IRADIMED CORP
For the period ended Mar 31, 2026. Filed May 1, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 1, 2026
IRMD$86.31+0.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-03.
0001104659-25-105538
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-01.
0001628280-26-029325
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 71 previous paragraphs and 58 current paragraphs.
27 unchanged; 26 reworded; 5 added; 15 removed; 3 previous and 0 current paragraphs rearranged.
Tables are not compared: 6 previous and 6 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (5)
Current report
In February 2026, the Supreme Court of the United States issued a ruling determining that certain tariffs were not lawfully imposed. As a result of this decision, impacted importers may be entitled to seek refunds of previously paid tariffs, subject to applicable administrative processes and further governmental actions. The Company has incurred costs associated with tariffs on certain imported materials and components and is evaluating its eligibility to pursue refunds. While the ruling may provide a basis for recovery of certain amounts previously paid, the timing, process, and ultimate realization of any such refunds remain uncertain and may be subject to additional regulatory guidance or legal developments. The Company cannot reasonably estimate the financial impact of this matter, including the amount or timing of any potential refunds at this time and will continue to assess developments and their potential impact on its business, financial condition, and results of operations.
Current report
The Company continues to monitor ongoing geopolitical developments, including the current conflicts in the Middle East, and the potential impacts on global trade policies and economic conditions. These events have contributed to increased uncertainty in international markets, including potential disruptions to supply chains, fluctuations in commodity and transportation costs, and evolving trade regulations. The Company has not experienced a material adverse impact on its operations or financial condition as a direct result of these developments. However, the situation remains dynamic, and the extent to which these geopolitical events may affect the Company’s business, results of operations, or financial condition in future periods remains uncertain. The Company will continue to actively assess potential risks and implement mitigation strategies, where appropriate, to address any emerging impacts.
Current report
For the three months ended March 31, 2026 , general and administrative expense remained consistent at $4.6 million.
Current report
For the three months ended March 31, 2026, sales and marketing expense decreased by $0.1 million, or 3%, to $4.1 million from $4.2 million for the same period in 2025. This increase is primarily due to reduced sales commissions, related to timing and transition of sales focus to our MRidium® 3870 IV infusion pump system.
Current report
Company has evaluated the impact of the OBBBA on its financial statements and does not expect the legislation to result in a material change to its annual effective tax rate. During the first quarter of 2026, the Company implemented the OBBBA‑related changes to the foreign‑derived deduction regime, including the transition from the FDII deduction to the FDDEI deduction, which became effective for tax years beginning after December 31, 2025.
Removed paragraphs (15)
Previous report
Our Model 3600 ferromagnetic detection device, IRadimed FMD1, with remote alarm logging unit (“RALU”) is the first ferromagnetic detection device with TruSenseTM threat qualification technology. Our patent pending TruSenseTM technology predicts an approaching ferrous hazard by uniquely sensing a threat’s speed, trajectory, and MRI Zone IV door status with IRADIMED’s expertise in Dynamic Signal Processing. This technology reduces false alarms, all while simultaneously circumventing background magnetic field noise. The Model 3600 FMD1 can be self-installed and does not require drilling, special tools, permits or contractors like traditional FMD systems. The wireless touchscreen, RALU, is unique in the industry and provides a full color visual representation of the MRI door and FMD status. When an incident occurs, this wireless touchscreen uniquely allows users to quickly and easily log all ferrous items as they enter the MRI Zone IV improving the reporting accuracy hospitals require for accreditation.
Previous report
Additionally, the Company continues to monitor ongoing changes to global trade policies, including the imposition of tariffs, and the Company is implementing plans to mitigate related impacts associated with the tariffs.
Previous report
On May 29, 2025, the Company announced that the FDA has granted 510(k) clearance for the Company’s next-generation MRidium® 3870 IV infusion pump system (the “MRidium® 3870”).
Previous report
The MRidium® 3870 is an advanced, MRI compatible infusion pump that extends the Company’s unique position as the world’s only supplier of non-magnetic MRI infusion pump devices, addressing growing demands for safe and reliable fluid delivery in diagnostic imaging. The MRidium® 3870 features a non-magnetic ultrasonic pump motor, non-interfering radio frequency emissions, and non-ferrous components, ensuring seamless performance in high-magnetic-field environments.
Previous report
The Company plans an initial strategic rollout of the newly FDA-cleared MRidium® 3870 infusion pump to select healthcare facilities in the fourth quarter of 2025, with product shipments growing towards full commercial distribution throughout 2026.
Previous report
Revenue from sales in the U.S. increased by $8.2 million, or 18%, to $52.3 million for the nine months ended September 30, 2025, from $44.1 million for the same period in 2024. Revenue from sales internationally decreased by $0.9 million, or 9%, for the nine months ended September 30, 2025 to $8.9 million, from $9.8 million for the same period in 2024. Domestic sales accounted for 85% of revenue for the nine months ended September 30, 2025, compared to 82% for the same period in 2024.
Previous report
Revenue from sales of devices increased by $5.6 million, or 15%, to $43.2 million for the nine months ended September 30, 2025, from $37.6 million for the same period in 2024. Revenue from the amortization of extended maintenance agreements increased by $126 thousand, or 8%, to $1.8 million for the nine months ended September 30, 2025, from $1.6 million for the nine months ended September 30, 2024. Revenue from sales of our disposables increased by $1.9 million, or 17%, to $13.3 million for the nine months ended September 30, 2025, from $11.4 million for the same period in 2024. Revenue from the services and other decreased by $0.3 million, or 9%, to $2.9 million for the nine months ended September 30, 2025, from $3.2 million for the nine months ended September 30, 2024.
Previous report
For the nine months ended September 30, 2025, our cost of revenue increased by $1.5 million, or 13%, to $13.8 million from $12.3 million for the same period in 2024. For the nine months ended September 30, 2025, our gross profit increased by $5.7 million, or 14%, to $47.3 million from $41.6 million for the same period in 2024. Gross profit margin remained at 77% for both the nine months ended September 30, 2025 and 2024.
Previous report
For the three months ended September 30, 2025, general and administrative expense increased by $0.4 million, or 10%, to $4.4 million from $4.0 million for the same period in 2024. This increase is primarily due to higher legal and professional expenses, software maintenance, and increased payroll and benefit expenses.
Previous report
For the nine months ended September 30, 2025, general and administrative expense increased by $1.1 million, or 9%, to $13.2 million from $12.1 million for the same period last year. This increase is primarily due to higher legal and professional expenses, regulatory consulting, and payroll and benefits expenses.
Previous report
For the three months ended September 30, 2025, sales and marketing expense increased by $0.8 million, or 21%, to $4.6 million from $3.8 million for the same period in 2024. This increase is primarily due to higher sales commissions, sales activities expenses, and payroll and benefits expenses.
Previous report
For the nine months ended September 30, 2025, sales and marketing expense increased by $1.7 million, or 15%, to $12.8 million from $11.1 million for the same period last year. This increase is primarily due to higher sales commissions, sales activities expenses, and payroll and benefits expense.
Previous report
For the nine months ended September 30, 2025, research and development expense decreased $0.1 million, or 4%, to $2.2 million from $2.3 million for the same period last year. This decrease is primarily due to decreased prototype and consulting expenses related to the MRidium® 3870 IV infusion pump system.
Previous report
For the nine months ended September 30, 2025 and 2024, other income, net decreased $0.3 million, or 14%, to $1.5 million from $1.8 million for the same period in 2024. This income is primarily interest received in 2025 and 2024 on money market fund investments.
Previous report
On April 3, 2024, the Company filed a shelf registration statement on Form S-3 (the “2024 Shelf”), which was declared effective by the SEC on May 8, 2024. The 2024 Shelf covers the offering, issuance and sale by the Company of up to an aggregate of $75.0 million of its common stock. As of September 30, 2025, all $75.0 million remained available under the 2024 Shelf.
Reworded paragraphs (26)
Previous wording
The following discussion and analysis should be read in conjunction with our unaudited condensed financial statements and the related notes to those statements included in this Quarterly Report, the discussion of certain risks and uncertainties contained in (i) “Part I, Item 1. Business,” “Part 1, Item 1A. Risk Factors,” and the discussion under “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the 2024 Annual Report and (ii) “Part II, Item 1A. Risk Factors” and the “Cautionary Statements Regarding Forward-Looking Statements” section included in this Quarterly Report.
Current wording
The following discussion and analysis should be read in conjunction with (i) our unaudited condensed financial statements and the related notes thereto included in this Quarterly Report, (ii) discussions under "Part I, Item 1. Business,” “Part I, Item 1A. Risk Factors,” and “Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations” in the 2025 Annual Report, and (iii) “Part II, Item 1A. Risk Factors” and the “Cautionary Statements Regarding Forward-Looking Statements” section included in this Quarterly Report.
Previous wording
We are a leader in the development of innovative MRI compatible medical devices and products. We are the only known provider of a non-magnetic IV infusion pump system that is specifically designed to be safe for use during MRI procedures. We were the first to develop an infusion delivery system that largely eliminates many of the dangers and problems present during MRI procedures. Standard infusion pumps contain magnetic and electronic components, which can create radio frequency interference and are dangerous to operate in the presence of the powerful magnet that drives an MRI system. Our patented MRidium® MRI compatible IV infusion pump system has been designed with a non-magnetic ultrasonic motor, uniquely designed non-ferrous parts and other special features to safely and predictably deliver anesthesia and other IV fluids during various MRI procedures. Our pump solution provides a seamless approach that enables accurate, safe and dependable fluid delivery before, during and after an MRI scan, which is important to critically ill patients who cannot be removed from their vital medications, and children and infants who must generally be sedated to remain immobile during an MRI scan.
Current wording
We are a leader in the development of innovative MRI compatible medical devices. We are the only known provider of non-magnetic IV infusion pump systems specifically designed to be safe for use during MRI procedures. We were the first to develop an infusion delivery system that largely eliminates many of the dangers and problems present during MRI procedures. Standard infusion pumps contain magnetic and electronic components, which can create radio frequency interference and are dangerous to operate in the presence of the powerful magnet that drives an MRI system. Our patented MRidium MRI compatible IV infusion pump systems have been designed with a non-magnetic ultrasonic motor, uniquely designed non-ferrous parts and other special features to safely and predictably deliver anesthesia and other IV fluids during various MRI procedures. Our pump solutions provide a seamless approach that enables accurate, safe and dependable fluid delivery before, during and after an MRI scan, which is important to critically ill patients who cannot be removed from their vital medications, and children and infants who must generally be sedated to remain immobile during an MRI scan.
Previous wording
Each IV infusion pump system consists of an MRidium® MRI compatible IV infusion pump, non-magnetic mobile stand, proprietary disposable IV tubing sets and many of these systems contain additional optional upgrade accessories.
Current wording
Each IV infusion pump system generally consists of an MRidium MRI compatible IV infusion pump, non-magnetic mobile stand, proprietary disposable IV tubing sets and many of these systems contain additional optional upgrade accessories.
Previous wording
Our patented 3880 MRI compatible patient vital signs monitoring system has been designed with non-magnetic components and other special features to safely and accurately monitor a patient’s vital signs during various MRI procedures. The IRADIMED 3880 system operates dependably in magnetic fields up to 30,000 gauss, which means it can operate virtually anywhere in the MRI scanner room. The IRADIMED 3880 has a compact, lightweight design allowing it to travel with the patient from their critical care unit to the MRI and back, resulting in increased patient safety through uninterrupted vital signs monitoring and decreasing the amount of time critically ill patients are away from critical care units. The features of the IRADIMED 3880 include: wireless Electrocardiogram (ECG) with dynamic gradient filtering; wireless blood oxygen saturation monitoring (SpO2) using Masimo® algorithms; non-magnetic respiratory carbon dioxide (CO2); invasive and non-invasive blood pressure; patient temperature; and optional advanced multi-gas anesthetic agent unit featuring continuous Minimum Alveolar Concentration measurements. The IRADIMED 3880 MRI compatible patient vital signs monitoring system has an easy-to-use design and allows for the effective communication of patient vital signs information to clinicians.
Current wording
Our 3880 MRI compatible patient vital signs monitoring system has been designed with non-magnetic components and other special features to safely and accurately monitor a patient’s vital signs during various MRI procedures. The IRadimed 3880 system operates dependably in magnetic fields up to 30,000 gauss, which means it can operate virtually anywhere in the MRI scanner room. The IRadimed 3880 has a compact, lightweight design allowing it to travel with the patient from their critical care unit, to the MRI and back, resulting in increased patient safety through uninterrupted vital signs monitoring and decreasing the amount of time critically ill patients are away from critical care units. The features of the IRadimed 3880 include: wireless electrocardiogram (ECG) with dynamic gradient filtering; wireless peripheral oxygen saturation (SpO2) monitoring using Masimo® algorithms; non-magnetic respiratory carbon dioxide (CO2); invasive and non-invasive blood pressure; patient temperature; and optional advanced multi-gas anesthetic agent unit featuring continuous Minimum Alveolar Concentration measurements. The IRadimed 3880 MRI compatible patient vital signs monitoring system has an easy-to-use design and allows for the effective communication of patient vital signs information to clinicians.
Previous wording
We generate revenue from the sale of MRI compatible medical devices and related products, accessories, extended maintenance agreements, services related to maintaining our products and the sale of disposable products used with our devices. The principal customers for our MRI compatible products include hospitals and acute care facilities, both in the United States and internationally. As of September 30, 2025, our direct U.S. sales force consisted of 29 field sales representatives, 4 regional sales directors and supplemented by 9 clinical application specialists. Internationally, we have distribution agreements with independent distributors selling our products.
Current wording
We generate revenue from the sale of MRI compatible medical devices and accessories, extended maintenance agreements, services related to maintaining our products and the sale of disposable products used with our devices. The principal customers for our MRI compatible products include hospitals and acute care facilities, both in the U.S. and internationally. As of March 31, 2026, our direct U.S. sales force consisted of 29 field sales representatives, 4 regional sales directors and supplemented by 10 clinical application specialists. Internationally, we have distribution agreements with independent distributors selling our products.
Previous wording
sell and distribute our products to their member hospitals. GPOs negotiate volume purchase prices for hospitals, group practices, and other clinics that are members of a GPO. Under our GPO agreements, we are required to pay the GPOs a fee of three percent of the sales of our products to members of the GPO. Sales to participating IDNs do not have an associated fee.
Current wording
Selling cycles for our devices have varied widely and have historically ranged between three and six months in duration. We also enter into agreements with integrated delivery networks (“IDNs”) and healthcare supply contracting companies, which are commonly referred to as group purchasing organizations (“GPOs”) in the U.S., which enable us to sell and distribute our products to their member hospitals. GPOs negotiate volume purchase prices for hospitals, group practices, and other clinics that are members of a GPO. Under our GPO agreements, we are required to pay the GPOs a fee of three percent of the sales of our products to members of the GPO. Sales to participating IDNs do not have an associated fee.
Previous wording
For the quarter ended September 30, 2025, our revenue increased by $2.9 million, or 16% to $21.2 million, compared to $18.3 million for the quarter ended September 30, 2024. Income before the provision for income taxes was $7.3 million for the quarter ended September 30, 2025, compared to $6.4 million for the quarter ended September 30, 2024. Net income was $5.6 million, or $0.43 per diluted share, in the quarter ended September 30, 2025, compared to $5.0 million, or $0.40 per diluted share in the quarter ended September 30, 2024.
Current wording
For the quarter ended March 31, 2026, our revenue increased by $2.5 million, or 13% to $22.0 million, compared to $19.5 million for the quarter ended March 31, 2025. Income before the provision for income taxes was $7.8 million for the quarter ended March 31, 2026, compared to $5.9 million for the quarter ended March 31, 2025. Net income was $5.8 million, or $0.45 per diluted share, in the quarter ended March 31, 2026, compared to $4.7 million, or $0.37 per diluted share in the quarter ended March 31, 2025.
Previous wording
For the remainder of fiscal year 2025, we expect higher revenue when compared to the same period in 2024 primarily due to higher sales of our medical devices and products, related accessories, disposables, and services. We also expect higher operating expenses compared to the same period in 2024 primarily due to higher sales and marketing, regulatory, and general and administrative expenses.
Current wording
For the fiscal year 2026, we expect higher revenue when compared to the fiscal year 2025 primarily due to higher sales of our medical devices and products, related accessories, disposables, and services. We also expect higher operating expenses compared to the fiscal year 2025 primarily due to higher sales and marketing, regulatory, and general and administrative expenses.
Previous wording
In addition to the trends identified in the 2024 Annual Report under “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and in the Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 (the “Q2 2025 Quarterly Report”) under “Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations,” our business in fiscal year 2025 has been impacted, and we believe will continue to be impacted, by the recent developments and trends stated therein and herein.
Current wording
In addition to the trends identified in the 2025 Annual Report under “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations,” our business in fiscal year 2026 has been impacted, and we believe will continue to be impacted, by the recent developments and trends stated therein and herein.
Previous wording
statements as well as the reported revenue and expenses during the reporting periods. On an ongoing basis, we evaluate our estimates and judgments. We base our estimates on historical experience and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.
Current wording
The discussion and analysis of our financial condition and results of operations are based on our unaudited condensed financial statements, which we have prepared in accordance with GAAP. The preparation of these unaudited condensed financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements as well as the reported revenue and expenses during the reporting periods. On an ongoing basis, we evaluate our estimates and judgments. We base our estimates on historical experience and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.
Previous wording
Comparison of the Three Months Ended and the Nine Months Ended September 30, 2025 and 2024
Current wording
Comparison of the Three Months Ended March 31, 2026 and 2025
Previous wording
For the three months ended September 30,2025, total revenue increased by $2.9 million, or 16%, to $21.2 million from $18.3 million for the same period in 2024. This increase is primarily attributed to continued demand for our IV infusion pump system, disposables, amortization of extended maintenance revenue, and modifications to our sales incentive plan for patient vital signs monitoring systems.
Current wording
For the three months ended March 31, 2026, total revenue increased by $2.5 million, or 13%, to $22.0 million from $19.5 million for the same period in 2025. This increase is primarily attributed to continued demand for our IV infusion pump systems, amortization of extended maintenance revenue, and modifications to our sales incentive plan for patient vital signs monitoring systems.
Previous wording
Revenue from sales in the U.S. increased by $2.9 million, or 19%, to $18.1 million for the three months ended September 30, 2025, from $15.2 million for the same period in 2024. Revenue from sales internationally remained constant for the three months ended September 30, 2025 and 2024 at $3.1 million. Domestic sales accounted for 85% of revenue for the three months ended September 30, 2025, compared to 83% for the same period in 2024.
Current wording
Revenue from sales in the U.S. increased by $2.1 million, or 13%, to $18.0 million for the three months ended March 31, 2026, from $16.0 million for the same period in 2025. Revenue from sales internationally increased for the three months ended March 31, 2026 and 2025 at $4.0 million. Domestic sales accounted for 82% of revenue for the three months ended March 31, 2026 and 2025.
Previous wording
Revenue from sales of devices increased by $2.6 million, or 20%, to $15.6 million for the three months ended September 30, 2025, from $13.0 million for the same period in 2024. Revenue from the amortization of extended maintenance agreements increased by $29 thousand, or 5%, to $613 thousand for the three months ended September 30, 2025, from $584 thousand for the three months ended September 30, 2024. Revenue from sales of our disposables increased by $0.4 million, or 12%, to $4.1 million for the three months ended September 30, 2025, from $3.7 million for the same period in 2024. Revenue from the services and other decreased by $171 thousand, or 16%, to $0.9 million for the three months ended September 30, 2025, from $1.0 million for the three months ended September 30, 2024.
Current wording
Revenue from sales of devices increased by $2.4 million, or 19%, to $15.4 million for the three months ended March 31, 2026, from $13.0 million for the same period in 2025. Revenue from the amortization of extended maintenance agreements increased by $99 thousand, or 18%, to $659 thousand for the three months ended March 31, 2026, from $560 thousand for the three months ended March 31, 2025. Revenue from sales of disposables remained constant at $4.9 million for the three months ended March 31, 2026 and 2025. Revenue from services and other remained constant at $1.0 million for the three months ended March 31, 2026 and 2025.
Previous wording
For the three months ended September 30, 2025, our cost of revenue increased by $0.6 million, or 14%, to $4.7 million from $4.1 million for the same period in 2024. For the three months ended September 30, 2025, our gross profit increased by $2.3 million, or 16%, to $16.5 million from $14.2 million for the same period in 2024. For the three months ended September 30, 2025, gross profit margin increased to 78% compared to 77% for the same period in 2024.
Current wording
For the three months ended March 31, 2026, our cost of revenue increased by $0.5 million, or 11%, to $5.2 million from $4.7 million for the same period in 2025. For the three months ended March 31, 2026, our gross profit increased by $2.0 million, or 13%, to $16.8 million from $14.8 million for the same period in 2025. For the three months ended March 31, 2026, gross profit margin increased to 77% compared to 76% for the same period in 2025.
Previous wording
For the three months ended September 30, 2025, research and development expense increased $35 thousand, or 5%, to $674 thousand from $639 thousand for the same period in 2024. This increase is primarily due to an increase in payroll and benefit expenses related to the newly cleared MRidium® 3870 IV infusion pump system.
Current wording
For the three months ended March 31, 2026, research and development expense increased by $0.4 million, or 67%, to $1.0 million from $0.6 million for the same period in 2025. This increase is primarily due to an increase in payroll and benefit expenses. Payroll expenses related to the MRidium® 3870 IV infusion pump system, were capitalized for the same period in 2025.
Previous wording
Other income, net consists of interest income, (the largest component), foreign currency gains and losses, and other miscellaneous income. For the three months ended September 30, 2025, other income, net decreased $165 thousand, or 26%, to $464 thousand from $629 thousand for the same period in 2024.
Current wording
Other income, net consists of interest income, (the largest component), foreign currency gains and losses, and other miscellaneous income. For the three months ended March 31, 2026, other income, net increased $19 thousand, or 4%, to $532 thousand from $513 thousand for the same period in 2025.
Previous wording
For the three and nine months ended September 30, 2025, we recorded a provision for income tax expense of $1,721,074 and $4,532,357, respectively. For the three and nine months ended September 30, 2025, our effective tax rate was 23.6% and 22.0%, respectively, and differed from the U.S. federal statutory rate primarily due to U.S. state income tax expense, partially offset by research and development tax credits.
Current wording
For the three months ended March 31, 2026, we recorded a provision for income tax expense of $1,951 thousand. For the three months ended March 31, 2026, our effective tax rate was 25.1% , and differed from the U.S. federal statutory rate primarily due to U.S. state income tax expense, and non-deductible compensation expenses, partially offset by benefits from research and development tax credits.
Previous wording
For the three and nine months ended September 30,2024, we recorded a provision for income tax expense of $1,368,830 and $3,843,834, respectively. For the three and nine months ended September 30, 2024, our effective tax rate was 21.3% and 21.4%, respectively, and differed from the U.S. federal statutory rate primarily due to U.S. state income tax expense, partially offset by benefits from research and development tax credits.
Current wording
For the three months ended March 31, 2025, we recorded a provision for income tax expense of $1,258 thousand . For the three months ended March 31, 2025, our effective tax rate was 21.2% , and differed from the U.S. federal statutory rate primarily due to U.S. state income tax expense, partially offset by benefits from research and development tax credits.
Previous wording
On July 31, 2024, the Company received a notice of examination from the I.R.S. for the tax year ended December 31, 2021. On July 29,2025, the Company received notice that the I.R.S. completed its review of our tax return for the tax year ended December 31, 2021, with no changes to our reported tax return and closed out its examination. The Company remains subject to income tax examinations for our U.S. federal and certain U.S. state income taxes for 2022 and subsequent years.
Current wording
We file tax returns in the U.S. federal jurisdiction and many U.S. state jurisdictions. Our returns are not currently under examination by the Internal Revenue Service. The Company remains subject to income tax examinations for our U.S. federal and certain U.S. state income taxes for 2023 and subsequent years.
Previous wording
On July 4, 2025 OBBBA was enacted in the U.S. OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions including the acceleration of tax deductions for qualified property and research expenditures. The Company has completed an initial assessment of OBBBA’s impact on its financial statement and does not expect a material change in its annual effective rate.
Current wording
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the United States. The OBBBA includes several significant provisions, including the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework, and the restoration of favorable tax treatment for certain business provisions, such as accelerated deductions for qualified property and domestic research expenditures. The
Previous wording
As of September 30, 2025, we had cash and cash equivalents of $56.5 million, stockholders’ equity of $98.4 million, and working capital of $72.1 million. As of December 31, 2024, we had cash and cash equivalents of $52.2 million, stockholders’ equity of $86.8 million, and working capital of $66.7 million.
Current wording
As of March 31, 2026, we had cash and cash equivalents of $56.4 million, stockholders’ equity of $98.5 million, and working capital of $74.3 million. As of December 31, 2025, we had cash and cash equivalents of $51.2 million, stockholders’ equity of $94.6 million, and working capital of $71.0 million.
Previous wording
We believe that our current cash, and any cash generated from operations will be sufficient to meet our ongoing operating requirements for at least the next 12 months and into the foreseeable future. We do not anticipate requiring additional capital; however, if required or desirable, we may seek to obtain a credit facility, raise debt, or issue additional equity in private or public markets. Various economic conditions might disrupt capital markets at any time, which could reduce our ability to access capital and negatively affect our liquidity in the future.
Current wording
We believe that our current cash, and cash generated from operations will be sufficient to meet our ongoing operating requirements for at least the next 12 months and into the foreseeable future. We do not anticipate requiring additional capital; however, if required or desirable, we may seek to obtain a credit facility, raise debt, or issue additional equity in private or public markets. Various economic conditions (including persistent inflationary pressures, elevated or volatile interest rate levels, and the imposition of, expansion of, or changes in tariffs or other trade restrictions) may disrupt capital markets at any time, which could reduce our ability to access capital and negatively affect our liquidity in the future.
Previous wording
Cash provided by operating activities decreased by $0.6 million, to $19.0 million for the nine months ended September 30, 2025, compared to $19.6 million for the same period in 2024. During the nine months ended September 30, 2025, cash provided by operations was positively impacted by higher net income, lower cash outflows related to accounts payable, and negatively impacted by increased inventory purchases, prepaid expenses and accounts receivable.
Current wording
Cash provided by operating activities increased by $4.0 million, to $8.3 million for the three months ended March 31, 2026, compared to $4.3 million for the same period in 2025. During the three months ended March 31, 2026, cash provided by operations was positively impacted by higher net income, and lower cash outflows related to accounts payable, pre-paid expenses, and inventory purchases, and offset by an increase in accounts receivable related to timing.
Previous wording
Cash used in investing activities increased by $2.2 million, to $8.0 million for the nine months ended September 30, 2025, compared to $5.8 million for the same period in 2024. The majority of our 2025 spend in investing activities is attributed to construction costs of the completed New Facility to accommodate our anticipated growth.
Current wording
Cash used in investing activities decreased by $3.4 million, to $0.5 million for the three months ended March 31, 2026, compared to $3.9 million for the same period in 2025. The decrease from our 2025 spend in investing activities is attributed to construction costs of the completed new executive offices and expanded manufacturing facility to accommodate our continued growth.
Previous wording
Cash used in financing activities decreased by $5.2 million, to $6.7 million for the nine months ended September 30,2025, compared to approximately $11.9 million for the same period in 2024. The decrease is primarily due to December 2023 declaration of a special cash dividend and subsequent payment in the first quarter of 2024. In the second quarter of 2024, the Company commenced paying a regular quarterly cash dividend payment. Special and quarterly cash dividend payments are subject to the sole discretion of the Board and applicable law.
Current wording
Cash used in financing activities increased by $0.3 million, to $2.6 million for the three months ended March 31, 2026, compared to approximately $2.3 million for the same period in 2025. The increase is primarily due to the per share increase of a regular quarterly cash dividend payment. Special and quarterly cash dividend payments are subject to the sole discretion of the Board and applicable law.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
Selling cycles for our devices have varied widely and have historically ranged between three and six months in duration. We also enter into agreements with integrated delivery networks (“IDNs”) and healthcare supply contracting companies, which are commonly referred to as group purchasing organizations (“GPOs”) in the U.S., which enable us to
Previous report — wording carried elsewhere
The discussion and analysis of our financial condition and results of operations are based on our unaudited condensed financial statements, which we have prepared in accordance with GAAP. The preparation of these unaudited condensed financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the unaudited condensed financial
Previous report — wording carried elsewhere
For the nine months ended September 30,2025, total revenue increased by $7.2 million, or 13%, to $61.1 million from $53.9 million for the same period in 2024. This increase is primarily attributed to continued demand for our IV infusion pump system, disposables, amortization of extended maintenance revenue, and modification to sales incentive plan for patient vital signs monitoring systems.