IRADIMED CORPORATION (the “Company”) (NASDAQ: IRMD), announced
today its financial results for the three and six months ended June
30, 2022. The Company is 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, and non-magnetic patient vital signs monitoring systems
that are designed for use during MRI procedures.
“It is with great satisfaction that we announce our highest ever
revenue quarter and the third consecutive quarter of record
revenues. Further, orders booked in the quarter exceeded our
shipments, providing a strong backlog as we enter the second half
of 2022. These results demonstrate the strength of our business and
the desirability of our products, as well as our ability to
overcome supply chain issues facing most industries in these
periods. We expect this strong uplifting trend to continue as we
further penetrate our target market and scale our commercial
capabilities,” said Roger Susi, President, Chief Executive Officer,
and Chairman of the Company’s Board of Directors.
Three Months Ended June 30,
2022
For the second quarter ended June 30, 2022, the Company reported
revenue of $12.7 million compared to $9.8 million for the second
quarter 2021. Net income was $3.2 million, or $0.26 per diluted
share, compared to $1.5 million, or $0.12 per diluted share for the
second quarter 2021. The increase in net income and diluted
earnings per share is primarily the result of a $2.9 million
increase in revenue for the second quarter 2022.
Non-GAAP net income was $3.3 million for the quarter ended June
30, 2022, which excludes $0.09 million of stock compensation
expense, net of tax expense. Non-GAAP net income was $1.7 million
for the quarter ended June 30, 2021, which excludes $0.3 million of
stock compensation expense, net of tax expense.
Six Months Ended June
30, 2022
For the six months ended June 30, 2022, the Company reported
revenue of $25.0 million compared to$19.0 million for the same
period in 2021. Net income was $5.7 million, or $0.45 per diluted
share, compared to $2.9 million, or $0.23 per diluted share for the
same period in 2021. The increase in net income and diluted
earnings per share is primarily the result of a $6.0 million
increase in revenue for the six months ended June 30, 2022.
Non-GAAP net income was $6.2 million for the six months ended
June 30, 2022, which excludes $0.4 million of stock compensation
expense, net of tax expense. Non-GAAP net income was $3.4 million
for the six months ended June 30, 2021, which excludes $0.5 million
of stock compensation expense, net of tax expense. Non-GAAP
earnings per diluted share was $0.49 for the six months ended June
30, 2022, compared to $0.27 for the same period in 2021.
Revenue
Information:
|
Three Months
Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
(unaudited) |
|
(unaudited) |
Devices: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MRI compatible IV infusion pump system |
$ |
3,853,016 |
|
|
$ |
2,456,767 |
|
|
$ |
7,134,955 |
|
|
$ |
5,960,114 |
|
MRI Compatible Patient Vital Signs Monitoring Systems |
|
4,921,619 |
|
|
|
3,377,719 |
|
|
|
10,116,370 |
|
|
|
5,981,549 |
|
Total Devices revenue |
|
8,774,635 |
|
|
|
5,834,486 |
|
|
|
17,251,325 |
|
|
|
11,941,663 |
|
Disposables, services and other |
|
3,430,004 |
|
|
|
3,490,969 |
|
|
|
6,748,907 |
|
|
|
6,126,435 |
|
Amortization of extended warranty agreements |
|
516,930 |
|
|
|
484,968 |
|
|
|
1,032,047 |
|
|
|
966,321 |
|
Total revenue |
$ |
12,721,569 |
|
|
$ |
9,810,423 |
|
|
$ |
25,032,279 |
|
|
$ |
19,034,419 |
|
For the second quarter 2022, domestic sales were 85.0 percent of
total revenue, compared to 82.0 percent for the first quarter 2021.
Gross profit margin was 79.7 percent for the second quarter 2022,
compared to 76.2 percent for the second quarter 2021.
For the six months ended June 30, 2022, domestic sales were 83.1
percent of total revenue, compared to 80.5 percent for the first
quarter 2021. Gross profit margin was 78.0 percent for the second
quarter 2022, compared to 75.6 percent for the second quarter
2021.
Cash
Flow:
For the three months ended June 30, 2022, cash from operations
was $1.6 million, compared to $3.6 million for the same period in
2021.
For the six months ended June 30, 2022, cash from operations was
$3.1 million, compared to $4.5 million for the same period in
2021.
Financial Guidance:
For the third quarter 2022, the Company expects to report
revenue of $13.1 million to $13.3 million, GAAP diluted earnings
per share of $0.21 to $0.24, and non-GAAP diluted earnings per
share of $0.22 to$0.25.
As announced after the first quarter, the Company increased its
full year 2022 financial guidance and expects to report revenue of
$52.5 million to $53.2 million, GAAP diluted earnings per share of
$0.89 to$0.95, and non-GAAP diluted earnings per share of $0.96 to
$1.03. The Company previously expected revenue of $51.4 million to
$52.2 million, GAAP diluted earnings per share of $0.82 to $0.90,
and non- GAAP diluted earnings per share of $0.91 to $1.01.
The Company’s non-GAAP diluted earnings per share guidance
excludes stock-based compensation expense, net of tax, which the
Company expects to be approximately $0.3 million and $1.1 million
for the third quarter 2022 and the full year, 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 U.S.
GAAP.
We calculate non-GAAP net income as net income excluding (1)
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;
(2) operating expenses, net of tax, that we believe are not
indicative of the Company’s on-going core operating performance,
and; (3) infrequent tax items are considered based on their nature
and are excluded from the provision for income taxes as these costs
or benefits are not indicative of our normal or future provision
for income taxes. We calculate free cash flow as net cash provided
by operating activities, less net cash used in investing activities
for purchases of property and equipment.
We consider free cash flow to be a liquidity measure that
provides useful information to management and investors about the
amount of cash generated by our business that can be used for
strategic opportunities, including investing in our business,
making strategic acquisitions, strengthening our balance sheet and
returning cash to our shareholders through various means.
All of our non-GAAP financial measures are important tools for
financial and operational decision making and for evaluating our
on-going core operating results.
A reconciliation of the non-GAAP financial measures used in this
release to the most comparable U.S. GAAP measures for the
respective periods can be found in the table later in this release
immediately following the condensed statements of cash flows.
These 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.
Conference Call
IRADIMED has scheduled a conference call to discuss this
announcement beginning at 11:00 a.m. Eastern Time today, July 29,
2022. Individuals interested in participating in the conference
call may do so by registering here
https://register.vevent.com/register/BI3271df296f5d41f5a8b888dee69b451c.Once
registered, a dial-in number and unique pin will be provided to
dial in.
The conference call will also be available real-time via the
internet at https://edge.media-server.com/mmc/p/3y35zjak. A
recording of the call will be available on the Company’s website
following the completion of the call.
About
IRADIMED
CORPORATION
IRADIMED CORPORATION is a leader in the development of
innovative Magnetic Resonance Imaging (“MRI”) compatible medical
devices. We develop, manufacture, market and distribute MRI
compatible medical devices and accessories, disposables and
services relating to them.
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:John “Jack” Glenn Chief Financial OfficerIRADIMED
CORPORATION(407) 677-8022InvestorRelations@iradimed.com
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