IRadimed Corporation (NASDAQ:IRMD) Q3 2023 Earnings Conference Call November 3, 2023 11:00 AM ET
Company Participants
Roger Susi - President and Chief Executive Officer
Jack Glenn - Chief Financial Officer
Conference Call Participants
Scott Henry - ROTH MKM Partners
Nelson Cox - Lake Street Capital Markets, LLC
Frank DiLorenzo - Singular Research
Operator
Welcome to the IRadimed Corporation Third Quarter of 2023 Financial Results Conference Call. [Operator Instructions] As a reminder, this call is being recorded today, November 3, 2023, and contains time-sensitive information that is accurate only today.
Earlier, IRadimed released its financial results for the third quarter of 2023. A copy of this press release announcing the company's earnings is available under the heading news on their website at iradimed.com. A press release, a 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 iradimed.com, and a replay of the call will be available on the website for the next 90 days. Some of the information in today's session will constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements focus on 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 may be obtained free from the SEC's website at sec.gov.
I would like to turn the call over to Roger Susi, President and Chief Executive Officer of IRadimed Corporation. Mr. Susi, please go ahead.
Roger Susi
Good morning. Thank you for joining us on today's call. I'm very pleased to report our ninth consecutive record quarter. With Q3 '23, again showing our ability to execute and grow our business. This morning's press release announced third quarter '23 revenue came in at $16.5 million, representing a 23% increase over the third quarter of 2022. GAAP diluted earnings per share for the third quarter were $0.40. Non-GAAP diluted earnings per share for the third quarter of '23 was $0.43 per share, a 48% increase over Q2 of '22.
Our entire team remains strong, committed and able to pull together to bring in orders, needed materials, production plans, delivery and customer setup. The MRI patient vital science monitor continues to gain acceptance in new customers with some very large orders this past quarter. Sales of our MR IV pump remains strong. And with the new program for field replacements of older pumps, we anticipate growth of this older product line as well.