04/30/2020 | Press release | Archived content
Reports first quarter 2020 revenue of $8.7 million, GAAP diluted EPS of $0.14 and non-GAAP diluted EPS of $0.18
Reports combined cash and investments of $47.4 million as of March 31, 2020
Winter Springs, Florida, April 30, 2020 - 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 system that are designed for use during MRI procedures, today announced financial results for the three months ended March 31, 2020.
'Since the outbreak of COVID-19, we have taken steps to protect and support our teams. We have also taken action toward supporting our customers and their efforts in caring for those infected with the virus. I am proud of the way our teams are responding to the pandemic and their willingness to help those in need during this unprecedented time,' said Leslie McDonnell, President and Chief Executive Officer of the Company.
'While we are unable to predict the severity of the impact of COVID-19 on our business, we remain confident that higher demand for our products will return. We feel fortunate to have a strong balance sheet and the ability to generate cash from operations, even at our first quarter revenue level, positioning us to further support our customers, now and over the longer-term,' said McDonnell.
For the first quarter ended March 31, 2020, the Company reported revenue of $8.7 million compared to $8.4 million for the first quarter 2019. Net income was $1.8 million, or $0.14 per diluted share, compared to $1.8 million, or $0.15 per diluted share for the first quarter 2019. Non-GAAP net income was $2.2 million for the quarter ended March 31, 2020, which excludes $0.4 million of stock compensation expense, net of tax.
Non-GAAP net income for the quarter ended March 31, 2019 was $1.6 million, which excludes $0.3 million of stock compensation expense, net of tax 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 $0.18 for the first quarter 2020, compared to $0.13 for the first quarter 2019.