IRADIMED CORPORATION (IRMD) swung to a net loss for the quarter ended Mar. 31, 2017. The company has made a net loss of $0.23 million, or $ 0.02 a share in the quarter, against a net profit of $2.28 million, or $0.19 a share in the last year period. On an adjusted basis, net profit for the quarter was $0.02 million, when compared with $2.56 million in the last year period. Revenue during the quarter plunged 42.41 percent to $5.16 million from $8.96 million in the previous year period. Gross margin for the quarter contracted 785 basis points over the previous year period to 73.12 percent. Operating margin for the quarter stood at negative 4.62 percent as compared to a positive 38.84 percent for the previous year period.
Operating loss for the quarter was $0.24 million, compared with an operating income of $3.48 million in the previous year period.
"These quarterly results are in line with our guidance and expectations. IV pump bookings began to accelerate during March and we look to grow that momentum throughout the rest of the year. Backlog grew slightly from the year-end level and was within our expectations. We believe these are the first signs that our new sales techniques are beginning to take hold and resulting in higher levels of interest and, ultimately, higher levels of confirmed orders. Additionally, I am very pleased with the strong interest and bookings from international customers for our new MRI compatible patient vital signs monitoring system. The interest shown by our international customers has exceeded our expectations giving us greater confidence in its market acceptance once launched in the United States. Regarding the U.S. regulatory status of our MRI compatible patient monitor, recent communications with FDA have caused us to revise our expected U.S. launch date from Q3 to Q4 of this year. This revision is primarily the result of additional human factors and signal quality testing that FDA is now requiring us to perform, which will extend the time to 510(k) clearance and is the cause of our full year revenue and earnings guidance revision”, said Roger Susi, president and chief executive officer of the Company.
For the second-quarter, IRADIMED projects revenue to be in the range of $5.40 million to $5.50 million. IRADIMED projects revenue to be in the range of $22.70 million to $23.10 million for financial year 2017. For financial year 2017, the company forecasts diluted earnings per share to be in the range of $0.03 to $0.04. On an adjusted basis, the company forecasts diluted earnings per share to be in the range of $0.01 to $0.02 for the second-quarter. For financial year 2017, the company forecasts diluted earnings per share to be in the range of $0.10 to $0.13 on adjusted basis.
Operating cash flow turns negativeIRADIMED CORPORATION has spent $0.18 million cash to meet operating activities during the quarter as against cash inflow of $2.43 million in the last year period. The company has spent $0.06 million cash to meet investing activities during the quarter as against cash outgo of $0.92 million in the last year period.
The company has spent $0.01 million cash to carry out financing activities during the quarter as against cash outgo of $5.38 million in the last year period.
Cash and cash equivalents stood at $17.46 million as on Mar. 31, 2017, up 12.57 percent or $1.95 million from $15.51 million on Mar. 31, 2016.
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