IRADIMED CORP Q3 FY2024 earnings call

• Recorded the 13th consecutive record quarter with revenue at $18.3 million. - New pump filing with FDA on September 11, had interactive questions, and expects more color next quarter with aim to get 510(k) by second quarter 2025 and initial revenue in fourth quarter 2025. - New headquarters in Florida had about 4 days lost to storms, but on schedule to be dried in before Thanksgiving and move-in in May 2025.

In the third quarter of 2024, revenue was $18.3 million. Domestic sales increased 9% to $15.2 million, accounting for approximately 83% of total revenue, while international sales increased 22% to $3.1 million. Device revenue increased 10% to $13 million, driven by a 78% increase in pump revenue. Revenue from disposables and services increased 12% to $4.7 million, and maintenance contracts remained stable at $600,000. Gross margin was 77.4%, and GAAP diluted earnings per share was $0.40.

• Q4 2024 guidance: Revenue $18.8 million to $19.2 million, GAAP diluted earnings per share $0.39 to $0.42, non-GAAP diluted earnings per share $0.42 to $0.45. - Full year 2024 guidance: Revenue $72.7 million to $73.1 million, GAAP diluted earnings per share raised from $1.37 to $1.47 to $1.49 to $1.52, non-GAAP diluted earnings per share raised from $1.52 to $1.62 to $1.64 to $1.67.

• Uncertainty in FDA approval process for the new pump. - Potential impact of weather on construction of new headquarters causing delays.

Q: How should we think about growth by business line item, especially with transition to new pump and monitor?

A: As transitioning to new pump, will deemphasize older pump sales, and emphasize monitor by adjusting comp plans to fill gap, with expected brief dip in old product and increase in monitor revenue.

Q: If FDA approval is earlier than second quarter, would new pump impact be earlier?

A: No, as plans for launching new pump can't be meaningfully pulled in earlier even with earlier approval.

Q: Plans for expanding monitor business?

A: Adjust sales team compensation to emphasize monitor, as sales team was focused on pump before, now will shift to emphasize monitor.