Earnings call transcript Q3 2022

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Operator

Welcome to the IRadimed Corporation Third Quarter 2022 Financial Results Conference Call. Currently, all participants are in a listen-only mode. And at the end of the call, we will conduct a question-and-answer session.

As a reminder, this call is being recorded today, November 3, 2022 and contains time-sensitive information that is accurate only as of today. Earlier, IRadimed released its financial results for the third quarter of 2022. press heading the at news this available earnings iradimed.com. of the under on copy release company's announcing is A their website

and sec.gov. A to X-K was copy can Exchange Securities and at press Form Commission found also be on release the furnished

being available over the is days. for next on website the the Internet the of live a XX and website iradimed.com replay broadcast call call on company's This at will be the

meaning of of forward-looking the Some information statements Act Reform session in Private constitute will the of the today's Litigation Securities within XXXX.

risk and the that Forward-looking expected include and those due differ future factors. focused statements these several company's results future are future on performance the from you results, plans, statements materially events results. may reminds IRadimed forward-looking may to

relevant Securities uncertainties the and which description Exchange For the that the factors the the a business, may company's obtained SEC’s most free section of with and sec.gov. affect company's filed risk from at of see the please for website Commission, be reports may recent risks

now turn and Corporation. the President to Susi, of Roger Officer Executive Chief Susi, to would please go Mr. like call ahead. over I Iradimed

Roger Susi

gives Good in operator. on in call having thank you in to top quarter morning's coming of quarters. quarter our that strong revenue Today our growth will we proud you the much morning. the we intact, products for future. ever for earnings in as here gives us the Iradimed of interject again be of and release. joining the reported growth Further, been the growing I'll this yet and I confidence us third there am reporting task more that strongest has excellent which another of the string quarters also And everyone. a demand our remains pleasant QX, that you had Thank has revenue XXXX and

I'm GAAP three and increase last at supply still the reported we into a very release, XX.X several third million finding has and the and in succeeded With place are XX% was year. guidance put look results third quarters above diluted these for share of the concern. efforts record or pleased continue were help to forward supply growing levels hard us ways Those to morning's behind to risks revenue $X.XX past earnings The quarter our measures risk. much year. a feel with achieving team over XX% we As these very XXXX. months will in this team. mitigate the that our per quarter quarter prevail, third

perform levels products. to even quarter, thus continues coming driving more level. customer team bookings sales Our boosting demand again exceptionally again reached QX total to record shipments than for our higher comfortable well, yet in increasingly an the backlog The for

backlog visibility shipping us monitor growth well strong Additionally, reallocate number product FMD of strong maneuver and new the issues lines increasing provides and balanced quarter. resources to allows and as arise. well the supply for Sales was it the excellent as an pump this both with product and may

information file IV did to nearly response pump. new of a we quarter, very last the written covering XXXX FDA questions the discussed As XXX large XXX-K process to the related

as to up did several follow clear questions, well. we email these engage FDA the had questions Though

likely call The to new us with but choice FDA As would last four total cleared facilitate. desire the FDA They we confusion and speed this direct a minimal indicated they should they getting we not with approached, remaining should days time understanding that for they XXX-K XX indicate process. with voluntarily and finish. of the indicating numbers greater day that application voluntarily left would as clock This much time a we start prepared on working is withdraw dialogue received did a engage direct through calls with to greater withdraw, little dialogue better resubmission.

any more in They been resubmission. a to issues explanation can which with along remaining, committed had before as providing writing the questions be so a addressed new of well also that these

first week and these without encouraged was and held last we XXXX will a IV to a for indeed and XXX-K lead that meeting complete are of lapse ultimately clear such The clear of repeat resubmission pump calls time.

financial Now our regarding guidance.

guidance our quarter For the of fourth XXXX, revenue prior remains unchanged.

of to to report XX.X full million revenue revenue a of year XX.X XX.X We XX.X and million million. to expect

the share earnings as to per These guidance and of we $X.XX $X.XX quarter $X.XX. share are $X.XX increasing diluted of share non-GAAP share diluted amounts earnings in earnings earnings to also and to per $X.XX. to We would for result year full $X.XX of per diluted GAAP fourth expect $X our of earnings report $X.XX per diluted non-GAAP GAAP

Now Jack would to the like new call I results over to to for Glenn our turn financial the review the quarter. CFO

Jack Glenn

good everyone. and Roger morning you, Thank

past As the basis. in on GAAP our basis reported non-GAAP results a and a are

our of reconciliation this in morning's to a last operating earnings these measures non-GAAP and release You on non-GAAP gap the measure of of can a release. today's measures description the find page

a in of revenue for third execute as this quarter XXXX. Domestic of X.X the XX.X% was revenue $X.X for to compared of XX.X sales increased XX% sales This revenue the increased increased XX.X% XX.X% accounted market QX, in total million. continued business. reported to monitoring XXXX in million. XXXX sales million increase to and third our QX, Overall by million, driven gain was to international to to morning, monitor share revenue team quarter we of XXXX. and XX.X% As XX% for XX.X% earlier compared Device revenue domestic XX.X an increase

approximately of our $XX,XXX in same patient for average relates the third of period to price system compatible XXXX. decrease approximately signs approximately $XX,XXX compared with unfavorable XXXX. in same to MRI sales XXXX approximately price $XX,XXX product period third compared quarter of quarter the monitoring international average during was to The higher an mix, our the sales The This vital compared XXXX the during selling unit of the $XX,XXX MRI third of XXXX. system quarter for pump to and infusion compatible IV selling

of This of disposables third quarter unit XXXX. consistent to half the the for that quarter during due at while or increases costs maintenance million increase from ability the and The a sales to margin increase domestic higher with margin X.X% during through second primarily increase price to expenses our XXXX XXXX. overhead third levels over higher maintain gross percentage relates of half production for fixed services to along million were of and gross $X.X compared XXXX second offset or were X.X the for increased input Revenue for in we any a million of the to XX.X% revenue implementing price our was $X.X XX.X% million Operating unit periods. both XXXX XX.X% of contracts our The costs. implemented higher XX.X% for XXXX quarter began $X.X revenue, quarter. to the spread compared

increase On higher expenses. commissions and for due higher to and sales $X sales higher and is this general legal expenses administrative basis and primarily professional activities, additional headcount,

benefits income in of due XX% $XXX,XXX compared increase XXXX derived XX.X% As to by intangible expense associated We approximately This in during the to partially million XXXX operations with a resulting of offset and a in tax XXXX higher tax $X.X foreign development income is research to taxable quarter income expense credits. approximately quarter. effective quarter. the for recognized $XXX,XXX the rate of of an grew result, from third the tax

share ended XXXX. per three On was the was was period adjusted diluted compared months XXXX million from On a in quarter a to compared the Cash XXXX basis share $X.XX September XX, million diluted $X.XX to $X.X $X.XX GAAP non-GAAP net same from basis operations income income for per for $X.XX for the for $X.X for second quarter the of XXXX, up XXXX. the quarter.

measure million cash $X.X respectively. and months XXXX XX, September $X.X XXXX For non-GAAP and was our three ended free million and flow

turn with over And now questions. for the that, Operator? will I call

increased XXXX that like needed operations. facility. first our continues Well, we sometime growth of under The times right. will phase one make phase expansion with comes our and need our greatly move expected placed by strong plans. time current build three be be this as with All be And plan have to regarding will to that which that revenue a is new what we in almost where growth. will time a in be the size, large for recently I'd late last point first we parcel to physical contract very target Along

all. in reporting Finally, reporting especially record we over. you light economic iterate XXXX into today's Thank tribulations future on and our Without growth to the world of as forward ends great our pleasure would XXXX. look success I

IRadimed (IRMD) 3 Nov 222022 Q3 Earnings call transcript