IRADIMED CORPORATION Announces First Quarter 2021 Financial Results

Winter Springs, Florida, UNITED STATES

  • Reports first quarter 2021 revenue of $9.2 million, GAAP diluted EPS of $0.11 and non-GAAP diluted EPS of $0.13
  • Reports combined cash and investments of $52.7 million as of March 31, 2021

WINTER SPRINGS, Fla., April 30, 2021 (GLOBE NEWSWIRE) -- IRADIMED CORPORATION (the “Company”) (NASDAQ: IRMD), a leader in the development of innovative magnetic resonance imaging (“MRI”) medical devices and the only known provider of a non-magnetic intravenous (“IV”) infusion pump system, and non-magnetic patient vital signs monitoring systems that are designed for use during MRI procedures, today announced financial results for the three months ended March 31, 2021.

“First quarter bookings and revenue exceeded our internal expectations as we continue gaining greater access to our U.S. customers. Additionally, we were able to grow IV pump revenue nearly 32 percent over last year. Especially noteworthy is the 112 percent increase in income before taxes, indicating the true strength of this quarter. EPS was, by comparison, down due to tax benefits we harvested last year. Business strength was further validated by our ability to grow backlog from its already elevated levels at the end of last year. Overall, Iradimed has delivered a very good start to the year and I am very pleased with these results,” said Roger Susi, President and Chief Executive Officer of the Company.

For the first quarter ended March 31, 2021, the Company reported revenue of $9.2 million compared to $8.7 million for the first quarter 2020. Net income was $1.4 million, or $0.11 per diluted share, compared to $1.8 million, or $0.14 per diluted share for the first quarter 2020. The decrease in net income and diluted earnings per share is primarily the result of the recognition of $0.4 million of tax expense during the first quarter 2021, compared to a tax benefit of $(0.9) million recognized during the first quarter 2020.

Non-GAAP net income was $1.6 million for the quarter ended March 31, 2021, which excludes $0.3 million of stock compensation expense, net of tax expense. Non-GAAP net income for the quarter ended March 31, 2020 was $2.2 million, which excludes $0.4 million of stock compensation expense, net of tax expense. Non-GAAP earnings per diluted share was $0.13 for the first quarter 2021, compared to $0.18 for the first quarter 2020.

Revenue Information:

 Three Months Ended
March 31,
 2021 2020
MRI compatible IV infusion pump system$3,503,347 $2,664,834
MRI compatible patient vital signs monitoring systems2,603,830 2,888,703
Total Devices revenue6,107,177 5,553,537
Disposables, services and other2,635,466 2,662,713
Amortization of extended warranty agreements481,353 461,291
Total revenue$9,223,996 $8,677,541

Domestic sales were 78.8 percent of total revenue, compared to 72.9 percent for the first quarter 2020. Gross profit margin was 76.6 percent for the first quarter 2021, compared to 74.5 percent for the first quarter 2020.

Cash Flow and Balance Sheet:

For the three months ended March 31, 2021, cash from operations was $0.9 million, compared to $1.2 million for the same period in 2020.

For the first quarter ended March 31, 2021, free cash flow was $0.8 million, compared to $1.0 million for the first quarter 2020.

As of March 31, 2021, the Company had combined cash and investments of $52.7 million.

Financial Guidance

Significant uncertainty remains regarding the impact of COVID-19 on the Company’s financial results. Accordingly, the Company believes it is prudent to refrain from providing financial guidance at this time. The Company continues to monitor the circumstances around the pandemic and will provide financial guidance once there is more certainty around the pandemic’s impact on its business.

Use of non-GAAP Financial Measures

The Company believes the use of non-GAAP net income, free cash flow and infrequent income tax items are helpful to our investors. These measures, which we refer to as our non-GAAP financial measures, are not prepared in accordance with U.S. GAAP.

We calculate non-GAAP net income as net income excluding (1) stock-based compensation expense, net of tax. Because of varying available valuation methodologies, subjective assumptions and the variety of equity instruments that can impact a company’s non-cash expenses, we believe that providing non-GAAP financial measures that exclude stock-based compensation expense allows for meaningful comparisons between our operating results from period to period; (2) operating expenses, net of tax, that we believe are not indicative of the Company’s on-going core operating performance, and; (3) infrequent tax items are considered based on their nature and are excluded from the provision for income taxes as these costs or benefits are not indicative of our normal or future provision for income taxes. We calculate free cash flow as net cash provided by operating activities, less net cash used in investing activities for purchases of property and equipment.

We consider free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by our business that can be used for strategic opportunities, including investing in our business, making strategic acquisitions, strengthening our balance sheet and returning cash to our shareholders via share repurchases.

All of our non-GAAP financial measures are important tools for financial and operational decision making and for evaluating our on-going core operating results.

A reconciliation of the non-GAAP financial measures used in this release to the most comparable U.S. GAAP measures for the respective periods can be found in the table later in this release immediately following the condensed statements of cash flows. These non-GAAP financial measures should not be considered in isolation or as a substitute for a measure of the Company’s operating performance or liquidity prepared in accordance with U.S. GAAP and are not indicative of net income or cash provided by operating activities.

Conference Call

iRadimed has scheduled a conference call to discuss this announcement beginning at 11:00 a.m. Eastern Time today, April 30, 2021. Individuals interested in listening to the conference call may do so by dialing 1-844-413-1781 for domestic callers, or 1-716-247-5767 for international callers, and entering the reservation code 8386999.

The conference call will also be available real-time via the internet at A recording of the call will be available on the Company’s website following the completion of the call.


IRADIMED CORPORATION is a leader in the development of innovative magnetic resonance imaging (“MRI”) compatible medical devices. We are the only known provider of a non-magnetic intravenous (“IV”) infusion pump system that is specifically designed to be safe for use during MRI procedures. We were the first to develop an infusion delivery system that largely eliminates many of the dangers and problems present during MRI procedures. Standard infusion pumps contain magnetic and electronic components which can create radio frequency interference and are dangerous to operate in the presence of the powerful magnet that drives an MRI system. Our patented MRidium® MRI compatible IV infusion pump system has been designed with a non-magnetic ultrasonic motor, uniquely designed non-ferrous parts and other special features to safely and predictably deliver anesthesia and other IV fluids during various MRI procedures. Our pump solution provides a seamless approach that enables accurate, safe and dependable fluid delivery before, during and after an MRI scan, which is important to critically-ill patients who cannot be removed from their vital medications, and children and infants who must generally be sedated to remain immobile during an MRI scan.

Our 3880 MRI compatible patient vital signs monitoring system has been designed with non-magnetic components and other special features to safely and accurately monitor a patient’s vital signs during various MRI procedures. The IRADIMED 3880 system operates dependably in magnetic fields up to 30,000 gauss, which means it can operate virtually anywhere in the MRI scanner room. The IRADIMED 3880 has a compact, lightweight design allowing it to travel with the patient from their critical care unit, to the MRI and back, resulting in increased patient safety through uninterrupted vital signs monitoring and decreasing the amount of time critically ill patients are away from critical care units. The features of the IRADIMED 3880 include: wireless ECG with dynamic gradient filtering; wireless SpO2 using Masimo® algorithms; non-magnetic respiratory CO2; invasive and non-invasive blood pressure; patient temperature, and; optional advanced multi-gas anesthetic agent unit featuring continuous Minimum Alveolar Concentration measurements. The IRADIMED 3880 MRI compatible patient vital signs monitoring system has an easy-to-use design and allows for the effective communication of patient vital signs information to clinicians.

For more information please visit  

Forward-Looking Statements

This press release contains forward-looking statements as defined in the Private Securities Litigation Act of 1995, particularly statements regarding our expectations, beliefs, plans, intentions, future operations, financial condition and prospects, and business strategies. These statements relate to future events or our future financial performance or condition and involve unknown risks, uncertainties and other factors that could cause our actual results, level of activity, performance or achievement to differ materially from those expressed or implied by these forward-looking statements. The risks and uncertainties referred to above include, but are not limited to, risks associated with the Company’s ability to receive an EC Certificate or CE Mark for our existing products and product candidates, receive FDA 510(k) clearance for new products and product candidates; unexpected costs, delays or diversion of management’s attention associated with the design, manufacture or sale of new products; the Company’s ability to implement successful sales techniques for existing and future products and evaluate the effectiveness of its sales techniques; additional actions, warnings or requests from the FDA or other regulatory bodies; our significant reliance on a limited number of products; potential disruptions in our limited supply chain for our products; a reduction in international distribution; actions of the FDA or other regulatory bodies that could delay, limit or suspend product development, manufacturing or sales; the effect of recalls, patient adverse events or deaths on our business; difficulties or delays in the development, production, manufacturing and marketing of new or existing products and services; changes in laws and regulations or in the interpretation or application of laws or regulations.

Further information on these and other factors that could affect the Company’s financial results is included in filings we make with the Securities and Exchange Commission from time to time. All forward-looking statements are based on information available to us on the date hereof, and we assume no obligation to update forward-looking statements.


 March 31,
 December 31,
Current assets:   
Cash and cash equivalents$50,801,629 $50,068,728
Accounts receivable, net4,564,172 4,574,932
Investments1,902,940 1,909,368
Inventory, net4,640,556 3,933,987
Prepaid expenses and other current assets929,382 771,666
Prepaid income taxes2,373,828 2,477,211
Total current assets65,212,507 63,735,892
Property and equipment, net2,126,079 2,120,148
Intangible assets, net976,382 960,885
Operating lease right-of-use asset2,652,533 2,715,030
Deferred income taxes, net985,336 1,272,672
Other assets236,089 261,993
Total assets$72,188,926 $71,066,620
Current liabilities:   
Accounts payable$618,217 $657,054
Accrued payroll and benefits1,232,683 1,714,782
Other accrued taxes77,593 103,981
Warranty reserve96,448 90,054
Deferred revenue2,203,589 1,949,259
Current portion of operating lease liability259,553 255,698
Other current liabilities146,435 146,435
Total current liabilities4,634,518 4,917,263
Deferred revenue2,083,342 2,305,413
Operating lease liability2,392,980 2,459,332
Total liabilities9,110,840 9,682,008
Stockholders’ equity:   
Common stock1,231 1,231
Additional paid-in capital23,988,337 23,676,843
Retained earnings39,056,300 37,669,451
Accumulated other comprehensive income32,218 37,087
Total stockholders’ equity63,078,086 61,384,612
Total liabilities and stockholders’ equity$72,188,926 $71,066,620


 Three Months Ended
March 31,
 2021 2020 
Revenue$9,223,996 $8,677,541 
Cost of revenue2,161,680 2,213,730 
Gross profit7,062,316 6,463,811 
Operating expenses:    
General and administrative2,430,369 2,862,727 
Sales and marketing2,379,124 2,433,567 
Research and development475,817 430,282 
Total operating expenses5,285,310 5,726,576 
Income from operations1,777,006 737,235 
Other (expense) income, net(5,663)98,502 
Income before provision for income taxes1,771,343 835,737 
Provision for income tax expense (benefit)384,494 (933,474)
Net income$1,386,849 $1,769,211 
Net income per share:    
Basic$0.11 $0.15 
Diluted$0.11 $0.14 
Weighted average shares outstanding:    
Basic12,310,577 11,891,428 
Diluted12,521,279 12,365,605 


 Three Months Ended
March 31,
 2021  2020 
Operating activities:     
Net income$1,386,849  $1,769,211 
Adjustments to reconcile net income to net cash provided by operating activities:     
Change in allowance for doubtful accounts1,728  36,756 
Change in provision for excess and obsolete inventory(1,992) 128,143 
Depreciation and amortization331,794  344,784 
Stock-based compensation347,741  568,958 
Deferred income taxes, net288,895  (32,472)
Changes in operating assets and liabilities:     
Accounts receivable9,032  1,404,704 
Inventory(668,361) (560,996)
Prepaid expenses and other current assets(560,508) (538,093)
Other assets32,059  (60,614)
Accounts payable(75,805) (266,644)
Accrued payroll and benefits(482,099) (542,834)
Other accrued taxes(26,388) (469,750)
Warranty reserve6,394  7,924 
Deferred revenue250,359  308,559 
Prepaid income taxes103,383  (901,001)
Net cash provided by operating activities943,081  1,196,635 
Investing activities:     
Purchases of property and equipment(132,318) (166,593)
Capitalized intangible assets(41,615) (63,782)
Net cash used in investing activities(173,933) (230,375)
Financing activities:     
Proceeds from exercises of stock options2,460  322,179 
Taxes paid related to net share settlement of equity awards(38,707) (133,872)
Net cash (used in) provided by financing activities(36,247) 188,307 
Net increase in cash and cash equivalents732,901  1,154,567 
Cash and cash equivalents, beginning of period50,068,728  43,481,781 
Cash and cash equivalents, end of period$50,801,629  $44,636,348 


Non-GAAP Net Income and Diluted EPS

 Three Months Ended
March 31,
 2021 2020
Net income$1,386,849 $1,769,211
Stock-based compensation expense, net of tax expense262,809 427,800
Non-GAAP net income$1,649,658 $2,197,011
Weighted-average shares outstanding – diluted12,521,279 12,365,605
Non-GAAP net income per share – diluted$0.13 $0.18

Free Cash Flow

 Three Months Ended
March 31,
 2021 2020
Net cash provided by operating activities$943,081 $1,196,635
Purchases of property and equipment132,318 166,593
Free cash flow$810,763 $1,030,042

Media Contact:
Chris Scott
Chief Financial Officer
(407) 677-8022