IRADIMED CORPORATION Announces 2018 Annual and First Quarter Financial Guidance
January 22 2018 - 7:00AM
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 that is designed to be safe for use
during MRI procedures, today announced its financial guidance for
the full year and first quarter 2018.
For the full year 2018, the Company expects to report revenue of
$29.3 million to $30.0 million, GAAP diluted earnings per share of
$0.22 to $0.27 and non-GAAP diluted earnings per share of $0.33 to
$0.38.
For the first quarter 2018, the Company expects to report
revenue of $6.8 million to $6.9 million, GAAP diluted earnings per
share of $0.04 to $0.05 and non-GAAP diluted earnings per share of
$0.06 to $0.07.
The Company also announced that it expects to report revenue of
approximately $23.1 million for the full year 2017 and $6.7 million
for the fourth quarter 2017.
“With growing momentum in customer orders for our IV pump and a
solid start for our new MRI compatible patient vital signs monitor,
which was FDA 510(k) cleared during the fourth quarter, we are
looking forward to a strong 2018,” said Roger Susi, President and
Chief Executive Officer of the Company.
The Company plans to release its 2017 fourth quarter results
before the market opens on February 6, 2018.
The Company’s non-GAAP earnings per share guidance excludes
stock-based compensation expense, net of tax, which the Company
expects to be approximately $1.3 million and $0.3 million for the
full year and first quarter 2018, respectively.
Use of non-GAAP Financial Measures
The Company believes the use of non-GAAP net income, free cash
flow and infrequent income tax items are helpful to our investors.
These measures, which we refer to as our non-GAAP financial
measures, are not prepared in accordance with GAAP. We calculate
non-GAAP net income as net income excluding stock-based
compensation expense, net of tax. 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 non-GAAP financial measures that exclude
stock-based compensation expense allows for meaningful comparisons
between our operating results from period to period.
Non-GAAP financial measures should not be considered in
isolation or as a substitute for a measure of the Company’s
operating performance or liquidity prepared in accordance with U.S.
GAAP and are not indicative of net income or cash provided by
operating activities.
About IRADIMED CORPORATION
IRADIMED CORPORATION is a leader in the development of
innovative MRI compatible medical devices. We are the only known
provider of a non-magnetic IV infusion pump system that is
specifically designed to be safe for use during MRI procedures. We
were the first to develop an infusion delivery system that largely
eliminates many of the dangers and problems present during MRI
procedures. Standard infusion pumps contain magnetic and electronic
components which can create radio frequency interference and are
dangerous to operate in the presence of the powerful magnet that
drives an MRI system. Our patented MRidium® MRI compatible IV
infusion pump system has been designed with a non-magnetic
ultrasonic motor, uniquely-designed non-ferrous parts 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 that enables accurate,
safe and dependable fluid delivery 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.
Our 3880 MRI compatible patient vital signs monitoring system
has been designed with non-magnetic components and other special
features in order to safely and accurately monitor a patient’s
vital signs during various MRI procedures. The iRadimed 3880
monitor is rated for operation in magnetic fields up to 30,000
gauss, which means it can operate virtually anywhere in the MRI
scanner room. The iRadimed 3880 has a compact, lightweight design,
facilitating the transportation of patients from their critical
care unit, to the MRI and back, resulting in increased patient
safety through uninterrupted vital signs monitoring and decreasing
the amount of time critically ill patients are away from critical
care units. The features of the iRadimed 3880 include: wireless ECG
with dynamic gradient filtering; wireless SpO2 using Masimo®
algorithms; respiratory CO2; non-invasive blood pressure; patient
temperature, and; optional advanced multi-gas anesthetic agent unit
featuring continuous Minimum Alveolar Concentration measurements.
The iRadimed 3880 MRI compatible patient vital signs monitoring
system has an easy-to-use design, small form factor and unique
wireless tablet remote control that allows for the effective
communication of patient vital signs information to clinicians
located in the MRI control room. Our 3880 MRI compatible patient
vital signs monitoring system is currently available to domestic
and international customers.
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 FDA 510(k) clearance for new products;
unexpected costs, delays or diversion of management’s attention
associated with the design, manufacture or sale of new products;
implement successful sales techniques for existing and future
products; evaluate the effectiveness of its sales techniques;
additional actions by or requests from the FDA; our significant
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; 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) 677-8022 InvestorRelations@iradimed.com
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