IRadimed Corporation, a Winter Springs, Fla.-based developer and manufacturer of MRI-related products, announced its fourth quarter 2015 financial results this week.
The company reported revenue of $8.8 million for the quarter, up from $3.6 million over the same time period in 2014, and net income of $2.4 million, up from $0.3 million in 2014. In addition, IRadimed reported a gross profit margin of 83 percent for the quarter, compared to 74.4 percent in 2014.
Domestic sales and free cash flow were also up compared to the fourth quarter of 2014.
The company also announced its full-year numbers for 2015, and both revenue ($31.6 million) and net income ($7.5 million) made significant increases from the previous year.
Roger Susi, IRadimed Corporation president and CEO, said in a prepared statement that he’s happy with the direction his company is going in.
“I continue to be pleased with the performance of IRadimed” Susi said. “Our products continue to gain acceptance as well as remain the exclusive non-magnetic MRI IV pump solution. We see continued growth and achievement of solid financial results. For the fourth quarter, revenue was $8.8 million and our non-GAAP diluted earnings per share increased to $0.22. Both of these metrics grew impressively over the prior year, even after considering the favorable impact in 2015 resulting from the FDA Warning Letter and related domestic shipping hold during 2014.”
Susi added that he thinks 2016 will be a strong year for IRadimed.
“We continue improving our performance in both manufacturing and sales while preparing for the launch of our major new product line, and I remain optimistic about 2016 and the plans we have established to ensure our success this year and in the years to come,” Susi said.
In the Summer of 2015, a class action lawsuit against IRadimed over an alleged failure to disclose certain information about FDA compliance was dismissed by the U.S. District Court for the Southern District of Florida. Plaintiffs in the lawsuit have filed a notice of appeal.