iRadimed Corp (IRMD) Reports 23% YoY Revenue Growth for Q3 2023
iRadimed Corp (NASDAQ:IRMD) reports a 23% year-over-year increase in revenue for Q3 2023, reaching $16.5 million.
The company's operating income also saw a significant rise of 43%.
Net income for the quarter was $5.1 million, or $0.40 per diluted share.
For the nine months ended September 30, 2023, the company reported revenue of $48.1 million.
On November 3, 2023, iRadimed Corp (NASDAQ:IRMD) announced its financial results for the third quarter of 2023. The company, a leader in the development of innovative magnetic resonance imaging (MRI) medical devices, reported a 23% year-over-year increase in revenue, reaching $16.5 million. The company's operating income also saw a significant rise of 43%.
Financial Highlights
For the third quarter ended September 30, 2023, iRadimed Corp (NASDAQ:IRMD) reported a net income of $5.1 million, or $0.40 per diluted share, compared to $3.4 million, or $0.27 per diluted share for the third quarter of 2022. Non-GAAP net income was $5.5 million, or $0.43 per diluted share, for the quarter ended September 30, 2023.
For the nine months ended September 30, 2023, the company reported revenue of $48.1 million compared to $38.4 million for the same period of 2022. Net income was $12.7 million, or $0.99 per diluted share, compared to $9.2 million, or $0.72 per diluted share for the same period of 2022.
Revenue Breakdown
Revenue for the third quarter of 2023 was primarily driven by the company's monitoring business, which grew by 40% over the second quarter of 2023. The company's MRI Compatible IV Infusion Pump Systems generated $3.9 million, while the MRI Compatible Patient Vital Signs Monitoring Systems contributed $7.7 million. The Ferro Magnetic Detection Systems added another $138,760 to the total revenue.
Future Outlook
Looking ahead, iRadimed Corp (NASDAQ:IRMD) expects to report revenue of $16.9 million to $17.4 million for the fourth quarter, with GAAP diluted earnings per share of $0.35 to $0.38 and non-GAAP diluted earnings per share of $0.38 to $0.41. For the full-year 2023 financial guidance, the company expects revenue of $65.0 million to $65.5 million and raises its guidance for GAAP diluted earnings per share to $1.34 to $1.37 and non-GAAP diluted earnings per share to $1.48 to $1.51.
Company's Commentary
I am pleased to announce that in the third quarter of 2023, we not only achieved record revenue of $16.5 million but also demonstrated our continued commitment to profitability with a noteworthy 43% increase in operating income. This ninth consecutive quarter of record revenues was again led by our monitoring business, which grew by 40% over the second quarter of 2023. I am immensely proud of our teams dedicated efforts in delivering these outstanding results, said Roger Susi, President and Chief Executive Officer of the Company.
Explore the complete 8-K earnings release (here) from iRadimed Corp for further details.
This article first appeared on GuruFocus.
