iRadimed(IRMD) - 2025 Q1 - Quarterly Results

Financial Performance and Outlook This section details IRADIMED's Q1 2025 financial performance, management commentary, guidance, and comprehensive financial analysis Q1 2025 Financial Highlights IRADIMED reported its fifteenth consecutive quarter of record revenue, reaching $19.5 million in Q1 2025, an 11% year-over-year increase, with GAAP diluted EPS growing 16% to $0.37 and non-GAAP diluted EPS rising 17% to $0.42 Q1 2025 Key Financial Metrics (YoY) | Metric | Q1 2025 (USD) | Q1 2024 (USD) | Change | | :--- | :--- | :--- | :--- | | Revenue | $19.5M | $17.6M | +11% | | Net Income | $4.7M | $4.1M | +15% | | GAAP Diluted EPS | $0.37 | $0.32 | +16% | | Non-GAAP Net Income | $5.3M | $4.6M | +15% | | Non-GAAP Diluted EPS | $0.42 | $0.36 | +17% | - The Board of Directors declared a regular quarterly cash dividend of $0.17 per share, payable on May 30, 2025[5][7] Management Commentary The CEO attributed the strong Q1 performance to sustained demand for the company's innovative products and operational excellence, with a new manufacturing facility on track for completion in July 2025 - The company achieved its fifteenth consecutive quarter of record revenue, highlighting sustained demand[3] - The new manufacturing facility is expected to be completed in July 2025, positioning the company to support planned growth[3][10] Financial Guidance IRADIMED reaffirmed its full-year 2025 guidance and issued Q2 2025 guidance, projecting revenue and non-GAAP diluted EPS ranges for both periods Q2 2025 Financial Guidance | Metric | Guidance Range (USD) | | :--- | :--- | | Revenue | $19.7M - $19.9M | | GAAP Diluted EPS | $0.37 - $0.40 | | Non-GAAP Diluted EPS | $0.41 - $0.44 | Full Year 2025 Financial Guidance (Reaffirmed) | Metric | Guidance Range (USD) | | :--- | :--- | | Revenue | $78.0M - $82.0M | | GAAP Diluted EPS | $1.55 - $1.65 | | Non-GAAP Diluted EPS | $1.71 - $1.81 | - The non-GAAP guidance for the full year and second quarter of 2025 excludes estimated stock-based compensation expense, net of tax, of approximately $2.6 million and $0.6 million, respectively[12] Detailed Financial Analysis This section details the company's financial performance, highlighting revenue growth from devices and domestic sales, alongside profitability, cash flow, and balance sheet health Revenue Analysis Total revenue for Q1 2025 increased 11% YoY to $19.5 million, driven by a 9% increase in device revenue, particularly MRI Compatible IV Infusion Pump Systems, with domestic sales accounting for 82% Revenue by Segment (Q1 2025 vs Q1 2024, in USD) | Segment | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | MRI Compatible IV Infusion Pump Systems | 5,999,212 | 5,192,680 | | MRI Compatible Patient Vital Signs Monitoring Systems | 6,544,679 | 6,461,658 | | Total Devices revenue | 12,962,095 | 11,904,038 | | Disposables | 4,947,088 | 4,013,875 | | Services and other | 1,041,255 | 1,193,075 | | Total revenue | 19,510,637 | 17,598,119 | - Domestic sales represented 82% of total revenue for Q1 2025, compared to 76% for the same period in 2024[9] Profitability Analysis The company maintained a strong gross profit margin of 76.1%, with income from operations growing 14.4% to $5.4 million and net income increasing 13.3% to $4.7 million - The gross profit margin was constant at 76.1% for the three months ended March 31, 2025 and 2024[9] Condensed Statement of Operations (Q1 2025 vs Q1 2024, in USD) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Gross Profit | 14,842,806 | 13,387,723 | | Income from Operations | 5,431,456 | 4,748,347 | | Net Income | 4,687,429 | 4,136,533 | Cash Flow and Balance Sheet Cash flow from operations for Q1 2025 was $4.3 million, a 10% increase YoY, but free cash flow declined significantly to $0.4 million due to increased capital expenditures for a new facility, while the balance sheet remains strong - Cash flow from operations increased by 10% to $4.3 million in Q1 2025[10] Free Cash Flow (Q1 2025 vs Q1 2024, in USD) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | 4,292,092 | 3,883,155 | | Less: Capital Expenditures | (3,917,300) | (478,804) | | Free cash flow | 374,792 | 3,404,351 | - The company anticipates spending an additional $3.0 million in cash on its new facility until its expected completion in July 2025[10] Key Balance Sheet Items (in USD) | Metric | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 101,729,435 | 98,325,775 | | Total Liabilities | 11,675,005 | 11,507,019 | | Total Stockholders' Equity | 90,054,430 | 86,818,756 | Non-GAAP Financial Measures The company utilizes non-GAAP financial measures, such as non-GAAP net income and free cash flow, to offer investors additional perspectives on its operating performance, primarily by excluding stock-based compensation expenses - The company uses non-GAAP measures to provide supplemental perspectives on performance, primarily by excluding stock-based compensation expense, net of tax[13][15] Reconciliation of GAAP to Non-GAAP Net Income (Q1 2025, in USD) | Metric | Amount | | :--- | :--- | | Net income (GAAP) | 4,687,429 | | Stock-based compensation expense, net of tax | 654,243 | | Non-GAAP net income | 5,341,672 | | Non-GAAP net income per share – diluted | $0.42 | - Free cash flow is calculated as net cash from operating activities less capital expenditures for internal software and property/equipment purchases[16] Corporate Information This section details IRADIMED CORPORATION's MRI-compatible medical device business and Q1 2025 earnings conference call information About IRADIMED CORPORATION IRADIMED CORPORATION is a medical device company specializing in innovative MRI-compatible products, including the MRidium® IV infusion pump and Iradimed 3880 patient vital signs monitoring system, ensuring patient safety during MRI procedures - The company is the sole known provider of a non-magnetic IV infusion pump system (MRidium®) specifically designed for safe use during MRI procedures[23] - The Iradimed 3880 MRI-compatible patient vital signs monitoring system is designed to operate dependably in magnetic fields up to 30,000 gauss, allowing it to be used almost anywhere in an MRI scanner room[24] - The company's products enable seamless and safe fluid delivery and uninterrupted vital signs monitoring for critically ill patients and sedated children during MRI scans[23][25] Conference Call Information The company held a conference call on May 5, 2025, to discuss its Q1 2025 financial results, with a webcast and recording available on its investor relations website - A conference call to discuss the earnings release was scheduled for 9:00 a.m. Eastern Time on May 5, 2025[20] - The call was made available via webcast on the company's investor relations website, with a recording available after the event[21]