$IRMD
IRADIMED CORP

2024 Q2 Form 10-Q Financial Statement

#000155837024006537 Filed on May 02, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $17.93M $17.60M
YoY Change 11.15% 13.72%
Cost Of Revenue $3.919M $4.210M
YoY Change -0.62% 12.17%
Gross Profit $14.01M $13.39M
YoY Change 14.96% 14.22%
Gross Profit Margin 78.14% 76.07%
Selling, General & Admin $7.581M $7.818M
YoY Change 21.08% 12.97%
% of Gross Profit 54.12% 58.4%
Research & Development $801.1K $821.0K
YoY Change -16.72% 3.44%
% of Gross Profit 5.72% 6.13%
Depreciation & Amortization $141.7K $226.1K
YoY Change -24.37% 23.85%
% of Gross Profit 1.01% 1.69%
Operating Expenses $8.383M $8.639M
YoY Change 16.05% 11.99%
Operating Profit $5.627M $4.748M
YoY Change 13.38% 18.49%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $642.2K $495.2K
YoY Change 91.49% 44.61%
Pretax Income $6.269M $5.244M
YoY Change 18.32% 20.55%
Income Tax $1.368M $1.107M
% Of Pretax Income 21.82% 21.11%
Net Earnings $4.901M $4.137M
YoY Change 17.26% 21.45%
Net Earnings / Revenue 27.34% 23.51%
Basic Earnings Per Share $0.39 $0.33
Diluted Earnings Per Share $0.38 $0.32
COMMON SHARES
Basic Shares Outstanding 12.66M 12.66M
Diluted Shares Outstanding 12.76M 12.75M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $48.54M $45.13M
YoY Change 5.92% 5.49%
Cash & Equivalents $48.54M $45.13M
Short-Term Investments
Other Short-Term Assets $1.018M $1.036M
YoY Change 32.15% 53.31%
Inventory $12.07M $12.70M
Prepaid Expenses
Receivables $11.95M $13.03M
Other Receivables $0.00 $0.00
Total Short-Term Assets $73.58M $71.89M
YoY Change 11.33% 17.27%
LONG-TERM ASSETS
Property, Plant & Equipment $10.47M $9.452M
YoY Change 20.1% 9.35%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $188.2K $184.7K
YoY Change -25.35% -63.28%
Total Long-Term Assets $16.37M $16.13M
YoY Change 6.72% 12.62%
TOTAL ASSETS
Total Short-Term Assets $73.58M $71.89M
Total Long-Term Assets $16.37M $16.13M
Total Assets $89.95M $88.01M
YoY Change 10.46% 16.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.121M $1.285M
YoY Change -56.07% -26.81%
Accrued Expenses $3.430M $2.700M
YoY Change 15.73% 29.51%
Deferred Revenue $2.537M $2.338M
YoY Change 48.03% 12.91%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.458M $7.617M
YoY Change -1.68% 12.74%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.820M $4.276M
YoY Change -41.83% -5.48%
Total Long-Term Liabilities $2.820M $4.276M
YoY Change -41.83% -5.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.458M $7.617M
Total Long-Term Liabilities $2.820M $4.276M
Total Liabilities $10.28M $11.89M
YoY Change -17.33% 5.43%
SHAREHOLDERS EQUITY
Retained Earnings $50.40M $47.39M
YoY Change 21.07% 26.56%
Common Stock $1.267K $1.266K
YoY Change 0.56% 0.56%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $79.67M $76.12M
YoY Change
Total Liabilities & Shareholders Equity $89.95M $88.01M
YoY Change 10.46% 16.39%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $4.901M $4.137M
YoY Change 17.26% 21.45%
Depreciation, Depletion And Amortization $141.7K $226.1K
YoY Change -24.37% 23.85%
Cash From Operating Activities $6.639M $3.883M
YoY Change 88.93% -16.42%
INVESTING ACTIVITIES
Capital Expenditures $1.270M $270.6K
YoY Change 235.63% -95.77%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.270M -$478.8K
YoY Change 235.63% -92.7%
FINANCING ACTIVITIES
Cash Dividend Paid $7.976M
YoY Change -39.68%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.960M -8.040M
YoY Change 2083.69% -39.43%
NET CHANGE
Cash From Operating Activities 6.639M 3.883M
Cash From Investing Activities -1.270M -478.8K
Cash From Financing Activities -1.960M -8.040M
Net Change In Cash 3.408M -4.636M
YoY Change 11.91% -69.47%
FREE CASH FLOW
Cash From Operating Activities $6.639M $3.883M
Capital Expenditures $1.270M $270.6K
Free Cash Flow $5.369M $3.613M
YoY Change 71.23% -306.45%

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Certain Significant Risks and Uncertainties</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">We market our products to end users in the United States and to third-party distributors internationally. Sales to end users in the United States are generally made on open credit terms. Management maintains an allowance for potential credit losses.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">We have deposited our cash and cash equivalents with various financial institutions. Our cash and cash equivalents balances exceed federally insured limits regularly throughout the year. We have not incurred any losses related to these balances.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Our medical devices require clearance from the FDA and international regulatory agencies prior to commercialized sales. Our future products may not receive required approvals. If we were denied such approvals, or if such approvals were revoked or delayed or if we were unable to timely renew certain approvals for existing products, it would have a materially adverse impact on our business, results of operations and financial condition.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Certain key components of our products essential to their functionality are sole-sourced. Any disruption in the availability of these components would have a materially adverse impact on our business, results of operations and financial condition.</p>
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