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- **Record Revenue Growth**: $21.2 million Q3 2025 (+16% YoY), driven by 20% pump growth and 16% monitor sales.
- **New 3870 Pump Opportunity**: $50 million annual run rate target by late 2026, replacing 6,300+ outdated 3860 units.
- **Strong Margins & Cash Flow**: 78% gross margin, $7 million Q3 cash flow, and $11 million YTD free cash flow.
- **2027 International Expansion**: CE Mark (Europe) and Japan clearance by end-2026, full international rollout in 2027.
- **Scalable Infrastructure**: New 2.5x larger facility supports $50+ million quarterly revenue with expansion capacity.

**【CEO Opening Remarks】**
- Q3 2025 revenue reached $21.2 million, up 16% YoY, marking the 17th consecutive quarter of record revenue.
- Gross profit margin remained strong at 78%, with GAAP EPS increasing 8% YoY to $0.43.
- The 3860 MRI IV pump saw 20% YoY growth, driven by extended maintenance offers and replacement demand.
- Launched the new 3870 pump in Q2 2025, targeting a $50 million annual revenue run rate by late 2026 through replacement of 6,300+ outdated 3860 units.
- Q4 2025 guidance: $21.4–$22.4 million revenue, $0.43–$0.47 GAAP EPS, and $0.47–$0.50 non-GAAP EPS.
- Full-year 2025 guidance raised to $82.5–$83.5 million revenue, up from $80–$82.5 million.

**【CFO Financial Commentary】**
- Q3 2025 revenue: $21.2 million (+16% YoY), with 85% from domestic sales vs. 83% in Q3 2024.
- Pump systems revenue: $8.3 million (+20% YoY), monitors: $6.9 million (+16% YoY), disposables: $4.1 million (+12% YoY).
- Gross profit: $16.4 million (+16% YoY), operating expenses: $9.7 million (+15% YoY) due to sales commissions and R&D.
- Net income: $5.6 million (+12% YoY), cash flow from operations: $7 million Q3, $19 million YTD.
- Free cash flow: $5.7 million Q3, $11 million YTD, with $13.3 million spent on new facility construction.

**【Q&A Highlights】**
- **3870 Pump Rollout Timeline**: Full U.S. sales team deployment in January 2026, bookings expected to ramp in Q2 2026, with revenue impact visible in late 2026.
- **Gross Margin Sustainability**: 78% margin maintained despite facility transition; domestic sales mix may support margin stability.
- **Inventory Management**: Building 3870 inventory in Q4 2025 to meet Q1 2026 demand; 3860 inventory sufficient for Q1–Q2 2026 shipments.
- **International Expansion**: Targeting CE Mark (Europe) by Q4 2026 and Japan clearance by end-2026, with full international 3870 adoption in 2027.
- **New Facility Capacity**: 2.5x larger than previous, capable of supporting $50 million+ quarterly revenue with expansion potential on owned land.

IRADIMED CORPORATION (IRMD) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

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Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

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Other Non-Operating Income (Loss)

Net Interest Expense

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Net Income from Continuing Operations

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Net Income

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Other Adjustments

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Other Comprehensive Income

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Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

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Diluted EPS from Continuing Operations

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IRMD

IRMD fundamentals

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