IRADIMED CORPORATION Announces 2016 Annual and First Quarter Financial Guidance
January 11 2016 - 7:30AM
IRADIMED CORPORATION (NASDAQ:IRMD), the only known provider of
non-magnetic intravenous (IV) infusion pump systems that are
designed to be safe for use during magnetic resonance imaging (MRI)
procedures, today announced its financial guidance for the full
year and first quarter 2016.
For the full year 2016, the Company expects to report revenue of
$39.0 million to $40.0 million and non-GAAP diluted earnings per
share of $0.83 to $0.85. For the first quarter of 2016, the
Company expects to report revenue of $9.0 million to $9.1 million
and non-GAAP diluted earnings per share of $0.17 to $0.18, an
increase of 21% to 29% over the first quarter 2015 non-GAAP diluted
earnings per share of $0.14.
The Company expects to report revenue of approximately $8.8
million for the fourth quarter 2015, exceeding the Company’s
guidance of $8.5 million to $8.6 million.
The Company will release its 2015 fourth quarter results before
the market opens on Friday, February 5, 2016.
Use of non-GAAP Financial Measures
This release contains financial guidance that excludes
stock-based compensation expense, net of tax, which is a non-GAAP
financial measure. The Company believes that the presentation
of financial guidance excluding stock-based compensation, net of
tax, provides meaningful information to both management and
investors. Because of varying available valuation
methodologies, subjective assumptions and the variety of equity
instruments that can impact a company’s non-cash expenses, we
believe that providing this non-GAAP financial measure allows for
meaningful comparisons between our operating results from period to
period. We believe that all of our non-GAAP financial measures are
important tools for financial and operational decision making and
for evaluating our operating results.
About IRADIMED CORPORATION
IRADIMED CORPORATION is the only known provider of
non-magnetic intravenous (“IV”) infusion pump systems that are
designed to be safe for use during magnetic resonance imaging
(“MRI”) procedures. Other electromechanical medical devices and
pumps contain magnetic and electronic parts that are potentially
dangerous to operate in the presence of the powerful magnet that
drives an MRI. Our MRidium 3860+ MRI compatible IV infusion pump
system has been designed with non-ferrous parts, ceramic ultrasonic
motors, non-magnetic mobile stands and other special features in
order to safely and predictably deliver anesthesia and other IV
fluids during various MRI procedures. Our pump solution provides a
seamless approach to providing IV fluids before, during and after
an MRI scan, which is important to critically-ill patients who
cannot be removed from their vital medications, and children and
infants who must generally be sedated in order to remain immobile
during an MRI scan.
MRidium is a trademark of IRADIMED CORPORATION.
For more information please visit www.iradimed.com.
Forward-Looking Statements
This press release contains forward-looking statements as
defined in the Private Securities Litigation Act of 1995,
particularly statements regarding our expectations, beliefs, plans,
intentions, future operations, financial condition and prospects,
and business strategies. These statements relate to future events
or our future financial performance or condition and involve
unknown risks, uncertainties and other factors that could cause our
actual results, level of activity, performance or achievement to
differ materially from those expressed or implied by these
forward-looking statements. The risks and uncertainties
referred to above include, but are not limited to, risks associated
with the Company’s ability to receive clearance of its 510(k)
submission, additional actions by or requests from the FDA
(including a request to cease domestic distribution of products)
and unanticipated costs or delays associated with resolution of
these matters; our reliance on a single product; unexpected costs,
expenses and diversion of management attention resulting from the
FDA warning letter; potential disruptions in our limited supply
chain for our products; a reduction in international distribution
as we focus on fulfilling orders from our U.S. backlog; actions of
the FDA or other regulatory bodies that could delay, limit or
suspend product development, manufacturing or sales; the effect of
recalls, patient adverse events or deaths on our business;
difficulties or delays in the development, production,
manufacturing and marketing of new or existing products and
services; changes in laws and regulations or in the interpretation
or application of laws or regulations.
Further information on these and other factors that could affect
the Company’s financial results is included in filings we make with
the Securities and Exchange Commission from time to time. All
forward-looking statements are based on information available to us
on the date hereof, and we assume no obligation to update
forward-looking statements.
Media Contact:Chris ScottChief Financial OfficerIRADIMED
CORPORATION(407) 677-8022InvestorRelations@iradimed.com
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