IRADIMED CORP Q2 FY2025 earnings call

• Recorded 16th consecutive quarter of record revenues. Q2 2025 revenue was $20.4 million, up 14% y/y. Gross profit was 78%, and GAAP diluted earnings per share increased 18% from Q2 2024.
• Pump shipments led performance, with the 3860 MRI IV pump excelling. MRI patient monitor shipments grew 9%, and bookings indicate positive momentum for the monitoring product line.
• Tariffs on components had a small impact so far, but will be clearer as tariffs stabilize and inventories dwindle. DOGE impacts did not materialize.
• FDA cleared the new 3870 IV pump systems, a seminal event for the company. Plans to target replacing older 3860 pumps, with over 6,200 5-plus-year-old units in the U.S. market.
• Moving into a new facility, with operational inefficiencies expected but short-lived during the transition.

For the second quarter of 2025, IRADIMED achieved revenue of $20.4 million, a 14% increase from the same period last year. MRI compatible IV infusion pump systems contributed $8.2 million, up 19% year-over-year. Patient vital signs monitoring systems contributed $5.9 million, up 9%. Disposables' revenue grew 14% to $4.2 million. Ferromagnetic Detection Systems and Services also saw growth. Domestic sales were $18.2 million (89% of total revenue), and international sales were $2.2 million (9%). Gross profit was $16 million, with a gross margin of 78%.

• Q3 2025 revenue expected to be $20.5 million to $20.9 million (12% to 14% growth y/y). GAAP diluted earnings per share anticipated to be $0.41 to $0.45, non-GAAP diluted earnings per share $0.45 to $0.49.
• Full year 2025 revenue raised to $80 million to $82.5 million (9% to 13% growth y/y). GAAP diluted earnings per share expected $1.60 to $1.70, non-GAAP diluted earnings per share $1.76 to $1.86.
• Committed to a $0.17 per share quarterly dividend payable on August 28, 2025.

• Tariffs could have measurable impacts as they stabilize and pre-tariff inventories dwindle.

Q: And solid quarter here. So first off, on the new pump, is there an ASP increase that we should be factoring in here?

A: Roger E. Susi mentioned ASP of new pump is anticipated to be around 12% higher than existing pump. John F. Glenn asked about pricing on new pump. Roger E. Susi confirmed ASP increase and its positive impact on gross margins.

Q: On the backlog, how long is it taking you guys to fulfill your backlog at this point? What is the, I guess, timing from an order to -- that goes in backlog to getting fulfilled?

A: Roger E. Susi said monitor backlog is about 4-5 weeks, pump backlog is about 5-6 months. Revenue won't be affected much in Q1 due to large backlog of older pumps.