Iradimed Corporation (IRMD 13.04%), a medical device maker specializing in MRI-compatible infusion pumps and patient monitoring systems, reported its second quarter 2025 earnings on August 1, 2025. The headline news was another round of record revenue and profit, with revenue of $20.41 million and non-GAAP earnings per share of $0.49. These results comfortably topped analyst forecasts, which had called for $20.01 million in revenue and $0.435 in non-GAAP EPS. Compared to the guidance issued last quarter, both revenue and non-GAAP EPS also exceeded the company’s own expectations. The period marked the company’s sixteenth straight quarter of record revenue. Management described the quarter as one of operational strength, while also flagging the planned completion of a new manufacturing facility and raising expectations for the full fiscal 2025 year.
| Metric | Q2 2025 | Q2 2025 Estimate | Q2 2024 | Y/Y Change |
|---|---|---|---|---|
| EPS (Non-GAAP) | $0.49 | $0.44 | $0.42 | 17% |
| EPS (GAAP) | $0.45 | $0.38 | 18% | |
| Revenue (GAAP) | $20.41 million | N/A | $17.93 million | 14% |
| Gross Profit Margin | 78% | 78% | 0 pp | |
| Free Cash Flow (Non-GAAP) | $4.92 million | $5.37 million | (8%) |
Source: Analyst estimates provided by FactSet. Management expectations based on management's guidance, as provided in Q1 2025 earnings report.
Company Overview and Key Business Focus
Iradimed Corporation designs and markets devices for use in magnetic resonance imaging (MRI) environments, focusing on products that are safe around powerful magnetic fields. Its core offerings include the MRidium 3860+ IV Infusion Pump System, which enables the delivery of fluids or medications to patients during MRI scans, and the 3880 MRI-Compatible Patient Vital Signs Monitoring System, designed to track essential health metrics without electromagnetic interference.
Recent business priorities have centered on sustained technological innovation, expanding the installed base of pump and monitor systems, and maintaining top-level compliance with regulatory standards. Financial performance has also been a core focus, alongside the transition to a new manufacturing site designed to handle increasing demand. Key success factors for the company include product differentiation, tight regulatory compliance, market penetration—particularly in the U.S.—and the successful launch of next-generation products.
Quarterly Highlights: What Happened During the Quarter
Total revenue (GAAP) increased 14% year-over-year, marking the sixteenth consecutive quarter of record revenue. Iradimed’s largest product group, MRI-compatible IV infusion pump systems, continued as the key growth driver, with revenue rising approximately 15.5% in Q2 2025 compared to Q2 2024. Patient vital signs monitoring systems, which enable wireless monitoring inside MRI rooms, grew approximately 1.3% in Q2 2025 compared to Q2 2024. Disposables, which are single-use accessories, expanded 14% compared to Q2 2024, supporting the company's recurring revenue stream. The small but fastest-growing category was the ferro magnetic detection systems, up 32% compared to Q2 2024.
Profitability metrics were strong. The gross profit margin held at 78%, unchanged from a year ago (GAAP). Non-GAAP net income climbed 19%, with GAAP net income showed a similar rise. The main driver of higher capex was the near-complete new headquarters and manufacturing facility, which represented a major investment in operational scale. Cash provided by operations rose 17% to $7.75 million, with a cash balance of $53 million at quarter end.
From a geographic perspective, the company’s business remained concentrated in the United States, with domestic sales comprising 89% of revenue, up from 86% a year ago. International sales remained flat or lower compared to a year ago, making them an ongoing area to watch. The company’s product backlog for both pumps and monitors ended the quarter at a record level.
There was no material one-time event disrupting the quarter’s numbers, but management noted that capital expenditures for the new facility weighed on free cash flow. No significant changes in dividend policy were made, with the quarterly dividend holding at $0.17 per share. This payment maintains the company’s streak of regular quarterly dividends. The company recorded its sixteenth consecutive record revenue quarter, underlining its steady performance in recent years.
Iradimed’s MRI-compatible IV infusion pumps remain the only non-magnetic systems cleared in the market as of this quarter, following Bayer Radiology’s withdrawal. The next-generation MRidium 3870 pump received regulatory clearance, paving the way for commercial launch in late 2025, with higher sales volumes targeted for 2026 and beyond. The company notes that it continues to maintain compliance with all regulatory requirements, including ongoing FDA and international device standards.
Looking Ahead: Outlook and Key Areas to Monitor
For the third quarter of 2025, management provided revenue guidance of $20.5–$20.9 million. Expected GAAP diluted earnings per share are projected to fall in the range of $0.41–$0.45, with non-GAAP EPS projected at $0.45–$0.49. For fiscal 2025, Iradimed raised its GAAP revenue outlook to a range of $80.0–$82.5 million, up slightly from the previous range, and expects non-GAAP diluted earnings per share to land between $1.76 and $1.86. Guidance for GAAP diluted earnings per share was also increased to $1.60–$1.70 for the full year.
Management cautioned that settling into the new, larger manufacturing facility could cause operational inefficiencies. This may lead to flat sequential earnings per share. Investors should watch for sustained domestic sales momentum, execution on the upcoming 3870 pump launch, and any change in international sales trends. IRMD does pay a dividend; the quarterly dividend was maintained at $0.17 per share.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
