Iradimed Corp Dossier - Source-backed chat

Iradimed Corp

IRMDNASDAQ

SectorHealth Care

IndustryMedical Devices

Beta (adjusted)0.93

Intrinsic Value $70.37median of 6 methods · middle span $44-$75based on filings through 30 Jun 2026

Market Price $85.30Price as of 1 Oct 2026

OvervaluedIntrinsic value is 18% below the market price

−50% · IV below pricenear fair value ±15%IV above price · +50%

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Market Cap $1.1B

Enterprise Value $1B

Shares Outstanding 12.9M diluted

Moat Rating Wide

Next Earnings Date29 Oct 2026

Last ex-dividend14 Aug 2026

All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference.

Thesis

Street consensus, scenarios, merits, risks, and invalidation triggers

AI-assisted

Thesis Summary

IRADIMED CORP is a highly profitable, debt-free medical device specialist holding a virtual monopoly in the niche market for MRI-compatible intravenous infusion pumps and patient vital signs monitors. The company's growth is poised to accelerate following the FDA 510(k) clearance and commercial launch of its next-generation MRidium 3870 IV pump system. With a robust balance sheet featuring over $56 million in cash and zero debt, elite gross margins of 77-78%, and strong tailwinds from the global transition to higher-strength 3T MRI magnets, IRADIMED represents a high-conviction growth play with a solid margin of safety.

This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today.

Street view · analyst 12-month targets2 analysts · as of 18 Aug 2026

Low · most bearish analyst$116.00

Mean target$118.00

High · most bullish analyst$120.00

Street targets sit above today's price; our intrinsic value sits below it. Different horizons, different questions.

Our research · scenarios, merits, risks, and invalidation triggersResearch as of 18 Sep 2026

Scenarios · 12-month scenario targetsAnchored at research date

Bear CaseDownside scenario

$116.00

Hospital capital spending budgets tighten, leading to lumpy order patterns and delayed adoption of the MRidium 3870 pump. Major MRI scanner manufacturers (GE, Philips, Siemens) aggressively bundle their own compatible accessories, capping IRADIMED's addressable market. Supply chain bottlenecks for specialized non-magnetic electronic components pressure gross margins down toward 74%, causing EPS to miss the low end of guidance ($1.90).

Base CaseCentral scenario

$118.00

Matches the consensus mean

IRADIMED successfully executes its domestic product rollout of the MRidium 3870 pump, meeting its reaffirmed full-year 2026 guidance of $91.0 million to $96.0 million in revenue and GAAP diluted EPS of $1.90 to $2.05. Steady recurring revenue from high-margin disposables and maintenance agreements continues to support a 77% gross margin. The stock trades up toward consensus analyst targets as earnings growth remains highly visible.

Bull CaseUpside scenario

$120.00

Rapid hospital adoption of the newly cleared MRidium 3870 IV pump system drives a massive replacement cycle, pushing full-year 2026 revenues past the high end of guidance ($96 million) toward a $100 million run rate. International expansion efforts in Europe and Asia gain traction, reducing geographic concentration. Operating leverage from higher device sales expands operating margins beyond 33%, leading to significant EPS outperformance.

Scenarios are anchored to street consensus at the research date, with our probabilities and rationale.

Key Investment Merits

Unique competitive advantage as the only provider of both a non-magnetic MRI-compatible IV infusion pump and patient monitoring system.
Elite financial profile with 77% gross margins, ~32% operating margins, and a debt-free balance sheet with $56.4 million in cash.
Strong product-driven upgrade cycle catalyzed by the recent FDA 510(k) clearance of the next-generation MRidium 3870 IV pump system.
High-margin recurring revenue stream from proprietary disposable IV tubing sets and maintenance agreements.

Key Investment Risks

Product concentration risk with heavy reliance on a single flagship product line (MRI-compatible infusion systems).
Geographic concentration with the vast majority of revenues generated within the United States.
Potential competitive threats from major MRI scanner manufacturers bundling compatible accessories with scanner sales.
Cyclicality and lumpiness of hospital capital equipment purchasing budgets.

Thesis Invalidation Triggers

Failure of the MRidium 3870 IV pump to gain commercial traction by mid-2027.
A major safety recall or regulatory action by the FDA regarding the company's core pump or monitoring systems.
Aggressive entry of a major medical imaging giant (e.g., Siemens or GE) into the standalone MRI-compatible device space.
A significant drop in gross margins below 72%, indicating loss of pricing power or severe supply chain cost pressures.

All scenarios are estimates and subject to change. Past performance is not indicative of future results.

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Explore this dossier

ValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework.