Business
IRADIMED CORPORATION Announces First Quarter 2021 Financial Results
Reports first quarter 2021 revenue of $9.2 million, GAAP diluted EPS of $0.11 and non-GAAP diluted EPS of $0.13Reports combined cash and investments of $52.7
About this update from Iradimed Corporation
[{"type":"text","content":"Reports first quarter 2021 revenue of $9.2 million, GAAP diluted EPS of $0.11 and non-GAAP diluted EPS of $0.13Reports combined cash and investments of $52.7 million as of March 31, 2021 WINTER SPRINGS, Fla., April 30, 2021 (GLOBE NEWSWIRE) -- 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. “First 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. Revenue Information: Three Months Ended...