Business
IRADIMED CORPORATION Announces First Quarter 2023 Financial Results
Reports record revenue of $15.5 million for the first-quarter quarter of 2023 GAAP diluted EPS of $0.27 and non-GAAP diluted EPS of $0.30 Operating income was
About this update from Iradimed Corporation
[{"type":"text","content":"Reports record revenue of $15.5 million for the first-quarter quarter of 2023 GAAP diluted EPS of $0.27 and non-GAAP diluted EPS of $0.30 Operating income was $4.0 million and increased by 30% Announces second quarter 2023 financial guidance and increases full-year 2023 financial guidance WINTER SPRINGS, Fla., May 04, 2023 (GLOBE NEWSWIRE) -- IRADIMED CORPORATION (the “Company”) (NASDAQ: IRMD), announced today its financial results for the three months ended March 31, 2023. 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 pleased to announce the results of another exceptional quarter which reflects the hard work of our team and the continued strong demand for our products. This quarter was our highest-ever revenue quarter and the seventh consecutive quarter of record revenues. This growth and the financial strength of our business afforded us the opportunity to pay a special dividend of $1.05 per share during the first quarter. We expect this momentum to continue and give us the confidence to increase our outlook for the full year. We now expect revenue of $62 million to $63.5 million and non-GAAP earnings per share of $1.26 to $1.35,” said Roger Susi, President and Chief Executive Officer of the Company. For the first quarter ended March 31, 2023, the Company reported over 25% year-over-year revenue growth to $15.5 million compared to $12.3 million for the first quarter of 2022. Net income was $3.4 million, or $0.27 per diluted share, compared to $2.5 million, or $0.20 per diluted share for the first quarter of 2022. Non-GAAP net income was $3.8 million, or $0.30 per diluted share, for the quarter ended March 31, 2023, and excludes $0.4 million of stock compensation expense, net of tax expense. Non-GAAP net income for the quarter ended March 31, 2022, was $2.8 million, or $0.22 per diluted share, and excludes $0.3 million of stock compensation expense, net of tax. Revenue Information: Three Months Ended March 31, 2023 2022Devices: MRI compatible IV infusion pump system $5,538,817 $3,281,939MRI compatible patient vital signs monitoring systems 4,696,818 5,194,751Ferro Magnetic...