IRADIMED CORPORATION — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported third-quarter 2026 revenue of $24.2 million, a 14% year-over-year increase from $21.2 million in Q3 2025 and an 18% sequential increase from Q2 2026.
• Nine-month 2026 revenue totaled $66.6 million, up 9% from $61.1 million in the same period of 2025.
• GAAP diluted EPS for Q3 2026 was $0.51, compared to $0.41 in Q2 2026 and $0.43 in Q3 2025; non-GAAP diluted EPS was $0.55 for Q3 2026, up from $0.47 in Q2 2026 and $0.47 in Q3 2025.
• Nine-month GAAP diluted EPS was $1.37 for 2026, up from $1.25 in 2025; non-GAAP diluted EPS was $1.50, up from $1.39 in 2025.
• Net income for Q3 2026 was $6.5 million, a 17% increase from $5.6 million in Q3 2025; nine-month net income was $17.5 million, up 9% from $16.0 million in 2025.
• Non-GAAP net income for Q3 2026 was $7.1 million, a 17% increase from $6.1 million in Q3 2025; nine-month non-GAAP net income was $19.3 million, up 9% from $17.8 million in 2025.
• Gross profit margin was 76% for both Q3 2026 and the nine months ended September 30, 2026, compared to 78% and 77% respectively in the prior year periods.
• Cash flow from operations was $7.0 million for Q3 2026, consistent with Q3 2025; for the nine months ended September 30, 2026, it was $21.2 million, a 12% increase from $19.0 million in 2025.
• Non-GAAP free cash flow for Q3 2026 was $6.8 million, up from $5.7 million in Q3 2025; for the nine months ended September 30, 2026, it was $20.1 million, up from $11.0 million in 2025.
• Deferred revenue increased to $3.572 million (current) and $4.293 million (non-current) as of September 30, 2026, from $2.871 million and $3.978 million respectively at December 31, 2025.
• Cash and cash equivalents were $63.3 million as of September 30, 2026, compared to $51.2 million at December 31, 2025.

Guidance and Future Outlook:

• Revised full-year 2026 revenue guidance to $91.6 million to $93.1 million, up from the previous range of $91.0 million to $96.0 million.
• Revised full-year 2026 GAAP diluted EPS guidance to $1.90 to $1.94, down from the previous range of $1.90 to $2.05.
• Revised full-year 2026 non-GAAP diluted EPS guidance to $2.07 to $2.11, up from the previous range of $2.06 to $2.21.
• Provided Q4 2026 revenue guidance of $25.0 million to $26.5 million, targeting a $100.0 million revenue run rate.
• Provided Q4 2026 GAAP diluted EPS guidance of $0.53 to $0.57 and non-GAAP diluted EPS guidance of $0.57 to $0.61.
• Management expects stock-based compensation expense, net of tax, to be approximately $2.5 million for the full year 2026 and $0.6 million for the third quarter.

Business Segments and Product Lines:

• MRI Compatible IV Infusion Pump Systems revenue was $8.7 million for Q3 2026, up from $8.3 million in Q3 2025.
• MRI Compatible Patient Vital Signs Monitoring Systems revenue was $8.0 million for Q3 2026, up from $6.9 million in Q3 2025.
• Ferro Magnetic Detection Systems revenue was $0.5 million for Q3 2026, up from $0.4 million in Q3 2025.
• Disposables revenue was $5.0 million for Q3 2026, up from $4.1 million in Q3 2025.
• Services and other revenue was $1.2 million for Q3 2026, up from $0.9 million in Q3 2025.
• The 3870 MR IV pump launch continues to drive revenue growth, with manufacturing efficiencies improving gross margin sequentially.
• Over 70% of pump bookings in Q3 2026 were for the "quad stack" configuration (four pumps on a single IV pole), representing a doubling of pump channels per MRI compared to older models.
• Domestic pump channel bookings increased 45% year-over-year in Q3 2026.
• Monitor unit bookings reached a new record in Q3 2026.

Market and Competitive Landscape:

• Iradimed is the only known provider of a non-magnetic IV infusion pump system specifically designed for safe use during MRI procedures.
• Customers are accelerating the replacement of older models and standardizing on the quad stack configuration to double pump channels available at each MRI.
• Domestic sales accounted for 82% of total revenue in Q3 2026, compared to 85% in Q3 2025.

Risks and Challenges:

• Forward-looking statements highlight risks including regulatory approvals, FDA inspections, supply chain integrity, and potential product liability claims.
• Risks include reliance on a limited number of products, ability to retain key personnel, and market acceptance of new products.
• Potential risks involve adverse application of laws, changes in healthcare reform, and economic conditions affecting customer demand.
• Specific risks include the integration of AI/ML into products, data privacy concerns, and geopolitical instability.

Management Commentary and Tone:

• CEO Roger Susi expressed pleasure at reporting record revenue driven by the successful launch of the 3870 MR IV pump.
• Management noted that manufacturing efficiencies were being realized as the team gained experience with the new platform, leading to sequential gross margin improvement.
• Management stated they are "well positioned for a strong finish to the year" due to record bookings and rapidly building momentum for the 3870.
• The tone was confident, citing record bookings for both monitor units and domestic pump channels.

Other Key Points:

• The Board of Directors declared a regular quarterly cash dividend of $0.20 per share for Q3 2026.
• The dividend is payable on November 27, 2026, to stockholders of record as of November 13, 2026.
• A conference call to discuss results is scheduled for October 30, 2026, at 11:00 a.m. Eastern Time.
• Capital expenditures for Q3 2026 were $0.2 million, compared to $1.3 million in Q3 2025, which included construction of a new corporate office and manufacturing facility.
• Non-GAAP financial measures exclude stock-based compensation, certain operating expenses, and infrequent income tax items.