Q3 2024 IRadimed Corp Earnings Call Transcript
Key Points
- iRadimed Corp (IRMD) reported its 13th consecutive record quarter with revenue reaching $18.3 million, up from $17.9 million in the previous quarter.
- Gross profit remains strong at 77.4%, with earnings at 40¢ per diluted share.
- Domestic sales increased by 9% to $15.2 million, while international sales saw a significant rise of 22% to $3.1 million.
- The company has filed for FDA clearance for a new pump, with plans to start generating revenue from it by the fourth quarter of 2025.
- Cash from operations was robust at $9.1 million for the quarter, a significant increase from $1.4 million in the same period of 2023.
- Operating expenses increased to $8.4 million, or 46% of revenue, up from $6.9 million, or 42% of revenue, in the third quarter of 2023.
- The gross margin slightly decreased from 77.8% in the third quarter of 2023 to 77.4% in the current quarter.
- The effective tax rate increased to 21.3% from 20.9% in the previous year.
- There is an anticipated dip in revenue from the old pump as the company transitions to the new pump, which may affect revenue in mid-2025.
- The company faces challenges in balancing sales efforts between the existing and new pump products, which could impact sales performance.
Welcome to IRadimed Corporation third quarter, 2024. Financial results conference call. (Operator instruction) as a reminder, this call is being recorded today October 31st, 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 their website at IRadimed.com. A copy of the press release was also furnished to the securities and exchange commission on form eight K and can be found at sec.gov
This call is being broadcast live over the internet on the company's website at IRadimed.com and a replay will be available on the website for the next 90 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. For looking statements focuses on future performance results, plans and events and may include the company's expected future results.
IRadimed reminds you that future results may differ
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