iRadimed Corporation (IRMD) Releases Earnings Results, Beats Estimates By $0.07 EPS
iRadimed Corporation (NASDAQ:IRMD) announced its earnings results on Friday. The medical equipment provider reported $0.06 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.01) by $0.07, Bloomberg Earnings reports. iRadimed Corporation had a net margin of 16.38% and a return on equity of 15.28%. The company had revenue of $5.50 million for the quarter, compared to analyst estimates of $5.41 million. During the same period in the prior year, the business earned $0.24 earnings per share. iRadimed Corporation’s quarterly revenue was down 44.4% on a year-over-year basis. iRadimed Corporation updated its Q3 guidance to $0.02-0.03 EPS.
iRadimed Corporation (IRMD) traded up 16.67% during midday trading on Friday, hitting $9.80. 89,983 shares of the company were exchanged. The firm’s 50-day moving average price is $8.72 and its 200-day moving average price is $8.74. The stock has a market capitalization of $104.73 million, a PE ratio of 41.00 and a beta of 1.46. iRadimed Corporation has a one year low of $7.85 and a one year high of $20.17.
In related news, VP Steven M. Nardi sold 4,634 shares of iRadimed Corporation stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $8.32, for a total transaction of $38,554.88. Following the sale, the vice president now directly owns 2,194 shares in the company, valued at approximately $18,254.08. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 60.10% of the stock is owned by company insiders.
Large investors have recently bought and sold shares of the company. Goldman Sachs Group Inc. acquired a new stake in iRadimed Corporation during the first quarter valued at approximately $290,000. AQR Capital Management LLC increased its stake in iRadimed Corporation by 25.9% in the first quarter. AQR Capital Management LLC now owns 137,663 shares of the medical equipment provider’s stock valued at $1,225,000 after buying an additional 28,345 shares in the last quarter. Globeflex Capital L P increased its stake in iRadimed Corporation by 92.0% in the first quarter. Globeflex Capital L P now owns 85,151 shares of the medical equipment provider’s stock valued at $758,000 after buying an additional 40,800 shares in the last quarter. Menta Capital LLC increased its stake in iRadimed Corporation by 25.0% in the first quarter. Menta Capital LLC now owns 66,653 shares of the medical equipment provider’s stock valued at $593,000 after buying an additional 13,339 shares in the last quarter. Finally, Neuberger Berman Group LLC acquired a new stake in iRadimed Corporation during the first quarter valued at approximately $134,000. Institutional investors and hedge funds own 17.29% of the company’s stock.
A number of equities research analysts recently weighed in on the stock. Zacks Investment Research raised shares of iRadimed Corporation from a “sell” rating to a “hold” rating in a research note on Thursday, June 29th. TheStreet raised shares of iRadimed Corporation from a “d” rating to a “c-” rating in a research note on Friday, June 23rd. Finally, ValuEngine downgraded shares of iRadimed Corporation from a “hold” rating to a “sell” rating in a research note on Saturday, June 24th.
iRadimed Corporation announced that its board has authorized a share buyback program on Friday, April 28th that allows the company to buyback $8.00 million in shares. This buyback authorization allows the medical equipment provider to purchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
iRadimed Corporation Company Profile
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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