Iradimed Corp Reports Strong Q3 and Nine-Month Financial Results with Revenue and Net Income Growth

Iradimed Corp reported a strong financial performance for the third quarter and the nine months ended September 30, 2024, with notable increases in revenue and net income compared to the same periods in 2023.

For the three months ended September 30, 2024, the company generated revenue of $18.3 million, an increase of $1.8 million (11.0%) from $16.5 million in the same quarter of the previous year. For the nine-month period, revenue reached $53.9 million, up $5.7 million (11.8%) from $48.1 million in 2023. The growth was driven by increased sales of MRI-compatible medical devices, particularly the MRidium® MRI compatible IV infusion pump system, which saw revenue rise to $6.95 million from $3.91 million year-over-year.

Gross profit for the third quarter was $14.2 million, reflecting a 10.5% increase from $12.8 million in Q3 2023, with a gross profit margin of 77.4%, slightly down from 77.8% in the prior year. For the nine months, gross profit totaled $41.6 million, a 13.2% increase from $36.7 million, with a margin improvement to 77.2% from 76.4%.

Net income for the third quarter was $5.0 million, or $0.40 per diluted share, consistent with the same quarter in 2023. For the nine months, net income increased to $14.1 million from $12.7 million, translating to $1.11 per share, up from $1.00 in the prior year.

Operating expenses rose, with general and administrative expenses increasing by 12.0% to $12.1 million for the nine months, and sales and marketing expenses up 26.1% to $11.1 million. The company also reported a significant increase in net cash provided by operating activities, which rose to $19.6 million from $9.6 million in the previous year.

As of September 30, 2024, Iradimed had cash and cash equivalents of $51.7 million, up from $49.8 million at the end of 2023. Total stockholders' equity increased to $83.4 million from $71.4 million, reflecting strong operational performance and profitability.

The company has also initiated a quarterly dividend policy in 2024, with a declared dividend of $0.15 per share payable in November. Additionally, a shelf registration statement was filed in April 2024 for the potential offering of up to $75 million in common stock, which remains available as of the reporting date.

Overall, Iradimed Corp's financial results indicate robust growth in revenue and profitability, supported by strategic investments in product development and marketing efforts.