Revenue during the quarter plunged 31.92 percent to $5.99 million from $8.80 million in the previous year period. Gross margin for the quarter contracted 472 basis points over the previous year period to 78.23 percent. Total expenses were 74.87 percent of quarterly revenues, up from 61.91 percent for the same period last year. That has resulted in a contraction of 1297 basis points in operating margin to 25.13 percent.

Operating income for the quarter was $1.51 million, compared with $3.35 million in the previous year period.

"Consistent with my previous comments, conversion of MR IV pump opportunities, especially multi-pump opportunities, into confirmed purchase orders continues to pressure revenue growth. With the goal of mitigating this difficulty and growing sales of our IV pump, during the second half of 2016, we performed a complete review of our sales process. The aim of this review was to gain a deeper understanding of the considerations made by our customers when making purchasing decisions and how we can better assist them in making those decisions. As a result of this review, and in coordination with our recent internal national sales meeting, we formalized the implementation of new sales techniques that we believe will result in converting a high level of customer interest into confirmed purchase orders for our IV pumps systems. I believe that in as early as one quarter we will begin to see improvements in bookings as a result of the new sales techniques we have implemented. However, it may take two to three quarters to fully assess the effectiveness of the program. We are watching bookings closely and stand prepared to make additional enhancements as needed," said Roger Susi, president and chief executive officer of the Company.

For financial year 2017, IRADIMED CORP expects revenue to be in the range of $23.90 million to $24.30 million. It projects diluted earnings per share to be in the range of $0.07 to $0.08. It projects diluted earnings per share to be in the range of $0.14 to $0.18 on adjusted basis for the same period.

For the first-quarter, IRADIMED CORP expects revenue to be in the range of $5.20 million to $5.30 million. It forecasts diluted loss per share to be in the range of $0.01 to $0.02 for the same period.

The company has spent $1.94 million cash to meet investing activities during the year as against cash outgo of $0.06 million in the last year.

The company has spent $9.12 million cash to carry out financing activities during the year as against cash inflow of $2.33 million in the last year period.

Cash and cash equivalents stood at $17.71 million as on Dec. 31, 2016, down 8.54 percent or $1.65 million from $19.37 million on Dec. 31, 2015.

Working capital decreases marginally
IRADIMED CORP has witnessed a decline in the working capital over the last year. It stood at $30.51 million as at Dec. 31, 2016, down 1.77 percent or $0.55 million from $31.06 million on Dec. 31, 2015. Current ratio was at 9.33 as on Dec. 31, 2016, down from 11.73 on Dec. 31, 2015.