olivLaw · US equity research
IRADIMED CORPORATION IRMD
Surgical & Medical Instruments & Apparatus · SIC 3841 · Vertical: Surgical & Medical Instruments & Apparatus (SIC 3841)
IRADIMED develops and sells MRI-compatible medical devices, especially intravenous infusion pumps and vital signs monitors that can be used inside the scanner room. The company reported annual revenue of 83.8 million USD in fiscal 2025, and the launch of the MRidium 3870 pump could support growth in 2026.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, IRADIMED CORPORATION (IRMD) stock was 85.54 USD (−3.43% on the day), with market capitalisation 1.1 bn USD, P/E 45.7 on diluted EPS of 1.87 USD over the last 12 months, dividend yield 1.48%, beta 0.79, 52-week range 76.68–105.15 USD. Latest reported quarter (Q3 2026): revenue of 24.2 m USD (+14.2% YoY), net income of 6.5 m USD (+16.7% YoY), diluted EPS 0.51 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 50.6
- neutral
- Bollinger (20, 2)
- 79.06 – 93.02
- in the lower half of the band · %B 0.46 · band width 16.2%
- SMA 50 / 200
- 85.34 / 92.16
- mixed trend
- MACD (12, 26, 9)
- -0.78 / -0.68
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.8% | −1.1% | +1.9 pp | — |
| 3 months | −6.2% | −0.5% | −5.8 pp | — |
| 6 months | −1.4% | +4.4% | −5.8 pp | — |
| Year to date | −12.1% | +12.3% | −24.4 pp | — |
| 1 year | +0.7% | +13.5% | −12.9 pp | −31.3% |
| 3 years | +101.6% | +76.4% | +25.1 pp | −15.1% |
| 5 years | +124.6% | +63.7% | +60.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 19.4 m | 19.5 m | 20.4 m | 21.2 m | 22.7 m | 22.0 m | 20.5 m | 24.2 m |
| Cost of revenue | 4.6 m | 4.7 m | 4.5 m | 4.7 m | 5.7 m | 5.2 m | 5.3 m | 5.7 m |
| Gross profit | 14.8 m | 14.8 m | 16.0 m | 16.5 m | 17.0 m | 16.8 m | 15.2 m | 18.5 m |
| Research & development | 570.4 k | 624.0 k | 877.0 k | 674.0 k | 799.0 k | 956.0 k | 657.0 k | 875.0 k |
| Operating income | 5.8 m | 5.4 m | 6.8 m | 6.8 m | 7.1 m | 7.2 m | 6.4 m | 8.1 m |
| Depreciation & amortisation | 195.2 k | 194.0 k | 208.0 k ≈ | 383.0 k ≈ | 381.0 k | 455.0 k | 410.0 k ≈ | 412.0 k ≈ |
| Pre-tax income | 6.3 m | 5.9 m | 7.3 m | 7.3 m | 7.8 m | 7.8 m | 6.9 m | 8.7 m |
| Income tax | 1.2 m | 1.3 m | 1.6 m | 1.7 m | 1.3 m | 2.0 m | 1.7 m | 2.2 m |
| Net income | 5.1 m | 4.7 m | 5.8 m | 5.6 m | 6.4 m | 5.8 m | 5.2 m | 6.5 m |
| Diluted EPS | 0.40 ≈ | 0.37 | 0.45 | 0.43 | 0.50 ≈ | 0.45 | 0.41 | 0.51 |
| Operating cash flow | 6.0 m | 4.3 m | 7.7 m ≈ | 7.0 m ≈ | 5.9 m | 8.3 m | 5.9 m ≈ | 7.0 m ≈ |
| Capex | 2.8 m | 3.7 m | 2.6 m ≈ | 1.1 m ≈ | 294.0 k | 403.0 k | 185.0 k ≈ | 130.0 k ≈ |
| Dividends paid | 1.9 m | 2.2 m | 2.2 m ≈ | 2.2 m ≈ | 8.6 m | 2.6 m | 2.6 m ≈ | 2.6 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 53 percentile of its own 40-quarter history (min 18.3, median 42.1, max 332.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 30.4 m | 38.5 m | 31.7 m | 41.8 m | 53.3 m | 65.6 m | 73.2 m | 83.8 m |
| Revenue YoY | +31.9% | +26.5% | −17.7% | +31.8% | +27.5% | +23.0% | +11.7% | +14.4% |
| Net income | 6.3 m | 9.6 m | 1.4 m | 9.3 m | 12.8 m | 17.2 m | 19.2 m | 22.5 m |
| Net income YoY | +1,161.3% | +52.8% | −85.8% | +581.2% | +37.6% | +34.0% | +11.9% | +16.9% |
| Diluted EPS | 0.52 | 0.78 | 0.11 | 0.74 | 1.02 | 1.35 | 1.50 | 1.75 |
| Diluted EPS YoY | +1,200.0% | +50.0% | −85.9% | +572.7% | +37.8% | +32.4% | +11.1% | +16.7% |
| net % | 20.7% | 25.0% | 4.3% | 22.3% | 24.1% | 26.2% | 26.3% | 26.8% |
| Free cash flow | 7.1 m | 9.9 m | 5.4 m | 10.8 m | 9.2 m | 6.0 m | 17.6 m | 17.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 51.2 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 94.6 m USD
- Total assets
- 108.8 m USD
- Debt / equity
- unavailable
- Current ratio
- 7.98x
- ROE
- 24.8%
- ROA
- 21.7%
- FCF margin
- 20.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 31.7 m | 41.8 m | 53.3 m | 65.6 m | 73.2 m | 83.8 m | SEC (XBRL)· 06 Mar 2026verified |
| Cost of revenue | 8.1 m | 9.8 m | 12.0 m | 15.4 m | 16.9 m | 19.5 m | SEC (XBRL)· 06 Mar 2026verified |
| Gross profit | 23.6 m | 32.0 m | 41.3 m | 50.2 m | 56.4 m | 64.3 m | SEC (XBRL)· 06 Mar 2026verified |
| Research & development | 1.9 m | 1.9 m | 2.3 m | 2.9 m | 2.8 m | 3.0 m | SEC (XBRL)· 06 Mar 2026verified |
| Operating income | -756.1 k | 9.8 m | 15.6 m | 20.0 m | 22.0 m | 26.1 m | SEC (XBRL)· 06 Mar 2026verified |
| Depreciation & amortisation | 1.3 m | 1.4 m | 670.7 k | 765.2 k | 818.0 k | 1.2 m | SEC (XBRL)· 06 Mar 2026verified |
| EBITDA | 582.7 k ≈ | 11.2 m ≈ | 16.3 m ≈ | 20.8 m ≈ | 22.8 m ≈ | 27.3 m ≈ | SEC (XBRL)· 06 Mar 2026derived |
| Pre-tax income | -616.9 k | 9.8 m | 16.2 m | 21.7 m | 24.3 m | 28.4 m | SEC (XBRL)· 06 Mar 2026verified |
| Income tax | -2.0 m | 510.8 k | 3.4 m | 4.5 m | 5.0 m | 5.9 m | SEC (XBRL)· 06 Mar 2026verified |
| Net income | 1.4 m | 9.3 m | 12.8 m | 17.2 m | 19.2 m | 22.5 m | SEC (XBRL)· 06 Mar 2026verified |
| Diluted EPS | 0.11 | 0.74 | 1.02 | 1.35 | 1.50 | 1.75 | SEC (XBRL)· 06 Mar 2026verified |
| Weighted average diluted shares | 12.4 m | 12.6 m | 12.6 m | 12.7 m | 12.8 m | 12.9 m | SEC (XBRL)· 06 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 50.1 m | 62.0 m | 58.0 m | 49.8 m | 52.2 m | 51.2 m | SEC (XBRL)· 06 Mar 2026verified |
| Receivables | 4.6 m | 5.1 m | 13.3 m | 12.2 m | 10.6 m | 13.7 m | SEC (XBRL)· 06 Mar 2026verified |
| Inventories | 3.9 m | 4.3 m | 5.4 m | 12.8 m | 10.4 m | 11.6 m | SEC (XBRL)· 06 Mar 2026verified |
| Current assets | 63.7 m | 76.2 m | 77.5 m | 76.0 m | 75.2 m | 81.2 m | SEC (XBRL)· 06 Mar 2026verified |
| Property, plant & equipment, net | 2.1 m | 2.1 m | 2.4 m | 9.3 m | 16.8 m | 23.9 m | SEC (XBRL)· 06 Mar 2026verified |
| Intangibles (excl. goodwill) | 960.9 k | 1.1 m | 2.1 m | 2.5 m | 3.1 m | 3.4 m | SEC (XBRL)· 06 Mar 2026verified |
| Total assets | 71.1 m | 82.9 m | 85.5 m | 92.2 m | 98.3 m | 108.8 m | SEC (XBRL)· 06 Mar 2026verified |
| Accounts payable | 657.1 k | 782.9 k | 1.8 m | 1.9 m | 1.9 m | 1.8 m | SEC (XBRL)· 06 Mar 2026verified |
| Current liabilities | 4.9 m | 6.8 m | 8.6 m | 16.3 m | 8.5 m | 10.2 m | SEC (XBRL)· 06 Mar 2026verified |
| Total liabilities | 9.7 m | 10.7 m | 11.8 m | 20.7 m | 11.5 m | 14.2 m | SEC (XBRL)· 06 Mar 2026verified |
| Equity | 61.4 m † | 72.2 m † | 73.7 m † | 71.4 m † | 86.8 m † | 94.6 m † | SEC (XBRL)· 06 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 5.8 m | 11.3 m | 10.0 m | 13.5 m | 25.6 m | 24.9 m | SEC (XBRL)· 06 Mar 2026verified |
| Capex | 443.0 k | 482.3 k | 823.0 k | 7.4 m | 8.0 m | 7.8 m | SEC (XBRL)· 06 Mar 2026verified |
| Free cash flow | 5.4 m ≈ | 10.8 m ≈ | 9.2 m ≈ | 6.0 m ≈ | 17.6 m ≈ | 17.2 m ≈ | SEC (XBRL)· 06 Mar 2026derived |
| Investing cash flow | 247.0 k | 648.2 k | -1.4 m | -8.0 m | -8.8 m | -8.4 m | SEC (XBRL)· 06 Mar 2026verified |
| Financing cash flow | 522.5 k | 24.4 k | -12.7 m | -13.7 m | -14.3 m | -17.6 m | SEC (XBRL)· 06 Mar 2026verified |
| Dividends paid | — | — | 12.6 m | 13.2 m | 13.7 m | 15.0 m | SEC (XBRL)· 06 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 69 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.1 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet100
- Returns46
- Quality98
- Growth100
- Valuation27
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 32.73 – 64.58 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E32.73 – 64.58 (Mid 47.49)10 companies used · median multiple 25.4x · quartiles 17.5x – 34.5xBSX, DRIO, DXCM, GCTK, MMM, MMSI, PDEX, RMD, SYK, WST
- Dividend discount (DDM)unavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 69/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 26.8% | 97 (vs peers) | 10% |
| FCF conversion · Quality | 109.0% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 16.3% | 100 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | 19.7% | 100 (on a fixed band) | 13% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 9.0x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 45.7x | 25 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 2.4% | 30 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 1.5% | 21 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 62.1% | 83 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality98/100 · 2/3 factors with a value
- Returns46/100 · 2/2 factors with a value
- Valuation27/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
IRADIMED CORPORATION (IRMD). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 83.8 m USD in 2025; YoY growth 14.4%; net margin 26.8%; ROE 23.4%.
The estimated value range is 32.73–64.58 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 47.49 USD, the price of 85.54 USD leaves a potential of -44.5% (value / price − 1) and a margin of safety of -80.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 69/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 26.8%
- FCF conversion: 109.0%
- Revenue CAGR 3Y: 16.3%
- EPS CAGR 3Y: 19.7%
- Current ratio: 9.0x
- Payout ratio (FCF): 62.1%
What contradicts it
- P/E (TTM): 45.7x
- FCF yield: 2.4%
- Shareholder yield (distributions): 1.5%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Surgical & Medical Instruments & Apparatus (SIC 3841) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SYKStryker Corp | 129.3 bn | 36.2 | 16.0% | 13.8% | +11.2% | −8% / +15% |
| MMM3m Company | 100.2 bn | 28.9 | 80.8% | 14.0% | +1.5% | +13% / +134% |
| BSXBoston Scientific Corporation | 66.4 bn | 19.4 | 14.3% | 16.6% | +19.9% | −55% / −18% |
| BDXBecton, Dickinson And Company | 57.0 bn | 63.2 | 3.8% | 4.0% | +8.2% | +37% / +13% |
| RMDResMed Inc. | 33.8 bn | 21.9 | 26.4% | 27.8% | +9.9% | −6% / +52% |
| DXCMDexcom, Inc. | 33.0 bn | 34.8 | 37.7% | 19.4% | +15.6% | +39% / −23% |
| WSTWest Pharmaceutical Services, Inc. | 28.5 bn | 45.9 | 21.2% | 18.8% | +6.3% | +47% / +17% |
| TFXTeleflex Incorporated | 6.4 bn | — | -28.9% | -45.8% | +17.2% | +33% / −33% |
| MMSIMerit Medical Systems Inc | 5.4 bn | 33.7 | 9.8% | 9.9% | +11.8% | +3% / +25% |
| IRTCiRhythm Holdings, Inc. | 4.3 bn | — | -9.6% | -1.7% | +26.2% | −31% / +53% |
| PLSEPulse Biosciences, Inc. | 3.8 bn | — | -78.5% | -6,755.8% | unavailable | +288% / +488% |
| AORTArtivion, Inc. | 1.2 bn | — | -0.7% | -0.7% | +13.6% | −46% / +43% |
| IRMDIradimed Corporation | 1.1 bn | 45.7 | 23.4% | 26.8% | +14.4% | +1% / +102% |
| BBNXBeta Bionics, Inc. | 842.1 m | — | -23.9% | -65.3% | +53.9% | −51% / unavailable |
| KIDSOrthoPediatrics Corp | 841.3 m | — | -9.8% | -12.8% | +15.4% | +74% / +5% |
| DCTHDelcath Systems, Inc. | 502.8 m | 1,168.8 | 0.5% | 0.6% | +129.1% | +49% / +427% |
| OBIOOrchestra BioMed Holdings, Inc. | 337.8 m | — | -601.8% | -184.6% | +1,169.2% | +6% / −10% |
| PROFProfound Medical Corp. | 251.3 m | — | -73.5% | -171.6% | +50.7% | +4% / −37% |
| PDEXPro-Dex, Inc. | 195.8 m | 16.9 | 26.5% | 15.1% | +16.5% | +68% / +279% |
| GUTSFractyl Health, Inc. | 142.6 m | — | — | — | −100.0% | −95% / unavailable |
| APYXApyx Medical Corp | 128.9 m | — | -96.4% | -14.8% | +9.9% | −24% / +30% |
| LUNGPulmonx Corporation | 111.5 m | — | -90.3% | -47.9% | +8.0% | +58% / −77% |
| MBOTMicrobot Medical Inc. | 71.9 m | — | -32.9% | — | unavailable | −56% / −15% |
| RNXTRenovorx, Inc. | 53.7 m | — | -125.2% | -621.7% | +2,511.6% | +30% / +86% |
| SRTSSensus Healthcare, Inc. | 48.1 m | — | -34.8% | -88.5% | −34.3% | −30% / +21% |
1- and 3-year price returns: for IRMD from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 56.07 Total return -34% · Per year -34% | 98.67 Total return 15% · Per year 15% | 148.01 Total return 73% · Per year 73% |
| 3 years | 66.51 Total return -22% · Per year -8% | 130.49 Total return 53% · Per year 15% | 213.13 Total return 149% · Per year 36% |
| 5 years | 78.89 Total return -8% · Per year -2% | 172.58 Total return 102% · Per year 15% | 306.91 Total return 259% · Per year 29% |
- Exit P/E± 32.62
- Net margin± 22.84
- Annual revenue growth± 17.03
- Annual dilution± 1.92
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 8-K (30 Oct 2026 · results), 10-Q (30 Oct 2026).
In brief
IRADIMED develops and sells MRI-compatible medical devices, especially intravenous infusion pumps and vital signs monitors that can be used inside the scanner room. The company reported annual revenue of 83.8 million USD in fiscal 2025, and the launch of the MRidium 3870 pump could support growth in 2026.
SWOT
Strengths
- The company holds a leading position in a specialized segment, with a very high gross margin and an installed base that generates recurring revenue from disposables.
- Products are protected by patents and combine proprietary technology with the founder's long experience in the field, which supports credibility with clinicians.
- The financial position is solid, with strong operating cash flow and a profitability profile that allows regular dividends.
Weaknesses
- Revenue depends on a limited number of products, so a problem with these devices would have a large effect on the whole company.
- Manufacturing is concentrated in one facility and many suppliers are sole-source, which makes operations vulnerable to interruptions.
- Heavy reliance on the founder, who is also chief executive and holds significant influence over shareholder votes, concentrates leadership in one person.
Opportunities
- Wider use of the devices in intensive care, emergency rooms and intraoperative MRI could open new customer groups.
- Recovery of tariffs paid in the past, if the administrative process allows it, could bring an unexpected benefit.
- Adoption of the 3870 model and gradual replacement of the earlier platform could create a medium-term sales cycle.
Threats
- New imaging technologies or changes in MRI scanners could reduce the number of procedures or the demand for the company's devices.
- Changes in regulation, tariffs or trade policy could raise costs and affect selling prices.
- New entrants or pressure from large purchasing groups could erode margins and market share.
Risks
- Dependence on a few productshigh
Most revenue comes from the MRidium pumps and the 3880 monitor. Any interruption in sales or a regulatory decision affecting these devices could have a significant effect.
- Sole-source supply chainhigh
Many components are made by third-party suppliers, some of them sole-source, and the company sees no alternatives in the near term. Delays or quality problems could affect shipments.
- Single manufacturing sitemedium
Production and storage are concentrated in one location in Florida. A local incident could interrupt operations.
- Tariffs and trade policymedium
Changes in tariffs, sanctions and export controls can alter import costs and international sales. The tariff position after the Supreme Court ruling remains uncertain 2.
- Cybersecuritymedium
Information systems can be targeted by attacks, and a breach could affect operations, confidential data and reputation. Insurance coverage may be insufficient.
Investment thesis
What would need to be true (bull case)
- If the 3870 launch turns into large shipments in the second half of the year, revenue growth could accelerate beyond the pace seen in the second quarter.
- The high gross margin and recurring disposables revenue could support profitability even if equipment sales fluctuate.
- If recovery of tariffs paid becomes possible, an unexpected financial gain could improve results.
What would break the thesis
- If first-quarter growth does not hold, the annual guidance could be hard to reach, especially since the second half depends on 3870 shipments.
- Dependence on a few products and a single production site could mean that any incident has a large effect on results.
- If imaging technologies evolve or the number of MRI procedures falls, demand for the devices could weaken.
What to watch
- 3870 pump shipments and order trendsQ3 2026
- Achievement of annual revenue guidance against the reported range2026
- Trends in gross margin and sales and marketing spendingQ3 2026
- Status of tariff refunds and disclosures in the next annual reportnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 8-K (30 Oct 2026 · results), 10-Q (30 Oct 2026).
The business
IRADIMED CORPORATION develops, manufactures, markets and distributes MRI-compatible medical devices. Its main products are the MRidium pump system, with the 3870 model launched in 2025, and the 3880 vital signs monitor, both designed without magnetic components. Revenue comes from devices, accessories and disposables, maintenance agreements and services; in fiscal 2025 revenue was 83.8 million USD with an operating margin of 31.2% 1.
The company sells mainly to hospitals and acute care facilities. In the US it uses a direct sales force, and abroad it works through independent distributors in about 80 countries 1. Domestic sales made up 84% of revenue in 2025 1.
Products are manufactured and stored at a single facility in Florida, and many components come from third-party suppliers, some of them sole-source. The company itself lists this concentration as a risk 1.
Segments
MRI-compatible infusion pumps
The MRidium pumps are the largest device line. Pump revenue rose to 31.6 million USD in 2025 from 26.6 million USD in 2024, and the 3870 launch began to show up in orders in the first quarter of 2026 13.
3880 vital signs monitors
The 3880 monitor uses non-magnetic components and can operate in strong magnetic fields. Revenue from this line was 26.4 million USD in 2025, up year on year, and the market is described as driven more by replacement cycles than by new adoption 1.
Disposables and services
Disposable IV tubing sets, maintenance and services create recurring revenue tied to the installed base. Disposables grew to 17.6 million USD in 2025, showing that revenue also depends on devices already in use 1.
Market context
The company estimates potential sales of about 27,350 pump systems and as many monitoring systems, based on the number of MRI scanners installed in acute care facilities worldwide 1. The monitor market is considered well developed, while the pump market is seen as a patient safety requirement. Expanded use in intensive care units and intraoperative settings is presented as a growth path 1.
Selling cycles for these devices have typically lasted between three and six months, and contracts with integrated delivery networks and group purchasing organizations can influence sales volume 21.
Trends
- Launch of the MRidium 3870 pumptailwind
The 3870 received FDA clearance in May 2025 and the first shipment took place in December 2025. Early orders exceeded the typical size of the prior generation, which could accelerate revenue in the second half of 2026 13.
- Tariff refunds that may become possiblemixed
A February 2026 Supreme Court ruling determined that certain tariffs were not lawfully imposed, which could allow recovery of amounts already paid. The company cannot yet estimate the amount or timing of any refunds 2.
- Geopolitical tensions and supply chainsheadwind
Conflicts in the Middle East and changing trade policies have added uncertainty in international markets, with possible supply disruptions and higher transport costs. So far the company has not reported a material impact, but the situation remains dynamic 2.
- Wider hospital use of MRI-compatible devicestailwind
Intra-hospital use of MRI is growing, and the devices can be used in intensive care units and image-guided surgery, opening sales points beyond the radiology department 1.
Competitive position
The documents describe the company as the only known provider of non-magnetic infusion pump systems designed specifically for MRI. Competition comes mainly from makeshift approaches such as standard pumps on long tubing, shielded boxes or gravity drip, as well as from other makers of MRI-compatible monitors 1.
The company notes that its markets are very competitive and that some of its products sit in a mature market. New competitors or advances in MRI scanner technology could reduce its market share 1.
- Koninklijke Philips N.V.PHG
Named in the documents as having acquired, through a chain of acquisitions, an earlier MRI-compatible monitoring business; its current position in this segment is not detailed in the sources reviewed.
- Makers of standard shielded pumps
Standard pumps placed in a shielded box are an alternative some hospitals use, although the documents say this approach has not been widely accepted.
- Other MRI-compatible monitor makers
Other manufacturers offer MRI-compatible vital signs monitors, and the company argues its compact and lightweight design is an advantage over these systems.
- Improvised infusion setups
Extension tubing and gravity drip need no capital investment, but the company argues they are risky for dosing accuracy.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report30 Oct 2026
- Current report30 Oct 2026Results of operations · Financial statements and exhibits
- Current report (amendment)18 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report31 Jul 2026
- Current report31 Jul 2026Other events
- Current report24 Jun 2026Shareholder vote
- Quarterly report01 May 2026
- Current report01 May 2026Results of operations · Financial statements and exhibits
- Proxy statement30 Apr 2026
- Annual report06 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / IRADIMED CORPORATION · 06 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / IRADIMED CORPORATION · 31 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / IRADIMED CORPORATION · 01 May 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.