Full Press Release Details
CORPORATION Announces First Quarter 2021 Financial Results
Winter Springs, Florida, April 30, 2021 - iRadimed
Corporation (the "Company") (NASDAQ: IRMD), a leader in the development
of innovative magnetic resonance imaging ("MRI") medical devices and the only known provider of a non-magnetic intravenous
("IV") infusion pump system, and non-magnetic patient vital signs monitoring systems that are designed for use during MRI
procedures, today announced financial results for the three months ended March 31, 2021.
quarter bookings and revenue exceeded our internal expectations as we continue gaining greater access to our U.S. customers. Additionally,
we were able to grow IV pump revenue nearly 32 percent over last year. Especially noteworthy is the 112 percent increase in income before
taxes, indicating the true strength of this quarter. EPS was, by comparison, down due to tax benefits we harvested last year. Business
strength was further validated by our ability to grow backlog from its already elevated levels at the end of last year. Overall, Iradimed
has delivered a very good start to the year and I am very pleased with these results," said Roger Susi, President and Chief
Executive Officer of the Company.
For the first quarter ended March 31, 2021, the Company
reported revenue of $9.2 million compared to $8.7 million for the first quarter 2020. Net income was $1.4 million, or $0.11 per
diluted share, compared to $1.8 million, or $0.14 per diluted share for the first quarter 2020. The decrease in net income and
diluted earnings per share is primarily the result of the recognition of $0.4 million of tax expense during the first quarter 2021,
compared to a tax benefit of $(0.9) million recognized during the first quarter 2020.
Non-GAAP net income was $1.6 million for the quarter ended March 31,
2021, which excludes $0.3 million of stock compensation expense, net of tax expense. Non-GAAP net income for the quarter ended March 31,
2020 was $2.2 million, which excludes $0.4 million of stock compensation expense, net of tax expense. Non-GAAP earnings per diluted share
was $0.13 for the first quarter 2021, compared to $0.18 for the first quarter 2020.
| Three Months Ended March 31, | ||||||||
| 2021 | 2020 | |||||||
| Devices: | ||||||||
| MRI compatible IV infusion pump system | $ | 3,503,347 | $ | 2,664,834 | ||||
| MRI compatible patient vital signs monitoring systems | 2,603,830 | 2,888,703 | ||||||
| Total Devices revenue | 6,107,177 | 5,553,537 | ||||||
| Disposables, services and other | 2,635,466 | 2,662,713 | ||||||
| Amortization of extended warranty agreements | 481,353 | 461,291 | ||||||
| Total revenue | $ | 9,223,996 | $ | 8,677,541 |
Domestic sales were 78.8 percent of total revenue, compared to 72.9
percent for the first quarter 2020. Gross profit margin was 76.6 percent for the first quarter 2021, compared to 74.5 percent for the
Flow and Balance Sheet:
For the three months ended March 31, 2021, cash from operations
was $0.9 million, compared to $1.2 million for the same period in 2020.
the first quarter ended March 31, 2021, free cash flow was $0.8 million, compared to $1.0 million for the first quarter
As of March 31, 2021, the Company had combined cash and investments
Significant uncertainty remains regarding the impact of COVID-19 on
the Company's financial results. Accordingly, the Company believes it is prudent to refrain from providing financial guidance at
this time. The Company continues to monitor the circumstances around the pandemic and will provide financial guidance once there is more
certainty around the pandemic's impact on its business.
Use of non-GAAP Financial Measures
The Company believes the use of non-GAAP net income, free cash flow
and infrequent income tax items are helpful to our investors. These measures, which we refer to as our non-GAAP financial measures, are
not prepared in accordance with U.S. GAAP.
We calculate non-GAAP net income as net income excluding (1) stock-based
compensation expense, net of tax. Because of varying available valuation methodologies, subjective assumptions and the variety of equity
instruments that can impact a company's non-cash expenses, we believe that providing non-GAAP financial measures that exclude stock-based
compensation expense allows for meaningful comparisons between our operating results from period to period; (2) operating expenses,
net of tax, that we believe are not indicative of the Company's on-going core operating performance, and; (3) infrequent tax
items are considered based on their nature and are excluded from the provision for income taxes as these costs or benefits are not indicative
of our normal or future provision for income taxes. We calculate free cash flow as net cash provided by operating activities, less net
cash used in investing activities for purchases of property and equipment.
We consider free cash flow to be a liquidity measure that provides
useful information to management and investors about the amount of cash generated by our business that can be used for strategic opportunities,
including investing in our business, making strategic acquisitions, strengthening our balance sheet and returning cash to our shareholders
via share repurchases.
All of our non-GAAP financial measures are important tools for financial
and operational decision making and for evaluating our on-going core operating results.
A reconciliation of the non-GAAP financial measures used in this release
to the most comparable U.S. GAAP measures for the respective periods can be found in the table later in this release immediately following
the condensed statements of cash flows. These non-GAAP financial measures should not be considered in isolation or as a substitute
for a measure of the Company's operating performance or liquidity prepared in accordance with U.S. GAAP and are not indicative of
net income or cash provided by operating activities.
has scheduled a conference call to discuss this announcement beginning at 11:00 a.m. Eastern Time today, April 30, 2021. Individuals
interested in listening to the conference call may do so by dialing 1-844-413-1781 for domestic callers, or 1-716-247-5767 for international
callers, and entering the reservation code 8386999.
conference call will also be available real-time via the internet at http://www.iradimed.com/en-us/investors/events/. A
recording of the call will be available on the Company's website following the completion of the call.
About iRadimed Corporation
Corporation is a leader in the development of innovative magnetic resonance imaging ("MRI") compatible medical devices.
We are the only known provider of a non-magnetic intravenous ("IV") infusion pump system that is specifically designed to
be safe for use during MRI procedures. We were the first to develop an infusion delivery system that largely eliminates many of the dangers
and problems present during MRI procedures. Standard infusion pumps contain magnetic and electronic components which can create radio
frequency interference and are dangerous to operate in the presence of the powerful magnet that drives an MRI system. Our patented MRidium
MRI compatible IV infusion pump system has been designed with a non-magnetic ultrasonic motor, uniquely designed non-ferrous parts and
other special features to safely and predictably deliver anesthesia and other IV fluids during various MRI procedures. Our pump solution
provides a seamless approach that enables accurate, safe and dependable fluid delivery before, during and after an MRI scan, which is
important to critically-ill patients who cannot be removed from their vital medications, and children and infants who must generally be
sedated to remain immobile during an MRI scan.
3880 MRI compatible patient vital signs monitoring system has been designed with non-magnetic components and other special features
to safely and accurately monitor a patient's vital signs during various MRI procedures. The IRADIMED 3880 system operates dependably
in magnetic fields up to 30,000 gauss, which means it can operate virtually anywhere in the MRI scanner room. The IRADIMED 3880 has a
compact, lightweight design allowing it to travel with the patient from their critical care unit, to the MRI and back, resulting in increased
patient safety through uninterrupted vital signs monitoring and decreasing the amount of time critically ill patients are away from critical
care units. The features of the IRADIMED 3880 include: wireless ECG with dynamic gradient filtering; wireless SpO2 using Masimo algorithms;
non-magnetic respiratory CO2; invasive and non-invasive blood pressure; patient temperature, and; optional advanced multi-gas anesthetic
agent unit featuring continuous Minimum Alveolar Concentration measurements. The IRADIMED 3880 MRI compatible patient vital signs monitoring
system has an easy-to-use design and allows for the effective communication of patient vital signs information to clinicians.
more information please visit www.iradimed.com.
Forward-Looking Statements
This press release contains forward-looking statements as defined in
the Private Securities Litigation Act of 1995, particularly statements regarding our expectations, beliefs, plans, intentions, future
operations, financial condition and prospects, and business strategies. These statements relate to future events or our future financial
performance or condition and involve unknown risks, uncertainties and other factors that could cause our actual results, level of activity,
performance or achievement to differ materially from those expressed or implied by these forward-looking statements. The risks and uncertainties
referred to above include, but are not limited to, risks associated with the Company's ability to receive an EC Certificate or CE
Mark for our existing products and product candidates, receive FDA 510(k) clearance for new products and product candidates; unexpected
costs, delays or diversion of management's attention associated with the design, manufacture or sale of new products; the Company's
ability to implement successful sales techniques for existing and future products and evaluate the effectiveness of its sales techniques;
additional actions, warnings or requests from the FDA or other regulatory bodies; our significant reliance on a limited number of products;
potential disruptions in our limited supply chain for our products; a reduction in international distribution; actions of the FDA or other
regulatory bodies that could delay, limit or suspend product development, manufacturing or sales; the effect of recalls, patient adverse
events or deaths on our business; difficulties or delays in the development, production, manufacturing and marketing of new or existing
products and services; changes in laws and regulations or in the interpretation or application of laws or regulations.
Further information on these and other factors that could affect the
Company's financial results is included in filings we make with the Securities and Exchange Commission from time to time. All forward-looking
statements are based on information available to us on the date hereof, and we assume no obligation to update forward-looking statements.