IRadimed (IRMD) Q3 2025 earnings summary

Executive summary

• Achieved record revenue of $21.2 million for Q3 2025, up 16% year-over-year, marking the seventeenth consecutive quarter of record revenue, driven by strong U.S. device sales and disposables.

• Net income for Q3 2025 was $5.6 million ($0.43 per diluted share), up 10% year-over-year; non-GAAP diluted EPS was $0.47, up 9% year-over-year.

• FDA granted 510(k) clearance for the next-generation MRidium® 3870 IV infusion pump, with initial rollout planned for Q4 2025 and broader distribution in 2026.

• Completed transition to a new Orlando facility, now fully operational and supporting record backlog.

• Maintained a strong gross margin of 78% in Q3 2025.

Financial highlights

• Q3 2025 revenue: $21.2 million (+16% YoY); nine-month revenue: $61.1 million (+13% YoY).

• Q3 2025 net income: $5.6 million (+10% YoY); nine-month net income: $16.0 million (+14% YoY).

• Q3 2025 non-GAAP net income: $6.1 million (+10% YoY); nine-month non-GAAP net income: $17.8 million (+14% YoY).

• Q3 2025 cash flow from operations: $7.0 million; nine-month cash flow from operations: $19.0 million.

• Cash and cash equivalents at September 30, 2025: $56.5 million; working capital: $72.1 million.

Outlook and guidance

• Raised full-year 2025 revenue guidance to $82.5–$83.5 million; GAAP diluted EPS guidance increased to $1.68–$1.72; non-GAAP diluted EPS to $1.84–$1.88.

• Q4 2025 revenue expected at $21.4–$22.4 million; GAAP diluted EPS $0.43–$0.47; non-GAAP diluted EPS $0.47–$0.51.

• Limited commercial shipments of the 3870 MRI-compatible IV infusion pump to begin December 2025, with full U.S. rollout in Q1 2026 and significant revenue ramp in H2 2026.

• Expect higher revenue and operating expenses for the remainder of 2025, driven by increased sales, marketing, regulatory, and G&A costs.

• No material impact expected from recent U.S. tax law changes (OBBBA) on annual effective tax rate.