IRadimed Corporation (NASDAQ:IRMD) Q4 2019 Earnings Conference Call - Final Transcript

Feb 06, 2020 • 11:00 am ET

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IRadimed Corporation (NASDAQ:IRMD) Q4 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by. Welcome to the IRADIMED CORPORATION Fourth Quarter 2019 Financial Results Conference Call. [Operator instructions]

As a reminder, this conference call is being recorded today, February 6th, 2020, and contains time-sensitive information that is accurate only as of today. Earlier, IRADIMED released financial results for the fourth quarter of 2019. A copy of this press release announcing the Company's earnings is available under the heading News on their website at iradimed.com. A copy of the press release was also furnished to the Securities and Exchange Commission on Form 8-K and can be found at sec.gov.

This call is being broadcast live over the Internet on the Company's website at iradimed.com and a replay of the call will be available on the website for the next 90 days. The agenda for today's call will be as follows.

Leslie McDonnell, President and Chief Executive Officer of IRADIMED, will present opening comments; then Brent Johnson, IRADIMED's Executive Vice President of Worldwide Sales and Marketing, will discuss customer orders. And finally, Chris Scott, IRADIMED's Chief Financial Officer, will summarize the Company's financial results, before opening the call up to questions.

Some of the information to be furnished in today's session will constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those focused on future performance, results, plans, and events, and include the Company's expected results for 2020.

IRADIMED reminds you that future results may differ materially from these forward-looking statements due to a number of risk factors. For a description of relevant risks and uncertainties that may affect the Company's business, please see the Risk Factors section of the Company's most recent reports filed with the Securities and Exchange Commission, which again may be obtained for free from the SEC's website at sec.gov.

I would now like to turn the call over to Leslie McDonnell, President and Chief Executive Officer of IRADIMED CORPORATION. Ms. McDonnell?

Executive
Leslie McDonnell

Thank you, and good morning everyone. Earlier today, we announced fourth quarter 2019 revenue of $10.9 million, an increase of over 30% from the fourth quarter last year. We also reported a GAAP net income of $0.26 per diluted share and non-GAAP net income of $0.30 per diluted share. We are very pleased with these results and believe they demonstrate the underlying strength of our business.

Now looking back on 2019, I am proud of the achievements made throughout the Company. From a regulatory perspective, a few achievements reduced risk for the Company and another increased our competitiveness. These include closing out the FDA warning letter as announced in October, renewing the CE Mark for our patient monitor allowing us to ship all of the orders to customers patiently waited for our product and decline to use other competing devices, and then expanding our claims for the patient monitor by receiving FDA 510(k) clearance for neonatal use of the SpO2 and CO2 features of our patient vital signs monitor, which increases our competitiveness in