- Announces Preliminary Full Year and Fourth Quarter 2017 Revenue
- Announces Fourth Quarter 2017 Financial Results Conference Call Date
WINTER SPRINGS, Fla., Jan. 22, 2018 (GLOBE NEWSWIRE) -- IRADIMED CORPORATION (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 that is designed to be safe for use during MRI procedures, today announced its financial guidance for the full year and
first quarter 2018.
For the full year 2018, the Company expects to report revenue of $29.3 million to $30.0 million, GAAP diluted earnings per share
of $0.22 to $0.27 and non-GAAP diluted earnings per share of $0.33 to $0.38.
For the first quarter 2018, the Company expects to report revenue of $6.8 million to $6.9 million, GAAP diluted earnings per
share of $0.04 to $0.05 and non-GAAP diluted earnings per share of $0.06 to $0.07.
The Company also announced that it expects to report revenue of approximately $23.1 million for the full year 2017 and $6.7
million for the fourth quarter 2017.
“With growing momentum in customer orders for our IV pump and a solid start for our new MRI compatible patient vital signs
monitor, which was FDA 510(k) cleared during the fourth quarter, we are looking forward to a strong 2018,” said Roger Susi,
President and Chief Executive Officer of the Company.
The Company plans to release its 2017 fourth quarter results before the market opens on February 6, 2018.
The Company’s non-GAAP earnings per share guidance excludes stock-based compensation expense, net of tax, which the Company
expects to be approximately $1.3 million and $0.3 million for the full year and first quarter 2018, respectively.
Use of non-GAAP Financial Measures
The Company believes the use of non-GAAP net income, free cash flow and infrequent income tax items are helpful to our
investors. These measures, which we refer to as our non-GAAP financial measures, are not prepared in accordance with GAAP. We
calculate non-GAAP net income as net income excluding stock-based compensation expense, net of tax. Because of varying available
valuation methodologies, subjective assumptions and the variety of equity instruments that can impact a company’s non-cash
expenses, we believe that providing non-GAAP financial measures that exclude stock-based compensation expense allows for meaningful
comparisons between our operating results from period to period. Non-GAAP financial measures should not be considered in
isolation or as a substitute for a measure of the Company’s operating performance or liquidity prepared in accordance with U.S.
GAAP and are not indicative of net income or cash provided by operating activities.
About IRADIMED CORPORATION
IRADIMED CORPORATION is a leader in the development of innovative MRI compatible medical devices. We are the only known
provider of a non-magnetic 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 in order 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 in order 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 in order to safely and accurately monitor a patient’s vital signs during various MRI procedures. The iRadimed 3880 monitor
is rated for operation 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, facilitating the transportation of patients 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; respiratory CO2; 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, small form factor
and unique wireless tablet remote control that allows for the effective communication of patient vital signs information to
clinicians located in the MRI control room. Our 3880 MRI compatible patient vital signs monitoring system is currently available to
domestic and international customers.
For more information please visit www.iradimed.com.
Forward-Looking Statements
This press release contains forward-looking statements as defined in the Private Securities Litigation Act of 1995, particularly
statements regarding our expectations, beliefs, plans, intentions, future operations, financial condition and prospects, and
business strategies. These statements relate to future events or our future financial performance or condition and involve unknown
risks, uncertainties and other factors that could cause our actual results, level of activity, performance or achievement to differ
materially from those expressed or implied by these forward-looking statements. The risks and uncertainties referred to above
include, but are not limited to, risks associated with the Company’s ability to receive FDA 510(k) clearance for new products;
unexpected costs, delays or diversion of management’s attention associated with the design, manufacture or sale of new products;
implement successful sales techniques for existing and future products; evaluate the effectiveness of its sales techniques;
additional actions by or requests from the FDA; our significant reliance on a single product; unexpected costs, expenses and
diversion of management attention resulting from the FDA warning letter; potential disruptions in our limited supply chain for our
products; a reduction in international distribution; actions of the FDA or other regulatory bodies that could delay, limit or
suspend product development, manufacturing or sales; the effect of recalls, patient adverse events or deaths on our business;
difficulties or delays in the development, production, manufacturing and marketing of new or existing products and services;
changes in laws and regulations or in the interpretation or application of laws or regulations.
Further information on these and other factors that could affect the Company’s financial results is included in filings we make
with the Securities and Exchange Commission from time to time. All forward-looking statements are based on information available to
us on the date hereof, and we assume no obligation to update forward-looking statements.
Media Contact:
Chris Scott
Chief Financial Officer
IRADIMED CORPORATION
(407) 677-8022
InvestorRelations@iradimed.com
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