Full Press Release Details
CORPORATION Withdraws 2020 Financial Guidance Due to Uncertainties from the Effects of COVID-19
Winter Springs, Florida, April 7, 2020 - iRadimed
Corporation (NASDAQ: IRMD) announced that it expects to report first quarter 2020 revenue of $8.6 million to $8.7 million
and is withdrawing its first quarter and full year 2020 financial guidance due to the uncertainty created by COVID-19.
"These unprecedented times have resulted in a high degree
of uncertainty created by the global impact of COVID-19. Accordingly, we are withdrawing our financial guidance for the first quarter
and full year 2020," said Leslie McDonnell, President and Chief Executive Officer.
"We continue to maintain a strong balance sheet and stand
ready to support healthcare providers in the fight against COVID-19. As the focus of our customers has turned toward caring for
those infected with the virus, we saw an accelerating decline in equipment orders throughout March. We fully expect demand
for our equipment to return, however, the magnitude of the COVID-19 impact is highly dependent upon the length of time the pandemic
continues," said McDonnell.
"We are also working with our customers in developing
methods to use the remote control capabilities of our IV pump in isolation room settings that would reduce the risk of exposure
to the virus and limit the use of protective equipment that is already at critically low levels. To date, we have not experienced
any significant disruptions in our ability to source materials needed to manufacture our products and orders for our disposables
and service items remain strong," said McDonnell.
As of March 31, 2020, the Company expects to report cash and
cash equivalents of approximately $45.2 million, or 1.2 times 2019 full-year revenue. Additionally, the Company has no third-party
debt or other restrictive covenants.
About iRadimed Corporation
iRadimed 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.
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.
For 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.
Chief Financial Officer
iRadimed Corporation