iRadimed(US:IRMD)2022-11-06 02:03Financial 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]