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| And actually, on the monitoring side, we were able to get some price increases up from an ASP standpoint, and that certainly has helped us overcome some of the material costs that we've been seeing as everyone else has been over the last year |
| So yeah, I think we've got a nice surprise that not only were we getting quite a few hundred RFQs, as you said, and we quoted -- resulted in quotes to those customers, but some of those customers turned around and placed orders, which was more rapid than we thought they would, resulting in the pump business up pretty good in 2023 |
| I'm very happy to report our 10th consecutive record quarter |
| Jack Glenn That varies also just by geographic mix quarter-to-quarter, right, in product mix and -- but I would say that our ASPs have certainly stayed very strong |
| I think that, Frank, from a pump perspective, we've seen and you'll see in -- you saw in Q4 that we had a very strong orders coming in and bookings from the program that we've talked about on the end of life |
| The MRI patient vital signs monitor continues to gain acceptance and new customers, and once again, with some sizable orders this past quarter |
| We believe Q4 2023 further demonstrates the strength of IRadimed's product offerings and our ability to execute |
| Sales of our MRI IV pump came in very strong |
| The 3880 MR patient monitor device sales increased 17% and the 3860 IV pump sales rose close to 35% in 2023, helped by the replacement strategy I spoke of earlier |
| Thusly, we are bullish regarding growth of this older product through 2024 |
| It's also a great pride that we can guide that we expect strong performance as the new year progresses |
| We have an expanded selling plan for these coming quarters to keep pushing the monitor business forward as we continue to gain a significant share of the market |
| But in fact, the pump that's getting a boost on top of that from the obsolescence that we did in September -- back in August or September, we advised our customers we wouldn't be selling extended maintenance on 7-plus -- 7-and-older-year pumps |
| All in all, we are very proud to deliver such performance to our shareholders and look forward to 2024 |
| And although a strong backlog of bookings provides excellent visibility and it allows us to maneuver and reallocate resources as supply issues may arise, we are striving to reduce the backlog and deliver products with less customer lead time, thus -- which what we started in Q3 |
| As a result, income from operations grew 21% to $5.2 million for the 2023 fourth quarter |
| And so, we're pretty happy that, that trend is going to carry on for the next several months yet and breathe quite a bit of life still on the old pump |
| GAAP diluted earnings per share for the fourth quarter were $0.36, while non-GAAP diluted earnings were $0.39 per share, a 22% increase over Q4 '22 |
| The monitors continue to grow in that double-digit-type growth |
| Domestic sales increased 12% to $13.6 million, and international sales increased 45% to $3.8 million |
| Our entire team's commitment, focus and can-do attitude pulls together to provide the winning performances we have achieved |
| This was driven by a 60% increase in monitor revenue |
| One other question, you said you had a better-than-expected strength with the pump business |
| We feel that such external inputs would help us produce a more concise 510(k) filing and so shorten the lead time the FDA needs for clearance |
| Device revenue increased 31% to $12.8 million |
| As this morning's press release announced, fourth quarter 2023 revenue came in at $17.5 million, representing a 17.4% increase over the fourth quarter of 2022 |
| And with our new program for field replacements of older pumps targeted to start after New Year, we received and pleasantly were surprised by having brought in orders in -- per the plan in Q4 ahead of plan |
| As we reported earlier this morning, revenue in the fourth quarter of 2023 was $17.5 million, an increase of 17% compared to the fourth quarter of 2022 |
| The increase in gross margin is primarily due to the increased absorption of fixed overhead from the higher production volumes in the quarter |
| And with that, I look forward to reporting our future successes as the year progresses, and thank you all very much |
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| Revenue from disposables and services decreased 8% to $4.1 million for the fourth quarter of 2023, while our maintenance contracts were down 13% at $518,000 |
| As I had indicated earlier in 2023, we plan to reduce our lead times, which in turn means reducing the backlog |
| And these costs have been, in fact, impacting earnings, but I do not see them rising materially as we move forward |
| So going forward, we probably are a little more optimistic on the pumps than maybe before from that perspective |
| IRadimed reminds you that future results may differ materially from these forward-looking statements due to several risk factors |
| However, we still have a bit more backlog and associated long customer delivery lead time than we preferred |
| But that's where we feel the best return is for our sales efforts, if you will, but they are rather slow to get that prime the pump, so to say |
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