IRadimed Corporation (NASDAQ:IRMD) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 11:00 am ET

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IRadimed Corporation (NASDAQ:IRMD) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Welcome to IRadimed Corporation's Second Quarter 2020 Financial Results Conference Call. [Operator Instructions] As a reminder, this call is being recorded today, July 30, 2020, and contains time-sensitive information that is accurate only as of today.

Earlier, IRadimed released financial results for the second quarter 2020. 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 will also be furnished through 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: Roger Susi, President and Chief Executive Officer of IRadimed, will present opening comments; then 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 the future performance results, plans and events and may 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 the 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 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 Roger Susi, President and Chief Executive Officer of IRadimed Corporation. Mr. Susi?

Executive
Roger Susi

Thank you and good morning. And let me say that -- at the outset that I am very happy and indeed energized now that I returned to the Chief Executive position. This is not an interim solution, but one which I look forward to maintaining for some time to come. Having stepped back for nearly a year provided time to focus on engineering developments as well as time to see and ponder IRadimed's operations from a rather fresh perspective. The future to me is as rich with opportunity as ever, and I relish helping us lead -- helping to lead us forward. It's good to be back.

So now for a review of our second quarter. Earlier today, we announced second quarter revenue of $6.8 million, representing a 26.3% decrease compared with the second quarter last year. We also reported a loss of $0.17 per share on a GAAP basis with a non-GAAP net income of $0.05 per diluted share. These results were significantly impacted not only by the COVID-19 pandemic, but also a onetime charge to G&A expense of approximately $2.7 million related to the separation of our former CEO.

The COVID-19 pandemic has certainly upset the orderly