IRADIMED Announces Special $1.00 Per Share Cash Dividend
February 07 2022 - 4:05PM
IRADIMED CORPORATION (the “Company”) (NASDAQ: IRMD), announced
that its Board of Directors approved a special cash dividend of
$1.00 per share on the Company’s outstanding common stock. This
special cash dividend is payable on February 24, 2022 to
shareholders of record at the close of business on February 17,
2022. The Company is a leader in the development of innovative
magnetic resonance imaging (“MRI”) medical devices. It produces the
only known non-magnetic intravenous (“IV”) infusion pump system,
and a non-magnetic patient vital signs monitoring system that is
designed for use during MRI procedures.
“One of the Board’s commitments is maximizing returns to its
shareholders. With our strong financial results over the years and
our ability to generate cash from operations, our cash balance grew
to nearly $62 million at the end of 2021. This balance exceeds our
needs to support normal operations and make future investments in
the Company that will support the additional growth we expect.
Therefore, the Board determined the best use of this excess cash is
to return it to shareholders in the form of a special cash
dividend,” said Roger Susi, Chairman, President and Chief Executive
Officer of the Company.
IRADIMED will allocate capital in the future based on its
continued ability to generate cash from operations, its capital
needs to support normal operations, and making investments that are
aimed at supporting its growth.
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 (i.e.,
statements which are not historical facts). Readers are cautioned
not to place undue reliance on forward-looking statements, which
speak only as of the date that they are made and which reflect
management's current estimates, projections, expectations or
beliefs and which involve risks and uncertainties that could cause
actual results and outcomes to be materially different. Risks and
uncertainties that may affect the future results of the company
include, but are not limited to, impacts of the COVID-19 pandemic,
including the impact of existing and new variants, and measures
taken in response; potential disruptions in our limited supply
chain for our products; the Company’s ability to 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; 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 and Operating
OfficerIRADIMED CORPORATION(407) 677-8022
InvestorRelations@iradimed.com
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