iRadimed(US:IRMD)2022-04-29 17:39Company Overview - IRadimed is the world's only non-magnetic MRI patient care technology company[4] - The company's products include non-magnetic IV infusion pump systems and patient monitors[7] - IRadimed holds the number 2 market position in its sector[7] Market and Growth - The company targets a $3.1 billion capital and consumables market, including $1.4 billion for IV pumps, $1.1 billion for monitors, and $0.6 billion for ferromagnetic detectors[10] - Channel expansion, particularly in U S ambulatory imaging centers, presents a 3X revenue growth opportunity within 5 years (based on 2019 revenue)[12] - The company aims to fuel market penetration by accelerating hospital MRI pump adoption and gaining share in MRI monitor replacements[11] Financial Performance - The company's revenue for 2021 was $41.8 million[19] - Revenue is projected to be between $51.4 million and $52.2 million in 2022[19, 20] - Adjusted EPS is projected to be between $0.91 and $1.01 in 2022[18, 20] - The company has a strong financial profile with 77% gross margins[19] - As of December 31, 2021, the company had 6,062 IV pumps and 1,138 monitors[16] - As of December 31, 2022, the company had $62.5 million in cash and investments[21] MRI Safety and Risks - MRI adverse events are trending up, with a 600% increase reported to the FDA[4] - Mechanical issues account for 58% of FDA reported MRI adverse event types[5] - Projectile incidents account for 11% of FDA reported MRI adverse event types[5]