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Home » Iradimed slides despite strong Q1, chief financial, operating officer resigns

Iradimed slides despite strong Q1, chief financial, operating officer resigns

April 29, 2022 By Sean Whooley

IradimedIradimed (Nasdaq:IRMD) shares took a hit this morning despite Street-beating first-quarter results and increased financial guidance.

IRMD shares were down 12.2% at $36.17 per share in early-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down 0.1%.

The Winter Springs, Florida-based company posted profits of $2.5 million, or 20¢ per share, on sales of $12.3 million for the three months ended March 31, 2022, for a 79.3% bottom-line gain on sales growth of 33.5%.

Adjusted to exclude one-time items, earnings per share were 22¢, 2¢ ahead of Wall Street, where analysts were looking for sales of $12.2 million.

“I am very satisfied with these results. Having the first quarter start off strongly shows the continued strength of our business. Our growth afforded us the opportunity to pay a special dividend of $1.00 per share during the first quarter,” Iradimed President and CEO Roger Susi said in a news release. “Our expectation is to continue building momentum, as shown in the demand for our products, which remains at record levels. This gives us the confidence to increase our outlook for the full year.”

Iradimed increased its 2022 guidance, projecting revenues between $52.5 million and $53.2 million, with adjusted EPS expected to range between 96¢ and $1.03. Previous projections were for revenues between $51.4 million and $52.2 million and adjusted EPS between 91¢ and $1.01.

The company also confirmed the departure of CFO and COO Chris Scott. Scott resigned from the company, effective May 27, to pursue other opportunities. He had worked at Iradimed since December 2013 and became CFO and COO in July 2021.

Iradimed has initiated a search for a new CFO, while controller Matt Garner will take on the role of interim CFO with immediate effect through the transition.

“Chris has been a valued partner over the past eight years. Though he will be missed, he leaves us with a sound finance department,” Susi said in a separate release. “Matt has also been with us for just over eight years and is well prepared to step in as interim CFO with Chris providing maximum support during the 30-day transition period.”

Filed Under: Business/Financial News, MassDevice Earnings Roundup, Wall Street Beat Tagged With: Iradimed, Personnel Moves

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About Sean Whooley

Sean Whooley is an associate editor who mainly produces work for MassDevice, Medical Design & Outsourcing and Drug Delivery Business News. He received a bachelor's degree in multiplatform journalism from the University of Maryland, College Park. You can connect with him on LinkedIn or email him at [email protected].

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