IRadimed (IRMD) Q2 2025 earnings summary

Executive summary

• Achieved 16th consecutive quarter of record revenues, with Q2 2025 revenue of $20.4 million, up 14% year-over-year, and net income of $5.8 million, or $0.45 per diluted share (+18% YoY).

• GAAP diluted EPS increased 18% from Q2 2024; non-GAAP diluted EPS was $0.49 (+17% YoY).

• FDA clearance of the new 3870 IV infusion pump system marks a major milestone, with initial rollout planned for late 2025 and broader distribution in 2026.

• Completed construction of a new corporate office and manufacturing facility in July 2025, with final payments expected in Q3.

• Declared a regular quarterly cash dividend of $0.17 per share, payable August 28, 2025.

Financial highlights

• Q2 2025 revenue: $20.4 million (+14% YoY); six-month revenue: $39.9 million (+12% YoY).

• Q2 2025 net income: $5.8 million (+18% YoY); non-GAAP net income: $6.4 million (+19% YoY); diluted EPS: $0.45; non-GAAP EPS: $0.49.

• Gross margin: 78% for Q2 and 77% for six months; operating margin: 33.3%; net margin: 28.3%.

• Cash and cash equivalents at June 30, 2025: $53 million; free cash flow: $4.9 million for Q2.

• Cash flow from operations: $7.7 million for Q2 (+17% YoY); $12 million for H1 (+14% YoY).

Outlook and guidance

• Q3 2025 revenue expected at $20.5–$20.9 million; GAAP EPS $0.41–$0.45; non-GAAP EPS $0.45–$0.49.

• Full-year 2025 revenue guidance raised to $80–$82.5 million; GAAP EPS $1.60–$1.70; non-GAAP EPS $1.76–$1.86.

• Targeting $100 million revenue run rate in 2026, driven by new pump adoption and replacement cycle.

• Management expects higher revenue and operating expenses for the remainder of 2025, driven by increased sales of devices, accessories, disposables, and services.

• Some operational inefficiencies anticipated in Q3 2025 due to facility transition, but expanded capacity and new product launches expected to drive long-term growth.