IRadimed Corporation (NASDAQ:IRMD) Q1 2022 Earnings Conference Call April 29, 2022 11:00 AM ET

Company Participants

Roger Susi – President and Chief Executive Officer

Matt Garner – Controller

Conference Call Participants

Scott Henry – ROTH Capital

Lisa Springer – Singular Research

Operator

Welcome to the IRadimed Corporation First 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. As a reminder, this call is being recorded today, April 29, 2022 and contains time-sensitive information that is accurate only as of today. Earlier, IRadimed released its financial results for the fourth quarter 2022. A copy of its press release announcing the company's earnings is available under the heading news on their website at iradimed.com.

A copy of the press release 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 iradimed.com and a replay of the call will be available on the website for the next 90 days. Some of the information to be furnished in today's session will constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

Forward-looking statements are those focused on the future performance results, plans, and events and may include the company's expected future results. IRadimed reminds you that future results may differ materially from these forward-looking statements due to several risk factors. For a description of the relevant risks and uncertainties that may affect the company's business, please see the risk factors section of the company's most recent reports filed with the Securities and Exchange Commission, which again, maybe 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 Iradimed Corporation. Mr. Susi?

Roger Susi

Thanks, operator, and good morning and thank you all for joining us on the call this morning. Iradimed had another very good quarter of revenue and earnings growth as was reported in this year – in this morning's release. The trend of strong demand for our products remains intact and thus, we feel very good about the coming quarters as well.

As reported in this morning's release, first quarter revenue was $12.3 million, nearly a 34% increase over the first quarter last year. Non-GAAP earnings were $0.22 or 69% over Q1 2021. I'm very pleased with these results and the strong start our company has had in 2022. Our sales team continues to perform well, increasingly driving customer demand for our products. Total Q1 bookings remained at record levels coming in 52% higher than Q1 last year. Strong demand for our products has given us additional visibility through a growing backlog, which increased from its year end level of 10.9 million.