IRadimed (IRMD) Q3 2024 earnings summary

Executive summary

• Achieved record Q3 2024 revenue of $18.3 million, up 11% year-over-year, marking the thirteenth consecutive record quarter, driven by strong IV pump sales and end-of-life replacement programs.

• Net income for Q3 2024 was $5.0 million, or $0.40 per diluted share, consistent with the prior year; non-GAAP diluted EPS was $0.43.

• Domestic sales accounted for 83% of Q3 2024 revenue, with international sales up 19.2% year-over-year.

• Construction of new headquarters remains on schedule, with move-in expected May 2025.

• Recognized for industry-leading profitability and named to Forbes 2023 Best Small Companies in America.

Financial highlights

• Q3 2024 revenue: $18.3 million (+11% YoY); nine months: $53.9 million (+12% YoY).

• Gross profit margin for Q3 2024 was 77.4%, slightly down from 77.8% in Q3 2023; nine months: 77.2%.

• Operating income for Q3 2024: $5.8 million; nine months: $16.2 million.

• Free cash flow for Q3 2024 was $5.1 million, up from $0.95 million in Q3 2023.

• Domestic sales for Q3 2024: $15.2 million (+9.4% YoY); international: $3.1 million (+19.2% YoY).

Outlook and guidance

• Q4 2024 revenue expected at $18.8–$19.2 million; GAAP EPS $0.39–$0.42; non-GAAP EPS $0.42–$0.45.

• Full-year 2024 revenue guidance raised to $72.7–$73.1 million; GAAP EPS to $1.49–$1.52; non-GAAP EPS to $1.64–$1.67.

• Initial revenue from new pump expected in Q4 2025, pending FDA clearance in Q2 2025.

• Management believes current cash and operations will fund requirements for at least the next 12 months.

• Stock-based compensation expense, net of tax, expected to be $1.9 million for the year.