Q2 2022 IRadimed Corp Earnings Call

July 29, 2022

During Q&A you can dial star one one.

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The conference will begin shortly to raise your hand during Q&A you can dial star one one.

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During Q&A you can dial star one one.

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Welcome to the <unk> Corporation second quarter 2022 financial results Conference call. Currently all participants are in a listen only mode and at the end of the call. We will conduct a question and answer session.

Minder. This call is being recorded today July 29, 2022 and contains time sensitive information that is accurate only as of today earlier, rather than released its financial results for the second quarter of 2022, a copy of this press release announcing the company's earnings is available under the heading news.

On their website at <unk> Dot Com a press release coffee was also furnished to the Securities and Exchange Commission on form 8-K, and can be found at SEC Dot Gov.

This call is being broadcast live over the Internet on the company's website at the.

<unk> dot com and a replay of the call will be available on the website for the next 90 days some of the information furnished in today's session will constitute forward looking statements within the meaning of the private Securities Litigation Reform Act of 1095.

Forward looking statements are those focused on the future performance results plans and events and May include the company's expected future results of <unk> reminds you that the future results may differ materially from these forward looking statements due to several risk factors for a description of the relevant risk and uncertainties that may affect the <unk>.

<unk> business. Please see the risk factors section of the company's most recent reports filed with the Securities and Exchange Commission, which may be obtained for free from the SEC's website at SEC Gov.

I would now like to turn the call over to Roger Susi, President and Chief Executive Officer of <unk> Corporation, Mr. Susie.

Thank you operator, good morning, and thank you for joining us on the call I'm very happy to report that <unk> has had yet another excellent quarter of revenue and earnings growth.

As reported in this morning's release, which unfortunately I must add.

Was earlier only on the SEC site and not in the broader news sources until just minutes ago as there was as and as of yet unknown issue with the service used for disseminating our filings broadly.

As mentioned in our earlier release.

This was our top revenue quarter ever and the third and the strength of our strongest growth quarters.

And I'll add that the trend of strong demand for our products remains very much intact and thus we feel very good about the coming quarters as well.

As reported our second quarter revenue was $12 7 million nearly a 30% increase over the second quarter of last year.

non-GAAP earnings were 26 or.

Or 116% over Q2 2021.

I am very pleased with these results and the hard efforts of our team with.

With a half year behind us and growing at record levels, we look forward to achieving our guidance for the year.

Those supply risks are very much with us on a near daily basis. The team has succeeded in.

Finding ways to prevail and we feel that measures put in place these last months.

We will continue to help us mitigate supply risks.

Our sales team continues to perform well increasingly driving customer demand for our products with total Q2 bookings continuing to reach record levels once again coming in higher than shipments for the quarter.

Additionally, the strong backlog provides great visibility and affords us the ability to maneuver and reallocate resources as supply issues may arise sales are well balanced and strong from both the pump and monitor product lines with.

With excitement and interest growing for the new FMT product as well.

Our engineering and regulatory teams continue to work extremely hard responding to FDA to clear.

Their questions and obtained 500 10-K clearance for our next generation IV pump the Meridian 3800 70.

A large written response will be filed in August and from there we expect to hear from FDA in September October and learn over the next steps.

Assuming this FDA reply will be straightforward. The team will next turn their efforts towards obtaining CE Mark for the 3800 70, allowing sales into U EU countries.

Though with economic conditions in Europe as they currently are and with the euro having broken the Buck the business opportunities there are expected to be weak for some time.

Regarding our new ferromagnetic detection system, we finished producing a small number of systems just at the end of the quarter.

And along with an additional backlog of 12 units currently being prepared.

We plan to report revenue for all of these units in the upcoming Q3.

As I said earlier interest is building and we expect the order rate to continue increasing in Q3.

Regarding our financial guidance with our current bookings trend and with the added visibility we have through our growing backlog, we believe where we are well on track to attain the goals, we have guided towards as well as our ability to continue growth at record.

Our record levels.

We are reiterating our guidance for the full 2022 revenue of $52 5 million to $53 2 million GAAP earnings of 89 to 95.

And non-GAAP earnings of 96 to $1 three.

Additionally for the third quarter. This year, we expect revenue up 13, one to $13 3 million with GAAP earnings of 21% to 24.

And non-GAAP earnings of <unk> 22 to 25.

Now I'll turn the call over to our new CFO , Jack Glenn too.

We introduce himself and review the financial results for the quarter.

Jack.

Is reaching out to us from home as say he is suffering a bit from COVID-19, but <unk>.

Strong CFO will do is on the phone with US today. So Jack please thank you Roger and good morning, everyone.

Before summarizing the financial results for the quarter I would like to take a moment introduce myself.

My career as a CFO has spanned over 25 years with most of that time spent in the medical device industry.

<unk> is my fifth public company as CFO , and I am thankful and excited to work with Roger and the <unk> team to drive future growth and success now.

Now onto the financial summary.

As in the past our results are reported on a GAAP basis and non-GAAP basis.

You can find a description of our non-GAAP operating measures in this morning's earnings release and a reconciliation of these non-GAAP measures to the GAAP measure on the last page of today's relief.

As we reported earlier this morning revenue in the second quarter of 2022 was $12 7 million an increase of 29, 7% compared to the second quarter of 2021.

Revenue from domestic sales increased 34, 5% to $10 $8 million and revenue from international sales increased seven 8% to $1 9 million.

Overall domestic revenue accounted for 85% of total revenue for Q2 2022 compared to 82% for Q2 of 2021.

Device revenue increased 54% to $8 8 million.

This was driven by a 45, 7% increase in monitor revenue, resulting from continued strong execution by our sales team on the conversion of the sales opportunity pipeline.

The average selling price of our MRI compatible IV IV infusion pump system. During the second quarter of 2022 with approximately 37 400 compared to approximately 41 600 for the second quarter of 2021.

This decrease relates to higher international unit sales and an unfavorable product sales mix compared to the same period in 2021.

The average selling price of our MRI compatible patient vital signs monitoring system. During the second quarter of 2022 was approximately 48700 compared to approximately 39700 for the same period in 2021.

This increase relates to higher domestic unit sales and price increases that we began implementing during the second half of 2021.

Revenue from disposables and services decreased one 7% to $3 4 million for the second quarter of 2022, while revenue from our maintenance contracts with consistent at half a million dollars for both periods.

The gross margin was 79, 7% for the 2020.

<unk> 22 quarter compared to 74, 7% for the 2021 quarters.

The increase in gross margin percent is primarily due to maintain a price increase implemented during the second half of 2021 and.

And higher domestic sales compared to the same period in 2021.

While the supply chain remains challenging we believe any negative impact from higher costs will likely be limited and partially offset by higher unit production levels, resulting in gross margins consistent with our historical ranges.

Operating expenses were $6 million or 47% of revenue compared to $5 5 million or approximately 55, 9% of revenue for the second quarter of 2021.

On a dollar basis. This increase was primarily due to higher sales commissions and sales activity as well as higher research and development expenses related to the next generation pump offset by reduced legal and professional fees.

As a result income from operations grew 126% to $4 2 million for the 2022 quarter.

We recognized a tax expense during the second quarter of 2022 of approximately 939000, resulting in an effective tax rate of 22, 5%.

Compared to a tax expense of approximately 388000 in the 2021 quarter.

This increase was due to higher sales.

Higher taxable income, partially offset by benefits associated.

With stock based compensation and research and development credits.

On a GAAP basis net income was <unk> 26 per share compared to <unk> 12 for the 2021 quarter.

On a non-GAAP basis adjusted income was 26 per diluted share for the 2022 quarter.

Third to 14th says for the second quarter of 2021.

Cash from operations was $3 1 million for the six months ended June 32022 down from $4 5 million for the same period in 2021.

This decrease was primarily due to increased accounts receivable on the higher sales volume.

For the three months ended June 32022, and 2021, our free cash flow a non-GAAP measure was $1 5 million and $3 5 million respectively.

And with that now I will now turn the call over for questions operator.

Thank you as a reminder to ask a question you will need to press star one one on your telephone please standby, while we compile the Q&A roster.

Our first question comes from Scott Henry with Roth Capital Partners You May proceed.

Thank you.

Good morning, just a couple of questions.

First on the FMT it sounds like if I heard correctly, there should be at least 12 units sold in Q3 could.

Could you talk about that.

How would you how should we think about revenue per unit for that product.

Yes, Scott this is Roger maybe I'll take that first.

No.

The initial ones I suppose are being solved with pricing that we're feeling our way through these have been at the upper 20000 areas 2720 $8000. So.

That's what Youll, probably see for the initial couple of quarters as we.

Get our toes in this water right and from there I hope as you've seen what we've done with the pumps and the monitors.

We get a little bit.

Uplift in our Asps.

At this.

Time goes on and the market conditions show us that we are on track with the right product.

Okay, Great and then for clarity I know you said you would expect to hear from the FDA in kind of September October on that next generation pump.

I mean would you.

Obviously, you would prefer a final approval at that time, but do you think theres also potential for more correspondents or how should we think about what could happen in that timeframe.

Well Theres always a little more correspondence.

Even when they are preparing the final release that generally takes us.

It's a whole months, just some back and forth.

Finishing touches to the.

The final letter.

So that would be great.

No.

We don't know how much capacity the FDA has right at this moment in time, though we keep our eye on.

This group that does IV pumps and they are rather short had it so.

That will probably.

<unk>.

How fast they can work on.

Anything in that IV pump group as well we have no idea how to gauge that at this point, we will see.

Okay.

Great. Thank you it sounds like well just thinking about Q4 and then.

Hopefully it comes in at some point during Q4 that final approval.

Shifting to the model.

Pending was sort of down across all categories in Q2 versus Q1.

Hi.

Q1 was it was a strong spending quarter.

In general are there any trends there or would you just look at that as a variation from quarter to quarter and any trends there.

Yes, I'll take that one yes sure sure.

Yes.

Our ability between the quarters, but our spend is pretty much in line with what.

We've been forecasting theres been an increase.

On the sales side, obviously with the there has been increasing as our sales activities and our sales force and then any of the increase in the spend on R&D will be tied to what the efforts on the next generation pump that we're working on.

The G&A side, it's pretty pretty stable there was a little bit of a decline in some of our legal and professional expense.

Okay and then the final question just on gross margins you talked a little bit about it on the prepared remark, but my takeaway was that I wanted to see if I heard this correctly.

Hi.

Q2 was very strong.

And it sounds like going forward.

Gross margins are in fact, getting stronger, but perhaps not quite as strong as Q2 would indicate is that the way.

I should think about that.

Yes, I think that Q2 I'll go ahead, Roger Sorry go ahead Jack.

Sorry.

I was just going to add yes, I think that Q2 kind of stood out a little bit a little above the historical but.

Some of that was due to the product mix as we mentioned our asps have been holding very steady.

The other thing that to note would be I think that.

The higher sales volume where were absorbing more in our overhead from the fixed overhead standpoint, so that certainly helps but I think in.

That historical range is kind of where we see it going forward.

Okay, great. Thank you for taking the questions.

Sure.

Scott good to talk to you.

Thank you and as a reminder to ask a question you will need to press star one on your telephone.

One moment for questions.

And im not showing any further questions at this time I would now like to turn the call back over to Roger Susi for any further remarks.

Thank you.

Again, it's with great pleasure that we report our record growth, especially in light of today's economic.

Your company is running very efficiently and its products are being adopted at an accelerating rate.

Our sales force is growing and you will see that expansion plans to meet growth are being developed and in fact currently in initial stages of implementation.

With that I'll look forward to reporting our future success.

As the year progresses and to thank you all.

Yeah.

Thank you. This concludes today's conference call. Thank you for participating you may now disconnect.

Okay.

The conference will begin shortly to raise your hand during Q&A you can dial one one.

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Time sensitive information that is accurate only as of today earlier, rather than released its financial results for the second quarter of 2022, a copy of this press release announcing the company's earnings is available under the heading news on their website at <unk> Dot com.

Press release copy was also furnished to the Securities and Exchange Commission on form 8-K, and can be found at SEC Gov.

This call is being broadcast live over the Internet on the company's website at the.

Forward looking statements are those focused on the future performance results plans and events and May include the company's expected future results <unk> reminds you that the future results may differ materially from these forward looking statements due to several risk factors for a description of the relevant risk and uncertainties that may affect the <unk>.

I would like to turn the call over to Roger Susi, President and Chief Executive Officer of <unk> Corporation, Mr. Susie.

Thank you operator, good morning, and thank you for joining us on the call.

Happy to report that <unk> has had yet another excellent quarter of revenue and earnings growth as reported in this morning's release, which unfortunately I must add was earlier only on the SEC site and not.

In the broader news sources until just minutes ago.

There was as and as of yet unknown issue with the service used for disseminating our filings broadly.

As mentioned in our earlier release.

This was our top revenue quarter ever and the third and the strength of our strongest growth quarters.

And I'll add that the trend of strong demand for our products remains very much intact and thus we feel very good about the coming quarters as well.

As reported our second quarter revenue was $12 7 million nearly a 30% increase over the second quarter of last year.

non-GAAP earnings were 26 or 116% over Q2 2021.

I am very pleased with these results and the hard efforts of our team with.

With a half year behind us and growing at record levels, we look forward to achieving our guidance for the year.

Those supply risks are very much with us on a near daily basis. The team has succeeded in.

Finding ways to prevail and we feel that measures put in place these last months.

We will continue to help us mitigate supply risks.

With excitement and interest growing for the new MD product as well.

Our engineering and regulatory teams continue to work extremely hard responding to FDA to clear.

Their questions and obtained 500 10-K clearance for our next generation IV pump the Meridian 3800 70.

A large written response will be filed in August and from there we expect to hear from FDA in September October and learn over the next steps.

Assuming this FDA reply will be straightforward. The team will next turn their efforts towards obtaining CE Mark for the 3800 70, allowing sales into U EU countries.

Though with economic conditions in Europe as they currently are and with the euro having broken the Buck the business opportunities there are expected to be weak for some time.

Regarding our new ferromagnetic detection system, we finished producing a small number of systems just at the end of the quarter.

And along with an additional backlog of 12 units currently being prepared.

Planned to report revenue for all of these units in the upcoming Q3.

As I said earlier interest is building and we expect the order rate to continue increasing in Q3.

Regarding our financial guidance with our current bookings trend and with the added visibility we have through a growing backlog, we believe where we are well on track to attain the goals, we have guided towards as well as our ability to continue growth at record.

Record levels.

We are reiterating our guidance for the full 2022 revenue of $52 5 million to $53 2 million GAAP earnings of 89 to 95.

And non-GAAP earnings of <unk> 96 to $1 three.

Additionally for the third quarter. This year, we expect revenue of $13, one to $13 3 million with GAAP earnings of 21% to 24.

And non-GAAP earnings of <unk> 22 to 25.

Now I'll turn the call over to our new CFO , Jack Glenn too.

To introduce himself and review the financial results for the quarter.

Jack.

As is reaching out to us from home as say he is suffering a bit from COVID-19, but as is.

Strong CFO will do is on the phone with us today So Jack.

Thank you Roger and good morning, everyone.

Before summarizing the financial results for the quarter I would like to take a moment introduce myself.

My career as a CFO has spanned over 25 years with most of that time spent in the medical device industry.

<unk> is my fifth public company as CFO , and I am thankful and excited to work with Roger and the <unk> team to drive future growth and success.

Now on to the financial summary.

As in the past our results are reported on a GAAP basis and non-GAAP basis.

As we reported earlier this morning revenue in the second quarter of 2022 was $12 7 million an increase of 29, 7% compared to the second quarter of 2021.

Revenue from domestic sales increased 34, 5% to $10 $8 million and revenue from international sales increased seven 8% to $1 9 million.

Overall domestic revenue accounted for 85% of total revenue for Q2 2022 compared to 82% for Q2 of 2021.

Device revenue increased 54% to $8 8 million.

This was driven by a 45, 7% increase in monitor revenue, resulting from continued strong execution by our sales team on the conversion of the sales opportunity pipeline.

The average selling price of our MRI compatible IV IV infusion pump system. During the second quarter of 2022 with approximately 37 400 compared to approximately $41 600 for the second quarter of 2021.

This decrease relates to higher international unit sales and an unfavorable product sales mix compared to the same period in 2021.

The average selling price of our MRI compatible patient vital signs monitoring system. During the second quarter of 2022 with approximately 48700 compared to approximately 39700 for the same period in 2021.

This increase relates to higher domestic unit sales and price increases that we began implementing during the second half of 2021.

Revenue from disposables and services decreased one 7% to $3 4 million for the second quarter of 2022, while revenue from our maintenance contracts with consistent at a half a million dollars for both periods.

The gross margin was 79, 7% for the 2020.

<unk> 22 quarter compared to 74, 7% for the 2021 quarters.

The increase in gross margin percent is primarily due to maintain a price increase implemented during the second half of 2021 and.

And higher domestic sales compared to the same period in 2021.

Operating expenses were $6 million or 47% of revenue compared to $5 5 million or approximately 55, 9% of revenue for the second quarter of 2021.

As a result income from operations grew 126% to $4 2 million for the 2022 quarter.

We recognized a tax expense during the second quarter of 2022 of approximately 939000, resulting in an effective tax rate of 22, 5%.

Compared to a tax expense of approximately 388000 in the 2021 quarter.

This increase is due to higher sales.

Higher taxable income, partially offset by benefits associated.

With stock based compensation and research and development credits.

On a GAAP basis net income was <unk> 26 per share compared to <unk> 12 for the 2021 quarter.

On a non-GAAP basis adjusted income was 26 per diluted share for the 2022 quarter.

Third to <unk> 14 for the second quarter of 2021.

Cash from operations with $3 1 million for the six months ended June 32022 down from $4 5 million for the same period in 2021.

This decrease was primarily due to increased accounts receivable on the higher sales volume.

For the three months ended June 32022, and 2021, our free cash flow a non-GAAP measure was $1 5 million and $3 5 million respectively.

And with that now I will now turn the call over for questions operator.

Thank you.

Minder to ask a question you will need to press star one one on your telephone please stand by while we compile the Q&A roster.

Our first question comes from Scott Henry with Roth Capital Partners You May proceed.

Thank you Angie.

Good morning, just a couple of questions.

First on the F. M D. It sounds like if I heard correctly, there should be at least 12 units sold in Q3 could.

Could you talk about that.

How would you how should we think about revenue per unit for that product.

Yes, Scott this is Roger maybe I'll take that first.

No.

The initial ones I suppose are being sold with pricing that we're feeling our way through these have been at the upper 20000 area of 27% $28000. So.

Thats, what youll, probably see for the initial couple of quarters as we.

Get our toes in this water right and from there I hope as you've seen what we've done with the pumps and monitors.

You know that we get a little bit.

Uplift in our Asps.

Time goes on and the market conditions show us that we're on track with the right product.

Okay great.

For clarity I know you said you would expect to hear from the FDA in kind of September October on that next generation pump.

I mean would you.

Obviously, you would prefer a final approval at that time, but do you think there is also potential for more correspondents or how should we think about what could happen in that timeframe.

Well Theres always a little more correspondence.

Even when they are preparing the final release that generally takes a makes a whole months just some back and forth.

Finishing touches to the.

The final letter so that would be great.

We don't know how much capacity and the FDA has right at this moment in time, though we keep our eye on.

This group that does IV pumps, and they are rather short handed so.

That will probably impact.

How fast they can work on anything in that IV pump group as well we have no idea how to gauge that at this point, we will see.

Okay.

Great. Thank you it sounds like well just think about Q4 and then.

Hopefully it comes in at some point it there in Q4 that final approval.

Shifting to the model.

Pending was sort of down across all categories in Q2 versus Q1.

I guess Q1 was it was a strong spending quarter.

In general are there any trends there or would you just look at that as a variation from quarter to quarter and any trends there.

Scott I'll take that one yes, yes sure sure.

Yes.

Our ability between the quarters, but our spend is pretty much in line with.

We've been forecasting theres been an increase in.

On the G&A side, it's pretty pretty stable there was a little bit of a decline in some of our legal and professional expense.

Okay and then the final question just on gross margins you talked a little bit about it on the prepared remark, but my takeaway was that I wanted to see if I heard this correctly.

Hi.

Q2 was very strong.

And it sounds like going forward.

Gross margins are in fact, getting stronger, but perhaps not quite as strong as Q2 would indicate is that the way.

I should think about that.

Yes, I think that I'll.

I will go ahead, Roger sorry, Jack.

Sorry.

I was just going to add that yes, I think that Q2 kind of stood out a little bit a little above the historical but.

Some of that was due to the product mix as we mentioned our asps have been holding very steady.

The other thing that to note would be I think that.

The higher sales volume where were absorbing more in our overhead from the fixed overhead standpoint, so that certainly helps but I think in that.

Historical range is kind of where we see it going forward.

Okay, great. Thank you for taking the questions.

Sure. Thanks, Scott good to talk to you.

Thank you and as a reminder to ask a question you will need to press star one on your telephone.

One moment for questions.

And I'm not showing any further questions at this time I would now like to turn the call back over to Roger Susi for any further remarks.

Thank you.

Again, it's with great pleasure that we report our record growth, especially in light of today's economic upheavals. Your company is running very efficiently and its products are being adopted at an accelerating rate.

Our sales force is growing and you will see that expansion plans to meet growth are being developed and in fact currently in initial stages of implementation.

With that I'll look forward to reporting our future success.

As the year progresses, and thank you all.

Thank you. This concludes today's conference call. Thank you for participating you may now disconnect.

Q2 2022 IRadimed Corp Earnings Call

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