IRadimed (IRMD) Q4 2025 earnings summary

Executive summary

• Achieved 18th consecutive quarter of record revenue, with Q4 2025 revenue of $22.7 million, up 17% year-over-year, and full-year revenue of $83.8 million, up 14% year-over-year.

• GAAP diluted EPS for Q4 was $0.50 (up 25%), and non-GAAP diluted EPS was $0.54 (up 23%); full-year GAAP EPS was $1.75 (up 17%), and non-GAAP EPS was $1.93 (up 16%).

• Gross margins remained strong at 77% for the year and 75% for Q4.

• Record performance driven by initial shipments of the next-generation 3870 MRI-compatible IV infusion pump.

Financial highlights

• MRI-compatible IV infusion pump systems revenue grew 20% year-over-year to $9.1 million in Q4 and $31.6 million for the year.

• Patient vital signs monitoring systems revenue rose 7.5% to $7.1 million in Q4 and $26.4 million for the year.

• Disposable revenue increased 18% to $4.3 million in Q4.

• Net income for Q4 was $6.4 million (GAAP), up 25%; full-year net income was $22.5 million, up 17%.

• Free cash flow for the year was $16.5 million, after $8.4 million in capital expenditures.

Outlook and guidance

• 2026 revenue guidance: $91.0–$96.0 million; GAAP diluted EPS: $1.90–$2.05; non-GAAP diluted EPS: $2.06–$2.21.

• Targeting replacement of 1,000+ pump channels annually from 6,400+ eligible units, aiming for a $50 million annual pump revenue run rate domestically.

• Confident in achieving a $100 million+ revenue run rate during 2026, including disposables, maintenance, international sales, and monitoring.

• Full rollout of the 3870 IV infusion pump expected to accelerate revenue in the second half of 2026.

• Next-generation MRI monitor targeted for market launch in 2028.