Q2 2024 IRadimed Corp Earnings Call Transcript
Key Points
- iRadimed Corp (IRMD) reported its 12th consecutive record quarter with revenue exceeding $17.9 million.
- Gross profit increased to 78%, with GAAP diluted earnings per share rising by 19% from Q1.
- Domestic sales saw a significant increase of 19%, contributing to 86% of total revenue for Q2 2024.
- The company experienced a 52% increase in pump revenue, driven by strong demand for the 3860 model IV pumps.
- Cash from operations rose to $6.6 million for the quarter, up from $3.5 million in the same period in 2023.
- International sales decreased by 23%, contributing only $2.4 million to total revenue.
- Revenue from disposables and services decreased by 3% to $4.7 million for the second quarter of 2024.
- The new 3870 IV pump is still pending FDA clearance, with significant revenue impact not expected until 2026.
- Operating expenses increased to $8.4 million, representing 46% of revenue, up from 44% in the previous year.
- The construction of new MR suites, which affects the FMD device sales, is subject to delays, limiting revenue speed.
Welcome to the IRadimed Corporation second quarter of 2024 financial results conference call. (Operator Instructions) As a reminder, this call is being recorded today, August 1, 2024, and contains time-sensitive accurate information only today. Earlier, IRadimed released its financial results for the second quarter of 2024. A copy of this press release announcing the company's earnings is available under the heading News on our website at iradimed.com.
A copy of the press release was also furnished to the Securities and Exchange Commission on Form 8-K and can be found at sec.gov. This call is being broadcast live over the Internet and on the company's website at iradimed.com, and a replay will be available on the website for the next 30 days.
Some of the information in today's session will constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are focused on future performance, results, plans, and events that may include the company's expected future results.
IRadimed reminds you that the
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