Business
IRADIMED CORPORATION Announces Fourth Quarter 2019 Financial Results
Reports fourth quarter 2019 revenue of $10.9 million, GAAP diluted EPS of $0.26 and non-GAAP diluted EPS of $0.30Renewed CE Mark for patient vital signs
About this update from Iradimed Corporation
[{"type":"text","content":" Reports fourth quarter 2019 revenue of $10.9 million, GAAP diluted EPS of $0.26 and non-GAAP diluted EPS of $0.30Renewed CE Mark for patient vital signs monitor and shipped associated backlog during the fourth quarter 2019Announces 2020 full year and first quarter financial guidance WINTER SPRINGS, Fla., Feb. 06, 2020 (GLOBE NEWSWIRE) -- IRADIMED CORPORATION (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 system that are designed for use during MRI procedures, today announced financial results for the three months and year ended December 31, 2019.\n “Revenue for the fourth quarter increased over 30% from the fourth quarter last year and for the full year 2019, revenue increased over 26% from the full year 2018. We also set a record high for orders during 2019 and the fourth quarter marked our first period with orders exceeding $10 million. Operationally, we accomplished much during the year, including resolving the FDA warning letter and regaining the CE Mark for our patient monitor. We are very pleased with these accomplishments and the financial growth and look forward to building on this momentum in 2020. We are more focused than ever on driving near-term growth and laying the groundwork for sustained value creation,” said Leslie McDonnell, President and Chief Executive Officer of the Company. Fourth Quarter 2019 For the fourth quarter ended December 31, 2019, the Company reported revenue of $10.9 million compared to $8.3 million for the fourth quarter 2018. Net income was $3.2 million, or $0.26 per diluted share, compared to $1.7 million, or $0.14 per diluted share for the fourth quarter 2018. Diluted earnings per share for the fourth quarter 2019 was positively impacted by $0.10 due to a favorable effective tax rate primarily associated with stock-based compensation. Gross profit margin was 74.8 percent, compared to 76.2 percent for the fourth quarter 2018. Domestic sales were 73.6 percent of total revenue, compared to 80.8 percent for the fourth quarter 2018. Revenue from sales of our 3880 MRI compatible patient vital signs monitoring system was $3.5 million for the fourth quarter 2019 compared to $2.1 million for the fourth quart...