Business
IRADIMED CORPORATION Announces Second Quarter 2022 Financial Results
Reports second quarter 2022 revenue of $12.7 million, GAAP diluted EPS of $0.26 and non-GAAP diluted EPS of $0.26Announces third quarter 2022 financial
About this update from Iradimed Corporation
[{"type":"text","content":"Reports second quarter 2022 revenue of $12.7 million, GAAP diluted EPS of $0.26 and non-GAAP diluted EPS of $0.26Announces third quarter 2022 financial guidance WINTER SPRINGS, Fla., July 29, 2022 (GLOBE NEWSWIRE) -- IRADIMED CORPORATION (the “Company”) (NASDAQ: IRMD), announced today its financial results for the three and six months ended June 30, 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. “It is with great satisfaction that we announce our highest ever revenue quarter and the third consecutive quarter of record revenues. Further, orders booked in the quarter exceeded our shipments, providing a strong backlog as we enter the second half of 2022. These results demonstrate the strength of our business and the desirability of our products, as well as our ability to overcome supply chain issues facing most industries in these periods. We expect this strong uplifting trend to continue as we further penetrate our target market and scale our commercial capabilities,” said Roger Susi, President, Chief Executive Officer, and Chairman of the Company’s Board of Directors. Three Months Ended June 30, 2022 For the second quarter ended June 30, 2022, the Company reported revenue of $12.7 million compared to $9.8 million for the second quarter 2021. Net income was $3.2 million, or $0.26 per diluted share, compared to $1.5 million, or $0.12 per diluted share for the second quarter 2021. The increase in net income and diluted earnings per share is primarily the result of a $2.9 million increase in revenue for the second quarter 2022. Non-GAAP net income was $3.3 million for the quarter ended June 30, 2022, which excludes $0.09 million of stock compensation expense, net of tax expense. Non-GAAP net income was $1.7 million for the quarter ended June 30, 2021, which excludes $0.3 million of stock compensation expense, net of tax expense. Six Months Ended June 30, 2022 For the six months ended June 30, 2022, the Company reported revenue of $25.0 million compared to$19.0 million for the same period in 2021. Net income was $5.7 million, or $0.45 per diluted share, compared to $2.9 million, o...