Iradimed (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.