iRadimed(US:IRMD)2025-11-03 21:06Financial 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]