Business
IRADIMED CORPORATION Announces First Quarter 2022 Financial Results
Reports first quarter 2022 revenue of $12.3 million, GAAP diluted EPS of $0.20 and non-GAAP diluted EPS of $0.22Announces second quarter 2022 financial
About this update from Iradimed Corporation
[{"type":"text","content":"Reports first quarter 2022 revenue of $12.3 million, GAAP diluted EPS of $0.20 and non-GAAP diluted EPS of $0.22Announces second quarter 2022 financial guidanceIncreases full-year 2022 financial guidance WINTER SPRINGS, Fla., April 29, 2022 (GLOBE NEWSWIRE) -- 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. “I 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. Revenue Information: Three Months EndedMarch 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 20...