Full Press Release Details
CORPORATION Announces First Quarter 2022 Financial Results
Winter Springs, Florida, April 29, 2022 - iRadimed
Corporation (the "Company") (NASDAQ: IRMD), announced today its financial
results for the three months ended March 31, 2022. The Company is 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.
am very satisfied with these results. Having the first quarter start off strongly shows the continued strength of our business. Our growth
afforded us the opportunity to pay a special dividend of $1.00 per share during the first quarter. Our expectation is to continue building
momentum, as shown in the demand for our products, which remains at record levels. This gives us the confidence to increase our outlook
for the full year. We are now expecting revenue of $52.5 million to $53.2 million and non-GAAP earnings per share of $0.96 to $1.03,"
said Roger Susi, President and Chief Executive Officer of the Company.
For the first quarter ended March 31, 2022, the Company reported
revenue of $12.3 million compared to $9.2 million for the first quarter 2021. Net income was $2.5 million, or $0.20 per diluted share,
compared to $1.4 million, or $0.11 per diluted share for the first quarter 2021.
Non-GAAP net income was $2.8 million, or $0.22 per diluted share, for
the quarter ended March 31, 2022, and excludes $0.3 million of stock compensation expense, net of tax expense. Non-GAAP net income
for the quarter ended March 31, 2021 was $1.6 million, or $0.13 per diluted share, and excludes $0.3 million of stock compensation
expense, net of tax.
| Three Months Ended March 31, | ||||||||
| 2022 | 2021 | |||||||
| Devices: | ||||||||
| MRI compatible IV infusion pump system | $ | 3,281,939 | $ | 3,503,347 | ||||
| MRI compatible patient vital signs monitoring systems | 5,194,751 | 2,603,830 | ||||||
| Total Devices revenue | 8,476,690 | 6,107,177 | ||||||
| Disposables, services and other | 3,318,902 | 2,635,466 | ||||||
| Amortization of extended warranty agreements | 515,118 | 481,353 | ||||||
| Total revenue | $ | 12,310,710 | $ | 9,223,996 |
For the first quarter 2022, domestic sales were 81.1 percent of total
revenue, compared to 78.8 percent for the first quarter 2021. Gross profit margin was 76.2 percent for the first quarter 2022, compared
to 76.6 percent for the first quarter 2021.
For the three months ended March 31, 2022, cash from operations
was $1.4 million, compared to $0.9 million for the same period in 2021.
For the second quarter 2022, the Company expects to report revenue
of $12.5 million to $12.7 million, GAAP diluted earnings per share of $0.21 to $0.23, and non-GAAP diluted earnings per share of $0.23
The Company increased its full year 2022 financial guidance and now
expects to report revenue of $52.5 million to $53.2 million, GAAP diluted earnings per share of $0.89 to $0.95, and non-GAAP diluted earnings
per share of $0.96 to $1.03. The Company previously expected revenue of $51.4 million to $52.2 million, GAAP diluted earnings per share
of $0.82 to $0.90, and non-GAAP diluted earnings per share of $0.91 to $1.01, which assumes a normalized tax rate compared to 2021.
The Company's non-GAAP diluted earnings per share guidance excludes
stock-based compensation expense, net of tax, which the Company expects to be approximately $1.4 million and $0.3 million for the full
year and second quarter 2022, respectively.
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
through various means.
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 29, 2022. 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 3179386.
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 develop, manufacture, market and distribute MRI compatible medical devices and accessories, disposables and services relating to them.
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.
Our 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
press release contains forward-looking statements (i.e., statements which are not historical facts). Readers are cautioned not
to place undue reliance on forward-looking statements, which speak only as of the date that they are made, and which reflect management's
current estimates, projections, expectations or beliefs and which involve risks and uncertainties that could cause actual results and
outcomes to be materially different. Risks and uncertainties that may affect the future results of the company include, but are not limited
to, impacts of the COVID-19 pandemic, including the impact of existing and new variants, and measures taken in response; potential disruptions
in our limited supply chain for our products; the Company's ability to 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; 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