IRADIMED CORPORATION Withdraws 2020 Financial Guidance Due to Uncertainties from the Effects of COVID-19
April 07 2020 - 7:00AM
IRADIMED CORPORATION (NASDAQ: IRMD) announced that it expects
to report first quarter 2020 revenue of $8.6 million to $8.7
million and is withdrawing its first quarter and full year 2020
financial guidance due to the uncertainty created by COVID-19.
“These unprecedented times have resulted in a high degree of
uncertainty created by the global impact of COVID-19. Accordingly,
we are withdrawing our financial guidance for the first quarter and
full year 2020,” said Leslie McDonnell, President and Chief
Executive Officer.
“We continue to maintain a strong balance sheet and stand ready
to support healthcare providers in the fight against COVID-19. As
the focus of our customers has turned toward caring for those
infected with the virus, we saw an accelerating decline in
equipment orders throughout March. We fully expect demand for our
equipment to return, however, the magnitude of the COVID-19 impact
is highly dependent upon the length of time the pandemic
continues,” said McDonnell.
“We are also working with our customers in developing methods to
use the remote control capabilities of our IV pump in isolation
room settings that would reduce the risk of exposure to the virus
and limit the use of protective equipment that is already at
critically low levels. To date, we have not experienced any
significant disruptions in our ability to source materials needed
to manufacture our products and orders for our disposables and
service items remain strong,” said McDonnell.
As of March 31, 2020, the Company expects to report cash and
cash equivalents of approximately $45.2 million, or 1.2 times 2019
full-year revenue. Additionally, the Company has no third-party
debt or other restrictive covenants.
About IRADIMED CORPORATION
IRADIMED CORPORATION is a leader in the development of
innovative magnetic resonance imaging (“MRI”) compatible medical
devices. We are the only known provider of a non-magnetic
intravenous (“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 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 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 to safely and accurately monitor a patient’s vital signs
during various MRI procedures. The IRADIMED 3880 system operates
dependably 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 allowing it to
travel with the patient 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;
non-magnetic respiratory CO2; invasive and 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 and
allows for the effective communication of patient vital signs
information to clinicians.
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 an EC Certificate or CE Mark for our
existing products and product candidates, receive FDA 510(k)
clearance for new products and product candidates; unexpected
costs, delays or diversion of management’s attention associated
with the design, manufacture or sale of new products; the Company’s
ability to implement successful sales techniques for existing and
future products and evaluate the effectiveness of its sales
techniques; additional actions, warnings or requests from the FDA
or other regulatory bodies; our significant reliance on a limited
number of products; 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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