IRadimed (IRMD) Q4 2024 earnings summary

Executive summary

• Achieved record Q4 2024 revenue of $19.4 million, marking the 14th consecutive record quarter and an 11% year-over-year increase.

• Full-year 2024 revenue grew 12% to $73.2 million, with net income of $19.2 million, driven by strong IV pump demand and end-of-life replacement programs.

• Domestic sales rose 21% in Q4 2024, comprising 85% of total revenue, while international sales declined 24%.

• Increased regular quarterly cash dividend to $0.17 per share, payable March 5, 2025.

• Construction of a new facility is progressing, with completion expected by June 2025 to support future growth.

Financial highlights

• Q4 2024 GAAP diluted EPS was $0.40; non-GAAP diluted EPS was $0.44, both up year-over-year.

• Full-year 2024 GAAP diluted EPS was $1.50; non-GAAP diluted EPS was $1.66, both up year-over-year.

• Gross margin was 76.1% in Q4 2024 and 76.9% for the full year.

• Q4 2024 cash from operations was $6 million, with free cash flow at $2.9 million; full-year free cash flow was $16.8 million.

• Operating income was $5.8 million for Q4 and $22 million for 2024, maintaining a 30% operating margin.

Outlook and guidance

• Q1 2025 revenue expected at $19.2–$19.4 million; GAAP EPS $0.35–$0.39, non-GAAP EPS $0.39–$0.43.

• Full-year 2025 revenue guidance is $78–$82 million; GAAP EPS $1.55–$1.65, non-GAAP EPS $1.71–$1.81.

• Gross margin for 2025 projected to remain in the 76–77% range, with R&D spend consistent or slightly higher.

• Monitor business expected to grow significantly in 2025 due to salesforce incentives.

• $5.5 million in cash spending anticipated in 2025 to complete the new facility.