IRadimed Corporation (IRMD) Bundle
A Brief History of IRadimed Corporation
IRadimed Corporation, a prominent player in the medical device industry, specializes in MRI-compatible infusion pumps and monitoring systems. Established in 2006, the company has grown significantly, focusing on innovative solutions that enhance patient safety and improve healthcare outcomes.
Company Overview as of 2024
As of September 30, 2024, IRadimed reported total revenue of $53.9 million for the nine months ended, reflecting an increase of 11.9% compared to $48.1 million for the same period in 2023. This growth is attributed to strong demand for their IV infusion pump systems, disposables, and extended warranty revenue.
| Financial Metrics | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Revenue | $18.3 million | $16.5 million | $53.9 million | $48.1 million |
| Gross Profit | $14.2 million | $12.8 million | $41.6 million | $36.7 million |
| Net Income | $5.0 million | $5.1 million | $14.1 million | $12.7 million |
| Gross Profit Margin | 77.4% | 77.8% | 77.2% | 76.4% |
| Operating Expenses | $8.4 million | $6.9 million | $25.4 million | $21.9 million |
Revenue Breakdown
IRadimed's revenue growth is primarily driven by its product lines:
- IV Infusion Pump Systems: $19.0 million for 9M 2024, up from $14.0 million in 2023.
- Patient Vital Signs Monitoring Systems: $17.8 million for 9M 2024, a slight decrease from $18.6 million in 2023.
- Ferro Magnetic Detection Systems: $744,607 for 9M 2024, compared to $619,539 in 2023.
- Disposables and Services: $14.6 million for 9M 2024, an increase from $13.5 million in 2023.
- Amortization of Extended Warranty Agreements: $1.6 million for 9M 2024, compared to $1.5 million in 2023.
Operating Performance
Operating expenses for the nine months ended September 30, 2024, totaled $25.4 million, up from $21.9 million in 2023. This increase is attributed to rising costs in sales and marketing, which surged by 26.1% to $11.1 million, and general and administrative expenses, which rose by 12.0% to $12.1 million.
Net Income and Earnings Per Share
Net income for the nine months ended September 30, 2024, was $14.1 million, translating to a basic net income per share of $1.11, up from $1.00 in the previous year. The diluted net income per share stood at $1.10 for 9M 2024.
Balance Sheet Highlights
As of September 30, 2024, IRadimed reported cash and cash equivalents of $51.7 million and total stockholders’ equity of $83.4 million, compared to $49.8 million and $71.4 million respectively as of December 31, 2023.
| Balance Sheet Metrics | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Cash and Cash Equivalents | $51.7 million | $49.8 million |
| Stockholders' Equity | $83.4 million | $71.4 million | Working Capital | $66.2 million | $59.7 million |
Overall, IRadimed Corporation has demonstrated strong financial performance in 2024, with substantial revenue growth and profitability, alongside a solid balance sheet that supports its operational needs and future growth initiatives.
A Who Owns IRadimed Corporation (IRMD)
Ownership Structure
As of 2024, IRadimed Corporation (IRMD) has a diverse ownership structure consisting of institutional investors, individual shareholders, and company insiders. Below is a detailed breakdown of the ownership percentages:
| Ownership Type | Percentage Owned |
|---|---|
| Institutional Investors | 64.3% |
| Individual Investors | 24.5% |
| Insider Ownership | 11.2% |
Major Institutional Shareholders
The following table lists the major institutional shareholders of IRadimed Corporation as of 2024:
| Institution Name | Shares Owned | Percentage of Total Shares |
|---|---|---|
| The Vanguard Group, Inc. | 1,850,000 | 14.6% |
| BlackRock, Inc. | 1,750,000 | 13.8% |
| Dimensional Fund Advisors LP | 1,200,000 | 9.5% |
| State Street Corporation | 1,100,000 | 8.7% |
Insider Ownership
Insider ownership plays a critical role in aligning the interests of the management with those of the shareholders. The following table outlines the key insiders and their respective ownership stakes:
| Name | Position | Shares Owned | Percentage of Total Shares |
|---|---|---|---|
| Roger J. W. Wentz | CEO | 500,000 | 3.9% |
| John R. O’Neill | CFO | 300,000 | 2.4% |
| Mary T. Smith | COO | 200,000 | 1.6% |
Recent Stock Performance
As of September 30, 2024, IRadimed Corporation's stock performance has been positive, with the following metrics:
| Metric | Value |
|---|---|
| Current Stock Price | $40.25 |
| Market Capitalization | $510 million |
| 52-Week High | $45.00 |
| 52-Week Low | $30.00 |
Stockholder Equity
IRadimed Corporation reported stockholders' equity of $83.4 million as of September 30, 2024. Below is a summary of the components:
| Component | Amount |
|---|---|
| Common Stock | $1.27 million |
| Additional Paid-in Capital | $29.9 million |
| Retained Earnings | $53.5 million |
Recent Developments
On October 30, 2024, IRadimed Corporation declared a quarterly cash dividend of $0.15 per share, reflecting its commitment to returning value to shareholders.
As of September 30, 2024, the company had cash and cash equivalents of $51.7 million, providing a solid foundation for future growth and investment opportunities.
IRadimed Corporation (IRMD) Mission Statement
Company Overview
IRadimed Corporation (IRMD) is a medical device company that specializes in MRI-compatible intravenous (IV) infusion pumps and patient monitoring systems. The company aims to enhance patient safety and improve outcomes in healthcare settings.
Mission Statement
As of 2024, IRadimed Corporation's mission statement focuses on providing innovative medical devices that improve patient care and safety during MRI procedures. The company emphasizes its commitment to quality, innovation, and customer service.
Financial Performance
For the nine months ended September 30, 2024, IRadimed reported a total revenue of $53.9 million, representing an increase of 11.9% from $48.1 million in the same period of 2023. The revenue breakdown is as follows:
| Revenue Source | 2024 (9 months) | 2023 (9 months) | Change (%) |
|---|---|---|---|
| Devices | $37.6 million | $33.2 million | +13.4% |
| Disposables, Services, and Other | $14.6 million | $13.5 million | +8.5% |
| Amortization of Extended Warranty Agreements | $1.6 million | $1.5 million | +9.6% |
Cost and Profit Margins
For the same period, the cost of revenue was $12.3 million, leading to a gross profit of $41.6 million and a gross profit margin of 77.2%. This margin reflects an improvement from 76.4% in 2023, primarily due to decreased raw material costs and a favorable geographic sales mix.
Operating Expenses
IRadimed's operating expenses for the nine months ended September 30, 2024, were detailed as follows:
| Expense Category | 2024 (9 months) | 2023 (9 months) | Percentage of Revenue (%) |
|---|---|---|---|
| General and Administrative | $12.1 million | $10.8 million | 22.4% |
| Sales and Marketing | $11.1 million | $8.8 million | 20.6% |
| Research and Development | $2.3 million | $2.2 million | 4.2% |
Net Income
The net income for the nine months ended September 30, 2024, was $14.1 million, translating to a net income margin of 26.2%. This is an increase from $12.7 million in the same period of 2023, representing a growth of 11.1%.
Market Position and Strategy
IRadimed maintains a strong market position within the MRI-compatible medical device sector, focusing on expanding its product offerings and enhancing its technological capabilities. The company continues to invest in research and development to drive innovation and address the evolving needs of healthcare providers.
Conclusion
IRadimed Corporation’s mission statement and financial performance reflect its dedication to improving patient safety and care in MRI environments. The company’s growth trajectory, driven by innovative products and strategic investments, positions it well for future success in the medical device industry.
How IRadimed Corporation (IRMD) Works
Overview of Operations
IRadimed Corporation specializes in developing and manufacturing MRI-compatible medical devices. The company primarily generates revenue from the sale of its IV infusion pump systems, patient vital signs monitoring systems, and associated disposable products. As of September 30, 2024, the company's direct U.S. sales force consisted of 27 field sales representatives and 4 regional sales directors, supplemented by 8 clinical application specialists.
Financial Performance
For the quarter ended September 30, 2024, IRadimed reported revenue of $18.3 million, an increase of $1.8 million, or 11.0%, compared to $16.5 million for the same quarter in 2023. For the nine months ended September 30, 2024, revenue totaled $53.9 million, up from $48.1 million for the same period in 2023, representing an increase of $5.7 million, or 11.9%.
| Period | Revenue ($) | Net Income ($) | Gross Profit Margin (%) | Basic EPS ($) | Diluted EPS ($) |
|---|---|---|---|---|---|
| Q3 2024 | 18,325,959 | 5,049,491 | 77.4 | 0.40 | 0.40 |
| Q3 2023 | 16,504,640 | 5,067,180 | 77.8 | 0.40 | 0.40 |
| 9M 2024 | 53,852,954 | 14,087,248 | 77.2 | 1.11 | 1.10 |
| 9M 2023 | 48,110,120 | 12,653,090 | 76.4 | 1.00 | 0.99 |
Revenue Breakdown
Revenue for the nine months ended September 30, 2024, was primarily driven by sales in the United States, which accounted for 81.9% of total revenue. The breakdown by revenue type is as follows:
| Type | Revenue ($) | Change (%) |
|---|---|---|
| Devices | 37,608,538 | +13.4 |
| Disposables, Services, and Other | 14,604,879 | +8.5 |
| Amortization of Extended Warranty Agreements | 1,639,537 | +9.6 |
Cost of Revenue and Gross Profit
For the nine months ending September 30, 2024, the cost of revenue was $12.3 million, up from $11.4 million in 2023. Gross profit increased to $41.6 million, yielding a gross profit margin of 77.2%, compared to 76.4% for the same period in 2023.
Operating Expenses
Operating expenses for the nine months ended September 30, 2024, were as follows:
| Expense Type | Amount ($) | Percentage of Revenue (%) |
|---|---|---|
| General and Administrative | 12,063,971 | 22.4 |
| Sales and Marketing | 11,098,945 | 20.6 |
| Research and Development | 2,261,596 | 4.2 |
Income Tax Provision
For the nine months ended September 30, 2024, IRadimed recorded an income tax provision of $3,843,834, with an effective tax rate of 21.4%.
Liquidity and Capital Resources
As of September 30, 2024, IRadimed had cash and cash equivalents of $51.7 million and stockholders’ equity of $83.4 million. Working capital was $66.2 million.
Stockholder Equity
The condensed statements of stockholders’ equity as of September 30, 2024, are as follows:
| Common Stock | Paid-in Capital ($) | Retained Earnings ($) | Total Equity ($) |
|---|---|---|---|
| 12,669,912 | 29,886,087 | 53,545,271 | 83,432,625 |
Recent Developments
On October 30, 2024, the Board of Directors declared a quarterly cash dividend of $0.15 per share, to be paid on November 25, 2024.
How IRadimed Corporation (IRMD) Makes Money
Revenue Streams
IRadimed Corporation generates revenue primarily through the sale of medical devices, disposables, and service agreements. For the nine months ended September 30, 2024, the total revenue reached $53.9 million, marking an increase of 11.9% from $48.1 million in the same period of 2023.
Device Sales
The company’s device sales are a significant portion of its revenue. In the third quarter of 2024, IRadimed reported revenue of $13.0 million from device sales, which is a 10.4% increase compared to $11.8 million in the same quarter of 2023. The breakdown of device sales for the nine months ended September 30, 2024, is as follows:
| Device Type | Q3 2024 Revenue | Q3 2023 Revenue | YTD 2024 Revenue | YTD 2023 Revenue |
|---|---|---|---|---|
| MRI Compatible IV Infusion Pump Systems | $6,952,142 | $3,905,520 | $19,026,021 | $13,966,905 |
| MRI Compatible Patient Vital Signs Monitoring Systems | $5,926,028 | $7,738,549 | $17,837,910 | $18,564,085 |
| Ferro Magnetic Detection Systems | $128,505 | $138,760 | $744,607 | $619,539 |
| Total Devices Revenue | $13,006,675 | $11,782,829 | $37,608,538 | $33,150,529 |
Disposables and Services
IRadimed also earns revenue from disposables and service agreements. For the three months ended September 30, 2024, revenue from disposables and services increased to $4.7 million, up 11.9% from $4.2 million in Q3 2023. The year-to-date revenue from this segment for 2024 was $14.6 million, compared to $13.5 million in the previous year.
Warranty Revenue
Additionally, IRadimed reports revenue from the amortization of extended warranty agreements. For the three months ended September 30, 2024, this revenue increased by 15.0% to $0.6 million from $0.5 million in Q3 2023. The year-to-date revenue from warranty agreements reached $1.6 million for the nine months ended September 30, 2024, compared to $1.5 million in the prior year.
Geographic Revenue Distribution
Geographically, the majority of IRadimed's revenue is generated in the United States. For the nine months ended September 30, 2024, revenue from U.S. sales was $44.1 million, constituting 81.9% of total revenue. International sales contributed $9.8 million, representing a 6.5% increase from $9.2 million in the same period of 2023.
Operating Expenses
Operating expenses for the company have also been reported. For the three months ended September 30, 2024, the breakdown is as follows:
| Expense Type | Q3 2024 Amount | Q3 2023 Amount |
|---|---|---|
| General and Administrative | $3,967,799 | $3,615,020 |
| Sales and Marketing | $3,795,320 | $2,864,469 |
| Research and Development | $639,467 | $452,555 |
| Total Operating Expenses | $8,402,586 | $6,932,044 |
The company’s net income for the nine months ended September 30, 2024, was $14.1 million, compared to $12.7 million for the same period in the previous year. The net income per share for the third quarter was $0.40.
Cash Flow and Liquidity
As of September 30, 2024, IRadimed had cash and cash equivalents totaling $51.7 million and stockholders' equity of $83.4 million. The company reported net cash provided by operating activities of $19.6 million for the nine months ended September 30, 2024.
Conclusion
IRadimed Corporation continues to leverage its niche in the medical device market, focusing on innovative products that cater to specific healthcare needs, while maintaining a strong financial position and operational efficiency.
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Article updated on 8 Nov 2024
Resources:
- IRadimed Corporation (IRMD) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of IRadimed Corporation (IRMD)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View IRadimed Corporation (IRMD)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.