Thu, Aug 1, 8:34 PM (88 days ago)
IRADIMED Corporation's Q2 2024 financial report highlights a robust quarterly performance. Revenue increased by 11.2% year-over-year to $17.9 million, driven by strong sales in the U.S., which rose 20.2%, while international sales declined by 25.0%. Gross profit improved by 15.0% to $14.0 million, with a gross margin of 78.1%, up from 75.5% due to lower raw material costs and operational efficiencies. Operating expenses grew by 16.1%, primarily due to higher sales, marketing, and administrative costs. Despite this, net income rose to $4.9 million, or $0.38 per diluted share, compared to $4.2 million, or $0.33 per diluted share, in the same period last year. The company maintains a strong liquidity position with $48.5 million in cash and cash equivalents. IRADIMED anticipates continued revenue growth and higher operating expenses for the remainder of 2024. The report also notes no significant changes in accounting policies or internal controls.