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Iradimed Corp (IRMD)
NASDAQ:IRMD
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Iradimed
(NASDAQ:IRMD)
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Rating:79Outperform
Price Target:
$113.00
▲(47.87% Upside)
Action:ReiteratedDate:01/13/26
IRMD scores well primarily due to strong financial performance (high margins, minimal leverage) and supportive technicals (clear uptrend with positive momentum). The elevated P/E meaningfully tempers the score, while the latest earnings call adds support via raised guidance and continued record revenue, partially offset by higher opex and international regulatory delays.
Positive Factors
Revenue Growth
Consistent revenue growth over 17 quarters indicates strong market demand and effective sales strategies, supporting long-term business expansion.
Product Innovation
The introduction of innovative products like the 3870 MRI IV pump positions Iradimed as a leader in MRI-compatible technology, driving future growth.
Balance Sheet Health
A strong balance sheet with low leverage enhances financial stability and provides flexibility for strategic investments and growth opportunities.
Negative Factors
High Operating Expenses
Rising operating expenses can pressure margins and reduce profitability, potentially impacting the company's ability to invest in growth initiatives.
Regulatory Challenges
Regulatory delays in key markets like Europe and Japan can hinder international expansion and limit revenue growth potential in these regions.
Limited International Sales Growth
Stagnant international sales suggest challenges in global market penetration, which could restrict overall revenue diversification and growth.
Iradimed (IRMD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.29B
Dividend Yield1.22%
Average Volume (3M)65.30K
Price to Earnings (P/E)58.0
Beta (1Y)0.69
Revenue Growth12.91%
EPS Growth13.24%
CountryUS
Employees160
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)0.54
Shares Outstanding12,721,156
10 Day Avg. Volume63,187
30 Day Avg. Volume65,303
Financial Highlights & Ratios
PEG Ratio3.08
Price to Book (P/B)8.03
Price to Sales (P/S)9.51
P/FCF Ratio39.55
Enterprise Value/Market Cap0.94
Enterprise Value/Revenue15.02
Enterprise Value/Gross Profit19.49
Enterprise Value/Ebitda43.56
Forecast
1Y Price Target
$120.00Price Target Upside57.03% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)2.12
Revenue Forecast (FY)$91.10M
Iradimed Business Overview & Revenue Model
Company DescriptionIRADIMED CORPORATION develops, manufactures, markets, and distributes magnetic resonance imaging (MRI) compatible medical devices, and related accessories and services in the United States and internationally. It offers MRidium MRI compatible intravenous (IV) infusion pump system with associated disposable IV tubing sets; and MRI compatible patient vital signs monitoring system. The company also provides non-magnetic IV poles, wireless remote displays/controls, side car pump modules, dose error reduction systems, and SpO2 monitoring with sensors and accessories. It serves hospitals, acute care facilities, and outpatient imaging centers. The company sells its products through direct field sales representatives, regional sales directors, clinical support representatives, and independent distributors. IRADIMED CORPORATION was incorporated in 1992 and is headquartered in Winter Springs, Florida.
How the Company Makes MoneyIradimed generates revenue primarily through the sale of its MRI-compatible products, including infusion pumps and monitoring systems. The company has established a recurring revenue stream through the sale of disposables and accessories that are used in conjunction with its devices. Additionally, Iradimed benefits from strategic partnerships with healthcare providers and institutions, which facilitate the adoption of its technologies and expand its market reach. The company's revenue model is further supported by ongoing research and development efforts aimed at introducing new products and enhancing existing offerings, ultimately driving sales and market penetration.
Iradimed Key Performance Indicators (KPIs)
Iradimed Earnings Call Summary
Earnings Call Date:Feb 10, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 24, 2026
Earnings Call Sentiment Positive
The call was largely positive: management reported broad-based, double-digit revenue growth, improved EPS, strong gross margins, healthy cash balances, and encouraging early demand and ASP uplift potential from the new 3870 pump. Key risks center on the operational transition from the legacy 3860 to the 3870 (inventory management and subscale margin pressure early in the ramp), geographic concentration in the U.S., and delayed international regulatory clearances. Provided execution on manufacturing ramp, sales bookings, and hospital adoption proceeds as planned, the company is positioned for meaningful revenue acceleration in 2026; however, near-term operational and timing risks merit monitoring.Q4-2025 Updates
Positive Updates
Record Revenues and Growth Pace
Q4 2025 revenue of $22.7M, a 17% increase YoY; fiscal 2025 revenue of $83.8M, up 14% YoY. This marks the company's 18th consecutive quarter of record revenue.
Profitability Improvement
Q4 GAAP diluted EPS $0.50, up 25% YoY; Q4 non-GAAP diluted EPS $0.54, up 23% YoY. FY GAAP diluted EPS $1.75, up 17%; FY non-GAAP diluted EPS $1.93, up 16%.
Strong Gross Margins
Gross margin of ~75% in Q4 and ~77% for the full year, consistent with prior year and indicative of sustained high-margin profile.
Product Line Strength and Mix
MRI-compatible IV infusion pump systems generated $9.1M in Q4 (up 20% YoY); patient vital signs monitoring systems $7.1M (up 7.5% YoY); disposable revenue $4.3M (up 18% YoY). Ferromagnetic detection systems also grew.
Cash, Cash Flow and Operational Income
Cash & cash equivalents of $51.2M at year-end. Q4 cash flow from operations $5.9M and FY $24.9M. Q4 operating income $7.1M and FY operating income $26.1M; non-GAAP free cash flow $5.5M Q4 and $16.5M FY.
New Product Launch and ASP Upside
Initial deliveries of 23 units of the new 3870 MR IV pump in December; company expects 3870 deal ASP to increase 10%–14% versus prior product and to drive higher utilization and greenfield penetration.
Large Replacement Opportunity and 2026 Targets
U.S. market has ~6,400 5+-year-old 3860/3861 pump channels eligible for replacement. Current domestic sales ~1,100 channels/year; management targets adding ~1,000 replacement channels/year starting Q2 2026 and selling north of 2,000 3870 channels annually domestically, implying an approximate $50M pump run rate and company confidence in a $100M+ revenue run rate in 2026 when combined with disposables, maintenance, international and MRI monitoring.
Positive Early Market Feedback and Controlled Launch
Early clinical/user feedback on the 3870 described as 'very positive' and 'excited' by users; company executed a limited pre-launch clinical deployment and plans broader sales release in April with an initial shipment expectation of ~100–130 channels, using pilot learnings to refine product.
R&D Roadmap
Ongoing R&D: next-generation MRI monitor development already underway with a planned market update targeted for 2028.
Negative Updates
Inventory and Transition Risk from 3860 to 3870
Management noted the need to carefully manage 3860 inventory and the transition to 3870; Q4 inventory increased as 3870 components were brought in, and the transition is expected to be a key operational challenge in Q2 2026.
Subscale Gross Margin Risk Early in Ramp
CFO indicated gross margins may be 'in line' in the first half of 2026 due to subscale production and only trend higher in the second half, implying near-term margin pressure during ramp.
Concentration in Domestic Market
Domestic sales represented 81% of revenue in Q4 and 84% for the full year, highlighting geographic concentration risk if U.S. demand weakens or slows.
Operational Expense Increase
Operating expenses were $9.9M in Q4 and $38.2M for the full year, reflecting higher general & administrative spend to support growth—an expense base that could weigh on near-term margins if revenue ramp timing slips.
Near-Term International Launch Timing
Regulatory timelines limit near-term international contributions: CE mark expected toward the end of 2026 and Japan clearance not expected until the following summer (i.e., mid-2027), delaying meaningful international 3870 revenue.
Conservative Initial Shipments and Execution Dependency
Initial broad shipment guidance is modest (~100–130 channels in April) with bookings expected to ramp in H2 2026; successful execution and hospital purchasing/approval cycles are necessary to realize the company's 2026 run-rate ambitions, creating execution risk.
Forward-Looking Uncertainties and Risks
Management reiterated forward-looking risks (SEC filings/Risk Factors) and dependence on replacement cycles, customer approvals and scaling manufacturing—factors that could materially affect future results.
Company Guidance
Management guided that the new 3870 pump should drive meaningful upside, with deal ASPs expected to be 10–14% higher and a plan to add ~1,000 replacement channels/year (targeting sales north of 2,000 3870 pump channels annually in the U.S., up from the current ~1,100 channels sold domestically), targeting the ~6,400 U.S. 5+-year‑old 3860/3861 channels and aiming for an approximate $50M pump revenue run rate, and with disposables, maintenance, international sales and MRI monitoring they expect a $100M+ company revenue run rate in 2026; operationally they shipped an initial 23 units in December (with clinical support through Feb/early‑Mar), plan a general launch in April with ~100–130 3870 channel shipments, expect bookings to build in Q2 and ramp in H2 while maintaining Q1–H1 revenue from MRI monitoring and 3860 backlog, and anticipate CE mark by year‑end and Japan clearance the following summer.Iradimed Financial Statement Overview
Summary
High-quality fundamentals driven by strong, durable profitability (gross margin ~76–78%, net margins rising to ~26% TTM) and an exceptionally strong balance sheet with effectively no debt. Cash generation is positive with improving recent trajectory, but free cash flow conversion has been uneven and recent revenue growth appears to be moderating.Income Statement
IRMD shows strong profitability with consistently high gross margin (~76–77%) and solid net margins (low-to-mid 20s, rising to ~26% in TTM (Trailing-Twelve-Months)). Revenue has expanded materially since 2020, with positive growth in each of the last several annual periods (2021–2024), though growth appears to be decelerating in the latest TTM versus the prior annual pace. A key strength is the sharp turnaround from weak/negative operating profit in 2020 to robust operating profitability thereafter; the main watch item is the recent slowdown in top-line momentum.86
Very Positive
Balance Sheet
The balance sheet is a major strength: leverage is minimal to none (debt effectively de minimis in recent annual periods and zero in TTM (Trailing-Twelve-Months)), providing high financial flexibility. Equity has grown over time alongside assets, and returns on equity are strong (low-20% range recently), indicating effective capital use. The primary weakness is limited visibility into liquidity composition (cash vs. working capital) from the provided data, but overall solvency and capital structure quality are excellent.92
Very Positive
Cash Flow
Cash generation is generally healthy, with operating cash flow strong in 2024 and TTM (Trailing-Twelve-Months) and comfortably covering net income. Free cash flow is positive and growing in the latest periods, but conversion from earnings to free cash flow is uneven (notably lower in TTM (Trailing-Twelve-Months) versus 2024, and a weaker cash-flow year in 2023). Strengths are positive free cash flow and improving recent trajectory; the key risk is volatility in free cash flow conversion year-to-year.78
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 80.51M | 73.24M | 65.56M | 53.30M | 41.81M | 31.72M |
| Gross Profit | 62.05M | 56.35M | 50.16M | 41.28M | 32.05M | 23.57M |
| EBITDA | 27.77M | 22.78M | 20.80M | 16.30M | 11.22M | 582.73K |
| Net Income | 21.18M | 19.23M | 17.19M | 12.83M | 9.33M | 1.37M |
Balance Sheet | ||||||
| Total Assets | 114.72M | 98.33M | 92.16M | 85.51M | 82.88M | 71.07M |
| Cash, Cash Equivalents and Short-Term Investments | 56.53M | 52.23M | 49.76M | 57.96M | 62.50M | 51.98M |
| Total Debt | 0.00 | 154.69K | 2.04M | 2.21M | 2.48M | 2.72M |
| Total Liabilities | 16.37M | 11.51M | 20.74M | 11.84M | 10.71M | 9.68M |
| Stockholders Equity | 98.35M | 86.82M | 71.42M | 73.67M | 72.17M | 61.38M |
Cash Flow | ||||||
| Free Cash Flow | 14.30M | 17.62M | 5.46M | 8.17M | 10.52M | 5.18M |
| Operating Cash Flow | 25.01M | 25.62M | 13.47M | 10.04M | 11.26M | 5.82M |
| Investing Cash Flow | -11.06M | -8.82M | -8.01M | -1.37M | 648.24K | 246.97K |
| Financing Cash Flow | -9.15M | -14.34M | -13.66M | -12.71M | 24.43K | 522.48K |
Iradimed Technical Analysis
Positive
76.42
Price Trends
98.65
Positive
90.06
Positive
76.14
Positive
Market Momentum
0.94
Negative
53.57
Neutral
43.61
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IRMD, the sentiment is Positive. The current price of 76.42 is below the 20-day moving average (MA) of 99.20, below the 50-day MA of 98.65, and above the 200-day MA of 76.14, indicating a bullish trend. The MACD of 0.94 indicates Negative momentum. The RSI at 53.57 is Neutral, neither overbought nor oversold. The STOCH value of 43.61 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IRMD.
Iradimed Risk Analysis
Iradimed disclosed 36 risk factors in its most recent earnings report. Iradimed reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Iradimed Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $1.29B | 57.97 | 24.78% | 1.22% | 12.91% | 13.24% | |
64 Neutral | $702.66M | 76.40 | 4.97% | ― | 1.58% | ― | |
62 Neutral | $1.77B | -714.49 | -1.90% | ― | 18.72% | 85.77% | |
56 Neutral | $682.98M | -30.27 | -12.91% | ― | 23.27% | 43.90% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $544.89M | -4.53 | -24.60% | ― | 4.31% | 3.26% | |
45 Neutral | $933.93M | -1.87 | -38.71% | ― | 4.99% | -7151.40% |
* Healthcare Sector Average
IRMD
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Iradimed Corporate Events
DividendsFinancial Disclosures
Iradimed Declares Special Cash Dividend for Shareholders
Positive
Dec 8, 2025
On December 5, 2025, IRADIMED CORPORATION’s Board of Directors declared a special cash dividend of $0.50 per share, payable on December 30, 2025, to shareholders of record as of December 17, 2025. This decision reflects the company’s strong financial performance, including 17 consecutive quarters of record revenue, and its cash balance of $56.5 million, which exceeds operational needs. The dividend complements the company’s regular quarterly dividend program and highlights its commitment to maximizing shareholder returns.
The most recent analyst rating on (IRMD) stock is a Buy with a $98.00 price target. To see the full list of analyst forecasts on Iradimed stock, see the IRMD Stock Forecast page.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.