IRadimed (IRMD)

What Moves the Stock

1. 01Quarterly device unit shipments (MRidium pumps and IRadimed monitors) - proxy for hospital capital spending on MRI infrastructure
2. 02Installed base growth and recurring disposables attach rates - indicates customer retention and utilization intensity
3. 03New hospital MRI suite installations and upgrades to 3T/7T systems requiring compatible equipment
4. 04FDA clearances for product enhancements or new MRI-compatible devices expanding addressable market
5. 05International expansion progress, particularly in Europe and Asia-Pacific where MRI adoption is accelerating
6. 06MRI-compatible IV infusion pump systems (MRidium 3860+) - estimated 60-65% of revenue from device sales and disposables
7. 07MRI patient vital signs monitoring systems (IRadimed 3880) - estimated 25-30% of revenue
8. 08Service contracts, disposables (IV tubing sets), and accessories - estimated 10-15% recurring revenue

IRMD Chart

My Notes

• growth - Investors pay 15x sales and 44x EBITDA for 14% revenue growth, betting on installed base expansion, international penetration…
• Rising rates create modest headwinds through two channels: (1) Hospital systems face higher borrowing costs for capital projects…
• Watch on earnings: US hospital capital spending trends and MRI equipment installation rates (proxy: healthcare construction spending), Medicare reimbursement rates for MRI procedures - drives scan volumes and hospital willingness to invest in MRI infrastructure, Competitive win/loss rates in new MRI suite installations versus alternative monitoring solutions.