iRadimed(US:IRMD)2024-10-31 20:15Revenue and Income - Revenue for the three months ended September 30, 2024, was $18,325,959, representing an increase of 11% compared to $16,504,640 for the same period in 2023[11]. - Net income for the three months ended September 30, 2024, was $5,049,491, slightly down from $5,067,180 in the same quarter of 2023[11]. - Net income for the nine months ended September 30, 2024, was $14,087,248, compared to $12,653,090 for the same period in 2023, reflecting a growth of approximately 11%[16]. - Total revenue for the nine months ended September 30, 2024, reached $53,852,954, a 12.5% increase compared to $48,110,120 for the same period in 2023[26]. - Basic net income per share remained stable at $0.40 for both the three months ended September 30, 2024, and 2023[11]. - Diluted net income per share for the nine months ended September 30, 2024, was $1.10, compared to $0.99 for the same period in 2023[32]. Expenses - Operating expenses for the three months ended September 30, 2024, totaled $8,402,586, an increase of 21% from $6,932,044 in the prior year[11]. - Total operating expenses for the nine months ended September 30, 2024, were $25,424,512, up from $21,869,704 in 2023, reflecting an increase of 16.5%[11]. - Research and development expenses increased to $639,467 for the three months ended September 30, 2024, compared to $452,555 in 2023, reflecting a rise of 41%[11]. - Sales and marketing expenses increased by $0.9 million, or 31.0%, to $3.8 million for the three months ended September 30, 2024[81]. - General and administrative expenses increased by $0.4 million, or 11.1%, to $4.0 million for the three months ended September 30, 2024[79]. Cash Flow and Liquidity - Cash and cash equivalents at the end of the period increased to $51,721,051 from $46,745,124, marking an increase of about 10%[16]. - Operating cash flow for the nine months ended September 30, 2024, was $19,637,394, significantly higher than $9,552,532 for the same period in 2023[16]. - Cash provided by operating activities increased by $10.0 million to $19.6 million for the nine months ended September 30, 2024, compared to $9.6 million for the same period in 2023[94]. - Cash used in investing activities decreased by $1.6 million to $5.8 million for the nine months ended September 30, 2024, compared to $7.4 million for the same period in 2023[95]. - Cash used in financing activities decreased by $1.5 million to $11.9 million for the nine months ended September 30, 2024, compared to approximately $13.4 million for the same period in 2023[96]. Revenue Breakdown - Revenue from the United States for the three months ended September 30, 2024, was $15,207,195, up from $13,948,368 in the same period of 2023, indicating a growth of approximately 9%[26]. - International revenue for the three months ended September 30, 2024, was $3,118,764, compared to $2,556,272 in the same period of 2023, reflecting a growth of about 22%[26]. - Revenue from sales in the U.S. increased by $1.3 million, or 9.4%, to $15.2 million for the three months ended September 30, 2024[70]. - Revenue from sales of devices increased by $1.2 million, or 10.4%, to $13.0 million for the three months ended September 30, 2024[71]. - Revenue from sales of disposables, services, and other increased by $0.5 million, or 11.9%, to $4.7 million for the three months ended September 30, 2024[72]. Stockholder Equity and Dividends - The total stockholders' equity as of September 30, 2024, was $83,432,625, an increase from $74,568,000 as of September 30, 2023[13]. - The company paid dividends of $11,776,128 during the nine months ended September 30, 2024, compared to $13,222,907 in the same period of 2023[16]. - The company declared a regular quarterly cash dividend of $0.15 per share on October 30, 2024, to be paid on November 25, 2024[53]. Future Outlook - The company anticipates continued growth in revenue driven by new product introductions and market expansion efforts[3]. - Future performance may be impacted by regulatory approvals and market acceptance of new products[3]. - The company expects higher revenue for the remainder of 2024 compared to the same period in 2023, primarily due to increased sales of medical devices and related services[63]. Inventory and Assets - Total inventory as of September 30, 2024, was $11,251,549, down from $12,821,194 at the end of 2023[34]. - Total property and equipment, net, increased to $14,155,985 as of September 30, 2024, from $9,288,625 as of December 31, 2023[36]. - The company recorded a net cash used in investing activities of $5,760,057 for the nine months ended September 30, 2024, compared to $7,374,351 in the same period of 2023[16]. Tax and Compliance - The company recorded a provision for income tax expense of $1,368,830 for the three months ended September 30, 2024, with an effective tax rate of 21.3%[42]. - The effective tax rate for the three months ended September 30, 2024, was 21.3%, compared to 20.9% for the same period in 2023[42][43]. - For the nine months ended September 30, 2024, the company recorded a provision for income tax expense of $3,843,834, with an effective tax rate of 21.4%[88].