IRadimed (IRMD) Q1 2026 earnings summary

Executive summary

• Achieved 16th consecutive quarter of record revenues, with Q2 2025 revenue of $20.4 million, up 14% year-over-year, and Q1 2026 revenue of $22.0 million, up 13% year-over-year, driven by higher device sales and maintenance agreements.

• Net income rose to $5.8 million ($0.45 per diluted share) in both Q2 2025 and Q1 2026, with GAAP diluted EPS up 18% and 22% year-over-year, respectively.

• Gross profit margin remained strong, improving to 78% in Q2 2025 and 77% in Q1 2026.

• FDA clearance and commercial launch of the MRidium 3870 IV pump system expected to drive significant future growth, with strong early customer interest and larger initial orders.

• No material adverse impacts from ongoing geopolitical events or recent Supreme Court tariff rulings, though potential tariff refunds are being evaluated.

Financial highlights

• Q2 2025 revenue: $20.4 million (+14% YoY); Q1 2026 revenue: $22.0 million (+13% YoY); MRI-compatible IV infusion pump systems revenue: $8.2 million (+19% YoY in Q2 2025), $7.7 million in Q1 2026.

• Patient monitoring systems revenue: $5.9 million (+9% YoY in Q2 2025), $7.1 million in Q1 2026; disposables revenue up 14% to $4.2 million in Q2 2025.

• Gross profit: $16 million (+14% YoY in Q2 2025); operating income: $6.8 million (+21% YoY in Q2 2025), $7.2 million (+33% YoY in Q1 2026); net income: $5.8 million (+18% YoY in Q2 2025, +24% YoY in Q1 2026).

• Cash and equivalents: $53 million at Q2 2025, $56.4 million at Q1 2026; cash flow from operations: $7.7 million in Q2 2025, $8.3 million in Q1 2026.

• Free cash flow: $4.9 million in Q2 2025, $7.8 million in Q1 2026; quarterly dividend of $0.17 per share for Q3 2025 and $0.20 per share for Q2 2026.

Outlook and guidance

• Q3 2025 revenue expected at $20.5–$20.9 million (+12–14% YoY); Q2 2026 revenue expected between $20.0 million and $21.0 million.

• Full-year 2025 revenue guidance raised to $80–$82.5 million (+9–13% YoY); 2026 guidance reaffirmed: revenue of $91.0–$96.0 million, GAAP diluted EPS of $1.90–$2.05, non-GAAP diluted EPS of $2.06–$2.21.

• Anticipates operational inefficiencies in Q3 2025 due to facility transition, but expects continued strong growth and higher operating expenses in 2026.

• Targeting $100 million revenue run rate in 2026, driven by new pump adoption and replacement cycle.