IRadimed Corporation (Nasdaq: IRMD) develops and manufactures MRI-compatible infusion pumps, patient monitors and ferromagnetic detectors, with related disposables, maintenance and services. It serves hospitals through direct U.S. sales and international distributors and reports one operating segment.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001558370-24-002235 | Mar 1, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001558370-25-002389 | Mar 6, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001104659-26-024691 | Mar 6, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
IRadimed combines specialized MRI-compatible equipment with follow-on consumables and maintenance revenue. In 2025, higher device sales and operating-expense discipline lifted earnings, while completion of its cash-funded manufacturing facility positioned the company for lower construction spending. Subsequent results were less uniform: first-half 2026 revenue and earnings exceeded the prior year, but second-quarter pump revenue declined and new-product manufacturing inefficiencies compressed gross margin. Cash increased substantially, helped by the end of the construction cycle rather than profit growth alone. The new 3870 pump offers a further growth opportunity, but bookings, larger order configurations and management’s second-half expectations are not completed sales. Important dependencies remain hospital capital budgets, sole-source components, regulatory permissions and a narrow product portfolio. The supplied operating evidence extends through June 2026 results and July guidance, not November operating performance.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-07-31
IRadimed’s pumps deliver medication in the MRI environment, while its portable monitors support patient monitoring during transport and scanning. Management describes the company as the only known provider of a purpose-built non-magnetic MRI infusion pump; conventional pumps with extended tubing and shielded enclosures remain alternatives. Monitors face established competitors and a more replacement-driven market. Each pump use requires proprietary disposable tubing, linking repeat purchases to utilization. In its March 6, 2026 annual filing, the company disclosed plans to discontinue new MRidium 3860+ Pump System sales during 2026, with warranty and technical support continuing through applicable contracted periods; the supplied evidence does not establish completion of that discontinuation by the October 24, 2026 cutoff. Devices supplied approximately 72% of 2025 revenue, with the remainder comprising disposables, maintenance and services. These categories are not separate segments, and their profitability is not disclosed.
Sources: 10-K · 2025-12-31
For the year ended December 31, 2025, revenue reached $83.814 million, operating income $26.147 million and GAAP net income $22.480 million. Pumps supplied the largest product-level dollar increase; monitors, detectors and disposables also increased, while services and other revenue declined. Management attributes device growth principally to higher unit sales, especially pumps, but provides no quantified price-volume bridge. Gross margin slipped to 76.7% from 76.9% as labor, shipping and depreciation offset favorable pricing and certain material costs. Operating margin nevertheless improved to 31.2% from 30.0% because expenses increased more slowly than revenue. Diluted EPS rose to $1.75 from $1.50 despite a modestly larger share denominator.
Sources: 10-K · 2025-12-31
2025 operating cash flow declined to $24.947 million from $25.624 million despite higher profit: receivables and inventory consumed cash after supplying it in 2024. The company spent $7.765 million on property and equipment, $0.656 million on capitalized intangibles and $15.040 million on cash dividends. Its approximately $15.2 million construction project was funded with available cash and completed in the third quarter; this project amount must not be added to annual capex as another outflow. Year-end cash was $51.159 million. By June 30, 2026, cash reached $59.080 million as first-half operating cash flow totaled $14.230 million and combined property/equipment and intangible spending fell to $0.912 million.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
The July 31, 2026 quarterly filing reported first-half revenue of $42.444 million and net income of $11.036 million, above the comparative period. Management attributed first-half revenue growth partly to modifications to the patient-monitor sales incentive plan, alongside new 3870 pump sales, disposables and increased detector sales; the incentive-plan contribution was neither quantified nor independently isolated, and this revenue explanation does not establish a cause of the separately reported domestic monitor bookings record. However, second-quarter revenue was nearly unchanged at $20.466 million, while net income fell to $5.218 million from $5.774 million. Lower pump sales were nearly offset by monitors, detectors, disposables and services. International growth offset U.S. weakness. Quarterly gross margin fell to 74.1% from 78.2%; management attributes the decline to initial new-product manufacturing inefficiencies. Lower operating expenses softened the impact, while a higher tax rate further constrained earnings.
The 3870 received FDA 510(k) clearance in May 2025 and its first customer shipment occurred that December. In its March 6, 2026 annual filing, the company disclosed plans to discontinue new MRidium 3860+ Pump System sales during 2026, with warranty and technical support continuing through applicable contracted periods; the supplied evidence does not establish completion of that discontinuation by the October 24, 2026 cutoff. Management subsequently described a first-quarter 2026 commercial launch and the first sizable production ramp in the second quarter. These describe different commercialization stages, not necessarily contradictory launch dates. July guidance retained full-year revenue of $91–96 million and GAAP diluted EPS of $1.90–2.05; non-GAAP EPS guidance increased from May’s $2.06–2.21 to $2.09–2.24. Expected shipment acceleration and manufacturing improvements remained conditional. The August 18 amendment corrected EDGAR classifications without changing July results or guidance.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-07-31 · 10-K · 2025-12-31 · EX-99.1 · 2026-05-01 · 8-K/A · 2026-07-31
The company disclosed no existing borrowing facility at June 30; possible future financing is not cash or committed availability. Purchase commitments had risen to $11.020 million. Operational exposure remains concentrated in a few products, one Florida manufacturing site and critical outside suppliers. A December 2024 motor technology-transfer license permits internal manufacture, but the supplied disclosures do not establish completed implementation, supply independence or savings. Hospital budgets, regulatory obligations and monitor competition can constrain growth. Founder Roger Susi and affiliates held approximately 35% at year-end 2025. The company also expressly lacked formal written healthcare fraud-and-abuse procedures, despite informal oversight; effective financial-reporting controls do not resolve that separate compliance gap.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
USD 65.562296 m
FY2023 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 65.562296 m | — |
Total revenue recognized from products, disposables, services and extended warranties.
Sources: 10-K · 2023-12-31
USD 73.242121 m
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 73.242121 m | — |
Total recognized revenue from devices, disposables, services, other items and extended warranties.
Sources: 10-K · 2024-12-31
USD 83.814 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 83.814 m | — |
Total revenue from devices, disposables, maintenance, services and other sales.
Sources: 10-K · 2025-12-31
USD 19.234026 m
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 19.234026 m | 11.9% |
| 2023 | USD 17.192776 m | — |
GAAP income after provision for income taxes.
Sources: 10-K · 2023-12-31 · 10-K · 2024-12-31
USD 22.48 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 22.48 m | — |
Reported after-tax net income.
Sources: 10-K · 2025-12-31
USD 13.465012 m
FY2023 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 13.465012 m | — |
Operating cash flow after noncash adjustments and changes in operating assets and liabilities.
Sources: 10-K · 2023-12-31
USD 25.624463 m
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 25.624463 m | — |
Cash generated by operations after operating working-capital changes and noncash adjustments.
Sources: 10-K · 2024-12-31
USD 24.947 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 24.947 m | — |
Operating cash flow after noncash adjustments and operating working-capital movements.
Sources: 10-K · 2025-12-31
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