WINTER SPRINGS, Fla., Feb. 04, 2021 (GLOBE NEWSWIRE) -- IRADIMED CORPORATION (NASDAQ: IRMD), a leader in the development of innovative magnetic resonance imaging medical devices and the only known provider of a non-magnetic intravenous 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 and year ended December 31, 2020.

“On a sequential basis, revenue for the fourth quarter 2020 was up 11% over the third quarter. Additionally, bookings for the current quarter were within approximately 1.2% from the fourth quarter last year, which was our highest bookings quarter in our history. I view these as positive trends and expect they will continue into the new year. However, we remain cautious about the first half of 2021,” said Roger Susi, President and Chief Executive Officer of the Company.

“I would also like to thank everyone at IRADIMED for remaining agile during a very challenging time. I am proud of the team and their efforts this year,” said Susi.

Three Months Ended December 31, 2020

For the fourth quarter ended December 31, 2020, the Company reported revenue of $8.5 million compared to $10.9 million for the fourth quarter 2019. Net income was $0.6 million, or $0.05 per diluted share, compared to $3.2 million, or $0.26 per diluted share for the fourth quarter 2019.

Non-GAAP net income was $0.9 million for the quarter ended December 31, 2020, which excludes $0.2 million of stock compensation expense, net of tax expense. Non-GAAP net income for the quarter ended December 31, 2019 was $3.7 million, which excludes $0.4 million of stock compensation expense, net of tax expense. Non-GAAP earnings per diluted share was $0.07 for the fourth quarter 2020, compared to $0.30 for the fourth quarter 2019.

Year Ended December 31, 2020

For the year ended December 31, 2020, the Company reported revenue of $31.7 million compared to $38.5 million for the same period in 2019. Net income was $1.4 million, or $0.11 per diluted share, compared to net income of $9.6 million, or $0.78 per diluted share for the same period in 2019.

During the year ended December 31, 2020, the Company recognized total general and administrative expense of $3.2 million related to our former CEO, of which $2.7 million relates to the separation costs.

Non-GAAP net income was $5.0 million for the year ended December 31, 2020, which excludes $1.3 million of on-going stock compensation expense, net of tax expense, and $2.4 million of expense, net of tax, related to the separation of our former CEO. Non-GAAP net income for the year ended December 31, 2019 was $10.5 million, which excludes $1.4 million of stock compensation expense, net of tax expense and a $0.6 million reduction to non-GAAP net income resulting from an infrequent tax item related to excess tax benefits recognized in the provision for income taxes for the exercise and sale of certain incentive stock options. Non-GAAP earnings per diluted share was $0.40 for the year ended December 31, 2020, compared to $0.85 for the same period in 2019.

For the fourth quarter 2020, domestic sales were 83.1 percent of total revenue, compared to 73.6 percent for the fourth quarter 2019. Gross profit margin was 75.3 percent for the fourth quarter 2020, compared to 74.8 percent for the fourth quarter 2019.

For the year ended December 31, 2020, domestic sales were 77.4 percent of total revenue, compared to 80.3 percent for the same period in 2019. Gross profit margin was 74.3 percent for the year ended December 31, 2020, compared to 77.1 percent for the same period in 2019.

Cash Flow and Balance Sheet:

For the year ended December 31, 2020, cash from operations was $5.8 million, compared to $10.2 million for the same period in 2019.

For the fourth quarter ended December 31, 2020, free cash flow was $2.4 million, compared to $3.8 million for the fourth quarter 2019. For the year ended December 31, 2020, free cash flow was $5.4 million, compared to $9.9 million for the same period in 2019.

As of December 31, 2020, the Company had combined cash and investments of $52.0 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.

About IRADIMED CORPORATION

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 www.iradimed.com.