Iradimed Corporation has announced its financial results for the first quarter of 2024, reporting record revenue of $17.6 million, representing a 13.7 percent increase compared to the same period in 2023. The company's GAAP diluted earnings per share (EPS) for the first quarter of 2024 were $0.32, while non-GAAP diluted EPS stood at $0.36. This marks an increase in net income of 21.4 percent to $4.1 million, or $0.32 per diluted share, compared to $3.4 million, or $0.27 per diluted share for the first quarter of 2023. Non-GAAP net income also increased by 21.2 percent to $4.6 million, or $0.36 per diluted share for the quarter ended March 31, 2024.
The company's operating income for the first quarter of 2024 was $4.7 million, reflecting an 18.5 percent increase compared to the same period in 2023. The gross profit margin for the first quarter of 2024 was 76.1 percent, up from 75.7 percent for the first quarter of 2023. Additionally, cash flow from operations for the first quarter of 2024 was reported at $3.9 million, compared to $4.6 million for the same period in 2023.
In terms of revenue breakdown, the company's MRI compatible IV infusion pump systems generated $5.2 million, while MRI compatible patient vital signs monitoring systems accounted for $6.5 million. Disposable, services, and other revenues totaled $5.2 million for the first quarter of 2024.
Looking ahead, Iradimed Corporation anticipates revenue of $17.6 million to $17.8 million for the second quarter of 2024, with GAAP diluted earnings per share projected to be in the range of $0.33 to $0.36, and non-GAAP diluted earnings per share expected to be between $0.36 and $0.39. The company also reiterates its guidance for the full year of 2024, expecting to report revenue of $72.0 million to $74.0 million, GAAP diluted earnings per share in the range of $1.37 to $1.47, and non-GAAP diluted earnings per share of $1.52 to $1.62.
Iradimed Corporation's board of directors has declared a regular quarterly cash dividend of $0.15 per share of outstanding common stock, payable on May 30, 2024, to stockholders of record as of the close of business on May 20, 2024. This announcement follows the company's eleventh consecutive quarter of record revenues, driven primarily by the expansion of its monitoring product line and record disposable and service revenue.
The company's president and CEO, Roger Susi, expressed confidence in maintaining strong financial performance and emphasized the positive outlook for the second quarter and the full year of 2024. Iradimed Corporation's dedication to profitable growth and its ongoing commitment to delivering innovative magnetic resonance imaging ("MRI") medical devices and solutions are reflected in these latest financial results.
These figures demonstrate the company's continued growth and financial strength, positioning it as a leader in the development of MRI-compatible medical devices and services. The market has reacted to these announcements by moving the company's shares 2.8% to a price of $43.17. For the full picture, make sure to review IRADIMED CORPORATION's 8-K report.
