Reaffirms Full-Year 2026 Revenue and Earnings Guidance
Reports revenue of $22.0 million for the first quarter of 2026, an increase of $2.5 million, or 13%, compared to the same period in 2025.
Reports record GAAP diluted EPS of $0.45 and non-GAAP diluted EPS of $0.49 for the first quarter of 2026, which are increases of 22% and 17%, respectively, compared to the same period in 2025.
Declares a regular quarterly cash dividend of $0.20 per share of common stock for the second quarter of 2026, payable on May 29, 2026.
ORLANDO, Fla., May 01, 2026 (GLOBE NEWSWIRE) -- IRADIMED CORPORATION (the "Company" or "Iradimed") (NASDAQ:IRMD) announced today its financial results for the three months ended March 31, 2026. 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) a non-magnetic patient vital signs monitoring system that are each designed for use during MRI procedures.
"We are pleased to report a strong start to 2026, with first-quarter revenue of $22.0 million, a 13% increase over the same period last year. Our continued revenue growth, combined with disciplined expense management, drove operating income of $7.2 million, a 33% improvement over the first quarter of 2025, and net income of $5.8 million, or $0.45 per diluted share, a 22% increase over the first quarter 2025.
"Beyond our financial results, the first quarter was a significant milestone for Iradimed with the commercial launch of our next-generation 3870 MRI-compatible IV infusion pump system. Customer reception has been very encouraging, with tremendous interest and strong early order activity. Notably, early order sizes have exceeded those typical of the prior-generation platform, reinforcing our confidence in the 3870's value proposition. We expect significant shipments to begin in the second quarter of 2026 as we transition our customers to the new platform, with the third quarter reflecting the full impact of 3870 shipments and revenue growth accelerating through the back half of the year. We remain focused on delivering innovative solutions for patients and healthcare providers while generating strong returns for our stockholders," said Roger Susi, President and Chief Executive Officer of Iradimed.
"Looking ahead, for the second quarter of 2026 financial guidance, we expect revenue of $20.0 million to $21.0 million, GAAP diluted earnings per share of $0.40 to $0.44, and non-GAAP diluted earnings per share of $0.44 to $0.48. We reaffirm our guidance for the full-year 2026 with revenue of $91.0 million to $96.0 million, and GAAP diluted earnings per share of $1.90 to $2.05 and non-GAAP diluted earnings per share of $2.06 to $2.21," 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. The dividend is payable to stockholders of record as of the close of business on May 15, 2026 and will be paid on May 29, 2026.
Three Months Ended March 31, 2026
For the three months ended March 31, 2026, the Company reported revenue of $22.0 million, compared to $19.5 million for the comparable period of 2025, which increased $2.5 million or 13%. The Company reported net income of $5.8 million, compared to $4.7 million for the comparable period of 2025, which increased 24%. Earnings per share increased $0.08 per diluted share or 22% to $0.45 per diluted share, for the three months ended March 31, 2026, compared to $0.37 per diluted share for the same period of 2025.
For the three months ended March 31, 2026, the Company reported non-GAAP net income of $6.4 million, which excludes $0.5 million of stock compensation expense, net of tax benefit, compared to $5.3 million, which excludes $0.7 million of stock compensation expense, net of tax benefit, which increased 19% over the comparable period of 2025. On a non-GAAP basis, net income per diluted share was $0.49 for the three months ended March 31, 2026, compared to $0.42 per diluted share for the comparable period of 2025, which increased 17%.
Revenue Information:
Three Months EndedMarch 31,
2026
2025
(in thousands)
(unaudited)
Devices:
MRI Compatible Intravenous ("IV") Infusion Pump Systems
$
7,664
$
5,999
MRI Compatible Patient Vital Signs Monitoring Systems
7,107
6,545
Ferro Magnetic Detection Systems
621
418
Total devices revenue
15,392
12,962
Amortization of extended maintenance agreements
659
560
Disposables
4,885
4,947
Services and other
1,043
1,042
Total revenue
$
21,979
$
19,511
For the three months ended March 31, 2026 and 2025, domestic sales were consistent at 82% of total revenue. For the three months ended March 31, 2026, the gross profit margin was 77% compared to 76% for comparable period of 2025.
Cash Flow from Operations
For the three months ended March 31, 2026, cash flow from operations was $8.3 million, compared to $4.3 million for the comparable period of 2025, an increase of 93%. During the three months ended March 31, 2026, cash provided by operations was positively impacted by higher net income, and lower cash outflows related to accounts payable, pre-paid expenses, and inventory purchases, and negatively impacted by accounts receivable. See the compilation of non-GAAP free cash flow in the table later in this release.
Financial Guidance
For the second quarter of 2026, the Company expects revenue of $20.0 million to $21.0 million, GAAP diluted earnings per share of $0.40 to $0.44, and non-GAAP diluted earnings per share of $0.44 to $0.48. For the full year 2026, the Company expects to report revenue of $91.0 million to $96.0 million, GAAP diluted earnings per share of $1.90 to $2.05, and non-GAAP diluted earnings per share 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 $2.4 million and $0.6 million for the full year and second 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, May 1, 2026. Individuals interested in listening to the conference call may do so by registering here, https://register-conf.media-server.com/register/BI7676b33322324840ad2b154cc8e65b88.
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 are dangerous to operate in the presence of the powerful magnet that drives an MRI system. Our patented MRidium® MRI compatible IV infusion pump systems (3860 and 3870) have a non-magnetic ultrasonic motor, uniquely designed non-ferrous parts, and other special features to safely and predictably deliver anesthesia and other IV fluids during various MRI procedures. Our pump solutions provide a seamless approach that enables accurate, safe, and dependable fluid delivery before, during, and after an MRI scan, which is essential to critically ill patients who cannot be removed from their vital medications and children and infants who must generally be sedated 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 to safely and accurately monitor a patient's vital signs during various MRI procedures. The Iradimed 3880 system operates dependably 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, allowing it to travel with the patient from the ...
