IRadimed (IRMD) Q4 2024 earnings summary

Executive summary

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

• Full-year 2024 revenue reached $73.2 million, a 12% increase from 2023, with net income of $19.2 million, up 12% year-over-year.

• GAAP diluted EPS increased 11% year-over-year for Q4 2024; full-year GAAP diluted EPS was $1.50, up 11% year-over-year.

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

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

Financial highlights

• Q4 2024 revenue rose 11% year-over-year to $19.4 million; FY 2024 revenue up 12% to $73.2 million.

• Q4 2024 GAAP diluted EPS was $0.40; non-GAAP diluted EPS was $0.44, up 11% and 13% year-over-year, respectively.

• Gross margin for Q4 2024 was 76.1%; full-year 2024 gross margin was 76.9%.

• Q4 2024 cash flow from operations was $6 million, up 54% year-over-year; free cash flow was $2.9 million, impacted by $2.7 million in capital expenditures.

• Domestic sales grew 21% to $16.5 million; international sales fell 24% to $2.9 million in Q4; domestic revenue accounted for 85% of Q4 revenue.

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.

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

• Gross margin for 2025 expected to remain in the 76–77% range.

• Monitor business to be a focus in 2025, with anticipated growth in bookings.

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