Iradimed Corp (IRMD) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Exhibit 99.1

IRADIMED CORPORATION Announces Fourth Quarter 2018 Financial Results

·                  Reports fourth quarter 2018 revenue of $8.3 million

·                  Reports fourth quarter 2018 GAAP diluted EPS of $0.14 and non-GAAP diluted EPS of $0.16

·                  Announces 2019 full year and first quarter financial guidance

Winter Springs, Florida, February 6, 2019 — 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 and non-magnetic patient vital signs monitoring system that are designed for use during MRI procedures, today announced financial results for the three months and year ended December 31, 2018.

Financial Results

For the fourth quarter ended December 31, 2018, the Company reported revenue of $8.3 million compared to $6.7 million for the fourth quarter 2017. Net income was $1.7 million, or $0.14 per diluted share, compared to net income of $0.2 million, or $0.02 per diluted share for the fourth quarter 2017. Net income for the three months ended December 31, 2017 includes a one-time charge of $0.5 million related to the Tax Cuts and Jobs Act (“TCJA”). Gross profit margin was 76.2 percent, compared to 75.5 percent for the fourth quarter 2017. Domestic sales were 80.8 percent of total revenue, compared to 79.4 percent for the fourth quarter 2017. Revenue from sales of our 3880 MRI compatible patient vital signs monitoring system was $2.1 million for the fourth quarter 2018 compared to $0.9 million for the fourth quarter 2017.

Non-GAAP net income was $2.0 million for the quarter ended December 31, 2018, which excludes $0.3 million of stock compensation expense, net of tax. Non-GAAP net income for the quarter ended December 31, 2017 was $1.1 million, which excludes $0.5 million of stock compensation expense, net of tax and a one-time charge of $0.5 million resulting from the TCJA. Non-GAAP earnings per diluted share was $0.16, compared to $0.10 for the fourth quarter 2017. Free cash flow was $3.5 million, compared to $1.3 million for the fourth quarter 2017.

For the year ended December 31, 2018, the Company reported revenue of $30.4 million compared to $23.1 million for the same period in 2017. Net income was $6.3 million, or $0.52 per diluted share compared to net income of $0.5 million, or $0.04 per diluted share for the year ended December 31, 2017. Net income for the year ended December 31, 2017 includes a one-time charge of $0.5 million related to the TCJA. Gross profit margin was 76.3 percent, compared to 75.9 percent for the same period in 2017. Domestic sales were 80.5 percent of total revenue, compared to 84.5 percent for the same period in 2017. Revenue from sales of our 3880 MRI compatible patient vital signs monitoring system was $6.5 million for the year ended December 31, 2018, compared to $1.7 million for the same period in 2017.

Non-GAAP net income was $6.6 million for the year ended December 31, 2018, which excludes $1.3 million of stock compensation expense, net of tax and a $1.0 million reduction to net income for an infrequent tax item related to the excess tax benefits recognized in the provision for income taxes associated with the exercise and sale of certain incentive stock options. Non-GAAP net income for the year ended December 31, 2017 was $2.6 million, which excludes $1.6 million of stock compensation expense, net of tax and a one-time charge of $0.5 million resulting from the TCJA. Non-GAAP earnings per diluted share for the year ended December 31, 2018 was $0.54, compared to $0.22 for the same period in 2017. Free cash flow was $7.1 million for the year ended December 31, 2018, compared to $2.6 million for the same period in 2017.