 Reports second quarter 2020 revenue of 6.8 million, GAAP diluted EPS of 0.17 and non-GAAP diluted EPS of 0.05 Reports combined cash and investments of 47.8 million as of June 30, 2020WINTER SPRINGS, Fla., July 30, 2020 GLOBE NEWSWIRE -- iRadimed Corporation the Company NASDAQ: IRMD, a leader in the development of innovative magnetic resonance imaging MRI medical devices and the only known provider of a non-magnetic intravenous IV infusion pump system and non-magnetic patient vital signs monitoring system that are designed for use during MRI procedures, today announced financial results for the three and six months ended June 30, 2020.As our customers continue being pressured in their efforts to respond to the current pandemics impacts, second quarter revenue was, as expected, depressed. Additionally, earnings were impacted by a significant one-time charge resulting from costs incurred from the separation of our former CEO, said Roger Susi, President and Chief Executive Officer of the Company.However, we are seeing encouraging signs from healthy international demand and an increased ability to engage U.S. customers via video conferencing and in some cases, face-to-face interactions, specifically with existing customers. Sales of our services and disposables have been picking up, pointing towards a trend that MR imaging of patients needing IV therapy is strengthening. Still, with the constantly changing waves and locations of COVID-19 outbreaks, continued unpredictability must be expected, but to be clear, we are enthusiastic about the progress we are making with our sales tactics and confident that as the pandemic and the uncertainties it brings subside, strong demand for our products will result, said Susi.Three Months Ended June 30, 2020For the second quarter ended June 30, 2020, the Company reported revenue of 6.8 million compared to 9.2 million for the second quarter 2019. Net loss was 2.1 million, or 0.17 per diluted share, compared to net income of 2.1 million, or 0.17 per diluted share for the second quarter 2019.During the three months ended June 30, 2020, the Company recognized total general and administrative expense of 2.8 million related to our former CEO, of which 2.7 million relates to the separation.Non-GAAP net income was 0.6 million for the quarter ended June 30, 2020, which excludes 0.3 million of on-going stock compensation expense, net of tax, and 2.4 million of expenses, net of tax, related to the separation of our former CEO. Non-GAAP net income for the quarter ended June 30, 2019 was 2.4 million, which excludes 0.4 million of stock compensation expense, net of tax expense. Non-GAAP earnings per diluted share was 0.05 for the second quarter 2020, compared to 0.20 for the second quarter 2019.Six Months Ended June 30, 2020For the six months ended June 30, 2020, the Company reported revenue of 15.5 million compared to 17.7 million for the same period in 2019. Net loss was 0.3 million, or 0.03 per diluted share, compared to net income of 3.9 million, or 0.32 per diluted share for the same period in 2019.During the six months ended June 30, 2020, the Company recognized total general and administrative expense of 3.2 million related to our former CEO, of which 2.7 million relates to the separation.Non-GAAP net income was 2.8 million for the six months ended June 30, 2020, which excludes 0.7 million of on-going stock compensation expense, net of tax, and 2.4 million of expenses, net of tax, related to the separation of our former CEO. Non-GAAP net income for the six months ended June 30, 2019 was 4.0 million, which excludes 0.6 million of stock compensation expense, net of tax and a 0.6 million reduction to non-GAAP net income resulting from an infrequent tax item related to excess tax benefits recognized in the provision for income taxes for the exercise and sale of certain incentive stock options. Non-GAAP earnings per diluted share was 0.22 for the six months ended June 30, 2020, compared to 0.33 for the same period in 2019. Revenue Information: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 unaudited unaudited Devices: MRI Compatible IV Infusion Pump Systems 1,875,159 4,550,542 4,539,993 8,743,296 MRI Compatible Patient Vital Signs Monitoring Systems 1,927,473 1,891,031 4,546,988 3,657,639 Total Devices Revenue 3,802,632 6,441,573 9,086,981 12,400,935 Disposables and Services 2,535,548 2,313,755 5,467,449 4,350,428 Amortization of extended warranty agreements 456,512 470,268 917,803 911,826 Total revenue 6,794,692 9,225,596 15,472,233 17,663,189 For the second quarter 2020, domestic sales were 68.3 percent of total revenue, compared to 82.0 percent for the second quarter 2019. Gross profit margin was 72.6 percent for the second quarter 2020, compared to 79.9 percent for the second quarter 2019.For the six months ended June 30, 2020, domestic sales were 70.9 percent of total revenue, compared to 82.9 percent for the same period in 2019. Gross profit margin was 73.6 percent for the six months ended June 30, 2020, compared to 77.9 percent for the same period in 2019.Cash Flow and Balance Sheet:For the six months ended June 30, 2020, the Company generated 2.0 million of cash from operations, compared to 3.1 million for the same period in 2019.For the second quarter ended June 30, 2020, free cash flow was 0.7 million, compared to 2.4 million for the second quarter 2019. For the six months ended June 30, 2020, free cash flow was 1.7 million, compared to 3.0 million for the same period in 2019.As of June 30, 2020, the Company had combined cash and investments of 47.8 million.Financial GuidanceThe Company announced its full-year 2020 financial guidance on February 6, 2020. Due to the high degree of uncertainty created by the global impact of COVID-19, the Company withdrew its previous guidance on April 7, 2020 and is not providing any additional financial guidance at this time.Use of non-GAAP Financial MeasuresThe Company believes the use of non-GAAP net income, free cash flow and infrequent income tax items are helpful to our investors. These measures, which we refer to as our non-GAAP financial measures, are not prepared in accordance with U.S. GAAP.We calculate non-GAAP net income as net income excluding 1 stock-based compensation expense, net of tax. Because of varying available valuation methodologies, subjective assumptions and the variety of equity instruments that can impact a companys non-cash expenses, we believe that providing non-GAAP financial measures that exclude stock-based compensation expense allows for meaningful comparisons between our operating results from period to period; 2 operating expenses, net of tax, that we believe are not indicative of the Companys on-going core operating performance, and; 3 infrequent tax items are considered based on their nature and are excluded from the provision for income taxes as these costs or benefits are not indicative of our normal or future provision for income taxes. We calculate free cash flow as net cash provided by operating activities, less net cash used in investing activities for purchases of property and equipment.We consider free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by our business that can be used for strategic opportunities, including investing in our business, making strategic acquisitions, strengthening our balance sheet and returning cash to our shareholders via share repurchases.All of our non-GAAP financial measures are important tools for financial and operational decision making and for evaluating our on-going core operating results.A reconciliation of the non-GAAP financial measures used in this release to the most comparable U.S. GAAP measures for the respective periods can be found in the table later in this release immediately following the condensed statements of cash flows. These non-GAAP financial measures should not be considered in isolation or as a substitute for a measure of the Companys operating performance or liquidity prepared in accordance with U.S. GAAP and are not indicative of net income or cash provided by operating activities.Conference CalliRadimed has scheduled a conference call to discuss this announcement beginning at 11:00 a.m. Eastern Time today, July 30, 2020. Individuals interested in listening to the conference call may do so by dialing 1-844-413-1781 for domestic callers, or 1-716-247-5767 for international callers, and entering the reservation code 8281889.The conference call will also be available real-time via the internet at A recording of the call will be available on the Companys website following the completion of the call.About iRadimed CorporationiRadimed Corporation is a leader in the development of innovative magnetic resonance imaging MRI compatible medical devices. We are the only known provider of a non-magnetic intravenous IV infusion pump system that is specifically designed to be safe for use during MRI procedures. We were the first to develop an infusion delivery system that largely eliminates many of the dangers and problems present during MRI procedures. Standard infusion pumps contain magnetic and electronic components which can create radio frequency interference and are dangerous to operate in the presence of the powerful magnet that drives an MRI system. Our patented MRidium MRI compatible IV infusion pump system has been designed with a non-magnetic ultrasonic motor, uniquely designed non-ferrous parts and other special features to safely and predictably deliver anesthesia and other IV fluids during various MRI procedures. 