iRadimed Q3 2026 Earnings Call Transcript

iRadimed (NASDAQ:IRMD) reported third-quarter financial results on Friday. The transcript from the company’s third-quarter earnings call has been provided below.

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View the webcast at https://www.iradimed.com/investors/events

Summary

iRadimed Corporation reported record revenue of $24.2 million for Q3 2026, a 14% year-over-year increase, driven by strong sales of the new 3870 MR IV pump and 3880 monitor.

The company successfully ramped production of the 3870 pump, achieving a 125% increase from Q2, and expects a further 50% production increase in Q4.

Earnings per share increased to $0.51 GAAP and $0.55 non-GAAP, reflecting improved gross margins from manufacturing efficiencies.

A significant backlog for the 3870 pump and 3880 monitor supports a positive Q4 outlook with projected revenue between $25 million and $26.5 million.

International sales grew 45%, contributing to a diverse revenue mix, while domestic sales grew 9%.

Management emphasizes the successful launch of the 3870 pump, noting strong customer acceptance and plans to sell 2,000 to 2,500 units annually.

Gross margin improved to 76%, with expectations to continue rising as production scales and efficiencies are realized.

The company anticipates double-digit revenue growth for 2027, driven by increased pump sales and expanded customer base.

Full Transcript

OPERATOR

Welcome to the iRadimed Corporation’s third quarter of 2026 financial results conference call. All participants are currently in the listen-only mode. At the end of the call we will conduct a question and answer session. This call is being recorded today, October 30, 2026, and contains time-sensitive, accurate information that is valid only for today. Earlier, iRadimed released its third quarter 2026 financial results. A copy of this 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 the SEC’s website at sec.gov. This call is being broadcast live on the company’s website at iradimed.com and a replay will be available there 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 want to turn the call over to Roger Susi, President and Chief Executive Officer of iRadimed Corporation. Mr. Susi,

Roger Susi (President and Chief Executive Officer)

Thank you. Good morning and welcome to iRadimed’s third quarter 2026 earnings call. I’m very proud to say that the new 3870 MR IV pump launch is showing itself to be everything we’d hoped for and more. Though you may recall that we discussed the ramping of this new pump would be quite a stretch, we have been able to push very hard and make it happen with our initial testing-the-waters release of a few dozen pumps during Q4 and on to the broad market launch in Q2, and with having produced now over 400 systems during Q3, our teams have risen to perform extraordinarily well.

The job of ramping production of this complex electromechanical device at the rate achieved is a very difficult task, and these hard-working ladies and gentlemen of your company have really risen to the challenge. The ramp rate of the 3870 production to achieve Q3’s revenue was huge at over 125% increase from Q2’s production. Thus, the large stretch goal for production, and to support the goal was a great selling effort. Consider that during Q3 our sales team booked record numbers of both the 3880 monitor and 3870 pumps, proving the customer acceptance of these devices and building a very comfortable backlog for Q4. For Q4 we will again grow revenue of the new 3870 pump by another 50 plus percent.

Again, very pleased to report that our teams have delivered. Here are the numbers: We achieved record quarterly revenue of 24.2 million, up 14% from Q3 of 2025 and an 18% sequential increase from Q2. Earnings were $0.51 per share GAAP and $0.55 non-GAAP, up from $0.41 and $0.46 respectively in the second quarter. And as we expected, as our manufacturing team climbs the 3870 learning curve, we begin realizing efficiencies we had anticipated, with gross margin improving two full points sequentially to 76%. Behind these quarter-end numbers is the performance of not only our production, engineering, quality and materials teams in house, but a fuel sales team as well.

We had concerns that the long-anticipated new 3870 pump could steal sales focus from the monitor, and so we put in place special targets to mitigate such an issue. Indeed, though Q1 did show weak monitor bookings, however, this was quickly turned around in Q2 with a record number of monitors booked, and we are once again extremely proud to note that that record was exceeded again in Q3. In short, monitor sales are strong and growing. This, along with what is now clearly becoming a successful launch of the long-awaited 3870 MR IV pump.

Though our hospital customers usually need four, five to six months or more to budget and finally issue purchase orders for new equipment, we are finding a very significant number motivated to move to purchase our new pump in much shorter time frames, with this resulting in a growing backlog of 3870 pumps on the books after shipping over 300 in Q3. As we enter into Q4, it’s this order rate and the backlog produced that give us confidence in our ability to clearly forecast revenue for Q4.

But wait for our guidance just a moment longer. I’d like to recap this pump opportunity first. The rather low-hanging and quick-to-attain fruit is the replacement opportunity we’ve been discussing from established users of the old 3860 pump system as they replace and upgrade to the new 3870 MR pump. It’s a great opportunity, with still nearly 6,400 older—meaning over five years of age—3860/61 pump channels in the U.S. market. But it’s proven to be better than simply replacing what was a $19,000 3860 channel with a similarly priced 3870.

First off, we have approximately 70% of the replacement orders for two of the older model channels for one new quad stack. Meaning that for every two channels of the older 3860/61 setups being replaced, 70% of the customers are buying four 3870 channels. So the 6,400 old pump channels translates to over 10,000 unit 3870 opportunity. With our plan to sell about 2,000 to 2,500 3870s per year, just this presently existing pool of older pumps takes years to replace.

Meanwhile, more and more pumps turn five and become part of the replacement target. A second silver lining to the business is that the ASP of the new pump system is not equal to the older unit. It is not similarly priced, but rather commanding nearly 25,000 per channel, a lift from the older 3860 ASP of 23 to 25%. Finally, for a less stringent measure of success than the numbers just mentioned, our customers are loving what they see. This device practically selling itself. I’d say it shows well and its operation is exciting to the user.

This is being proven by the fact that we have also already received orders from facilities who did not care for the original 3860 system, thus remained part of our greenfield opportunity. But when shown the 3870, they have not hesitated to become a customer and decided quickly that the new 3870 was spot on and a welcome addition to their imaging practice. In a word, it’s happening. The new 3870 pump system is doing what we thought it could do and more—more channels, higher ASP, and penetration of the greenfield. At this point it’s execution: ramping production while building in quality and growing margin is where we are headed. Q4 will show more of this trend, with 2027 giving us much run room to return to great growth of revenue, earnings and a business we are very proud of.

Now I’d like to have Jack Glenn, our CFO, provide financial details, but I’ll iterate that as we enter Q4 with a solid backlog of our new 3870 pump and 3880 monitor systems, as well as a strong backlog of the FMD system. Now turn the call over to Jacqueline, our CFO, to review the quarter’s financial results and provide color on our outlook for the fourth quarter and full year.

Jack Glenn (Chief Financial Officer)

Thank you, Roger, and good morning, everyone. As in the past, we report our results on a GAAP basis and non-GAAP basis. You can find a description of our non-GAAP measures in this morning’s earnings release and a reconciliation to GAAP on the last page. For the three months ended September 30, 2026, revenue was a record 24.2 million, up 14% from 21.2 million in the third quarter of 2025 and up 18% sequentially from 20.5 million in the second quarter. Pump revenue was 8.7 million, up 4% year over year as 3870 shipments continued to ramp. MRI-compatible patient vital signs monitoring systems contributed 8 million, up 17% year over year, and ferromagnetic detection systems contributed 0.5 million, up 28%.

On the recurring side, disposables revenue grew 21% to 5 million, amortization of extended maintenance agreements grew 31% to 0.8 million, and services and other grew 42% to 1.2 million. For the nine months, revenue was 66.6 million, up 9% from 61.1 million in the prior-year period. Domestic sales accounted for 82% of total revenue in the third quarter, down from 85% a year earlier. International revenue grew 45% to 4.5 million, while domestic revenue grew 9% to 19.7 million.

Over the nine months, domestic sales accounted for 82% of revenue, down from 85% a year ago, while international revenue rose 37% to 12.2 million. Gross profit for the quarter was 18.5 million, with a 76% margin, up from 16.5 million and 78% in the third quarter of 2025. Sequentially, gross margin improved 2 points to 74% from 72% in the second quarter as 3870 production volumes increased and we began realizing the manufacturing efficiencies we anticipated. The year-over-year decline reflects the remaining initial production inefficiencies on the new 3870. For the nine months, gross profit was 50.4 million, with a 76% margin compared with 77% a year earlier.

We expect gross margin to continue to improve in the fourth quarter as 3870 volumes build. Total operating expenses for the quarter were 10.3 million, up 7% from 9.7 million, but declined to 43% of revenue compared with 46% a year ago. General and administrative expense was 4.5 million, up 4%, primarily due to higher legal and professional fees, consulting, and payroll and benefits. Sales and marketing expense was 4.9 million, up 6%, primarily due to higher sales commissions on increased monitor and 3870 bookings in the quarter. Research and development expense was 0.9 million, up 30%, primarily reflecting lower capitalization of payroll costs for internal software development in the quarter.

Income from operations for the quarter was 8.1 million, or 34% of revenue, up 19% from 6.8 million, or 32% of revenue a year ago. Tax expense for the quarter was 2.2 million with an effective tax rate of 24.9%, up from 23.6% in the third quarter of 2025. The rate differs from the U.S. federal statutory rate primarily due to state income tax expenses and nondeductible compensation expense, partially offset by benefits from foreign-derived income and research and development tax credits.

As we discussed on our last call, the windfall deduction tied to the vesting of equity grants, most of which occurs in the fourth quarter, will be smaller than we originally anticipated, and we expect an effective tax rate of approximately 24% to 25% for the fourth quarter. Net income for the quarter was 6.5 million, or $0.51 per diluted share, up 17% from 5.6 million, or $0.43 per diluted share a year ago. Non-GAAP net income was 7.1 million, or $0.55 per diluted share, compared with 6.1 million, or $0.47 per diluted share, excluding 0.6 million and 5.0 million, respectively, of stock compensation expense, net of tax benefit. For the nine months, net income was 17.5 million, or $1.37 per diluted share, up 9%, and non-GAAP net income was 19.3 million, or $1.50 per diluted share, up 8%.

We ended the quarter with cash and cash equivalents of 63.3 million, up from 59.1 million at the end of the second quarter and 51.2 million at year-end. Cash flow from operations was 7 million for the quarter, consistent with the prior-year quarter, and 21.2 million for the nine months, up 12%. Capital expenditures were 0.2 million for the quarter and 1.1 million for the nine months, down from 8 million in the prior-year period, which included construction of our new corporate office and manufacturing facility.

Non-GAAP free cash flow was 6.8 million for the quarter, up from 5.7 million, and 20.1 million for the nine months, up from 11 million. On the dividend, our board of directors also declared a regular quarterly cash dividend of $0.20 per share payable on November 27, 2026 to stockholders of record as of the close of business on November 13, 2026. For the fourth quarter, we expect revenue of 25 million to 26.5 million, GAAP diluted earnings per share of $0.53 to $0.57, and non-GAAP diluted earnings per share of $0.57 to $0.61. For the full 2026, we are updating our guidance and now expect revenue of 91.7 million to 93.2 million, compared to our prior range of 91 million to 96 million; GAAP diluted earnings per share of $1.90 to $1.94 compared to $1.92 $0.05; and non-GAAP diluted earnings per share of 2.06 to 2.10 compared to 2.06 to $2.21.

Our non-GAAP earnings per share guidance excludes stock-based compensation expense, net of tax, which we expect to be approximately 0.6 million for the fourth quarter and about 2.5 million for the full year. And with that, I will now turn it over to the operator for questions.

OPERATOR

Thank you. To ask a question, please press star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press star 11. Again, our first question comes from the line of Anderson Schoch with Ross Capital Partners. Your line is now open.

Anderson Schoch (Analyst at Ross Capital Partners)

Hi, thank you for taking the questions, and congrats on the strong quarter. So third-quarter bookings were record, but the full-year revenue guidance on the top end came down about 3 million. Could you discuss what you’re seeing that drove this revision?

Roger Susi (President and Chief Executive Officer)

Oh, yeah, for sure. Good to have you on the call. This is Roger Susi. So yeah, it was, you know, basically that, you know, the ramp in these pumps was tough. And even though, as I pointed out, we increased things by enormous percentages, to make up that difference of the 2.8 million or so you see for the year would have required even a higher lift of the number of pump channels that we would have put out. So though the team did great, lifting the output with over 100% increase Q2 to Q3 and again here, plus 50-plus percent in Q4 we’re shooting for, we can’t get out over our skis pushing this ramp rate so far, so hard that the quality slips.

And so, yeah, you have to pay that piper and you have to be careful that the ramp rate’s not so ridiculously high that you can’t keep the quality up. And so, yeah, we have to have a little bit of throttle on that.

Anderson Schoch (Analyst at Ross Capital Partners)

Okay, got it, thank you. And then disposables grew 21%. How much of that growth came from the newer 3870 installed base versus the 3860 base? And now that the early 3870 sites have had a few months to use, I guess, what are you seeing in disposable pull-through per channel compared with a 3860 channel?

Roger Susi (President and Chief Executive Officer)

Well, frankly, not yet. Almost none, though. We ship these things; people don’t start using them really until we get out there and do the in-servicing, and that process takes itself six, eight weeks. So essentially, though we shipped a lot of 3870s—great for revenue—the actual usage yet in the field would be only starting to ramp up. So that effect we should see as we get towards the end of Q4. But what we see thus far, not so impactful from the new pump.

These disposable sales are still ramping from the original base, both of monitors and the older pump. So I guess the good news is, again, as we pointed out, with 70% of our customers basically doubling the channels they have—going to the quad stack from having two channels of the older system—we do anticipate an effect on those disposables. But you’re not seeing it yet. No. Too soon.

Anderson Schoch (Analyst at Ross Capital Partners)

Okay, got it. Thank you for taking the questions.

OPERATOR

Thank you. Our next question comes from the line of Frank Takanen with Lake Street Capital Markets. Your line is now open.

Frank Takanen (Analyst at Lake Street Capital Markets)

Great, thanks for taking the questions. Congrats on all the progress. I was hoping to take an initial stab at 2027. I know you’re not providing formal guidance at this time, but trying to square between your commentary of selling in the neighborhood of about a thousand channels of 3860 to going to 2000 of the 3870 at that higher ASP. So going from in the neighborhood of kind of 30, 30 million of pump revenue into the kind of 50 million range, how should we think about the timeline to that?

You’ve got obviously a lot of wind at your sails related to ordering patterns and your manufacturing scaling up, but how should we expect that to kind of translate to revenue in 2027 on the pump line?

Roger Susi (President and Chief Executive Officer)

You said it right. So as we start to get towards—in Q4 we’re going to put out, as I said, another 50% or more channels over Q3 and start to approach 500 channels, and that’ll continue through 2027. Now the ramp rate of the output won’t be 50%, but we’ll go from 500, you know, 560, 570, you know. Now those added number of channels throughout each quarter next year won’t be at this 50% or 100% quarter-over-quarter rate, but the platform, the base, will start in the 500s with Q1.

So given the ASP that we’ve been reporting, it’s pretty simple math, and I think you got it where these new pumps are going to take us from a standpoint of the revenue provided from the pump hardware. And then the other question is also, as people start to use these new pumps, we expect that to begin to pull through IV sets, which I said we haven’t seen that effect yet because they’re just beginning to actually use them, and we say that’ll start to compound throughout 2027 as well.

Frank Takanen (Analyst at Lake Street Capital Markets)

Got it. Very helpful. Maybe to follow up a little bit on your greenfield commentary, we’d be curious how those decisions were made and how their ordering patterns are going—related to if they’re also pursuing quad stack configurations—or what specifically maybe did they like more about the 3870 that they didn’t like on the 3860 that got them over the line?

Roger Susi (President and Chief Executive Officer)

Yeah, great question, but we don’t talk too much about the Greenfield. You know, the opportunity still remaining from this older installed base is just, you know, that’s such a big number. It tends to suck up all the air in the room. But yeah, the Greenfield, as I pointed out, we have been pleasantly surprised that we’ve sold a few of those that I mentioned here in my comments earlier where basically there were customers that, matter of fact we have two contributions to this Greenfield.

You know, we had customers that jumped. They just remained doing it the old way with the long lines or refusing to do patients in the MRI that need IV fluids delivered. They just were tickled by the design, the use model of the old 3860. I think I’ve spoken to this in years past that the 3860 pump, of course that thing’s genesis was 2005. It’s 21 years old in its look and how it’s used. And so people look at that and they think, you know, we really want something a little bit more updated and more automated, let’s say in its use, number one.

And number two, we tailored that pump after there’s three big manufacturers of IV pumps in this market and in the rest of the market outside of the MRI, that is. And we tailored it after one of them. So facilities that had been using one of those other three non-MRI pumps throughout the rest of the facility could warm up to the use of the 3860 because it kind of had the same look and feel. But the flip of that is it didn’t have the look and feel of the other two-thirds of the market.

So people that were schools of thought from those other two-thirds type pumps, you know, would look at it, oh, it’s too difficult for our team to learn something else. We’re worried they’ll make mistakes. You know, there’s a host of reasons and they basically poo-pooed it. So those are Greenfield customers that we at least had reached and got turned down. And there’s still a Greenfield of customers that we haven’t even talked to yet. And there’s also some Greenfield for customers who bought a 3860 and their usage on it went down. The champion who decided to buy the pump in the first place in the facility moved on. Others didn’t know how to use it. And some of these pumps sat a little bit dormant. And we’ve talked about that in relationship to the number of disposables that are being consumed.

We can tell where the users have gone pretty light on us. And that is essentially Greenfield as well. We’ve also sold some of those customers who, though they bought 3860s, they weren’t fans, they weren’t big fans, they were underutilized. And some of those, when shown the 3870 as well as this other Greenfield, people that never bought it in the first place, they just find the pump very attractive use model. I’ve spoken to this before where this is really what the genesis of the new pump was. As a mechanism, the pumping, the heart of it, the electromechanical part that moves fluid, it’s not much different. Accuracy similar, you know, those things we didn’t change much. Pump’s a pump. It’s the user interface, and we put sensors and some intelligence into the device so we could tell what the person’s doing as well as we put little animations on the screen to help them learn to use the pump so they’re not fearful of it and their outcome is going to be great.

And they’re seeing it. This is what we’re extremely proud of. They’re seeing it. I kind of mentioned that earlier and I think this is what is really getting this attention from these users that kind of turned their back on us before and coming back real strong and just loving this new pump. Yeah, the monitor’s doing great. So, you know, we’ve done a few things to, you know, enhance it. We expanded the— We expanded the remote capability, which seems to be interesting to not a large group of folks, hospitals, but a significant number where, I don’t know if you recall the configuration of the device, but we have these wireless remote controls that we put in the control room for both the monitor and the pump, because people aren’t in that room, that magnet scan room with the patient.

They’re in the control room or elsewhere. And so we have remotes out there so you can completely monitor the vital signs, for example, of the monitor and set the alarm limits and so forth from wherever you want to sit out in this area that’s not inside that scan room. We expanded that recently. We made a capability where you can put another remote, actually two more remotes elsewhere in the building, and we hook them up through your network, the hospital’s backbone wired Ethernet network.

And so that fits the bill for some users. And it’s given us more to talk about with the monitor. So, yeah, we see the monitor—bottom line, it’s still very much on point. Competitors haven’t done anything to shore up the deficiencies or the weaknesses they have vis-à-vis our monitor and, in fact, we’ve extended it a little bit with this extra twin remotes you can place elsewhere in the building. So, yeah, monitor—though its growth rate is not anywhere near what the new pump’s growth rate is, of course—it’s still growing. We’re able to push up.

We’re able to push that rope along. So, very happy with that.

OPERATOR

Thank you. Our next question comes from the line of David Saxon with Needham and Company. Your line is now open.

David Saxon (Analyst at Needham & Company)

Oh, great. Good morning, Roger and Jack. Thanks for taking my questions. So maybe just to follow up on the fourth quarter guidance. Roger, in the past you had talked about reaching a $50 million run rate for pump revenue in the fourth quarter. So is that still what’s implied or assumed in the fourth quarter guide?

Jack Glenn (Chief Financial Officer)

That was not just pump revenue, that was overall revenue, right? Yeah, 25 million.

Roger Susi (President and Chief Executive Officer)

I missed your question, David, but go ahead. You said 50 or what? I mean—

David Saxon (Analyst at Needham & Company)

Yes, sorry. So I think in the past you had talked about reaching a $50 million run rate for pump revenue in the fourth quarter and that would also get you to a $100 million run rate for total. So the question is—

Roger Susi (President and Chief Executive Officer)

Oh, yeah, if you annualized it out yearly. So in the quarter, 12.5 million, let’s say. Right, that’s what you’re saying. Yes, right—

David Saxon (Analyst at Needham & Company)

Exactly. So is that still what’s implied in the fourth quarter guide?

Roger Susi (President and Chief Executive Officer)

Yeah, I’d say so, for sure. We’re looking at, as I mentioned, you know, we’re going to push towards another 50-plus percent increase in the pump output and revenue and that means about 500 units. So, yeah, at this ASP. You got it. That’s right.

David Saxon (Analyst at Needham & Company)

Okay, great. And then maybe just taking a stab at ’27, understanding you’re not going to give guidance, but, so, you know, fourth quarter guide implies $103 million run rate. It sounds like output growth is going to be more modest in ’27. So should we be expecting some modest growth off the 103 in 2027? Is that a fair framework to kind of think about the kind of scenarios for ’27?

Roger Susi (President and Chief Executive Officer)

Oh boy. Well, I differ with you a bit on using the word modest. Modest compared to—modest compared to our peers. I think we’re going to see double digit, upper, double, you know, upper teens of growth in 2027. I’m not so sure that’s modest at all. But yeah, I think we’re going to be doing the kind of growth that we were putting on the boards back in previous years and breaking revenue records quarter after quarter again. But if 15, 16, 17% growth is modest?

Well, I guess it’s modest, but I don’t think so. I think we’re going to be growing the business pretty good throughout 2027. Though the number of pumps—yeah, when we talk about the growth and the number of pumps we produced being in the hundreds of percent from Q2 to Q3 and 50-plus percent Q3 to Q4, well, yeah, that’s not going to be what you see, but the revenue growth rate will be, I think, toe to toe with any of the best of our peers.

David Saxon (Analyst at Needham & Company)

Yeah, that was helpful. Just to clarify, I was talking more about manufacturing, not expecting 50%. That’ll moderate, obviously. But no, I appreciate the color on ’27 and, and maybe just to get Jack involved, gross margin, obviously seeing some nice improvement. How are you thinking about that sequential improvement continuing into the fourth quarter? And then as we think about the next 12 months, considering the price benefit of the 3870 and whatnot, how should we think about the continued magnitude of gross margin improvement potential?

Thanks so much.

Jack Glenn (Chief Financial Officer)

Sure. Yeah, so I think, yeah, as we pointed out, we believe that the fourth quarter will be an improvement on the third, which is 76%. Right. So we think, I think going in Q4, we will see that sequential improvement. But I would also just say, yeah, in the not too distant future, I think in early next year, based on these kind of volumes, you will see us getting back to those historical 77, 78 and even, potentially even better as time goes on. The key again to that is we’re going to obviously get better at making these pumps, but also is that ASP factor that really gets factored in going forward.

And what we’re seeing, especially selling these quad systems, which are, you know, $100,000 or north of $100,000.

David Saxon (Analyst at Needham & Company)

Great. Thanks so much, guys.

Roger Susi (President and Chief Executive Officer)

You’re welcome. Thanks. Yeah, I’d add maybe, you know, in this quarter we did have a, you know, we’ve spoken about this before, but our balance between domestic and international business was more favorable—international, which is lower margin business. So, yeah, we still hit a gross margin of 76% with a rather large contribution of the lower margin international business. So bear that in mind, too. And yeah, so as we get into 2027, you know, always international quarter to quarter—you’ve seen that in our history. When international’s up, you know, it pinches the gross margin a bit because that’s lower, you know, we discount that more heavily for our distributors. And number two, tax rate, as Jack reported, tax rate’s a little bit higher than historical here for us as well. So we’ll see how the taxes go through the next year, also affect on the bottom line.

But thanks for all the questions.

OPERATOR

Thank you. And I’m currently showing no further questions at this time. I’d now like to hand the call back over to Roger Susi for closing remarks.

Roger Susi (President and Chief Executive Officer)

Well, thank you. Well, it should be clear with the record revenue and record bookings in the quarter, continued strong customer reception of the new 3870 pump and another record quarter for monitor bookings and improving manufacturing efficiencies, we believe we’re well positioned for a strong finish to the year. And of note, our fourth quarter guidance puts iRadimed at its anticipated $100 million plus annualized run rate. So I’d like to thank you all for joining today’s call.

And I look forward to continuing to ramp production and regain efficiencies as we capitalize on the huge opportunities before us. Thank you.

OPERATOR

Thank you. This concludes the call. You may now disconnect.

Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company’s SEC filings and official press releases. Corporate participants’ and analysts’ statements reflect their views as of the date of this call and are subject to change without notice.