Reports record GAAP diluted EPS of $0.50 and non-GAAP diluted EPS of $0.54 for the fourth quarter of 2025, which are increases of 25% and 23%, respectively, compared to the same period in 2024.
Reports record GAAP diluted EPS of $1.75 and non-GAAP diluted EPS of $1.93 for the full year of 2025, which are increases of 17% and 16%, respectively, compared to the full year of 2024.
Declares a regular quarterly cash dividend of $0.20 per share of common stock for the fourth quarter of 2025, payable on March 6, 2026.
ORLANDO, Fla., Feb. 10, 2026 (GLOBE NEWSWIRE) -- IRADIMED CORPORATION (the "Company" or "Iradimed") (NASDAQ:IRMD) announced today its financial results for the quarter and year ended December 31, 2025. The Company is a leader in developing innovative magnetic resonance imaging ("MRI") compatible medical devices and products. The Company is a provider of (i) non-magnetic intravenous ("IV") infusion pump systems and (ii) non-magnetic patient vital signs monitoring systems that are each designed for use during MRI procedures.
"We are thrilled to report our eighteenth consecutive quarter of record revenue, achieving $22.7 million in the fourth quarter of 2025—a 17% increase year-over-year and exceeding our previously announced guidance. We successfully shipped the initial 3870 units in the fourth quarter of 2025 as planned, marking a key milestone in our product roadmap. The full rollout of the next-generation 3870 MRI-compatible IV infusion pump is expected to begin in the first quarter of 2026, with real acceleration and meaningful revenue contribution expected in the second half of the year. These accomplishments were made possible by the exceptional dedication and hard work of our employees, who tirelessly worked to clear the FDA 510k requirements and seamlessly navigated the transition to our new Orlando facility earlier in 2025, while maintaining operational excellence and supporting this important launch. We are deeply grateful for their commitment and contributions to our continued success.
"We remain focused on innovation, operational efficiency, and delivering strong returns to stockholders—including our decision to increase our regular quarterly cash dividend to $0.20 per share from $0.17 per share, reflecting our confidence in the business outlook," said Roger Susi, President and Chief Executive Officer of Iradimed.
"As for our guidance for the full year 2026, we expect to report revenue in the range of $91.0 million to $96.0 million, GAAP diluted earnings per share in the range of $1.90 to $2.05, and non-GAAP diluted earnings per share in the range of $2.06 to $2.21. For the first quarter of 2026 financial guidance, we expect revenue in the range of $21.0 million to $22.0 million, GAAP diluted earnings per share in the range of $0.39 to $0.43, and non-GAAP diluted earnings per share in the range of $0.44 to $0.48," added Mr. Susi.
The Company's board of directors declared a regular quarterly cash dividend of $0.20 per share of our outstanding common stock payable to stockholders of record as of the close of business on February 23, 2026, which will be paid on March 6, 2026.
Beginning with this earnings release, the Company has changed the rounding of amounts presented in its financial statements to thousands. Prior-period amounts presented herein have been conformed to the current presentation. This change represents a presentation change only and had no impact on the Company's financial condition, results of operations, or cash flows.
Three Months Ended December 31, 2025
For the three months ended December 31, 2025, the Company reported revenue of $22.7 million, an increase of $3.3 million, compared to $19.4 million for the comparable period of 2024, an increase of 17%. The Company reported net income of $6.4 million, compared to $5.1 million for the comparable period of 2024, an increase of 25%, or $0.50 per diluted share, for the three months ended December 31, 2025, compared to $0.40 per diluted share for the same period of 2024, an increase of 25%.
For the three months ended December 31, 2025, the Company reported non-GAAP net income of $7.0 million, which excludes $0.6 million of stock compensation expense, net of tax benefit, compared to $5.7 million, which excludes $0.5 million of stock compensation expense, net of tax benefit, an increase of 23% for the comparable period of 2024. On a non-GAAP basis, net income per diluted share was $0.54 for the three months ended December 31, 2025, compared to $0.44 per diluted share for the comparable period of 2024, an increase of 23%.
Year Ended December 31, 2025
For the year ended December 31, 2025, the Company reported revenue of $83.8 million compared to $73.2 million for the year ended December 31, 2024, an increase of 14%. The Company reported net income of $22.5 million, compared to $19.2 million for the year ended December 31, 2024, an increase of 17%, or $1.75 per diluted share, for the year ended December 31, 2025, compared to $1.50 per diluted share for the year ended December 31, 2024, an increase of 17%.
For the year ended December 31, 2025, the Company reported non-GAAP net income of $24.8 million, which excludes $2.3 million of stock compensation expense, net of tax benefit, compared to $21.2 million, which excludes $2.0 million of stock compensation expense, net of tax benefit, an increase of 17%. On a non-GAAP basis, net income per diluted share was $1.93 for the year ended December 31, 2025, compared to $1.66 per diluted share for the year ended December 31, 2024, an increase of 16%.
Revenue and Gross Profit Information:(in thousands)
Three Months EndedDecember 31,
Year EndedDecember 31,
2025
2024
2025
2024
Devices:
(unaudited)
(unaudited)
MRI Compatible IV Infusion Pump Systems
$
9,116
$
7,573
$
31,636
$
26,599
MRI Compatible Patient Vital Signs Monitoring Systems
7,066
6,574
26,427
24,412
Ferro Magnetic Detection Systems
637
165
1,916
909
Total devices revenue
16,819
14,312
59,979
51,920
Amortization of extended maintenance agreements
614
609
2,380
2,249
Disposables
4,283
3,617
17,564
15,017
Services and other
976
851
3,891
4,056
Total revenue
$
22,692
$
19,389
$
83,814
$
73,242
For the three months ended December 31, 2025, domestic sales were 81% of total revenue, compared to 85% for the year ended December 31, 2024. For the three months ended December 31, 2025, the gross profit margin was 75% compared to 76% for comparable period of 2024.
For the year ended December 31, 2025, domestic sales were 84% of total revenue, compared to 83% for the year ended December 31, 2024. The gross profit margin was constant at approximately 77% for both the year ended December 31, 2025 and 2024.
Cash Flow from Operations
For the three months ended December 31, 2025, cash flow from operations was $5.9 million, compared to $6.0 million for the three months ended December 31, 2024, a decrease of 2%. During the three months ended December 31, 2025, cash provided by operations was positively impacted by higher net income, net income taxes, and higher cash inflows related to accounts receivable, and negatively impacted by increased outflows related to accounts payable and accrued payroll and benefits. See the compilation of non-GAAP free cash flow in the table later in this release.
For the year ended December 31, 2025, cash flow from operations was $24.9 million, compared to $25.6 million for the year ended December 31, 2024, a decrease of 3%. During the year ended December 31, 2025, cash provided by operations was positively impacted by higher net income, net income taxes, and lower cash outflows related to accounts payable, and negatively impacted by decrease in cash inflows related to accounts receivable, higher cash outflows related to accounts payable, inventory purchases ahead of the Model 3870 launch, and prepaid expenses. See the compilation of non-GAAP free cash flow in the table later in this release.
Financial Guidance
For the first quarter of 2026, the Company expects revenue in the range of $21.0 million to $22.0 million, GAAP diluted earnings per share in the range of $0.39 to $0.43, and non-GAAP diluted earnings per share in the range of $0.44 to $0.48. For the full year 2026, the Company expects to report revenue in the range of $91.0 million to $96.0 million, GAAP diluted earnings per share in the range of $1.90 to $2.05, and non-GAAP diluted earnings per share in the range of $2.06 to $2.21.
The Company's non-GAAP diluted earnings per share guidance excludes stock-based compensation expense, net of tax expense. The Company expects stock-based compensation expense, net of tax, to be approximately $2.0 million and $0.6 million for the full year and first quarter of 2026, respectively.
Use of Non-GAAP Financial Measures
The Company believes using non-GAAP net income, non-GAAP net income per share-diluted, and free cash flow is helpful to our investors. These measures, which we refer to as our non-GAAP financial measures, are not prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). These non-GAAP measures are intended to provide the reader with additional supplemental perspectives on operating results, performance trends, and financial condition. Non-GAAP financial measures are not a substitute for GAAP measures; they should be read and used in conjunction with the Company's GAAP financial information. Because non-GAAP financial measures presented in this release are not measurements determined in accordance with GAAP and are susceptible to varying calculations, these non-GAAP financial measures, as presented, may not be comparable to other similarly titled measures presented by other companies.
We calculate non-GAAP net income as net income excluding:
(1) 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;
(2) Operating expenses, net of tax, that we believe are not indicative of the Company's ongoing core operating performance; and
(3) Infrequent income tax items are considered based on their nature and are excluded from the provision for income taxes as these costs or benefits are not indicative of our normal or future provision for income taxes.
We calculate free cash flow as net cash provided by operating activities, less net cash used in investing activities for the development of internal software and purchases of property and equipment.
We consider free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by our business that can be used for strategic opportunities, including investing in our business, making strategic acquisitions, strengthening our balance sheet and returning cash to our stockholders through various means.
Our non-GAAP financial measures are important tools for financial and operational decision-making and for evaluating our ongoing core operating results.
A reconciliation of the non-GAAP financial measures used in this release to the most comparable GAAP measures for the respective periods can be found in the table later in this release immediately following the condensed statements of operations. These 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 GAAP and are not indicative of net income or cash provided by operating activities.
Conference Call
The Company has scheduled a conference call to discuss this release beginning at 11:00 a.m. Eastern Time, February 10, 2026. Individuals interested in listening to the conference call may do so by registering here, https://register-conf.media-server.com/register/BI9eabdb5f5ea54652b0bd15ed7530706e.
Once registered a dial-in number, a unique PIN, and instructions will be provided to participants.
The conference call will also be available in real-time via the Internet at http://www.iradimed.com/en-us/investors/events/. A recording of the call will be available on the Company's website following the call's completion.
About IRADIMED CORPORATION
IRADIMED CORPORATION is a leader in developing innovative Magnetic Resonance Imaging ("MRI") compatible medical devices. We design, manufacture, market, and distribute MRI-compatible medical devices, accessories, disposables, and related services.
We are the only known provider of a non-magnetic intravenous ("IV") infusion pump system 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 that can create radio frequency interference and ...
