On August 1, 2024, iRadimed Corp (IRMD, Financial) released its 8-K filing announcing financial results for the second quarter of 2024. iRadimed Corp develops, manufactures, markets, and distributes MRI-compatible intravenous (IV) infusion pump systems and patient vital signs monitoring systems. The company generates the majority of its revenue from the United States.
Performance Overview
For the three months ended June 30, 2024, iRadimed Corp reported revenue of $17.9 million, surpassing the analyst estimate of $17.65 million. This represents an 11.2% increase compared to $16.1 million for the same period in 2023. Net income for the quarter was $4.9 million, or $0.38 per diluted share, exceeding the estimated earnings per share of $0.33. This marks a 17.3% increase from $4.2 million, or $0.33 per diluted share, in the comparable period of 2023.
Key Financial Achievements
The company achieved its highest-ever revenue for the twelfth consecutive quarter, driven by the growth of its IV infusion pump product line. Gross profit margin improved to 78.1% from 75.5% in the previous year, contributing to a 13.4% year-over-year increase in operating income.
I am proud to share that we have achieved our highest-ever revenue for the twelfth consecutive quarter. This impressive performance was driven by the remarkable growth of our IV infusion pump product line, with the strong bookings and backlog in the first quarter continuing into the second quarter," said Roger Susi, President and Chief Executive Officer of the Company.
Income Statement Highlights
| Metric | Q2 2024 | Q2 2023 |
|---|---|---|
| Revenue | $17.9 million | $16.1 million |
| Net Income | $4.9 million | $4.2 million |
| Diluted EPS | $0.38 | $0.33 |
Balance Sheet and Cash Flow
As of June 30, 2024, iRadimed Corp reported cash and cash equivalents of $48.5 million. The company generated $6.6 million in cash flow from operations during the quarter, compared to $3.5 million in the same period of 2023. The company anticipates spending approximately $12 million in cash for the development of its new facility in Orlando, Florida, over the next nine to twelve months.
Financial Guidance
For the third quarter of 2024, iRadimed Corp expects revenue between $18.0 million and $18.2 million, with GAAP diluted earnings per share ranging from $0.34 to $0.37. For the full year, the company anticipates revenue between $72.0 million and $74.0 million, with GAAP diluted earnings per share between $1.37 and $1.47.
iRadimed Corp's consistent revenue growth and strong financial performance underscore its position as a leader in the MRI-compatible medical devices industry. Investors and stakeholders can find more detailed information in the company's 8-K filing.
Explore the complete 8-K earnings release (here) from iRadimed Corp for further details.
