MRI accessories developer IRadimed posted strong revenue and income gains for the fourth quarter and 2019.
For the quarter (end-December 31, 2019), revenue increased by more than 30% to $10.9 million, compared with $8.3 million in the fourth quarter of 2018. Net income in the fourth quarter climbed to $3.2 million from approximately $1.7 million in the same quarter a year ago.
Revenue for the firm increased to $38.5 million in 2019, compared with $30.4 million in 2018. Net income increased to $9.6 million for the year, compared with a net income of $6.3 million in 2018.
IRadimed attributed its growth to a record high number of orders for the year. In addition, the fourth quarter was the first quarter in which the company saw sales that passed $10 million.
