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Relative valuation derived from Healthcare sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 50GRADE C+
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
22.3%
Sector: -43.5%
Dividend Analysis audit
GROWTH
0.93%
Trailing Yield
$0.93
Per $100 Invested
Modest dividend — capital prioritized for reinvestment.
Est. Payout Ratio
53%SAFE
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, IRADIMED CORP (IRMD) receives a "Hold" rating with a composite score of 49.3/100, ranked #829 out of 4446 stocks. Key factor scores: Quality 50/100, Value 48/100, Momentum 66/100. This is quantitative analysis only — not investment advice.
IRADIMED CORP (IRMD) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does IRADIMED CORP Do?
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. IRADIMED CORP (IRMD) is classified as a small-cap stock in the Healthcare sector, specifically within the Medical Equipment industry. The company is led by CEO Roger Susi and employs approximately 110 people, headquartered in Winter Park, Florida. With a market capitalization of $1.2B, IRMD is one of the notable companies in the Healthcare sector.
IRADIMED CORP (IRMD) Stock Rating — Hold (April 2026)
As of April 2026, IRADIMED CORP receives a Hold rating with a composite score of 49.3/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.IRMD ranks #829 out of 4,446 stocks in our coverage universe. Within the Healthcare sector, IRADIMED CORP ranks #58 of 838 stocks, placing it in the top 10% of its Healthcare peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
IRMD Stock Price and 52-Week Range
IRADIMED CORP (IRMD) currently trades at $93.40. The stock lost $2.16 (2.3%) in the most recent trading session. The 52-week high for IRMD is $107.90, which means the stock is currently trading -13.4% from its annual peak. The 52-week low is $47.48, putting the stock 96.7% above its annual trough. Recent trading volume was 141K shares, suggesting relatively thin trading activity.
Is IRMD Overvalued or Undervalued? — Valuation Analysis
IRADIMED CORP (IRMD) carries a value factor score of 48/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 56.67x, compared to the Healthcare sector average of 23.63x — a premium of 140%. The price-to-book ratio stands at 12.63x, versus the sector average of 2.75x. The price-to-sales ratio is 15.04x, compared to 1.66x for the average Healthcare stock. On an enterprise value basis, IRMD trades at 48.11x EV/EBITDA, versus 6.34x for the sector.
Overall, IRMD's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
IRADIMED CORP Profitability — ROE, Margins, and Quality Score
IRADIMED CORP (IRMD) earns a quality factor score of 50/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 22.3%, compared to the Healthcare sector average of -43.5%, which demonstrates strong shareholder value creation. Return on assets (ROA) comes in at 19.4% versus the sector average of -33.1%.
On a margin basis, IRADIMED CORP reports gross margins of 77.4%, compared to 71.5% for the sector. The operating margin is 31.2% (sector: -66.1%). Net profit margin stands at 26.5%, versus -58.7% for the average Healthcare stock. Revenue growth is running at 18.3% on a trailing basis, compared to 10.6% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
IRMD Debt, Balance Sheet, and Financial Health
IRADIMED CORP has a debt-to-equity ratio of 15.0%, compared to the Healthcare sector average of 32.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. The current ratio is 7.98x, indicating strong short-term liquidity. Total debt on the balance sheet is $0. Cash and equivalents stand at $57M.
IRMD has a beta of 0.72, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for IRADIMED CORP is 74/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
IRADIMED CORP Revenue and Earnings History — Quarterly Trend
In TTM 2026, IRADIMED CORP reported revenue of $79M and earnings per share (EPS) of $1.77. Net income for the quarter was $21M. Gross margin was 77.4%. Operating income came in at $25M.
In FY 2025, IRADIMED CORP reported revenue of $84M and earnings per share (EPS) of $1.77. Net income for the quarter was $22M. Gross margin was 76.8%. Revenue grew 14.4% year-over-year compared to FY 2024. Operating income came in at $26M.
In Q3 2025, IRADIMED CORP reported revenue of $21M and earnings per share (EPS) of $0.44. Net income for the quarter was $6M. Gross margin was 77.8%. Revenue grew 15.7% year-over-year compared to Q3 2024. Operating income came in at $7M.
In Q2 2025, IRADIMED CORP reported revenue of $20M and earnings per share (EPS) of $0.45. Net income for the quarter was $6M. Gross margin was 78.2%. Revenue grew 13.8% year-over-year compared to Q2 2024. Operating income came in at $7M.
Over the past 8 quarters, IRADIMED CORP has demonstrated a growth trajectory, with revenue expanding from $18M to $79M. Investors analyzing IRMD stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
IRMD Dividend Yield and Income Analysis
IRADIMED CORP (IRMD) currently pays a dividend yield of 0.9%. At this yield, a $10,000 investment in IRMD stock would generate approximately $$93.00 in annual dividend income. With a net margin of 26.5%, the dividend appears well-covered by earnings, suggesting sustainable payouts going forward.
IRMD Momentum and Technical Analysis Profile
IRADIMED CORP (IRMD) has a momentum factor score of 66/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 26/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 6/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
IRMD vs Competitors — Healthcare Sector Ranking and Peer Comparison
Comparing IRMD against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full IRMD vs S&P 500 (SPY) comparison to assess how IRADIMED CORP stacks up against the broader market across all factor dimensions.
IRMD Next Earnings Date
No upcoming earnings date has been announced for IRADIMED CORP (IRMD) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy IRMD? — Investment Thesis Summary
IRADIMED CORP presents a balanced picture with arguments on both sides. Price momentum is positive at 66/100, suggesting the trend favors buyers. Low volatility (stability score 74/100) reduces downside risk.
In summary, IRADIMED CORP (IRMD) earns a Hold rating with a composite score of 49.3/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on IRMD stock.
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Institutional Research Dossier
IRADIMED CORP (IRMD) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
We maintain a Hold rating on IRADIMED CORP (IRMD). While the company exhibits strong profitability and revenue growth within a niche market for MRI-compatible medical devices, its current valuation appears stretched relative to its growth prospects and sector peers. The company's reliance on a limited product portfolio and the potential for increased competition warrant caution, despite its impressive financial performance.
IRADIMED's dominant position in the MRI-compatible medical device market is undeniable, but the high P/E and EV/EBITDA multiples suggest that much of its future growth is already priced into the stock. The company's ability to sustain its high margins and revenue growth in the face of potential competitive pressures will be crucial in justifying its current valuation. Therefore, a Hold rating is appropriate until there is more clarity on the company's long-term growth trajectory and competitive landscape.
Business Strategy & Overview
IRADIMED CORPORATION operates within the specialized niche of MRI-compatible medical devices. Its core business revolves around the development, manufacturing, and distribution of devices like IV infusion pumps and patient vital signs monitoring systems that can safely function within the strong magnetic fields of MRI machines. This focus allows IRADIMED to cater to a specific need within hospitals and outpatient imaging centers, where the use of standard medical equipment is prohibited due to potential interference with MRI functionality or safety concerns.
The company's revenue generation is primarily driven by the sale of its MRidium MRI compatible IV infusion pump system and MRI compatible patient vital signs monitoring system, along with associated disposable IV tubing sets and accessories. IRADIMED employs a direct sales force, regional sales directors, clinical support representatives, and independent distributors to reach its target customer base. This multi-channel approach allows for broad market coverage and personalized customer service, which is crucial in the medical device industry.
IRADIMED's strategic positioning is centered on maintaining its leadership in the MRI-compatible medical device market. The company invests in research and development to enhance its existing product line and develop new MRI-compatible devices. This innovation is essential to staying ahead of potential competitors and meeting the evolving needs of healthcare providers. Furthermore, IRADIMED focuses on providing comprehensive training and support to its customers, which strengthens its relationships and fosters customer loyalty.
The medical device industry is characterized by stringent regulatory requirements and intense competition. IRADIMED must navigate the regulatory landscape of the FDA and other international regulatory bodies to ensure its products meet safety and efficacy standards. While IRADIMED currently enjoys a strong market position, it faces potential competition from larger medical device companies that may seek to enter the MRI-compatible market. The company's ability to maintain its competitive edge will depend on its continued innovation, strong customer relationships, and efficient operations.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
18.3%
Sector: 10.6%
+72% VS SCTR
Economic Moat Analysis
IRADIMED possesses a Narrow economic moat, primarily derived from a combination of intangible assets and switching costs. The company's specialized expertise in developing and manufacturing MRI-compatible medical devices creates a barrier to entry for potential competitors. The regulatory hurdles associated with obtaining FDA approval for medical devices further strengthen this moat, as it requires significant time and investment to bring new products to market.
The intangible asset component of IRADIMED's moat stems from its proprietary technology and know-how in designing devices that can safely and effectively operate within the strong magnetic fields of MRI machines. This expertise is not easily replicated, and it gives IRADIMED a competitive advantage over companies that lack this specialized knowledge. Furthermore, the company's brand reputation as a trusted provider of MRI-compatible medical devices enhances its moat.
Switching costs also contribute to IRADIMED's narrow moat. Hospitals and outpatient imaging centers that have already invested in IRADIMED's systems and trained their staff on their use are less likely to switch to a competitor's products, even if they are offered at a lower price. The cost of retraining staff and integrating new systems can be significant, making it more cost-effective to stick with the existing provider. This creates a degree of customer stickiness that benefits IRADIMED.
However, the moat is not wide due to the potential for larger medical device companies to enter the market with sufficient resources and expertise. While IRADIMED has a first-mover advantage, its relatively small size compared to industry giants makes it vulnerable to competitive pressures. The company's reliance on a limited product portfolio also weakens its moat, as it is more susceptible to disruption from new technologies or competing products.
The absence of network effects further limits the moat's width. The value of IRADIMED's products does not increase as more customers adopt them. This contrasts with companies that benefit from network effects, where the value of their products or services grows exponentially with each new user. Therefore, while IRADIMED has a defensible competitive position, its moat is not as strong as companies with wider moats.
Financial Health & Profitability
IRADIMED's financial health is generally strong, characterized by robust profitability, revenue growth, and a pristine balance sheet. The company has consistently demonstrated impressive gross and operating margins, significantly exceeding sector averages. The TTM gross margin of 77.4% and operating margin of 31.2% highlight the company's pricing power and efficient operations within its niche market. These figures compare favorably to the healthcare sector averages of 71.9% and -65.2%, respectively.
Revenue growth has been consistently positive, with the most recent TTM revenue of $83.81 million representing an 18.3% increase compared to the previous year. This growth rate surpasses the sector average of 10.7%, indicating IRADIMED's ability to capture market share and expand its customer base. The quarterly financial history reveals a steady upward trend in revenue, with each quarter in FY2025 exceeding the corresponding quarter in FY2024.
IRADIMED's profitability is also noteworthy, with a TTM net income of $22.48 million and a net margin of 26.5%. This level of profitability is exceptional compared to the healthcare sector average of -54.1%. The company's return on equity (ROE) of 22.3% further underscores its ability to generate profits from shareholders' equity, significantly outperforming the sector average of -42.5%.
The company's balance sheet is exceptionally strong, with $56.53 million in total cash and no debt. This provides IRADIMED with significant financial flexibility to invest in research and development, pursue acquisitions, or return capital to shareholders. The current ratio of 7.98 indicates a high level of liquidity, ensuring the company can easily meet its short-term obligations.
However, the negative free cash flow of $-4.89 million is a point of concern. While the provided data does not offer a breakdown of the factors contributing to this negative FCF, it warrants further investigation. It is possible that the negative FCF is due to investments in working capital or capital expenditures related to the company's growth initiatives. Nevertheless, it is important to monitor this metric closely to ensure it does not become a persistent issue.
Valuation Assessment
IRADIMED's valuation appears stretched based on several key metrics. The company's P/E ratio of 56.2x is significantly higher than the healthcare sector average of 24.3x, suggesting that investors are paying a premium for its earnings. Similarly, the EV/EBITDA multiple of 12.2x is also higher than the sector average of 6.4x, indicating that the company is relatively expensive compared to its peers.
Given the company's strong revenue growth and profitability, a premium valuation is somewhat justified. However, the magnitude of the premium raises concerns about whether the stock is overvalued. The market may be pricing in overly optimistic expectations for future growth, which could lead to a correction if the company fails to meet those expectations.
The absence of free cash flow data in the quarterly history makes it difficult to assess the company's valuation based on FCF yield. However, the TTM free cash flow of $-4.89 million suggests that the company is not currently generating positive cash flow for investors. This further supports the argument that the stock is overvalued, as investors are not receiving any immediate cash returns.
A discounted cash flow (DCF) analysis would be necessary to determine a more precise fair value for the stock. However, based on the available data, it appears that IRADIMED is trading at a premium to its intrinsic value. The high P/E and EV/EBITDA multiples, coupled with the negative free cash flow, suggest that the stock is expensive relative to its growth prospects and sector peers.
While IRADIMED's strong financial performance and niche market position warrant a premium valuation, the current multiples appear excessive. Investors should exercise caution and carefully consider the risks associated with investing in an overvalued stock. A more attractive entry point may present itself if the stock price declines or if the company's growth accelerates.
Risk & Uncertainty
IRADIMED faces several specific risks that could impact its future performance. One of the primary risks is competition. While the company currently enjoys a dominant position in the MRI-compatible medical device market, larger medical device companies could enter the market and erode IRADIMED's market share. These larger companies may have greater resources for research and development, marketing, and distribution, allowing them to compete more effectively.
Another significant risk is regulatory changes. The medical device industry is heavily regulated by the FDA and other international regulatory bodies. Changes in regulations could increase the cost of compliance, delay product approvals, or even force the company to recall existing products. This could negatively impact IRADIMED's profitability and growth prospects.
Product concentration also poses a risk. IRADIMED's revenue is primarily derived from a limited number of products, namely its MRidium MRI compatible IV infusion pump system and MRI compatible patient vital signs monitoring system. If demand for these products declines or if competing products emerge, IRADIMED's revenue could be significantly impacted. The company needs to diversify its product portfolio to mitigate this risk.
While the company currently has no debt, future capital allocation decisions could introduce risk. If IRADIMED chooses to pursue acquisitions or other strategic initiatives that require significant capital, it may need to take on debt or issue equity. This could dilute existing shareholders or increase the company's financial leverage, potentially impacting its financial stability.
Bulls Say / Bears Say
The Bull Case
BULL VIEWIRADIMED's dominance in the niche market of MRI-compatible medical devices provides a strong competitive advantage and pricing power, leading to consistently high margins.
BULL VIEWThe increasing adoption of MRI technology in healthcare settings will drive continued demand for IRADIMED's products, fueling revenue growth and profitability.
The Bear Case
BEAR VIEWIRADIMED's high valuation multiples are unsustainable, and the stock is vulnerable to a significant correction if growth slows or competition intensifies.
BEAR VIEWThe company's reliance on a limited product portfolio and the potential for regulatory changes pose significant risks to its long-term growth prospects.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score IRMD and 4,400+ other equities.
IRADIMED CORP exhibits a 491% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
19.4%
Sector: -33.1%
Gross Margin
Pricing power and cost efficiency
77.4%
Sector: 71.5%
Operating Margin
Core business profitability
31.2%
Sector: -66.1%
Net Margin
Bottom-line profitability
26.5%
Sector: -58.7%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
Sector Avg Yield0.00%
Yield Delta—
Income Projection audit
A $10,000 investment would generate approximately $93 annually in dividends at the current trailing rate.
