MRI accessories developer IRadimed has posted mixed results for its 2017 fourth quarter and year-end (end-December 31, 2017).
For the quarter, the company reported revenue of $6.7 million, up 12% from $6 million in the same period in 2016. Net income was $200,000, compared with $1.1 million last year. The company's sales in the U.S. accounted for 79.4% of its total revenue, compared with 85.5% for the fourth quarter in 2016.
For the year, IRadimed posted revenue of $23.1 million, down 28% from $32.5 million in the same period of 2016. Net income was $500,000, compared with 2016's $7.2 million. Sales in the U.S. were 84.5% of total revenue, compared with 88.9% for the same period in 2016.
The company attributed its lower net income for both the fourth quarter and the year to the Tax Cuts and Jobs Act (TCJA), which was enacted on December 22, 2017.
"The reduction in the U.S. Federal corporate tax rate negatively impacted IRadimed's fourth-quarter and full-year 2017 earnings but is expected to positively impact [the company's] future earnings," IRadimed said.
