IRadimed demonstrates structural resilience with gross margins consistently near 76.5% as of 2026Q1, while operating leverage has successfully expanded operating income from $5.2M in 2023Q4 to $7.2M in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 86.28M | 83.81M | 73.24M | 65.56M | 53.3M | 41.81M | 31.72M | 38.52M | 30.44M | 23.08M | 32.5M | 31.59M | 15.65M | 11.34M | 7.69M |
| Revenue Growth % | 14.81% | 14.43% | 11.71% | 23% | 27.47% | 31.83% | -17.65% | 26.54% | 31.88% | -28.97% | 2.86% | 101.84% | 38.03% | 47.56% | - |
| Cost of Goods Sold | 19.99M | 19.49M | 16.89M | 15.4M | 12.02M | 9.76M | 8.14M | 8.82M | 7.21M | 5.57M | 6.15M | 5.84M | 3.4M | 2.85M | 2.13M |
| COGS % of Revenue | - | 23.25% | 23.06% | 23.5% | 22.55% | 23.35% | 25.67% | 22.89% | 23.69% | 24.13% | 18.94% | 18.49% | 21.75% | 25.16% | 27.66% |
| Gross Profit | 66.3M | 64.32M | 56.35M | 50.16M | 41.28M | 32.05M | 23.57M | 29.7M | 23.23M | 17.51M | 26.34M | 25.75M | 12.25M | 8.49M | 5.56M |
| Gross Margin % | 76.84% | 76.75% | 76.94% | 76.5% | 77.45% | 76.65% | 74.33% | 77.11% | 76.31% | 75.87% | 81.06% | 81.51% | 78.25% | 74.84% | 72.34% |
| Gross Profit Growth % | - | 14.15% | 12.34% | 21.5% | 28.81% | 35.95% | -20.63% | 27.87% | 32.64% | -33.52% | 2.28% | 110.25% | 44.33% | 52.66% | - |
| Operating Expenses | 38.34M | 38.18M | 34.39M | 30.12M | 25.65M | 22.23M | 24.33M | 21.05M | 17.22M | 16.23M | 15.42M | 14.24M | 9.18M | 5.7M | 4.13M |
| OpEx % of Revenue | - | 45.55% | 46.95% | 45.95% | 48.13% | 53.17% | 76.71% | 54.66% | 56.58% | 70.3% | 47.46% | 45.07% | 58.66% | 50.26% | 53.8% |
| Selling, General & Admin | 35.04M | 35.2M | 31.55M | 27.26M | 23.38M | 20.33M | 22.43M | 19.62M | 15.71M | 14.5M | 14.07M | 12.48M | 8.11M | 4.69M | 3.48M |
| SG&A % of Revenue | - | 42% | 43.08% | 41.59% | 43.86% | 48.61% | 70.71% | 50.94% | 51.6% | 62.84% | 43.31% | 39.49% | 51.84% | 41.35% | 45.29% |
| Research & Development | 3.31M | 2.98M | 2.83M | 2.86M | 2.28M | 1.91M | 1.9M | 1.43M | 1.52M | 1.72M | 1.35M | 1.76M | 1.07M | 1.01M | 654.07K |
| R&D % of Revenue | - | 3.55% | 3.87% | 4.36% | 4.27% | 4.56% | 6% | 3.72% | 4.98% | 7.46% | 4.15% | 5.58% | 6.83% | 8.91% | 8.51% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 111.38K | 32.68K | 121.39K | -48.55K | -3.46K | 7.42K |
| Operating Income | 27.95M | 26.15M | 21.96M | 20.04M | 15.63M | 9.82M | -756.09K | 8.65M | 6M | 1.29M | 10.92M | 11.51M | 3.07M | 2.79M | 1.42M |
| Operating Margin % | 32.4% | 31.2% | 29.99% | 30.56% | 29.32% | 23.48% | -2.38% | 22.45% | 19.72% | 5.57% | 33.6% | 36.44% | 19.59% | 24.58% | 18.54% |
| Operating Income Growth % | - | 19.04% | 9.63% | 28.21% | 59.18% | 1398.48% | -108.74% | 44.03% | 367.22% | -88.23% | -5.15% | 275.52% | 10% | 95.64% | - |
| EBITDA | 29.54M | 28.53M | 22.78M | 20.8M | 16.3M | 11.22M | 582.73K | 9.89M | 6.56M | 1.73M | 11.17M | 11.74M | 3.21M | 2.93M | 1.53M |
| EBITDA Margin % | 34.24% | 34.04% | 31.11% | 31.73% | 30.58% | 26.84% | 1.84% | 25.68% | 21.56% | 7.5% | 34.37% | 37.15% | 20.54% | 25.8% | 19.92% |
| EBITDA Growth % | 26.07% | 25.22% | 9.53% | 27.62% | 45.2% | 1826.18% | -94.11% | 50.68% | 279.33% | -84.51% | -4.85% | 265.08% | 9.87% | 91.14% | - |
| D&A (Non-Cash Add-back) | 1.59M | 2.38M | 817.66K | 765.18K | 670.67K | 1.41M | 1.34M | 1.24M | 559.73K | 445.27K | 248.3K | 223.94K | 149.06K | 139.04K | 106.28K |
| EBIT | 28.96M | 26.15M | 21.96M | 20.04M | 15.63M | 9.82M | -756.09K | 8.65M | 6.2M | 1.4M | 10.95M | 11.63M | 3.02M | 2.78M | 1.43M |
| Net Interest Income | 0 | 0 | 2.19M | 1.86M | 581.85K | 34.81K | 132.19K | 388.8K | 238.11K | 122.58K | 126.42K | 148.91K | 5.7K | 0 | 0 |
| Interest Income | 0 | 0 | 2.19M | 1.86M | 581.85K | 34.81K | 132.19K | 388.8K | 238.11K | 122.58K | 126.42K | 148.91K | 5.7K | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 2.23M | 2.21M | 2.31M | 1.7M | 553.1K | 18.61K | 139.21K | 395.91K | 193.54K | 111.38K | 32.68K | 121.39K | -48.55K | -3.46K | 7.42K |
| Pretax Income | 30.18M | 28.36M | 24.28M | 21.74M | 16.18M | 9.84M | -616.88K | 9.04M | 6.2M | 1.4M | 10.95M | 11.63M | 3.02M | 2.78M | 1.43M |
| Pretax Margin % | 34.98% | 33.84% | 33.14% | 33.16% | 30.36% | 23.52% | -1.94% | 23.48% | 20.36% | 6.05% | 33.7% | 36.83% | 19.28% | 24.55% | 18.63% |
| Income Tax | 6.57M | 5.88M | 5.04M | 4.55M | 3.35M | 510.82K | -1.99M | -587.64K | -106.14K | 896.62K | 3.74M | 4.1M | 966.98K | 846.88K | 465.98K |
| Effective Tax Rate % | 21.78% | 20.74% | 20.77% | 20.91% | 20.72% | 5.19% | 321.92% | -6.5% | -1.71% | 64.21% | 34.13% | 35.28% | 32.05% | 30.42% | 32.54% |
| Net Income | 23.61M | 22.48M | 19.23M | 17.19M | 12.83M | 9.33M | 1.37M | 9.63M | 6.3M | 499.76K | 7.21M | 7.53M | 2.05M | 1.94M | 966.09K |
| Net Margin % | 27.36% | 26.82% | 26.26% | 26.22% | 24.07% | 22.3% | 4.32% | 25% | 20.71% | 2.17% | 22.2% | 23.83% | 13.1% | 17.08% | 12.57% |
| Net Income Growth % | 19.34% | 16.88% | 11.87% | 34.02% | 37.56% | 581.19% | -85.79% | 52.79% | 1161.29% | -93.07% | -4.19% | 267.25% | 5.86% | 100.49% | - |
| Net Income (Continuing) | 23.61M | 22.48M | 19.23M | 17.19M | 12.83M | 9.33M | 1.37M | 9.63M | 6.3M | 499.76K | 7.21M | 7.53M | 2.05M | 1.94M | 966.09K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.83 | 1.75 | 1.50 | 1.35 | 1.02 | 0.74 | 0.11 | 0.78 | 0.52 | 0.04 | 0.60 | 0.60 | 0.20 | 0.19 | 0.09 |
| EPS Growth % | 18.06% | 16.67% | 11.11% | 32.35% | 37.84% | 572.73% | -85.9% | 50% | 1200% | -93.33% | 0% | 200% | 5.26% | 104.74% | - |
| EPS (Basic) | - | 1.77 | 1.52 | 1.36 | 1.02 | 0.76 | 0.11 | 0.85 | 0.52 | 0.05 | 0.67 | 0.68 | 0.23 | 0.19 | 0.09 |
| Diluted Shares Outstanding | 12.87M | 12.85M | 12.78M | 12.72M | 12.64M | 12.59M | 12.44M | 12.28M | 12.11M | 11.72M | 11.99M | 12.56M | 10.22M | 10.42M | 10.42M |
| Basic Shares Outstanding | 12.78M | 12.72M | 12.67M | 12.6M | 12.56M | 12.35M | 12.12M | 11.28M | 12.11M | 10.64M | 10.82M | 11M | 8.74M | 10.42M | 10.42M |
| Dividend Payout Ratio | - | 66.9% | 71.11% | 76.91% | 97.9% | - | - | - | - | - | - | - | - | - | - |
Regulatory 510(k) approval delays
According to the provided financial data, IRMD has maintained a steady revenue growth trajectory, with quarterly figures rising from $17.5M in 2023Q4 to $22.0M in 2026Q1, reflecting a consistent ability to capture market share within the specialized MRI-compatible medical device niche despite broader hospital capital expenditure fluctuations.
The revenue growth appears to be driven by a combination of hardware placements and the recurring consumption of proprietary disposables. Investors should monitor whether the recent acceleration to 17% year-over-year growth in late 2025 is sustainable or if it represents a temporary surge in hospital equipment refresh cycles.
As reported in the income statement, IRMD consistently sustains gross margins near 76%, a figure that underscores the company's significant pricing power and the specialized nature of its non-magnetic infusion pump technology which faces minimal direct competition within the high-gradient magnetic fields of an MRI suite.
This high-margin profile suggests that the company's manufacturing costs are well-contained relative to the value provided to clinical end-users. Any meaningful compression in these margins would likely indicate either a shift in the competitive landscape or an unexpected increase in the cost of specialized piezoelectric components.
Based on the quarterly income statements, IRMD demonstrates clear operating leverage, as operating income expanded from $5.2M in 2023Q4 to $7.2M in 2026Q1, suggesting that the company is successfully scaling its revenue base without a proportional increase in its core selling, general, and administrative expense structure.
The ability to maintain operating margins consistently above 30% implies that the company's fixed cost base is highly efficient. This operational discipline warrants further investigation into whether future R&D investments for the 3600 pump system will temporarily dampen this leverage or if the current efficiency is structurally permanent.
Analysis of the reported figures indicates that net income growth is largely driven by core operational performance, with stock-based compensation remaining a relatively small percentage of total expenses, which suggests that shareholders are not facing significant dilution relative to the company's overall profitability and cash generation capabilities.
The absence of significant non-operating items or tax anomalies suggests that the reported EPS is a reliable indicator of the company's underlying health. Investors should continue to track the relationship between net income and cash flow to ensure that the quality of these earnings remains high as the business scales.
While the company displays strong financial health, a critical challenge to the current narrative is the potential for regulatory bottlenecks, as evidenced by the reliance on the 3600 pump system's 510(k) clearance to drive future hardware cycles and maintain the current growth momentum in a competitive market.
Short-term investors should be wary of the potential for revenue lumpiness if hospital capital budgets tighten or if regulatory delays force a pivot in the product roadmap. The reliance on a niche market segment may also limit the total addressable market, potentially capping long-term growth if penetration reaches saturation.
Quick answers to the most common questions about buying IRMD stock.
For fiscal year 2025, IRadimed Corporation (IRMD) reported total revenue of $83.8M. This represents a 990.6% increase compared to $7.7M in 2012.
IRadimed Corporation (IRMD) is profitable, generating $22.5M in net income for the fiscal year ending 2025 with a net profit margin of 26.8%.
IRadimed Corporation (IRMD) reported an operating income of $26.1M, resulting in an operating profit margin of 31.2%. This margin reflects the operational efficiency of the business before interest and taxes.
IRadimed Corporation (IRMD) generated $64.3M in gross profit for the year, representing a gross profit margin of 76.7%. This demonstrates the company's core pricing power and production efficiency.