IRadimed Corporation Reports 12% Revenue Growth to $73.2 Million for Fiscal Year 2024

IRadimed Corporation reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with total revenue reaching $73.2 million, a 12% increase from $65.6 million in 2023. The company's income from operations was $22.0 million, resulting in an operating profit margin of 30%. This growth was primarily driven by a 15.4% increase in U.S. sales, which accounted for 83% of total revenue, while international sales saw a slight decline of 3.1%. The company’s diluted earnings per share rose to $1.50 from $1.35 in the previous year.

In terms of product performance, IRadimed's MRI compatible IV infusion pump systems and patient vital signs monitoring systems saw increased unit sales, with approximately 7,832 infusion pump systems and 2,679 monitoring systems sold by the end of 2024. The revenue from device sales increased by 13% to $51.9 million, reflecting higher overall unit sales, particularly of the IV infusion pump systems. The company also reported an increase in revenue from disposables and services, which rose to $19.1 million, up 8.5% from the previous year.

Strategically, IRadimed has focused on expanding its market presence and product offerings. The company has been actively developing its sales force, which includes 27 field representatives and 10 clinical application specialists in the U.S., and it markets its products in approximately 80 countries through independent distributors. The company is also in the process of constructing a new corporate office and manufacturing facility in Orange County, Florida, to accommodate anticipated growth and increase operational capacity.

Operationally, IRadimed has maintained a workforce of 160 employees, with a focus on enhancing its research and development capabilities. The company invested $2.8 million in R&D, consistent with the previous year, to support the development of innovative MRI compatible products. The company’s commitment to quality and compliance is underscored by its ISO 13485 certification, which it successfully renewed in October 2024.

Looking ahead, IRadimed anticipates continued growth driven by increased market awareness of its MRI compatible products and the ongoing expansion of MRI procedures in healthcare settings. The company aims to leverage its unique product offerings to capture a larger share of the market, particularly in critical care departments where the need for MRI compatible devices is growing. The management remains optimistic about the future, citing a strong pipeline of product innovations and a solid financial foundation to support its strategic initiatives.