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1. Company Snapshot

1.a. Company Description

IRADIMED 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.

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1.b. Last Insights on IRMD

IRadimed Corporation's recent performance was driven by strong Q3 2024 earnings, beating estimates with $0.43 per share, and revenue growth. The company's innovative MRI medical devices, including its non-magnetic IV infusion pump system and patient vital signs monitoring systems, continue to gain traction. Additionally, IRadimed's declaration of a regular quarterly cash dividend of $0.15 per share and its inclusion in Forbes' list of America's Most Successful Small-Cap Companies for 2025 and Fortune's 100 Fastest Growing Companies List for 2024, demonstrate the company's financial stability and growth potential.

1.c. Company Highlights

2. IRadimed's 18th Consecutive Quarter of Record Revenue

IRadimed reported its 18th consecutive quarter of record revenue, with Q4 2025 revenue reaching $22.7 million, a 17% increase over Q4 2024. For the full year 2025, revenue was $83.8 million, up 14% year-over-year. The company's GAAP diluted earnings per share for Q4 2025 was $0.50, up 25%, and non-GAAP diluted earnings per share was $0.54, beating analyst estimates of $0.49. Gross margins remained strong at approximately 77% for the year and 75% for Q4 2025, indicating effective cost management and pricing power.

Publication Date: Feb -22

📋 Highlights
  • Record Revenue Growth:: Q4 2025 revenue reached $22.7M (+17% YoY), with FY2025 revenue at $83.8M (+14% YoY).
  • 3870 Pump Revenue Potential:: Anticipates $50M annual revenue in the U.S. and aims for a $100M+ revenue run rate by 2026.
  • Strong Margins with Future Upside:: Gross margins at 75% (Q4) and 77% (FY2025), expected to rise in H2 2026 due to higher ASPs and volumes.
  • Next-Gen Product Pipeline:: R&D for the next-generation MRI monitor is underway, targeting a 2028 launch.
  • Regulatory Expansion:: CE mark expected in late 2026 for Europe and Japan clearance by summer 2027 for the 3870 pump.

Growth Drivers

The company's new MRI-compatible infusion pump system, the 3870 MR IV pump, is expected to drive significant revenue growth. IRadimed anticipates $50 million in annual revenue from pump sales in the domestic market, with a higher anticipated Average Selling Price (ASP). As Roger Susi, President and CEO, mentioned, the company aims to approach a $100 million-plus revenue run rate in 2026, driven by the 3870 pump. The R&D team has already started working on the next-generation MRI monitor, with a planned launch in 2028, indicating a strong product pipeline.

Margin Expansion

Jack Glenn, CFO, expects gross margins to trend higher in the second half of 2026 due to increased volumes and higher ASPs. The current gross margin of 75% in Q4 2025 is expected to expand as the company benefits from economies of scale and pricing power. With a strong track record of margin expansion, IRadimed is well-positioned to maintain its profitability.

Valuation

With a P/E Ratio of 58.68 and P/S Ratio of 15.72, IRadimed's valuation appears to be premium. However, the company's strong growth prospects and expanding margins justify the valuation to some extent. The EV/EBITDA ratio of 43.76 also indicates a premium valuation. The ROE of 23.83% and ROIC of 21.02% are impressive, indicating effective capital allocation. Analysts estimate next year's revenue growth at 10.0%, which may not be sufficient to justify the current valuation.

Regulatory Approvals

The regulatory process for the 3870 pump in Europe and Japan is underway, with a CE mark expected in late 2026 and clearance in Japan likely in the following summer. This is a significant milestone, as it will enable IRadimed to expand its presence in international markets. The company's ability to navigate regulatory approvals efficiently will be crucial in driving growth.

3. NewsRoom

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Principal Financial Group Inc. Acquires New Holdings in iRadimed Corporation $IRMD

Feb -20

Source: defenseworld.net

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IRadimed Stock Up 80% in One Year as Fund Sells $29 Million Stake Amid Record Quarter

Feb -17

Source: fool.com

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Why Iradimed Stock Soared Today

Feb -10

Source: fool.com

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IRADIMED CORPORATION (IRMD) Q4 2025 Earnings Call Transcript

Feb -10

Source: seekingalpha.com

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IRADIMED CORPORATION Reports Record Fourth Quarter and Full Year of 2025 Financial Results and Increases its Regular Quarterly Cash Dividend to $0.20 Per Share from $0.17 Per Share

Feb -10

Source: globenewswire.com

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iRadimed Corporation (NASDAQ:IRMD) Given Average Rating of “Moderate Buy” by Analysts

Jan -20

Source: defenseworld.net

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Roger Susi Sells 5,000 Shares of iRadimed (NASDAQ:IRMD) Stock

Jan -01

Source: defenseworld.net

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Copeland Capital Management LLC Has $30.85 Million Holdings in iRadimed Corporation $IRMD

Dec -30

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (11.00%)

6. Segments

Magnetic Resonance Imaging Compatible Patient Vital Signs Monitoring Systems

Expected Growth: 12%

Increasing adoption of MRI-compatible patient monitoring systems driven by growing demand for non-invasive diagnostic imaging, advancements in medical technology, and rising healthcare expenditure. IRadimed's innovative products address safety concerns and improve patient outcomes, contributing to the 12% growth rate.

Magnetic Resonance Imaging Compatible Intravenous Infusion Pump System

Expected Growth: 11%

The 11% growth of IRadimed Corporation's Magnetic Resonance Imaging (MRI) Compatible Intravenous Infusion Pump System is driven by increasing demand for MRI-compatible medical devices, growing adoption of infusion pumps in hospitals, and rising need for accurate and safe medication delivery. Additionally, advancements in MRI technology and expanding applications in cancer treatment and neuroimaging are contributing to the growth.

Disposables, Services and Other

Expected Growth: 10%

{'Disposables': 'Increasing adoption of MRI-compatible IV infusion pumps and consumables, driven by growing demand for outpatient and ambulatory care services.', 'Services': "Expansion of service contracts and maintenance agreements, fueled by a growing installed base of IV infusion pumps and increasing customer reliance on IRadimed's technical support.", 'Other': 'Growing sales of MRI-compatible patient monitoring and anesthesia systems, driven by hospital investments in MRI suite upgrades and expansions.'}

Extended Warranty Agreements

Expected Growth: 9%

IRadimed's Extended Warranty Agreements growth is driven by increasing demand for MRI-compatible medical devices, expansion into new markets, and strategic partnerships. The company's focus on providing comprehensive warranty solutions, coupled with its strong brand reputation and customer loyalty, contributes to the 9% growth rate.

Ferro Magnetic Detection Systems

Expected Growth: 8%

Ferro Magnetic Detection Systems from IRadimed Corporation's 8% growth is driven by increasing demand for non-invasive patient monitoring, advancements in MRI-compatible technologies, and growing adoption in outpatient settings. Additionally, the need for accurate and reliable detection systems in medical procedures, such as cardiac and neuro interventions, contributes to the segment's growth.

7. Detailed Products

MRidium 3860

A non-magnetic MRI-compatible infusion pump system designed for use in high-field MRI environments

MRidium 3870

A high-field MRI-compatible infusion pump system with advanced safety features and wireless connectivity

IRadimed Non-Magnetic IV Poles

A range of non-magnetic IV poles designed for use in MRI environments

IRadimed MRI-Safe Accessories

A range of MRI-safe accessories, including oxygen sensors, pulse oximeters, and ECG leads

8. IRadimed Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for IRadimed Corporation is medium due to the presence of alternative medical devices and equipment that can be used in place of IRadimed's products.

Bargaining Power Of Customers

The bargaining power of customers for IRadimed Corporation is low due to the specialized nature of its products and the lack of alternative suppliers.

Bargaining Power Of Suppliers

The bargaining power of suppliers for IRadimed Corporation is medium due to the presence of multiple suppliers for its raw materials and components.

Threat Of New Entrants

The threat of new entrants for IRadimed Corporation is low due to the high barriers to entry in the medical device industry, including regulatory hurdles and the need for significant capital investment.

Intensity Of Rivalry

The intensity of rivalry for IRadimed Corporation is high due to the presence of several established competitors in the medical device industry, leading to a highly competitive market.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 2.78%
Debt Cost 3.95%
Equity Weight 97.22%
Equity Cost 8.29%
WACC 8.17%
Leverage 2.86%

11. Quality Control: IRadimed Corporation passed 8 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
IRadimed

A-Score: 5.7/10

Value: 0.0

Growth: 8.0

Quality: 7.6

Yield: 3.0

Momentum: 9.5

Volatility: 6.0

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Fonar

A-Score: 5.0/10

Value: 8.0

Growth: 2.7

Quality: 6.2

Yield: 0.0

Momentum: 5.0

Volatility: 8.0

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UFP Technologies

A-Score: 4.2/10

Value: 2.9

Growth: 9.1

Quality: 7.0

Yield: 0.0

Momentum: 2.5

Volatility: 4.0

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Electromed

A-Score: 4.0/10

Value: 1.9

Growth: 8.8

Quality: 7.4

Yield: 0.0

Momentum: 2.0

Volatility: 3.7

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Sensus Healthcare

A-Score: 3.4/10

Value: 8.5

Growth: 6.6

Quality: 3.0

Yield: 0.0

Momentum: 1.0

Volatility: 1.3

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electroCore

A-Score: 3.2/10

Value: 7.4

Growth: 7.2

Quality: 3.8

Yield: 0.0

Momentum: 0.0

Volatility: 1.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

103.56$

Current Price

103.56$

Potential

-0.00%

Expected Cash-Flows