Business
IRADIMED CORPORATION Announces Third Quarter 2019 Financial Results
Reports third quarter 2019 revenue of $10.0 million, GAAP diluted EPS of $0.20 and non-GAAP diluted EPS of $0.23Updates full-year financial guidance WINTER
About this update from Iradimed Corporation
[{"type":"text","content":"Reports third quarter 2019 revenue of $10.0 million, GAAP diluted EPS of $0.20 and non-GAAP diluted EPS of $0.23Updates full-year financial guidance WINTER SPRINGS, Fla., Oct. 30, 2019 (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 and nine months ended September 30, 2019.\n For the third quarter ended September 30, 2019, the Company reported revenue of $10.0 million compared to $7.6 million for the third quarter 2018. Net income was $2.5 million, compared to $2.4 million for the third quarter 2018. Diluted earnings per share was $0.20 for both periods. Gross profit margin was 78.2 percent, compared to 76.0 percent for the third quarter 2018. Domestic sales were 83.1 percent of total revenue, compared to 80.1 percent for the third quarter 2018. Revenue from sales of our 3880 MRI compatible patient vital signs monitoring system was $2.6 million for the third quarter 2019 compared to $1.7 million for the third quarter 2018. Non-GAAP net income was $2.8 million for the quarter ended September 30, 2019, which excludes $0.3 million of stock compensation expense, net of tax. Non-GAAP net income for the quarter ended September 30, 2018 was $1.7 million, which excludes $0.4 million of stock compensation expense, net of tax and a $1.1 million reduction to non-GAAP net income for an infrequent tax item related to the excess tax benefits recognized in the provision for income taxes associated with the exercise and sale of certain incentive stock options. Non-GAAP earnings per diluted share was $0.23, compared to $0.14 for the third quarter 2018. Free cash flow was $3.1 million, compared to $0.7 million for the third quarter 2018. For the nine months ended September 30, 2019, the Company reported revenue of $27.6 million compared to $22.1 million for the same period in 2018. Net income was $6.4 million, or $0.52 per diluted share, compared to net income of $4.6 million, or $0.38 per diluted share for the same period in 2018. Gross profit margin was 78.0 percent, compared to 76.3 percent for the same period...