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]

Core Viewpoint - Iradimed Corporation will release its 2025 second quarter financial results on August 1, 2025, and will host a conference call to discuss these results [1][2]. Company Overview - Iradimed Corporation is a leader in developing MRI-compatible medical devices, specifically known for its non-magnetic intravenous infusion pump system designed for safe use during MRI procedures [3]. - The company has developed the patented MRidium® MRI compatible IV infusion pump system, which eliminates dangers associated with standard infusion pumps that contain magnetic components [3]. - The Iradimed 3880 MRI compatible patient vital signs monitoring system is designed with non-magnetic components, allowing it to operate in magnetic fields up to 30,000 gauss, ensuring patient safety during MRI procedures [4]. Product Features - The MRidium® system provides accurate and safe delivery of anesthesia and IV fluids during MRI scans, crucial for critically ill patients and children who require sedation [3]. - The Iradimed 3880 system features wireless ECG, SpO2 monitoring, non-magnetic respiratory CO2 monitoring, and advanced multi-gas anesthetic agent unit capabilities [4].

Core Insights - Iradimed Corporation has received FDA 510(k) clearance for its next-generation MRidium® 3870 IV Infusion Pump System, reinforcing its position as the only supplier of non-magnetic MRI infusion pump devices [1][3] - The MRidium® 3870 is designed to meet the increasing demand for safe fluid delivery in MRI environments, featuring advanced technology such as a non-magnetic ultrasonic pump motor and an intuitive touchscreen interface [2][3] Company Overview - Iradimed Corporation specializes in developing innovative MRI-compatible medical devices, including infusion pumps and patient monitoring systems [4][5] - The company is recognized as the only provider of a non-magnetic intravenous infusion pump system specifically designed for MRI procedures, addressing safety concerns associated with standard infusion pumps [5] Product Features - The MRidium® 3870 includes features such as non-interfering RF emissions, non-ferrous components, and the ability to operate as a four-channel IV infusion pump system, enhancing patient safety and workflow efficiency [2][3] - The system also incorporates a modern drug library solution, accommodating various patient care areas and drug listings, which broadens its application in MRI settings [2] Strategic Plans - The company plans to strategically roll out the MRidium® 3870 infusion pump, with initial deployments to select healthcare facilities in Q4 2025, followed by a ramp-up in material shipments throughout 2026 [3]

[Cautionary Note Regarding Forward-Looking Statements](index=3&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This report contains forward-looking statements, subject to numerous risks and uncertainties that could cause actual results to differ materially - This report contains forward-looking statements, subject to **numerous risks and uncertainties** that could cause actual results to differ materially[8](index=8&type=chunk) - Key risks include **FDA 510(k) clearance**, **reliance on limited products**, **supply chain integrity**, **competition**, **regulatory changes**, and **geopolitical impacts**[8](index=8&type=chunk)[10](index=10&type=chunk)[13](index=13&type=chunk) - The company disclaims any obligation to update forward-looking statements, advising readers to consider **detailed risks** in this 10-Q and 2024 Annual Report on Form 10-K[11](index=11&type=chunk) [Part I: Financial Information](index=8&type=section&id=Part%20I%20Financial%20Information) [Item 1: Financial Statements](index=8&type=section&id=Item%201%20Financial%20Statements) Unaudited Q1 2025 financials reflect asset growth, 11% revenue increase, and strong net income, with robust operating cash flow [Condensed Balance Sheets](index=8&type=section&id=Condensed%20Balance%20Sheets) Total assets increased by March 31, 2025, primarily due to property and equipment investments, with stockholders' equity also growing Condensed Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $50,331 | $52,234 | | Total current assets | $75,137 | $75,242 | | Property and equipment, net | $20,378 | $16,811 | | Total assets | $101,729 | $98,326 | | **Liabilities & Equity** | | | | Total current liabilities | $8,473 | $8,512 | | Total liabilities | $11,675 | $11,507 | | Total stockholders' equity | $90,054 | $86,819 | | Total liabilities and stockholders' equity | $101,729 | $98,326 | [Condensed Statements of Operations](index=9&type=section&id=Condensed%20Statements%20of%20Operations) Q1 2025 saw an 11% revenue increase, with gross profit rising and net income growing 13.3%, leading to higher diluted EPS Q1 2025 vs Q1 2024 Statement of Operations (in thousands, except per share data) | Metric | Q1 2025 | Q1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | $19,511 | $17,598 | 10.9% | | Gross Profit | $14,843 | $13,388 | 10.9% | | Income from Operations | $5,431 | $4,748 | 14.4% | | Net Income | $4,687 | $4,137 | 13.3% | | Diluted EPS | $0.37 | $0.32 | 15.6% | [Condensed Statements of Stockholders' Equity](index=10&type=section&id=Condensed%20Statements%20of%20Stockholders%27%20Equity) Stockholders' equity increased in Q1 2025, primarily driven by net income and partially offset by declared dividends - Key changes in stockholders' equity for Q1 2025 include **net income of $4.7 million**, **dividends declared of $2.2 million**, and **stock-based compensation expense of $0.8 million**[20](index=20&type=chunk) [Condensed Statements of Cash Flows](index=11&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) Q1 2025 cash flows show strong operating cash, significant investment in property, and cash used for financing, resulting in a net decrease Q1 2025 vs Q1 2024 Cash Flow Summary (in thousands) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $4,292 | $3,883 | | Net cash used in investing activities | ($3,917) | ($479) | | Net cash used in financing activities | ($2,278) | ($8,040) | | **Net decrease in cash** | **($1,903)** | **($4,636)** | - The significant increase in cash used for investing activities in Q1 2025 is attributed to **$3.7 million in purchases of property and equipment**, compared to just **$0.3 million in Q1 2024**[23](index=23&type=chunk) - Cash used in financing activities decreased significantly year-over-year, as Q1 2024 included a **large special dividend payment of nearly $8.0 million**, compared to the **regular quarterly dividend of $2.2 million in Q1 2025**[23](index=23&type=chunk) [Notes to Unaudited Condensed Financial Statements](index=12&type=section&id=Notes%20to%20Unaudited%20Condensed%20Financial%20Statements) Notes confirm single segment, detail U.S. revenue growth, international decline, ongoing IRS examination, and a declared quarterly dividend Revenue Breakdown by Geography and Type (Q1 2025 vs Q1 2024, in thousands) | Revenue Category | Q1 2025 | Q1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | **By Geography** | | | | | United States | $15,953 | $13,409 | 19.0% | | International | $3,558 | $4,189 | (15.1%) | | **By Type** | | | | | Total Devices | $12,962 | $11,904 | 8.9% | | Disposables | $4,947 | $4,014 | 23.2% | - The company is currently under an **IRS examination** for the tax year ended December 31, 2021, but has not accounted for any proposed adjustments[49](index=49&type=chunk) - On May 5, 2025, the Board of Directors declared a **regular quarterly cash dividend of $0.17 per share**, payable on May 30, 2025[58](index=58&type=chunk) [Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes Q1 2025 revenue growth to strong U.S. demand, maintaining stable gross margins despite rising operating expenses, and anticipates continued fiscal 2025 growth - The company is a leader in **MRI compatible medical devices**, including its **non-magnetic MRidium® IV infusion pump system**, the **3880 patient vital signs monitoring system**, and the **3600 ferromagnetic detection device**[61](index=61&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) - For the remainder of fiscal year 2025, the company anticipates **higher revenue** compared to 2024, driven by increased sales across its product lines, and expects **higher operating expenses** in sales, marketing, regulatory, and G&A areas[69](index=69&type=chunk) [Results of Operations](index=26&type=section&id=Results%20of%20Operations) Q1 2025 revenue increased 11% driven by U.S. sales growth, offsetting international decline, with stable gross margins and varied operating expense changes Revenue by Type (Q1 2025 vs Q1 2024, in millions) | Revenue Type | Q1 2025 | Q1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Total Devices | $13.0 | $11.9 | 9% | | Disposables | $4.9 | $4.0 | 23% | | Services and other | $1.0 | $1.2 | (13%) | | **Total Revenue** | **$19.5** | **$17.6** | **11%** | - General and administrative expenses increased by **15% to $4.6 million**, primarily due to higher legal, professional, and payroll expenses[84](index=84&type=chunk) - Research and development expenses decreased by **25% to $0.6 million**, mainly due to a reduction in the purchase of prototype materials[86](index=86&type=chunk) [Liquidity and Capital Resources](index=30&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with substantial cash and working capital, with operating cash flow supporting investments and dividends, and a shelf registration available - The company has a **shelf registration statement on Form S-3**, effective May 8, 2024, allowing for the sale of up to **$75.0 million of its common stock**, with the full amount remaining available as of March 31, 2025[93](index=93&type=chunk) - Cash used in investing activities increased to **$3.9 million in Q1 2025** from **$0.5 million in Q1 2024**, primarily due to **construction costs for a new facility**[96](index=96&type=chunk) - The company commenced a **regular quarterly dividend in 2024**, in addition to a **special dividend paid in March 2024**[97](index=97&type=chunk) [Item 3: Quantitative and Qualitative Disclosures About Market Risk](index=32&type=section&id=Item%203%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes in market risks have occurred since the 2024 Annual Report on Form 10-K - There have been **no material changes in market risks** since the 2024 Annual Report[103](index=103&type=chunk) [Item 4: Controls and Procedures](index=32&type=section&id=Item%204%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of March 31, 2025, 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 March 31, 2025[105](index=105&type=chunk) - **No changes to internal control over financial reporting** occurred during the quarter that would have a material effect[106](index=106&type=chunk) [Part II: Other Information](index=33&type=section&id=Part%20II%20Other%20Information) [Item 1: Legal Proceedings](index=33&type=section&id=Item%201%20Legal%20Proceedings) The company is not currently party to any legal proceedings expected to have a material adverse effect on its operations - The company may become party to legal proceedings in the ordinary course of business but does not believe any known matters will have a **material adverse effect**[108](index=108&type=chunk) [Item 1A: Risk Factors](index=33&type=section&id=Item%201A%20Risk%20Factors) No material changes to risk factors from the 2024 Annual Report, except for expanded discussion on potential adverse effects of changing trade policies and tariffs - A key risk factor highlighted is the **uncertainty and potential adverse impact of changes in trade policies**, such as tariffs imposed by the U.S. and retaliatory measures by other countries[110](index=110&type=chunk) - Tariffs could **increase the cost of sourced materials**, impact product pricing, and potentially **reduce sales and profitability**, making the company susceptible to trade disputes due to global sales and sourcing[111](index=111&type=chunk) [Item 2: Unregistered Sale of Equity Securities and Use of Proceeds](index=34&type=section&id=Item%202%20Unregistered%20Sale%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities occurred during the period - None[113](index=113&type=chunk) [Item 3: Default Upon Senior Securities](index=35&type=section&id=Item%203%20Default%20Upon%20Senior%20Securities) Not applicable - Not Applicable[114](index=114&type=chunk) [Item 4: Mine Safety Disclosures](index=35&type=section&id=Item%204%20Mine%20Safety%20Disclosures) Not applicable - Not Applicable[115](index=115&type=chunk) [Item 5: Other Information](index=35&type=section&id=Item%205%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 trading arrangements during Q1 2025 - No directors or officers adopted or terminated a **Rule 10b5-1 trading arrangement** during the quarter ended March 31, 2025[116](index=116&type=chunk) [Item 6: Exhibits](index=36&type=section&id=Item%206%20Exhibits) The report lists various exhibits filed with the Form 10-Q, including CEO and CFO certifications and XBRL data files - Key exhibits include **CEO and CFO certifications** (31.1, 31.2, 32.1) and **Inline XBRL documents** (101 series)[117](index=117&type=chunk)

Financial Data and Key Metrics Changes - For Q1 2025, the company achieved revenue of $19.5 million, an 11% increase from $17.6 million in Q1 2024 [4][13] - Gross profit margin was reported at 76.1%, consistent with Q1 2024 [14] - GAAP diluted earnings per share increased by 16% to $0.37 from $0.32 in Q1 2024 [15] - Non-GAAP adjusted net income was $5.3 million or $0.42 per diluted share, up 17% from $4.6 million or $0.36 per diluted share in Q1 2024 [16] Business Line Data and Key Metrics Changes - Revenue from IV infusion pump systems grew 16% to $6 million, while disposable revenue increased 23% to $4.9 million [13][14] - Patient vital signs monitoring systems revenue remained steady at $6.5 million [14] - Service revenue remained stable at $1 million [14] Market Data and Key Metrics Changes - Domestic sales accounted for 82% of total revenue in Q1 2025, up from 76% in Q1 2024 [13] - Domestic revenue increased 19% to $16 million, while international sales declined 15% to $3.5 million [14] Company Strategy and Development Direction - The company is focused on increasing monitoring sales in 2025, anticipating a decline in pump revenues later in the year [22] - The new 3,870 MRIV pump is expected to contribute to revenue in 2026, with clearance anticipated in mid-2025 [10] - The company is nearing completion of a new facility, with full operations expected by July 2025 [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the impact of tariffs, noting that only 3% of revenue is linked to high-tariff sources [6][8] - The FDA's responsiveness has been positive, with ongoing interactions indicating progress towards device clearance [27] - The company expects Q2 2025 revenue guidance of $19.7 million to $19.9 million, with full-year revenue guidance of $78 million to $82 million [11][12] Other Important Information - Operating expenses increased to $9.4 million, primarily due to higher general and administrative costs [15] - Cash flow from operations was $4.3 million, up 10% from Q1 2024 [16] Q&A Session Summary Question: Inquiry about disposables performance - Management indicated that the strong disposable revenue was partly due to working down backlog and expects growth to align with capital growth [18][19] Question: Composition of bookings and monitoring sales recovery - Management confirmed strong bookings for monitoring systems in Q1 and early Q2, indicating confidence in recovery [21][24] Question: Status of FDA interactions and clearance timeline - Management provided updates on FDA interactions, indicating ongoing communication and a hopeful timeline for clearance within a few weeks [25][27]

Core Viewpoint - iRadimed (IRMD) reported quarterly earnings of $0.42 per share, slightly missing the Zacks Consensus Estimate of $0.43 per share, but showing an increase from $0.36 per share a year ago [1][2] Financial Performance - The company posted revenues of $19.51 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 0.26%, compared to $17.6 million in the same quarter last year [2] - Over the last four quarters, iRadimed has exceeded consensus revenue estimates four times [2] Stock Performance - iRadimed shares have declined approximately 2.8% since the beginning of the year, while the S&P 500 has seen a decline of 3.3% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating it is expected to perform in line with the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.45 on revenues of $20.31 million, and for the current fiscal year, it is $1.79 on revenues of $80.81 million [7] - The trend of estimate revisions for iRadimed is mixed, which could change following the recent earnings report [6] Industry Context - The Medical - Instruments industry, to which iRadimed belongs, is currently ranked in the top 28% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]