The following is a summary of the IRADIMED CORPORATION (IRMD) Q1 2024 Earnings Call Transcript:
Financial Performance:
IRADIMED reported Q1 2024 revenue of $17.6 million, indicating a rise of 13.7% from Q1 2023.
The GAAP and non-GAAP diluted earnings per share were $0.32 and $0.36 respectively, showing a 20% increase over Q1 of '23.
Forecasts for Q2 2024 include revenues of $17.6 million to $17.8 million and GAAP diluted earnings per share between $0.33 to $0.36 as well as non-GAAP diluted earnings per share from $0.36 to $0.39.
Full year guidance for 2024 predicts revenues ranging from $72 million to $74 million, and GAAP and non-GAAP diluted earnings per share within the range of $1.37 to $1.47 and $1.52 to $1.62 respectively.
A quarterly cash dividend of $0.15 has been announced by the company's Board of Directors, payable on May 30, 2024.
Business Progress:
IRADIMED's product lines, including the MR patient monitor, showed strong performance with a 38% revenue increase compared to Q1 of '23.
A new 61,000 square foot manufacturing facility in Orlando, Florida, is under construction to consolidate the company's operations, with estimated spending of around $13 million over the course of the next year.
The company has its sight set on a 510(k) submission for its new 3870 MRI IV pump, with clearance expected by Q1 2025, and plans to generate revenue from this product in the second half of 2025.
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