Iradimed Corp (IRMD)

Price$82.12Cached quoteAs of 2026-09-19 18:14 UTC

AI: Overvalued

Price checkThe shares demand years of strong growth, leaving too little room for a stumble.

At roughly 46 times the last four quarters’ diluted earnings and about 42 times management’s midpoint for 2026 earnings, the shares already price in strong execution. The enterprise value, which subtracts net cash from market value, is about 40 times trailing free cash flow; free cash flow means cash left after operations and investment spending. Those are demanding levels when first-half revenue rose only 6% and second-quarter profit fell 10%. The cash cushion lowers failure risk, but not valuation risk, supporting an Overvalued verdict.

Big pictureLong-term gains are impressive, but recent growth has become less steady.

Revenue climbed from $31.7 million in 2020 to $83.8 million in 2025, an annualized increase of about 21%, while 2025 net income rose 17% to $22.5 million. Cash generation has generally followed earnings: trailing free cash flow was approximately $25.1 million after unusually low recent investment spending. However, first-half 2026 revenue and net income grew only 6% and 5%. Devices produced 72% of 2025 revenue and have three-to-six-month selling cycles, so hospital purchasing schedules can create meaningful quarterly swings; disposables contributed a steadier 21%.

Business strengthA niche product position and debt-free finances protect the business from shocks.

At June 30, IRADIMED held $59.1 million of cash, no reported debt, and $86.7 million of current assets against $9.2 million of current liabilities. The company describes itself as the only known supplier of a non-magnetic infusion pump designed for magnetic resonance imaging, and every pump use requires proprietary disposable tubing. Capital allocation has favored dividends: $15.0 million was paid during 2025, including a special distribution. The trade-off is modest dilution—shares rose about 0.6% during 2025—and $2.9 million of stock compensation.

What could change the storyThe new pump must restore faster growth and margins to justify the valuation.

The strongest bull case is a successful 3870 pump ramp: over 70% of new pump orders used the larger four-pump configuration, while management guided third-quarter revenue to $23.0–$24.5 million and earnings per share to $0.49–$0.54. The bear test is equally clear. Second-quarter device revenue fell 5%, United States sales fell 8%, and gross margin dropped to 74% from 78% because of initial production inefficiencies. Meeting guidance while restoring margins would strengthen the thesis; another weak domestic quarter would challenge the sustained double-digit growth assumed by the valuation.

AI: News

Second-quarter growth stallsSecond-quarter sales barely grew, while profit and margins fell during the new pump ramp.

On July 31, IRADIMED reported revenue of $20.5 million, up just 0.5%, while net income declined 10% to $5.2 million. Gross margin fell to 74% from 78%, attributed to early manufacturing inefficiencies for the 3870 pump. Management nevertheless maintained full-year revenue guidance of $91–$96 million. Shares closed 4.6% lower that session. The timing is consistent with disappointment over slower growth, although it does not prove the report alone caused the decline.

New pump reaches marketA strong first quarter introduced the product expected to drive the next growth phase.

On May 1, the company reported first-quarter revenue growth of 13%, operating-income growth of 33%, and net-income growth of 24%. It also announced the commercial launch of its next-generation 3870 infusion pump, saying early orders were larger than typical orders for the previous model. Shares gained 4.4% that day; the timing suggests investors welcomed the results, but broader trading may also have contributed. The launch matters because later growth forecasts depend heavily on accelerating 3870 shipments.

Record year, higher dividendRecord annual results and a larger regular dividend reinforced confidence before growth later slowed.

On February 10, IRADIMED reported 2025 revenue of $83.8 million, up 14%, and net income of $22.5 million, up 17%. It raised the quarterly dividend from $0.17 to $0.20 and projected 2026 revenue of $91–$96 million with earnings per share of $1.90–$2.05. Shares closed 9.6% higher that day, though timing alone cannot establish causation. The announcement set the strong expectations against which the softer second quarter is now being judged.

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
Revenue	$83.8M	$73.2M	$65.6M	$53.3M	$41.8M	$31.7M	$38.5M	$30.4M	$23.1M	$32.5M	$31.6M	$15.7M	$11.3M
Gross profit	$64.3M	$56.4M	$50.2M	$41.3M	$32.0M	$23.6M	$29.7M	$23.2M	$17.5M	$26.3M	$25.8M	$12.2M	$8.5M
Gross margin	76.75%	76.94%	76.50%	77.45%	76.65%	74.33%	77.11%	76.31%	75.87%	81.06%	81.51%	78.25%	74.84%
Research & development	$3.0M	$2.8M	$2.9M	$2.3M	$1.9M	$1.9M	$1.4M	$1.5M	$1.7M	$1.3M	$1.8M	$1.1M	$1.0M
Operating expenses	$38.2M	$34.4M	$30.1M	$25.7M	$22.2M	$24.3M	$21.1M	$17.2M	$16.2M	$15.4M	$14.2M	$9.2M	$5.7M
Operating income	$26.1M	$22.0M	$20.0M	$15.6M	$9.8M	−$756,091	$8.6M	$6.0M	$1.3M	$10.9M	$11.5M	$3.1M	$2.8M
Operating margin	31.20%	29.99%	30.56%	29.32%	23.48%	−2.38%	22.45%	19.72%	5.57%	33.60%	36.44%	19.59%	24.58%
EBITDA	$27.3M	$22.8M	$20.8M	$16.3M	$11.2M	$582,733	$9.9M	$7.1M	$2.6M	$11.9M	$12.3M	$3.2M	$2.9M
EBITDA margin	32.59%	31.11%	31.73%	30.58%	26.84%	1.84%	25.68%	23.35%	11.24%	36.54%	39.00%	20.54%	25.80%
Net income	$22.5M	$19.2M	$17.2M	$12.8M	$9.3M	$1.4M	$9.6M	$6.3M	$499,764	$7.2M	$7.5M	$2.1M	$1.9M
Net profit margin	26.82%	26.26%	26.22%	24.07%	22.30%	4.32%	25.00%	20.71%	2.17%	22.20%	23.83%	13.10%	17.08%
Basic EPSper basic share	$1.77	$1.52	$1.36	$1.02	$0.76	$0.11	$0.85	$0.59	$0.05	$0.67	$0.68	$0.23	$0.28
Diluted EPSper diluted share	$1.75	$1.50	$1.35	$1.02	$0.74	$0.11	$0.78	$0.52	$0.04	$0.60	$0.60	$0.20	$0.22

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈34.32%of listed shares

Susi Roger E.4.39M shares · Jun 1, 2026

View holders

Top 20 reported holders of IRMD
Holder	% owned
Susi Roger E.	≈34.32%4.39M shares
BlackRock, Inc.	7.57%967.83K shares
KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC	3.10%396.98K shares
RENAISSANCE TECHNOLOGIES LLC	3.08%394.41K shares
Copeland Capital Management, LLC	3.06%391.86K shares
VANGUARD CAPITAL MANAGEMENT LLC	2.85%364.94K shares
T. Rowe Price Investment Management, Inc.	2.49%318.68K shares
GEODE CAPITAL MANAGEMENT, LLC	2.27%290.11K shares
Nine Ten Capital Management LLC	2.01%256.56K shares
DIMENSIONAL FUND ADVISORS LP	1.79%229.34K shares
STATE STREET CORP	1.73%221.51K shares
GOLDMAN SACHS GROUP INC	1.67%214.15K shares
TWO SIGMA INVESTMENTS, LP	1.43%182.89K shares
Qube Research & Technologies Ltd	1.23%157.2K shares
ROYAL BANK OF CANADA	1.16%148.18K shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	1.13%143.97K shares
NORTHERN TRUST CORP	1.05%133.66K shares
ACADIAN ASSET MANAGEMENT LLC	1.01%128.66K shares
MORGAN STANLEY	0.99%126.05K shares
VANGUARD PORTFOLIO MANAGEMENT LLC	0.98%125.36K shares

Percentages use 12.79M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)133$21.65M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 4, 2026Form 4	Scharen-Guivel Hilda FrederiqueDirector	SellCommon Stock	1.2K	$95.00	$117.2K	5.6K
Jun 4, 2026Form 4	Scharen-Guivel Hilda FrederiqueDirector	SellCommon Stock	1.8K	$95.00	$167.8K	6.8K
Jun 1, 2026Form 4 · 10b5-1	Susi Roger E.CEO, President, Chairman	SellCommon Stock · indirect	924	$91.91	$84.9K	2.16M
Jun 1, 2026Form 4 · 10b5-1	Susi Roger E.CEO, President, Chairman	SellCommon Stock · indirect	401	$91.08	$36.5K	2.16M
Jun 1, 2026Form 4 · 10b5-1	Susi Roger E.CEO, President, Chairman	SellCommon Stock · indirect	775	$89.79	$69.6K	2.16M

Review ownership filings at SEC.gov ↗

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