IRADIMED CORP
For the period ended Sep 30, 2026. Filed Oct 30, 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.
Sep 30, 2026 · Filed Oct 30, 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 2026-06-30; filed 2026-07-31.
0001628280-26-051402
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-30.
0001628280-26-068576
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 66 previous paragraphs and 69 current paragraphs.
39 unchanged; 26 reworded; 4 added; 1 removed; 0 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 (4)
Current report
Presentation of Amounts
Current report
Unless otherwise indicated, dollar amounts in the tables in this Item 2 are presented in thousands, and dollar amounts in the narrative discussion are presented in millions, rounded to one decimal place, or in thousands where so indicated. Percentage changes and percentages of total revenue are calculated using the amounts in thousands presented in the tables, except for per share amounts, which are calculated using unrounded amounts. As a result, percentages recalculated using the rounded amounts in millions may differ from those presented.
Current report
In February 2026, the Supreme Court of the United States held that the International Emergency Economic Powers Act (“IEEPA”) does not authorize the President to impose tariffs, invalidating certain tariffs imposed under that statute. Subsequent administrative and judicial developments have established procedures for seeking refunds of previously paid IEEPA tariffs, subject to eligibility requirements, administrative processes and ongoing litigation. The Company continues to monitor changes in U.S. tariff policy, including tariffs imposed under other statutory authorities that are not affected by the decision.
Current report
The Company has submitted refund claims for IEEPA tariffs paid on certain imported materials and components and has received refunds, which did not have a material impact on its financial condition or results of operations for the three and nine months ended September 30, 2026. The Company continues to evaluate additional customs entries that may be eligible for refund. The Company records refunds when realized and the amount and timing of any further recovery depend on, among other things, the status of the relevant entries, compliance with procedural requirements and the outcome of ongoing proceedings.
Removed paragraphs (1)
Previous 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.
Reworded paragraphs (26)
Previous 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 June 30, 2026, our direct U.S. sales force consisted of 29 field sales representatives, 4 regional sales directors and supplemented by 11 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 September 30, 2026, our direct U.S. sales force consisted of 28 field sales representatives, 4 regional sales directors and supplemented by 12 clinical application specialists. Internationally, we have distribution agreements with independent distributors selling our products.
Previous wording
For the quarter ended June 30, 2026, our revenue increased by $0.1 million, or 0.5%, to $20.5 million from $20.4 million compared to the same period of 2025. Income before the provision for income taxes was $6.9 million for the quarter ended June 30, 2026, compared to $7.3 million for the quarter ended June 30, 2025. Net income was $5.2 million, or $0.41 per diluted share, in the quarter ended June 30, 2026, compared to $5.8 million, or $0.45 per diluted share in the quarter ended June 30, 2025.
Current wording
For the quarter ended September 30, 2026, our revenue increased by $3.0 million, or 14%, to $24.2 million from $21.2 million compared to the same period of 2025. Income before the provision for income taxes was $8.7 million for the quarter ended September 30, 2026, compared to $7.3 million for the quarter ended September 30, 2025. Net income was $6.5 million, or $0.51 per diluted share, in the quarter ended September 30, 2026, compared to $5.6 million, or $0.43 per diluted share in the quarter ended September 30, 2025.
Previous 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.
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 described in the 2025 Annual Report and in this Quarterly Report.
Previous wording
For the three months ended June 30, 2026, total revenue increased by $0.1 million, or 0.5%, to $20.5 million from $20.4 million for the same period in 2025. This increase is primarily attributed to modifications to our sales incentive plan for patient vital signs monitoring systems, disposables, and amortization of extended maintenance revenue.
Current wording
For the three months ended September 30, 2026, total revenue increased by $3.0 million, or 14%, to $24.2 million from $21.2 million for the same period in 2025. This increase is primarily attributed to modifications to our sales incentive plan for patient vital signs monitoring systems, infusion pump systems, and disposables.
Previous wording
Revenue from sales in the U.S. decreased by $1.5 million, or 8%, to $16.7 million for the three months ended June 30, 2026, from $18.2 million for the same period in 2025. Revenue from sales internationally increased by $1.5 million, or 69%, to $3.7 million from $2.2 million for the same period in 2025. Domestic sales accounted for 82% of revenue for the three months ended June 30, 2026 and 89% of revenue for the same period in 2025.
Current wording
Revenue from sales in the U.S. increased by $1.6 million, or 9%, to $19.7 million for the three months ended September 30, 2026, from $18.1 million for the same period in 2025. Revenue from sales internationally increased by $1.4 million, or 45%, to $4.5 million from $3.1 million for the same period in 2025. Domestic sales accounted for 82% of revenue for the three months ended September 30, 2026 and 85% of revenue for the same period in 2025.
Previous wording
Revenue from sales of devices decreased by $0.8 million, or 5%, to $13.8 million for the three months ended June 30, 2026, from $14.6 million for the same period in 2025. Revenue from the amortization of extended maintenance agreements increased by $0.2 million, or 28%, to $0.8 million for the three months ended June 30, 2026 from $0.6 million for the three months ended June 30, 2025. Revenue from sales of disposables increased by $0.6 million, or 14%, to $4.8 million for the three months ended June 30, 2026 from $4.2 million for the three months ended June 30, 2025. Revenue from services and other increased by $0.1 million, or 7%, to $1.1 million from $1.0 million for the same period in 2025.
Current wording
Revenue from sales of devices increased by $1.6 million, or 10%, to $17.2 million for the three months ended September 30, 2026, from $15.6 million for the same period in 2025. Revenue from the amortization of extended maintenance agreements increased by $0.2 million, or 31%, to $0.8 million for the three months ended September 30, 2026 from $0.6 million for the three months ended September 30, 2025. Revenue from sales of disposables increased by $0.9 million, or 21%, to $5.0 million for the three months ended September 30, 2026 from $4.1 million for the three months ended September 30, 2025. Revenue from services and other increased by $0.3 million, or 42%, to $1.2 million from $0.9 million for the same period in 2025.
Previous wording
For the six months ended June 30, 2026, total revenue increased by $2.5 million, or 6%, to $42.4 million from $39.9 million for the same period in 2025. This is attributed to sales of our new MRidium® 3870 IV infusion pump system, disposables, modification to sales incentive plan for patient vital signs monitoring systems, and increase in Ferro Magnetic Detection System sales.
Current wording
For the nine months ended September 30, 2026, total revenue increased by $5.5 million, or 9%, to $66.6 million from $61.1 million for the same period in 2025. This increase is primarily attributed to sales of our new MRidium® 3870 IV infusion pump system, disposables, modification to sales incentive plan for patient vital signs monitoring systems, and increase in Ferro Magnetic Detection System sales.
Previous wording
Revenue from sales in the U.S. increased by $0.6 million, or 2%, to $34.7 million for the six months ended June 30, 2026, from $34.1 million for the same period in 2025. Revenue from sales internationally increased by $1.9 million, or 33%, for the six months ended June 30, 2026 to $7.7 million, from $5.8 million for the same period in 2025. Domestic sales accounted for 82% of revenue for the six months ended June 30, 2026, and 86% of revenue for the same period in 2025.
Current wording
Revenue from sales in the U.S. increased by $2.2 million, or 4%, to $54.5 million for the nine months ended September 30, 2026, from $52.3 million for the same period in 2025. Revenue from sales internationally increased by $3.3 million, or 37%, for the nine months ended September 30, 2026 to $12.2 million, from $8.9 million for the same period in 2025. Domestic sales accounted for 82% of revenue for the nine months ended September 30, 2026, and 85% of revenue for the same period in 2025.
Previous wording
Revenue from sales of devices increased by $1.7 million, or 6%, to $29.2 million for the six months ended June 30, 2026, from $27.6 million for the same period in 2025. Revenue from the amortization of extended maintenance agreements increased by $0.2 million, or 23%, to $1.4 million for the six months ended June 30, 2026, from $1.2 million for the six months ended June 30, 2025. Revenue from sales of our disposables increased by $0.5 million, or 6%, to $9.7 million for the six months ended June 30, 2026, from $9.2 million for the same period in 2025. Revenue from the services and other increased by $0.1 million, or 3%, to $2.1 million for the six months ended June 30, 2026, from $2.0 million for the six months ended June 30, 2025.
Current wording
Revenue from sales of devices increased by $3.3 million, or 8%, to $46.4 million for the nine months ended September 30, 2026, from $43.2 million for the same period in 2025. Revenue from the amortization of extended maintenance agreements increased by $0.5 million, or 26%, to $2.2 million for the nine months ended September 30, 2026, from $1.8 million for the nine months ended September 30, 2025. Revenue from sales of our disposables increased by $1.4 million, or 10%, to $14.7 million for the nine months ended September 30, 2026, from $13.3 million for the same period in 2025. Revenue from services and other increased by $0.5 million, or 15%, to $3.4 million for the nine months ended September 30, 2026, from $2.9 million for the nine months ended September 30, 2025.
Previous wording
For the three months ended June 30, 2026, our cost of revenue increased by $0.8 million, or 18%, to $5.3 million from $4.5 million for the same period in 2025. For the three months ended June 30, 2026, our gross profit decreased by $0.8 million, or 5%, to $15.2 million from $16.0 million for the same period in 2025. For the three months ended June 30, 2026, gross profit margin decreased to 74% compared to 78% for the same period in 2025. The decrease in gross margin is attributed to initial production inefficiencies on new product manufacturing.
Current wording
For the three months ended September 30, 2026, our cost of revenue increased by $1.0 million, or 22%, to $5.7 million from $4.7 million for the same period in 2025. For the three months ended September 30, 2026, our gross profit increased by $2.0 million, or 12%, to $18.5 million from $16.5 million for the same period in 2025. For the three months ended September 30, 2026, gross profit margin decreased to 76% compared to 78% for the same period in 2025. The decrease in gross margin is attributed to initial production inefficiencies on new product manufacturing.
Previous wording
For the six months ended June 30, 2026, our cost of revenue increased by $1.3 million, or 14%, to $10.4 million from $9.1 million for the same period in 2025. For the six months ended June 30, 2026, our gross profit increased by $1.2 million, or 4%, to $32.0 million from $30.8 million for the same period in 2025. For the six months ended June 30, 2026, gross profit margin decreased to 75% compared to 77% for the same period in 2025.
Current wording
For the nine months ended September 30, 2026, our cost of revenue increased by $2.4 million, or 17%, to $16.2 million from $13.8 million for the same period in 2025. For the nine months ended September 30, 2026, our gross profit increased by $3.1 million, or 7%, to $50.4 million from $47.3 million for the same period in 2025. For the nine months ended September 30, 2026, gross profit margin decreased to 76% compared to 77% for the same period in 2025.
Previous wording
For the six months ended June 30, 2026, general and administrative expense decreased by $0.5 million, or 5%, to $8.4 million from $8.9 million for the same period in 2025. This decreased primarily because of lower legal and professional expenses, regulatory consulting, and payroll and benefits expenses.
Current wording
For the three months ended September 30, 2026, general and administrative expense increased by $0.2 million, or 4%, to $4.5 million from $4.4 million for the same period in 2025. This increased primarily because of higher legal and professional, consulting, and payroll and benefit expenses.
Previous wording
For the three months ended June 30, 2026, general and administrative expense decreased by $0.4 million, or 9%, to $3.9 million from $4.3 million for the same period in 2025. This decreased primarily because of lower legal and professional expenses, regulatory consulting, and payroll and benefit expenses.
Current wording
For the nine months ended September 30, 2026, general and administrative expense decreased by $0.3 million, or 2%, to $13.0 million from $13.2 million for the same period in 2025. This decreased primarily because of lower legal and professional expenses and regulatory consulting expenses.
Previous wording
For the three months ended June 30, 2026, sales and marketing expense increased by $0.2 million, or 6%, to $4.2 million from $4.0 million for the same period in 2025. This increase is primarily due to increased sales commissions related to increased monitor books and newly released MRidium® 3870 IV infusion pump system bookings.
Current wording
For the three months ended September 30, 2026, sales and marketing expense increased by $0.3 million, or 6%, to $4.9 million from $4.6 million for the same period in 2025. This increase is primarily due to increased sales commissions related to increased monitor and newly released MRidium® 3870 IV infusion pump system bookings.
Previous wording
For the six months ended June 30, 2026, sales and marketing expense increased by $0.1 million, or 1%, to $8.3 million from $8.2 million for the same period in 2025. This increase is primarily due to increased sales commissions related to increased monitor books and newly released MRidium® 3870 IV infusion pump system bookings.
Current wording
For the nine months ended September 30, 2026, sales and marketing expense increased by $0.4 million, or 3%, to $13.2 million from $12.8 million for the same period in 2025. This increase is primarily due to increased sales commissions related to increased monitor and newly released MRidium® 3870 IV infusion pump system bookings.
Previous wording
For the three months ended June 30, 2026, research and development expense decreased by $0.2 million, or 22%, to $0.7 million from $0.9 million for the same period in 2025. This is primarily due to a decrease in payroll and benefit expenses capitalized as internal software development for the current period.
Current wording
For the three months ended September 30, 2026, research and development expense increased by $0.2 million, or 30%, to $0.9 million from $0.7 million for the same period in 2025. This is primarily due to a decrease in payroll and benefit expenses capitalized as internal software development for the current period.
Previous wording
For the six months ended June 30, 2026, research and development expense increased by $0.1 million, or 7%, to $1.6 million from $1.5 million for the same period in 2025. This increase is primarily due to an increase in payroll
Current wording
For the nine months ended September 30, 2026, research and development expense increased by $0.3 million, or 14%, to $2.5 million from $2.2 million for the same period in 2025. This increase is primarily due to an increase in payroll
Previous wording
and benefit expenses. Payroll expenses related to the MRidium® 3870 IV infusion pump system, were capitalized for the first three months in 2025, offset by current period capitalized software.
Current wording
and benefit expenses. Payroll expenses related to the MRidium® 3870 IV infusion pump system, were capitalized for the first six months in 2025 and were offset by current period capitalized software.
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 June 30, 2026, other income, net decreased $42 thousand, or 8%, to $497 thousand from $539 thousand for the same period in 2025.
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 September 30, 2026, other income, net increased $65 thousand, or 14%, to $529 thousand from $464 thousand for the same period in 2025.
Previous wording
For the six months ended June 30, 2026, other income, net, decreased by $23 thousand, or 2%, to $1,030 thousand from $1,053 thousand for the same period in 2025. This income is primarily interest received in 2026 and 2025 on money market fund investments.
Current wording
For the nine months ended September 30, 2026, other income, net, increased by $42 thousand, or 3%, to $1,559 thousand from $1,517 thousand for the same period in 2025. This income is primarily interest received in 2026 and 2025 on money market fund investments.
Previous wording
For the three and six months ended June 30, 2026, we recorded a provision for income tax expense of $1,670 thousand and $3,621 thousand, respectively. For the three and six months ended June 30, 2026, our effective tax rate was 24.2% and 24.7% respectively, 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.
Current wording
For the three and nine months ended September 30, 2026, we recorded a provision for income tax expense of $2.2 million and $5.8 million, respectively. For the three and nine months ended September 30, 2026, our effective tax rate was 24.9% and 24.8%, respectively, 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 tax benefits related to foreign-derived income and research and development tax credits.
Previous wording
For the three and six months ended June 30, 2025, we recorded a provision for income tax expense of $1,553 thousand and $2,811 thousand, respectively. For the three and six months ended June 30, 2025, our effective tax rate was consistent at 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.
Current wording
For the three and nine months ended September 30, 2025, we recorded a provision for income tax expense of $1.7 million and $4.5 million, 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 tax benefits related to foreign-derived income and research and development tax credits.
Previous wording
As of June 30, 2026, we had cash and cash equivalents of $59.1 million, stockholders’ equity of $101.7 million, and working capital of $77.6 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.
Current wording
As of September 30, 2026, we had cash and cash equivalents of $63.3 million, stockholders’ equity of $106.5 million, and working capital of $82.5 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
Cash provided by operating activities increased by $2.2 million, to $14.2 million for the six months ended June 30, 2026, compared to $12.0 million for the same period in 2025. During the six months ended June 30, 2026, cash provided by operations was positively impacted by higher net income, lower cash outflows related to accounts payable and pre-paid expenses, and inventory purchases, and offset by an increase in accounts receivable related to timing.
Current wording
Cash provided by operating activities increased by $2.2 million, to $21.2 million for the nine months ended September 30, 2026, compared to $19.0 million for the same period in 2025. During the nine months ended September 30, 2026, cash provided by operations was positively impacted by higher net income, a smaller increase in accounts receivable, and higher accounts payable. These positive impacts were partially offset by higher income tax payments, increased inventory purchases, and a smaller increase in deferred revenue.
Previous wording
Cash used in investing activities decreased by $5.8 million, to $0.9 million for the six months ended June 30, 2026, compared to $6.7 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.
Current wording
Cash used in investing activities decreased by $6.9 million, to $1.1 million for the nine months ended September 30, 2026, compared to $8.0 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 increased by $0.9 million, to $5.4 million for the six months ended June 30, 2026, compared to approximately $4.5 million for the same period in 2025. The increase is primarily due to the per share increase of our 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 $1.3 million, to $8.0 million for the nine months ended September 30, 2026, compared to approximately $6.7 million for the same period in 2025. The increase is primarily due to the per share increase of our quarterly cash dividend payment. Special and quarterly cash dividend payments are subject to the sole discretion of the Board and applicable law.