IRADIMED CORP SEC 10-Q Report

IRADIMED CORP, a leading provider of MRI-compatible medical devices, has released its Form 10-Q report for the first quarter of 2025. The report highlights the company's financial and operational performance, showcasing significant growth in revenue and profitability, as well as strategic business developments aimed at sustaining future growth.

Financial Highlights

Revenue: $19.5 million, increased by $1.9 million or 11% compared to the same period in 2024, driven by higher sales of IV Infusion Pump Systems and disposables.

Gross Profit: $14.8 million, representing a gross profit margin of 76.1%, consistent with the prior year.

Income from Operations: $5.4 million, reflecting an increase due to higher revenue and controlled operating expenses.

Net Income: $4.7 million, up from $4.1 million in the same period in 2024, indicating improved profitability.

Net Income Per Share: $0.37 per diluted share, compared to $0.32 per diluted share in the prior year, reflecting higher net income.

Business Highlights

Revenue Segments: The company reported revenue from various product lines, including MRI Compatible IV Infusion Pump Systems, MRI Compatible Patient Vital Signs Monitoring Systems, and Ferro Magnetic Detection Systems. The total devices revenue increased by 9% to $13.0 million for the three months ended March 31, 2025.

Geographical Performance: Revenue from sales in the United States increased by 19% to $16.0 million, while international sales decreased by 15% to $3.6 million for the three months ended March 31, 2025. Domestic sales accounted for 82% of total revenue, up from 76% in the same period in 2024.

Sales Units: The company experienced increased demand for its IV Infusion Pump System and disposables, contributing to the overall revenue growth.

New Production Launches: The company is constructing a new corporate office and manufacturing facility in Orange County, Florida, to accommodate increased and anticipated growth.

Future Outlook: For the remainder of fiscal year 2025, the company expects higher revenue compared to the same period in 2024, primarily due to increased sales of medical devices, products, and related services. Operating expenses are also expected to rise due to higher sales and marketing, regulatory, and general administrative expenses.

SEC Filing: IRADIMED CORP [ IRMD ] - 10-Q - May. 05, 2025