Full Press Release Details
CORPORATION Announces Third Quarter 2021 Financial Results
Winter Springs, Florida, October 29, 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 and nine months ended September 30, 2021.
am pleased with these financial results and continue to be proud of our performance and resiliency in an everchanging environment marked
by the continued uncertainties of COVID. With these financial results, we are on pace to post approximately 8 percent revenue growth over
the pre-COVID 2019 year as well as achieve the highest full-year revenue in Iradimed's history," said Roger
Susi, President and Chief Executive Officer of the Company.
Three Months Ended September 30, 2021
For the third quarter ended September 30, 2021, the Company reported
revenue of $10.9 million compared to $7.7 million for the third quarter 2020. Net income was $2.6 million, or $0.20 per diluted share,
compared to $1.1 million, or $0.09 per diluted share for the third quarter 2020. The increase in net income and diluted earnings per share
is primarily the result of a $3.2 million increase in revenue for the third quarter 2021.
Non-GAAP net income was $2.8 million, or $0.23 per diluted share, for
the quarter ended September 30, 2021, and excludes $0.3 million of stock compensation expense, net of tax expense. Non-GAAP net income
for the quarter ended September 30, 2020 was $1.4 million, or $0.11 per diluted share, and excludes $0.3 million of stock compensation
expense, net of tax.
Nine Months Ended September 30, 2021
For the nine months ended September 30, 2021, the Company reported
revenue of $29.9 million compared to $23.2 million for the same period in 2020. Net income was $5.4 million, or $0.43 per diluted share,
compared to $0.7 million, or $0.06 per diluted share for the same period in 2020. The increase in net income and diluted earnings per
share is primarily the result of a $6.8 million increase in revenue and a $2.8 million decrease in general and administrative expenses,
partially offset by a $3.3 million increase in income tax expense for the nine months ended September 30, 2021. During the nine months
ended September 30, 2020, the Company recognized total general and administrative expense of $3.2 million related to our former CEO.
Non-GAAP net income was $6.2 million, or $0.50 per diluted share, for
the nine months ended September 30, 2021, and excludes $0.8 million of stock compensation expense, net of tax expense. Non-GAAP net
income for the nine months ended September 30, 2020 was $4.2 million, or $0.33 per diluted share, which excludes $1.1 million of
on-going stock compensation expense, net of tax, and $2.4 million of expenses, net of tax, related to the separation of our former CEO.
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Devices: | ||||||||||||||||
| MRI compatible IV infusion pump system | $ | 3,369,068 | $ | 2,153,699 | $ | 9,329,182 | $ | 6,693,692 | ||||||||
| MRI Compatible Patient Vital Signs Monitoring Systems | 3,779,442 | 2,282,943 | 9,760,991 | 6,829,932 | ||||||||||||
| Total Devices revenue | 7,148,510 | 4,436,642 | 19,090,173 | 13,523,624 | ||||||||||||
| Disposables, services and other | 3,285,656 | 2,802,039 | 9,412,091 | 8,269,487 | ||||||||||||
| Amortization of extended warranty agreements | 473,136 | 460,415 | 1,439,457 | 1,378,218 | ||||||||||||
| Total revenue | $ | 10,907,302 | $ | 7,699,096 | $ | 29,941,721 | $ | 23,171,329 |
For the third quarter 2021, domestic sales were 79.5 percent of total
revenue, compared to 84.0 percent for the third quarter 2020. Gross profit margin was 77.1 percent for the third quarter 2021, compared
to 74.6 percent for the third quarter 2020.
For the nine months ended September 30, 2021, domestic sales were
80.1 percent of total revenue, compared to 75.2 percent for the same period in 2020. Gross profit margin was 76.1 percent for the nine
months ended September 30, 2021, compared to 73.9 percent for the same period in 2020.
For the nine months ended September 30, 2021, cash from operations
was $7.9 million, compared to $3.3 million for the same period in 2020.
the third quarter ended September 30, 2021, free cash flow was $3.2 million, compared to $1.3 million for the third quarter 2020.
For the nine months ended September 30, 2021, free cash flow was $7.5 million, compared to $3.0 million for the same
For the fourth quarter 2021, the Company expects to report revenue
of $11.5 million to $11.7 million, GAAP diluted earnings per share of $0.17 to $0.18, and non-GAAP diluted earnings per share of $0.20
The Company increased its full-year financial guidance, and now expects
to report revenue of $41.4 million to $41.6 million, GAAP diluted earnings per share of $0.60 to $0.61, and non-GAAP diluted earnings
per share of $0.70 to $0.71. The Company's previously expected full-year 2021 revenue was $40.0 million to $40.4 million, GAAP diluted
earnings per share of $0.53 to $0.55, and non-GAAP diluted earnings per share of $0.60 to $0.62.
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 $0.3 million and $1.1 million for the fourth
quarter and full year 2021, 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, October 29, 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 1675895.
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.