iRadimed Corp. (IRMD) Issues Q3 Earnings Guidance
iRadimed Corp. (NASDAQ:IRMD) issued an update on its third quarter earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of $0.11-0.12 for the period, compared to the Thomson Reuters consensus estimate of $0.11. The company issued revenue guidance of $7.5-7.6 million, compared to the consensus revenue estimate of $7.50 million.iRadimed Corp. also updated its FY16 guidance to $0.60-0.63 EPS.
iRadimed Corp. (NASDAQ:IRMD) traded down 1.15% on Friday, hitting $9.44. 110,520 shares of the company were exchanged. iRadimed Corp. has a 52 week low of $9.36 and a 52 week high of $33.25. The company has a market capitalization of $100.74 million, a P/E ratio of 13.56 and a beta of 1.28. The firm’s 50 day moving average is $15.99 and its 200 day moving average is $17.82.
iRadimed Corp. (NASDAQ:IRMD) last posted its quarterly earnings results on Friday, July 29th. The company reported $0.24 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.03. The firm had revenue of $9.90 million for the quarter, compared to the consensus estimate of $9.60 million. iRadimed Corp. had a net margin of 24.52% and a return on equity of 30.52%. The company’s revenue for the quarter was up 30.3% on a year-over-year basis. During the same period last year, the firm posted $0.16 earnings per share. On average, equities research analysts forecast that iRadimed Corp. will post $0.92 earnings per share for the current fiscal year.
Several equities analysts have recently weighed in on the stock. Zacks Investment Research downgraded shares of iRadimed Corp. from a hold rating to a sell rating in a research note on Tuesday. Roth Capital downgraded shares of iRadimed Corp. from a buy rating to a neutral rating and decreased their price target for the stock from $28.00 to $11.50 in a research note on Wednesday, October 5th.
In related news, VP Steven M. Nardi sold 2,096 shares of the firm’s stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $17.11, for a total transaction of $35,862.56. Following the completion of the sale, the vice president now directly owns 1,996 shares in the company, valued at $34,151.56. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 69.00% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in iRadimed Corp. by 8.2% in the second quarter. Vanguard Group Inc. now owns 224,101 shares of the company’s stock valued at $4,876,000 after buying an additional 16,888 shares during the last quarter. BlackRock Advisors LLC boosted its stake in iRadimed Corp. by 5.6% in the second quarter. BlackRock Advisors LLC now owns 8,343 shares of the company’s stock valued at $182,000 after buying an additional 443 shares during the last quarter. BlackRock Investment Management LLC boosted its stake in iRadimed Corp. by 50.6% in the second quarter. BlackRock Investment Management LLC now owns 14,741 shares of the company’s stock valued at $321,000 after buying an additional 4,954 shares during the last quarter. BlackRock Fund Advisors boosted its stake in iRadimed Corp. by 37.4% in the second quarter. BlackRock Fund Advisors now owns 105,283 shares of the company’s stock valued at $2,291,000 after buying an additional 28,638 shares during the last quarter. Finally, Teachers Advisors Inc. boosted its stake in iRadimed Corp. by 43.3% in the second quarter. Teachers Advisors Inc. now owns 5,670 shares of the company’s stock valued at $123,000 after buying an additional 1,712 shares during the last quarter. Hedge funds and other institutional investors own 20.74% of the company’s stock.
About iRadimed Corp.
IRADIMED CORPORATION (IRADIMED) develops, manufactures, markets and distributes Magnetic Resonance Imaging (MRI) compatible products, and provides non-magnetic intravenous (IV) infusion pump systems. The Company operates through development, manufacture and sale of MRI compatible products and IV infusion pump systems for use by hospitals and acute care facilities during MRI procedures segment.
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