6][16] - Gross margin improved to 78.6% from 77.1% in the previous year [14] - Operating expenses were $6.4 million, or 47.8% of revenue, down from 48.6% in Q3 2021 [14] Business Line Data and Key Metrics Changes - Device revenue increased by 32.2% to $9.4 million, driven by a 46% increase in monitor revenue [12] - Revenue from disposables and services rose by 5.3% to $3.4 million [14] - The average selling price of the MRI compatible IV infusion pump system decreased to approximately $30,000 from $33,000 in Q3 2021 [13] Market Data and Key Metrics Changes - Domestic sales increased by 24.6% to $10.8 million, while international sales rose by 16.4% to $2.6 million [12] - Domestic revenue accounted for 80.6% of total revenue in Q3 2022, up from 79.6% in Q3 2021 [12] Company Strategy and Development Direction - The company plans to expand operations with a new facility expected to be three times the current size, targeted for late 2024 [18] - Management expressed confidence in continued strong demand for products, indicating a positive outlook for future quarters [5] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing supply risks but noted successful mitigation strategies [6] - The company remains optimistic about achieving its revenue guidance for the year, with Q4 revenue expected between $14.1 million and $14.8 million [10] Other Important Information - The company is in the process of resubmitting a 510-K application for the new 3870 IV pump after voluntarily withdrawing the previous submission [8][9] - Cash from operations increased to $3.9 million from $3.4 million in the same period last year [16][17] Q&A Session Summary - No specific questions or answers were documented in the provided content, indicating a lack of detailed interaction during the Q&A session [18]

Part I Financial Information [Condensed Financial Statements](index=6&type=section&id=Item%201%20Condensed%20Financial%20Statements) Unaudited condensed financial statements for Q3 and YTD 2022 show decreased assets and liabilities, strong revenue and net income growth, and a significant financing cash outflow [Condensed Balance Sheets](index=6&type=section&id=(a)%20Condensed%20Balance%20Sheets) Total assets, liabilities, and equity decreased as of September 30, 2022, mainly due to reduced cash and cash equivalents Condensed Balance Sheet Highlights (in thousands) | Account | Sep 30, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $55,592 | $61,999 | | Accounts receivable, net | $10,651 | $5,137 | | Inventory, net | $5,243 | $4,300 | | **Total Assets** | **$79,544** | **$82,881** | | **Liabilities & Equity** | | | | Total current liabilities | $5,604 | $6,823 | | **Total Liabilities** | **$9,773** | **$10,708** | | **Total Stockholders' Equity** | **$69,771** | **$72,174** | [Condensed Statements of Operations](index=7&type=section&id=(b)%20Condensed%20Statements%20of%20Operations) For Q3 and the nine months ended September 30, 2022, the company reported strong revenue and net income growth, alongside increased diluted earnings per share Key Operating Results (in thousands, except per share data) | Metric | Q3 2022 | Q3 2021 | 9 Months 2022 | 9 Months 2021 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $13,407 | $10,907 | $38,440 | $29,942 | | Gross Profit | $10,543 | $8,406 | $30,062 | $22,800 | | Income from Operations | $4,132 | $3,087 | $11,374 | $6,708 | | Net Income | $3,427 | $2,576 | $9,155 | $5,433 | | Diluted EPS | $0.27 | $0.20 | $0.72 | $0.43 | [Condensed Statements of Cash Flows](index=11&type=section&id=(e)%20Condensed%20Statements%20of%20Cash%20Flows) Operating cash flow decreased for the nine months ended September 30, 2022, with a significant financing cash outflow from a special dividend leading to a net cash decrease Cash Flow Summary for the Nine Months Ended Sep 30 (in thousands) | Cash Flow Activity | 2022 | 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $7,004 | $7,892 | | Net cash (used in) provided by investing activities | $(903) | $388 | | Net cash (used in) provided by financing activities | $(12,508) | $22 | | **Net (decrease) increase in cash** | **$(6,407)** | **$8,303** | - A special dividend of **$12.6 million** was paid to shareholders during the first three months of 2022, representing the primary use of cash in financing activities[23](index=23&type=chunk)[111](index=111&type=chunk)[115](index=115&type=chunk) [Notes to Unaudited Condensed Financial Statements](index=12&type=section&id=(f)%20Notes%20to%20Unaudited%20Condensed%20Financial%20Statements) The notes confirm the company operates in a single MRI compatible medical device segment, with U.S. and device sales driving revenue, and a planned land acquisition for future growth - The company operates in one reportable segment, focusing on the development, manufacture, and sale of MRI compatible medical devices and related accessories[27](index=27&type=chunk) Revenue by Geographic Region (Nine Months Ended Sep 30) | Region | 2022 Revenue | 2021 Revenue | | :--- | :--- | :--- | | United States | $31,606,401 | $23,992,474 | | International | $6,833,150 | $5,949,247 | | **Total** | **$38,439,551** | **$29,941,721** | Revenue by Type (Nine Months Ended Sep 30) | Type | 2022 Revenue | 2021 Revenue | | :--- | :--- | :--- | | MRI Compatible Patient Vital Signs Monitoring Systems | $15,635,415 | $9,760,991 | | MRI Compatible IV Infusion Pump Systems | $11,001,490 | $9,329,182 | | Disposables, services and other | $10,158,922 | $9,412,091 | | Amortization of extended warranty agreements | $1,580,742 | $1,439,457 | - On November 1, 2022, the company agreed to purchase approximately 27 acres of land in Orlando, Florida, for **$7.3 million** to accommodate future growth[65](index=65&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management reported strong Q3 revenue and gross margin growth, driven by device sales, with increased operating expenses, while maintaining strong liquidity despite a special dividend - The company is a leader in MRI compatible medical devices, providing a non-magnetic IV infusion pump system (MRidium®) and a patient vital signs monitoring system (IRADIMED 3880)[69](index=69&type=chunk)[71](index=71&type=chunk) Q3 2022 Financial Highlights | Metric | Q3 2022 | Q3 2021 | % Change | | :--- | :--- | :--- | :--- | | Revenue | $13.4M | $10.9M | 22.9% | | Net Income | $3.4M | $2.6M | 30.8% | | Diluted EPS | $0.27 | $0.20 | 35.0% | - Management expects higher revenue and operating expenses for the remainder of 2022 compared to the same period in 2021[75](index=75&type=chunk) [Results of Operations](index=24&type=section&id=Results%20of%20Operations) Q3 and nine-month revenue and gross margin significantly increased, driven by device sales and price increases, while operating expenses also rose across categories - Q3 2022 revenue increased **22.9% YoY**, driven by a **32.2%** increase in device sales, with U.S. sales growing **24.6%** and international sales growing **16.4%**[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk) - The average selling price (ASP) for the MRI compatible patient vital signs monitoring system increased to approximately **$45,992** in Q3 2022 from **$40,639** in Q3 2021, due to higher domestic sales and price increases[87](index=87&type=chunk) - Q3 2022 gross profit margin increased to **78.6%** from **77.1%** in Q3 2021, primarily due to price increases implemented in late 2021 and a favorable standard cost update[95](index=95&type=chunk) - Operating expenses increased in Q3 2022, with General & Administrative expenses up **27.9%** and Sales & Marketing expenses up **17.5%** compared to Q3 2021[99](index=99&type=chunk)[101](index=101&type=chunk) [Liquidity and Capital Resources](index=32&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with **$55.6 million** in cash, despite a **$12.6 million** special dividend, and expects sufficient funds for future operations and expansion - The company held **$55.6 million** in cash and investments as of September 30, 2022[111](index=111&type=chunk) - A special dividend of **$12.6 million** was paid to shareholders in Q1 2022, causing a significant cash outflow from financing activities[111](index=111&type=chunk)[115](index=115&type=chunk) - Management believes current cash and cash generated from operations will be sufficient for at least the next 12 months, including funding a planned land acquisition for expansion[112](index=112&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=34&type=section&id=Item%203%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from foreign currency and interest rate fluctuations, with the impact of a 10% Yen change and a 100 basis point interest rate change considered immaterial - The company has foreign currency risk related to costs denominated in Japanese Yen, but the potential impact on net income from exchange rate fluctuations is considered immaterial[121](index=121&type=chunk) - The company is exposed to interest rate risk on its cash equivalents and investments, where a 100 basis point change in interest rates would result in an estimated **$0.1 million** change in the fair value of its investments as of September 30, 2022[122](index=122&type=chunk) [Controls and Procedures](index=34&type=section&id=Item%204%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of September 30, 2022, with no material changes to internal control over financial reporting - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of September 30, 2022[124](index=124&type=chunk) - No changes occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[125](index=125&type=chunk) Part II Other Information [Legal Proceedings](index=36&type=section&id=Item%201%20Legal%20Proceedings) Management believes that the resolution of any currently known legal proceedings will not materially affect the company's financial position or results of operations - Management believes that the resolution of any currently known legal proceedings will not have a material effect on the company's results of operations or financial position[128](index=128&type=chunk) [Risk Factors](index=36&type=section&id=Item%201A%20Risk%20Factors) No material changes have been made to the risk factors disclosed in the Annual Report on Form 10-K for the fiscal year ended December 31, 2021 - No material changes have been made to the risk factors disclosed in the Annual Report on Form 10-K for the fiscal year ended December 31, 2021[129](index=129&type=chunk) [Unregistered Sale of Equity Securities and Use of Proceeds](index=36&type=section&id=Item%202%20Unregistered%20Sale%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no unregistered sales of equity securities during the period - There were no unregistered sales of equity securities during the period[130](index=130&type=chunk) [Exhibits](index=37&type=section&id=Item%206%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and XBRL data files

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Delaware 73-1408526 (State or other jurisdiction of incorporation or organization) 1025 Willa Springs Drive Winter Springs, Florida 32708 (Address of principal executive offices) (Zip Code) (407) 677-8022 (Registrant's telephone number, including area code) For the Quarterly Period Ended June 30, 2022 OR ☐ TRANSITION REP ...

IRadimed Corporation (NASDAQ:IRMD) Q2 2022 Earnings Conference Call July 29, 2022 11:00 AM ET Company Participants Roger Susi – President and Chief Executive Officer Jack Glenn – Chief Financial Officer Conference Call Participants Scott Henry – ROTH Capital Partners Operator Welcome to the IRadimed Corporation Second Quarter 2022 Financial Results Conference Call. Currently, all participants are in a listen-only mode. And at the end of the call, we will conduct a question-and-answer session. As a reminder, ...

Part I [Condensed Financial Statements](index=5&type=section&id=Item%201%20Condensed%20Financial%20Statements) This section presents the unaudited condensed financial statements for IRADIMED CORPORATION as of March 31, 2022, and for the three-month period then ended, compared with prior periods, including Balance Sheets, Statements of Operations, Comprehensive Income, Stockholders' Equity, and Cash Flows, along with accompanying notes [Condensed Balance Sheets](index=6&type=section&id=Condensed%20Balance%20Sheets) The condensed balance sheet shows total assets decreased from **$82.9 million** at year-end 2021 to **$72.4 million** as of March 31, 2022, primarily due to reduced cash and cash equivalents, while stockholders' equity declined from **$72.2 million** to **$62.5 million** largely due to dividend payments Condensed Balance Sheets (in thousands) | | March 31, 2022 (unaudited) | December 31, 2021 | | :--- | :--- | :--- | | **Total current assets** | $65,514 | $76,245 | | **Total assets** | **$72,393** | **$82,881** | | **Total current liabilities** | $6,249 | $6,823 | | **Total liabilities** | $9,845 | $10,708 | | **Total stockholders' equity** | $62,548 | $72,174 | | **Total liabilities and stockholders' equity** | **$72,393** | **$82,881** | [Condensed Statements of Operations](index=7&type=section&id=Condensed%20Statements%20of%20Operations) For the three months ended March 31, 2022, revenue increased **33.5%** to **$12.3 million**, and net income grew **79.3%** to **$2.5 million**, with diluted net income per share rising to **$0.20** from **$0.11** year-over-year Condensed Statements of Operations Highlights (in thousands, except per share data) | | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | **Revenue** | $12,311 | $9,224 | | **Gross Profit** | $9,380 | $7,062 | | **Income from Operations** | $3,075 | $1,777 | | **Net Income** | $2,487 | $1,387 | | **Diluted EPS** | $0.20 | $0.11 | [Condensed Statements of Stockholders' Equity](index=9&type=section&id=Condensed%20Statements%20of%20Stockholders'%20Equity) Stockholders' equity decreased from **$72.2 million** at year-end 2021 to **$62.5 million** as of March 31, 2022, primarily due to a **$12.6 million** special dividend payment partially offset by **$2.5 million** in net income - A special dividend of **$1.00 per share**, totaling **$12.6 million**, was paid during the first quarter of 2022[22](index=22&type=chunk) - Net income of **$2.5 million** partially offset the decrease in retained earnings from the dividend payment[22](index=22&type=chunk) [Condensed Statements of Cash Flows](index=10&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) For Q1 2022, net cash provided by operating activities was **$1.4 million**, while investing activities used **$0.4 million** and financing activities used **$12.6 million**, resulting in a net decrease in cash and cash equivalents of **$11.6 million** Cash Flow Summary (in thousands) | | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $1,426 | $943 | | **Net cash used in investing activities** | $(425) | $(174) | | **Net cash used in financing activities** | $(12,555) | $(36) | | **Net (decrease) increase in cash** | $(11,553) | $733 | - The significant cash outflow in financing activities was due to a **$12.6 million** dividend payment in Q1 2022[25](index=25&type=chunk)[99](index=99&type=chunk) [Notes to Unaudited Condensed Financial Statements](index=11&type=section&id=Notes%20to%20Unaudited%20Condensed%20Financial%20Statements) The notes detail accounting policies and financial results, including revenue disaggregation by geography and product type, EPS calculations, inventory, stock-based compensation, income taxes, and lease obligations, confirming the company operates in a single segment of MRI compatible medical devices - The company operates in one reportable segment: the development, manufacture, and sale of MRI compatible medical devices and related accessories[29](index=29&type=chunk) Revenue by Geographic Region (in dollars) | Region | Q1 2022 Revenue | Q1 2021 Revenue | | :--- | :--- | :--- | | United States | $9,979,340 | $7,272,830 | | International | $2,331,370 | $1,951,166 | | **Total** | **$12,310,710** | **$9,223,996** | Revenue by Type (in dollars) | Type | Q1 2022 Revenue | Q1 2021 Revenue | | :--- | :--- | :--- | | MRI compatible IV infusion pump system | $3,281,939 | $3,503,347 | | MRI compatible patient vital signs monitoring systems | $5,194,751 | $2,603,830 | | Disposables, services and other | $3,318,902 | $2,635,466 | | Amortization of extended warranty agreements | $515,118 | $481,353 | | **Total** | **$12,310,710** | **$9,223,996** | - The effective tax rate for Q1 2022 was **18.7%**, compared to **21.7%** for Q1 2021, with a full-year 2022 expectation of approximately **23%**[54](index=54&type=chunk)[55](index=55&type=chunk)[92](index=92&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2022 financial results, highlighting a **33.5%** revenue increase to **$12.3 million** driven by a **99.5%** surge in MRI compatible patient vital signs monitoring systems sales, a slight gross profit margin decrease to **76.2%**, increased operating expenses, and a strong liquidity position with **$50.4 million** in cash and investments despite a **$12.6 million** special dividend - The company is the only known provider of a non-magnetic intravenous (IV) infusion pump system specifically designed for safe use during MRI procedures[66](index=66&type=chunk) Q1 2022 Financial Highlights vs. Q1 2021 (in millions, except per share data) | Metric | Q1 2022 | Q1 2021 | Change | | :--- | :--- | :--- | :--- | | Revenue | $12.3 | $9.2 | +33.5% | | Net Income | $2.5 | $1.4 | +79.3% | | Diluted EPS | $0.20 | $0.11 | +81.8% | - Revenue from MRI compatible patient vital signs monitoring systems nearly doubled, increasing **99.5%** to **$5.2 million** in Q1 2022 from **$2.6 million** in Q1 2021[79](index=79&type=chunk) - The average selling price (ASP) of the patient vital signs monitoring system increased to approximately **$46,800** in Q1 2022 from **$38,300** in Q1 2021, driven by higher domestic sales and price increases[84](index=84&type=chunk) - Gross profit margin slightly decreased to **76.2%** in Q1 2022 from **76.6%** in Q1 2021, primarily due to unfavorable labor and overhead expenses[86](index=86&type=chunk) - The company paid a special dividend of **$12.6 million** to shareholders during the quarter ended March 31, 2022[95](index=95&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=28&type=section&id=Item%203%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company identifies foreign currency exchange risk, primarily from Japanese Yen costs, and interest rate risk from corporate bonds, with a **10%** Yen change or **100 basis point** interest rate change deemed immaterial to net income or fair value, respectively - The company faces foreign currency risk from Japanese Yen-denominated costs, with a hypothetical **10%** change in the Yen exchange rate having an immaterial impact on net income[106](index=106&type=chunk) - Interest rate risk is associated with **$0.5 million** in corporate bonds, where a **100 basis point** change in interest rates is expected to have an immaterial effect on their fair value[108](index=108&type=chunk) [Controls and Procedures](index=29&type=section&id=Item%204%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of March 31, 2022, with no material changes to internal control over financial reporting during the quarter - The Chief Executive Officer and Controller and Interim Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of March 31, 2022[110](index=110&type=chunk) - No material changes to the company's internal control over financial reporting occurred during the first quarter of 2022[111](index=111&type=chunk) Part II [Legal Proceedings](index=30&type=section&id=Item%201%20Legal%20Proceedings) The company anticipates potential legal proceedings in the ordinary course of business but believes the resolution of any known matters will not materially affect its financial results or position - Management believes that the resolution of any currently known legal matters will not have a material effect on the company's results of operations or financial position[114](index=114&type=chunk) [Risk Factors](index=30&type=section&id=Item%201A%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021 - No material changes to the risk factors disclosed in the Annual Report on Form 10-K for the fiscal year ended December 31, 2021, have occurred[115](index=115&type=chunk) [Unregistered Sale of Equity Securities and Use of Proceeds](index=30&type=section&id=Item%202%20Unregistered%20Sale%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - None[116](index=116&type=chunk) [Exhibits](index=31&type=section&id=Item%206%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and XBRL interactive data files - Exhibits filed include CEO and CFO certifications (31.1, 31.2, 32.1) and XBRL data files (101 series)[121](index=121&type=chunk)