Business
IRADIMED CORPORATION Announces Second Quarter 2023 Financial Results
Reports record revenue of $16.1 million for the second quarter of 2023GAAP diluted EPS of $0.33 and non-GAAP diluted EPS of $0.36Operating income was $5.0
About this update from Iradimed Corporation
[{"type":"text","content":"Reports record revenue of $16.1 million for the second quarter of 2023GAAP diluted EPS of $0.33 and non-GAAP diluted EPS of $0.36Operating income was $5.0 million and increased by 19%Announces third quarter and full year 2023 financial guidance WINTER SPRINGS, Fla., Aug. 03, 2023 (GLOBE NEWSWIRE) -- IRADIMED CORPORATION (the “Company”) (NASDAQ: IRMD), announced today its financial results for the three and six months ended June 30, 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 proud to again announce the results of a record quarter in both revenue and earnings. This achievement is a testament to the efforts of our dedicated team and the exceptional value our products bring to our customers. This quarter was our eighth consecutive quarter of record revenues which was highlighted by 25% year-over-year growth in our monitoring business. As a result of this increasing demand, we are raising our guidance for the full year. We now expect to report revenue of $64.5 million to $65.5 million, GAAP diluted earnings per share of $1.25 to $1.28, and non-GAAP diluted earnings per share of $1.37 to $1.40,” said Roger Susi, President and Chief Executive Officer of the Company. Three Months Ended June 30, 2023 For the second quarter ended June 30, 2023, the Company reported over 25% year-over-year revenue growth to $16.1 million compared to $12.7 million for the second quarter of 2022. Net income was $4.2 million, or $0.33 per diluted share, compared to $3.2 million, or $0.26 per diluted share for the second quarter of 2022. Non-GAAP net income was $4.6 million, or $0.36 per diluted share, for the quarter ended June 30, 2023, and excludes $0.4 million of stock compensation expense, net of tax expense. Non-GAAP net income for the quarter ended June 30, 2022, was $3.3 million, or $0.26 per diluted share, and excludes $0.09 million of stock compensation expense, net of tax. Six Months Ended June 30, 2023 For the six months ended June 30, 2023, the Company reported revenue of $31.6 million compared to $25.0 million for the same period of 2022. Net income was $7.6 million, or $0.60 per di...