Form 10-Q - Quarterly report [Sections 13 or 15(d)]

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2024

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File No.: 001-36534

IRADIMED CORPORATION

(Exact name of Registrant as specified in its charter)


Delaware		73-1408526
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification Number)

1025 Willa Springs Drive Winter Springs, Florida		32708
(Address of principal executive offices)		(Zip Code)

(407) 677-8022

(Registrant’s telephone number, including area code)

N/A

(Former Name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class:	Trading Symbol	Name of each exchange on which registered:
Common stock, par value $0.0001	IRMD	NASDAQ Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company,” and “emerging growth company” as defined in Rule 12b-2 of the Exchange Act.


Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☒	Smaller reporting company ☒
	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Yes ☐ No ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The registrant had 12,669,787 shares of common stock, par value $0.0001 per share, outstanding as of July 31, 2024.

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IRADIMED CORPORATION

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			Page
Cautionary Note Regarding Forward-Looking Statements			3

Part I	Financial Information		6

	Item 1	Financial Statements	6

		(a) Condensed Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023 (Audited)	6

		(b) Condensed Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2024 and 2023 (Unaudited)	7

		(c) Condensed Statements of Stockholders’ Equity for the three and six months ended June 30, 2024 and 2023 (Unaudited)	8

		(d) Condensed Statements of Cash Flows for the six months ended June 30, 2024 and 2023 (Unaudited)	9

		(e) Notes to Unaudited Condensed Financial Statements	10

	Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16

	Item 3	Quantitative and Qualitative Disclosures About Market Risk	23

	Item 4	Controls and Procedures	23

Part II	Other Information		24

	Item 1	Legal Proceedings	24

	Item 1A	Risk Factors	24

	Item 2	Unregistered Sale of Equity Securities and Use of Proceeds	24

	Item 3	Default Upon Senior Securities	24

	Item 4	Mine Safety Disclosures	24

	Item 5	Other Information	24

	Item 6	Exhibits	25

Signatures			26

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CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained in this Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 (this “Quarterly Report”) that are not historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. When used in this Quarterly Report the words “believe,” “anticipate,” “expect,” “may,” “will,” “assume,” “should,” “predict,” “could,” “would,” “intend,” “targets,” “estimates,” “projects,” “plans,” and “potential,” and other similar words and expressions of the future, are intended to identify such forward-looking statements, but other statements not based on historical information may also be considered forward-looking, including statements about the Company’s future financial and operating results and the Company’s plans, objectives, and intentions. All forward-looking statements are subject to risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of the Company to differ materially from any results, performance, or achievements expressed or implied by such forward-looking statements. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause the actual results to differ materially from the statements, including, but not limited to:

●

our ability to receive 510(k) clearance for our products and product candidates, complete inspections conducted by the U.S. Food & Drug Administration (“FDA”) or other regulatory bodies resulting in favorable outcomes, additional actions by or requests from the FDA, including a request to cease domestic distribution of products, or other regulatory bodies and unanticipated costs or delays associated with the resolution of these matters;

●

the timing and likelihood of regulatory approvals or clearances from the FDA or other regulatory bodies and regulatory actions on our product candidates and product marketing activities;

●

unexpected costs, expenses and diversion of management attention resulting from actions or requests posed to us by the FDA or other regulatory bodies;

●

our primary reliance on a limited number of products;

●

our ability to retain the continued service of our key professionals, including key management, marketing and scientific personnel, and to identify, hire and retain such additional qualified professionals;

●

our expectations regarding the sales and marketing of our products, product candidates and services;

●

our expectations regarding the integrity of our supply chain for our products;

●

the potential for adverse application of environmental, health and safety and other laws and regulations of any jurisdiction on our operations;

●

our expectations for market acceptance of our new products;

●

the potential for our marketed products to be withdrawn due to recalls, patient adverse events or deaths;

●

our ability to successfully prepare, file, prosecute, maintain, defend, including in cases of infringement, and enforce patent claims and other intellectual property rights on our products;

●

our ability to identify and pursue development of additional products;

●

the implementation of our business strategies;

●

the potential for exposure to product liability claims;

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●

our financial performance expectations and interpretations thereof by securities analysts and investors;

●

our ability to compete in the development and marketing of our products and product candidates with other companies in our industry;

●

difficulties or delays in the development, production, manufacturing and marketing of new or existing products and services, including difficulties or delays associated with obtaining requisite regulatory approvals or clearances associated with those activities;

●

changes in laws and regulations or in the interpretation or application of laws or regulations, as well as possible failures to comply with applicable laws or regulations as a result of possible misinterpretations or misapplications;

●

cost-containment efforts of our customers, purchasing groups, third-party payers and governmental organizations;

●

costs associated with protecting our trade secrets and enforcing our patent, copyright and trademark rights, and successful challenges to the validity of our patents, copyrights or trademarks;

●

actions of regulatory bodies and other government authorities, including the FDA and foreign counterparts, that could delay, limit or suspend product development, manufacturing or sales or result in recalls, seizures, consent decrees, injunctions and monetary sanctions;

●

costs or claims resulting from potential errors or defects in our manufacturing that may injure persons or damage property or operations, including costs from remediation efforts or recalls;

●

the results, consequences, effects or timing of any commercial disputes, patent infringement claims or other legal proceedings or any government investigations;

●

interruption in our ability to manufacture our products or an inability to obtain key components or raw materials or increased costs in such key components or raw materials;

●

uncertainties in our industry due to the effects of government-driven or mandated healthcare reform;

●

competitive pressures in the markets in which we operate;

●

potential negative impacts resulting from climate change or other environmental, social and governance and sustainability related matters;

●

the impact on our operations and financial results of any public health emergency and any related policies and actions by governments or other third parties;

●

breaches or failures of our or our vendors’ or customers’ information technology systems or products, including by cyber-attack, data leakage, unauthorized access or theft;

●

the loss of, or default by, one or more key customers or suppliers;

●

unfavorable changes to the terms of key customer or supplier relationships;

●

weakening of economic conditions, or the anticipation thereof, that could adversely affect the level of demand for our products;

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●

geopolitical risks, including from international conflicts and upcoming elections in the United States and other countries, which could, among other things, lead to increased market volatility; and

●

other risks detailed in our filings with the United States Securities and Exchange Commission (the “SEC”).

These forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Forward-looking statements should, therefore, be considered in light of various factors, including those set forth under “Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this Quarterly Report, and under “Part I, Item 1A. Risk Factors” and “Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “2023 Annual Report”) and those set forth from time to time in our other filings with the SEC. These documents are available through our website or through the SEC's Electronic Data Gathering and Analysis Retrieval system at http://www.sec.gov. In light of such risks and uncertainties, we caution you not to place undue reliance on these forward-looking statements. These forward-looking statements speak only as of the date of this Quarterly Report, or if earlier, as of the date they were made. We do not intend to, and disclaim any obligation to, update or revise any forward-looking statements unless required by securities law.

Unless expressly indicated or the context requires otherwise, references in this Quarterly Report to “IRADIMED,” the “Company,” “we,” “our,” and “us” refer to IRADIMED CORPORATION.

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PART I. FINANCIAL INFORMATION

Item 1. Condensed Financial Statements

IRADIMED CORPORATION

CONDENSED BALANCE SHEETS


	June 30,		December 31,
	2024		2023
	(unaudited)		(audited)
ASSETS
Current assets:
Cash and cash equivalents	$	48,535,140	$	49,762,198
Accounts receivable, net of allowance for credit losses of $387,362 as of June 30, 2024, and $368,835 as of December 31, 2023		11,953,345		12,224,273
Inventory, net		12,071,322		12,821,194
Prepaid expenses and other current assets		1,018,427		1,193,447
Total current assets		73,578,234		76,001,112
Property and equipment, net		10,472,670		9,288,625
Intangible assets, net		2,747,925		2,519,053
Operating lease right-of-use asset		371,849		2,043,043
Deferred tax asset, net		2,590,434		2,122,816
Other assets		188,235		181,449
Total assets	$	89,949,347	$	92,156,098
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	1,121,180	$	1,857,091
Accrued payroll and benefits		2,904,699		2,775,103
Other accrued taxes		157,737		103,241
Warranty reserve		119,657		117,463
Deferred revenue		2,537,402		2,570,407
Dividend payable		—		7,975,997
Current portion of operating lease liabilities		367,618		427,963
Other current liabilities		250,000		250,000
Accrued income taxes		—		250,041
Total current liabilities		7,458,293		16,327,306
Deferred revenue, non-current		2,815,334		2,793,548
Operating lease liabilities, non-current		4,231		1,615,080
Total liabilities		10,277,858		20,735,934
Stockholders’ equity:
Common stock; $0.0001 par value per share; 31,500,000 shares authorized; 12,669,101 shares issued and outstanding as of June 30, 2024, and 12,660,313 shares issued and outstanding as of December 31, 2023		1,267		1,265
Additional paid-in capital		29,273,955		28,160,745
Retained earnings		50,396,267		43,258,154
Total Stockholders' Equity		79,671,489		71,420,164
Total liabilities and stockholders’ equity	$	89,949,347	$	92,156,098

See accompanying notes to unaudited condensed financial statements.

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IRADIMED CORPORATION

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Unaudited)


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Revenue	$	17,928,876	$	16,130,396	$	35,526,995	$	31,605,480
Cost of revenue		3,919,283		3,943,904		8,129,679		7,697,535
Gross profit		14,009,593		12,186,492		27,397,316		23,907,945
Operating expenses:
General and administrative		4,104,961		3,313,080		8,096,172		7,233,591
Sales and marketing		3,476,460		2,948,425		7,303,625		5,948,403
Research and development		801,129		961,952		1,622,129		1,755,666
Total operating expenses		8,382,550		7,223,457		17,021,926		14,937,660
Income from operations		5,627,043		4,963,035		10,375,390		8,970,285
Other income, net		642,217		335,387		1,137,371		677,796
Income before provision for income taxes		6,269,260		5,298,422		11,512,761		9,648,081
Provision for income tax expense		1,368,036		1,118,582		2,475,004		2,062,171
Net income	$	4,901,224	$	4,179,840	$	9,037,757	$	7,585,910
Net income per share:
Basic	$	0.39	$	0.33	$	0.71	$	0.60
Diluted	$	0.38	$	0.33	$	0.71	$	0.60
Weighted average shares outstanding:
Basic		12,664,920		12,596,032		12,663,723		12,594,541
Diluted		12,757,996		12,723,017		12,753,932		12,706,608

See accompanying notes to unaudited condensed financial statements.

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IRADIMED CORPORATION

CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)



				Additional
	Common Stock			Paid-in		Retained		Stockholders’
	Shares	Amount		Capital		Earnings		Equity
Balances, December 31, 2023	12,660,313	$	1,265	$	28,160,745	$	43,258,154	$	71,420,164
Net income	—		—		—		4,136,533		4,136,533
Stock-based compensation expense	—		—		628,640		—		628,640
Net share settlement of restricted stock units	3,872		1		(63,876)		—		(63,875)
Balances, March 31, 2024	12,664,185	$	1,266	$	28,725,509	$	47,394,687	$	76,121,462

Net income	—		—		—		4,901,224		4,901,224
Dividends paid	—		—		—		(1,899,644)		(1,899,644)
Stock-based compensation expense	—		—		609,096		—		609,096
Net share settlement of restricted stock units	4,581		1		(63,946)		—		(63,945)
Exercise of stock options	335		—		3,296		—		3,296
Balances, June 30, 2024	12,669,101	$	1,267	$	29,273,955	$	50,396,267	$	79,671,489



				Additional
	Common Stock			Paid-in		Retained		Stockholders’
	Shares	Amount		Capital		Earnings		Equity
Balances, December 31, 2022	12,591,004	$	1,259	$	26,407,446	$	47,264,282	$	73,672,987
Net income	—		—		—		3,406,070		3,406,070
Dividends paid $1.05 per share	—		—		—		(13,222,907)		(13,222,907)
Other comprehensive loss	—		—		—		(4)		(4)
Stock-based compensation expense	—		—		533,643		—		533,643
Net share settlement of restricted stock units	3,572		—		(49,878)		—		(49,878)
Balances, March 31, 2023	12,594,576	$	1,259	$	26,891,211	$	37,447,441	$	64,339,911

Net income	—		—		—		4,179,840		4,179,840
Stock-based compensation expense	—		—		568,453		—		568,453
Net share settlement of restricted stock units	5,965		1		(97,106)		—		(97,105)
Exercise of stock options	1,000		—		7,339		—		7,339
Balances, June 30, 2023	12,601,541	$	1,260	$	27,369,898	$	41,627,281	$	68,998,438

See accompanying notes to unaudited condensed financial statements.

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IRADIMED CORPORATION

CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)


	Six Months Ended
	June 30,
	2024		2023
Operating activities:
Net income	$	9,037,757	$	7,585,910
Adjustments to reconcile net income to net cash provided by operating activities:
Allowance for credit losses		18,527		170,905
Provision for excess and obsolete inventory		104,714		167,383
Depreciation & amortization		425,219		369,908
Loss on disposal of property and equipment		3,872		3,852
Stock-based compensation		1,237,737		1,102,096
Deferred income taxes, net		(717,659)		(1,065,516)
Changes in operating assets and liabilities:
Accounts receivable		252,401		2,021,403
Inventory		578,687		(4,212,765)
Prepaid expenses and other current assets		175,020		57,568
Other assets		(6,786)		541,548
Accounts payable		(762,876)		1,709,063
Accrued payroll and benefits		129,596		(539,247)
Other accrued taxes		54,496		95,577
Warranty reserve		2,194		11,449
Deferred revenue		(11,219)		(363,379)
Other current liabilities		—		250,000
Prepaid income taxes		—		254,093
Net cash provided by operating activities		10,521,680		8,159,848
Investing activities:
Purchases of property and equipment		(1,404,837)		(6,600,521)
Capitalized intangible assets		(343,736)		(334,807)
Net cash used in investing activities		(1,748,573)		(6,935,328)
Financing activities:
Dividends paid		(9,875,641)		(13,222,907)
Proceeds from exercises of stock options		3,296		7,339
Taxes paid related to the net share settlement of equity awards		(127,820)		(146,983)
Net cash used in financing activities		(10,000,165)		(13,362,551)
Net decrease in cash and cash equivalents		(1,227,058)		(12,138,031)
Cash and cash equivalents, beginning of period		49,762,198		57,960,864
Cash and cash equivalents, end of period	$	48,535,140	$	45,822,833
Supplemental disclosure of cash flow information:
Cash paid for income taxes	$	3,008,304	$	2,756,152
ROU asset recognized in exchange for new lease obligation	$	—	$	227,982
ROU asset and liability adjustment	$	1,486,093	$	—
Operating and short-term lease payments recorded within cash flow provided by operating activities	$	407,362	$	324,362

See accompanying notes to unaudited condensed financial statements.

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IRADIMED CORPORATION

Notes to Unaudited Condensed Financial Statements

1 — Basis of Presentation

The accompanying interim condensed financial statements of IRADIMED CORPORATION (“IRADIMED”, the “Company,” “we,” “our” and “us”) have been prepared pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally presented in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The interim financial information is unaudited, but reflects all normal adjustments that are, in the opinion of management, necessary for the fair presentation of our financial position, results of operations and cash flows for the interim periods presented. Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, and other interim periods, or future years or periods.

The accompanying interim condensed financial statements should be read in conjunction with the financial statements and related footnotes to financial statements included in our 2023 Annual Report. The accounting policies followed in the preparation of these interim condensed financial statements, except as described in Note 1 herein, are consistent in all material respects with those described in Note 1 to the Financial Statements in the 2023 Annual Report.

We operate in one reportable segment, which is the development, manufacture and sale of Magnetic Resonance Imaging (“MRI”) compatible medical devices, related accessories, disposables and service for use primarily by hospitals and acute care facilities during MRI procedures.

Certain Significant Risks and Uncertainties

We market our products to end users in the United States and to third-party distributors internationally. Sales to end users in the United States are generally made on open credit terms. Management maintains an allowance for potential credit losses.

We have deposited our cash and cash equivalents with various financial institutions. Our cash and cash equivalents balances exceed federally insured limits regularly throughout the year. We have not incurred any losses related to these balances.

Our medical devices require clearance from the FDA and international regulatory agencies prior to commercialized sales. Our future products may not receive required approvals. If we were denied such approvals, or if such approvals were revoked or delayed or if we were unable to timely renew certain approvals for existing products, it would have a materially adverse impact on our business, results of operations and financial condition.

Certain key components of our products essential to their functionality are sole-sourced. Any disruption in the availability of these components would have a materially adverse impact on our business, results of operations and financial condition

2 — Revenue Recognition

Disaggregation of Revenue

We disaggregate revenue from contracts with customers by geographic region and revenue type as we believe it best depicts the nature, amount, timing and uncertainty of our revenue and cash flow.

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Revenue information by geographic region is as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023

	(unaudited)				(unaudited)
United States	$	15,485,216	$	12,949,526	$	28,894,172	$	24,928,050
International		2,443,660		3,180,870		6,632,823		6,677,430
Total revenue	$	17,928,876	$	16,130,396	$	35,526,995	$	31,605,480

Revenue information by type is as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023

	(unaudited)				(unaudited)
Devices:
MRI Compatible Intravenous ("IV") Infusion Pump Systems	$	6,881,199	$	4,522,568	$	12,073,879	$	10,061,383
MRI Compatible Patient Vital Signs Monitoring Systems		5,450,224		6,128,718		11,911,882		10,825,536
Ferro Magnetic Detection Systems		366,402		183,190		616,102		480,779
Total Devices revenue		12,697,825		10,834,476		24,601,863		21,367,698
Disposables, services and other		4,662,863		4,815,870		9,869,813		9,250,612
Amortization of extended warranty agreements		568,188		480,050		1,055,319		987,170
Total revenue	$	17,928,876	$	16,130,396	$	35,526,995	$	31,605,480

Contract Liabilities

Our contract liabilities consist of:


	June 30,		December 31,
	2024		2023
	(unaudited)		(audited)
Advance payments from customers	$	303,264	$	508,956
Shipments in-transit		18,450		15,438
Extended warranty agreements		5,031,022		4,835,966
Total	$	5,352,736	$	5,360,360

Changes in the contract liabilities during the periods presented are as follows:


	Deferred
	Revenue
	(unaudited)
Contract liabilities, December 31, 2023	$	5,360,360
Increases due to cash received from customers		2,393,161
Decreases due to recognition of revenue		(2,400,785)
Contract liabilities, June 30, 2024	$	5,352,736


	Deferred
	Revenue
	(unaudited)
Contract liabilities, December 31, 2022	$	4,748,319
Increases due to cash received from customers		2,464,337
Decreases due to recognition of revenue		(2,485,424)
Contract liabilities, June 30, 2023	$	4,727,232

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Capitalized Contract Costs

Our capitalized contract costs totaled $168,920 and $162,134 as of June 30, 2024 and December 31, 2023, respectively, and are classified as other assets on the unaudited condensed balance sheets.

3 — Basic and Diluted Net Income per Share

Basic net income per share is based upon the weighted-average number of shares of Company common stock, par value $0.0001 per share (“common stock”), outstanding during the period. Diluted net income per share of common stock reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. Stock options, restricted stock units and performance-based restricted stock units granted by us represent the only dilutive effect reflected in diluted weighted-average shares of common stock outstanding.

The following table presents the computation of basic and diluted net income per share of common stock:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

	(unaudited)				(unaudited)
Net income	$	4,901,224	$	4,179,840	$	9,037,757	$	7,585,910
Weighted-average shares outstanding — Basic		12,664,920		12,596,032		12,663,723		12,594,541
Effect of dilutive securities:
Stock options		2,223		19,333		2,281		18,893
Restricted stock units		53,532		69,112		51,366		57,610
Performance-based restricted stock units		37,321		38,540		36,562		35,564
Weighted-average shares outstanding — Diluted		12,757,996		12,723,017		12,753,932		12,706,608
Basic net income per share	$	0.39	$	0.33	$	0.71	$	0.60
Diluted net income per share	$	0.38	$	0.33	$	0.71	$	0.60

Stock options and restricted stock units excluded from the calculation of diluted net income per share because the effect would have been anti-dilutive are as follows:


	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2024	2023	2024	2023

	(unaudited)		(unaudited)
Anti-dilutive stock options and restricted stock units	343	—	228	11,141

4 — Inventory, net

Inventory consists of:


	June 30,		December 31,
	2024		2023
	(unaudited)		(audited)
Raw materials	$	10,252,668	$	10,833,004
Work in process		713,998		501,191
Finished goods		1,630,100		1,907,729
Inventory before allowance for excess and obsolete		12,596,766		13,241,924
Allowance for excess and obsolete		(525,444)		(420,730)
Total	$	12,071,322	$	12,821,194

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5 — Property and Equipment, net

Property and equipment consist of:


	June 30,		December 31,
	2024		2023
	(unaudited)		(audited)
Land	$	6,253,790	$	6,253,790
Computer software and hardware		1,453,267		1,380,289
Furniture and fixtures		1,826,801		1,757,129
Leasehold improvements		270,486		270,486
Machinery and equipment		2,617,394		2,438,922
Construction in-process		2,371,255		1,257,844
		14,792,993		13,358,460
Accumulated depreciation		(4,320,323)		(4,069,835)
Total	$	10,472,670	$	9,288,625

Depreciation expense of property and equipment was $141,697 and $162,121 for the three months ended June 30, 2024 and 2023, respectively, and $310,354 and $319,435 for the six months ended June 30, 2024 and 2023, respectively.

Property and equipment, net, information by geographic region is as follows:


	June 30,		December 31,
	2024		2023
	(unaudited)		(audited)
United States	$	10,154,205	$	8,950,580
International		318,465		338,045
Total property and equipment, net	$	10,472,670	$	9,288,625

Long-lived assets held outside of the United States consist principally of tooling and machinery and equipment, which are components of property and equipment, net.

6 — Intangible Assets, net

The following table summarizes the components of intangible asset balances:


	June 30,		December 31,
	2024		2023
	(unaudited)		(audited)
Patents — in use	$	321,874	$	321,874
Patents — fully amortized		70,164		70,164
Patents — in process		151,837		128,221
Internally developed software — in use		1,773,721		1,773,720
Internally developed software — in process		1,469,527		1,149,409
Trademarks		27,697		27,697
		3,814,820		3,471,085
Accumulated amortization		(1,066,895)		(952,032)
Total	$	2,747,925	$	2,519,053

Amortization expense of intangible assets was $57,433 and $25,236 for the three months ended June 30, 2024 and 2023, respectively, and $114,865 and $50,473 for the six months ended June 30, 2024 and 2023, respectively.

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Expected annual amortization expense for the remaining portion of 2024 and the next five years related to intangible assets, excluding trademarks considered to have indefinite lives and in process intangible assets, is as follows:


Six months remaining ending December 31, 2024	$	114,464
2025	$	226,160
2026	$	214,444
2027	$	140,731
2028	$	138,129
Thereafter	$	264,935

7 — Fair Value Measurements

The fair values of cash equivalents, accounts receivables net, and accounts payable approximate their carrying amounts due to their short duration.

As of June 30, 2024, we did not have any assets or liabilities subject to recurring fair value measurements.

8 — Stock-Based Compensation

Stock-based compensation was recognized as follows in the unaudited Condensed Statements of Operations:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023

	(unaudited)				(unaudited)
Cost of revenue	$	58,275	$	62,430	$	116,354	$	124,173
General and administrative		377,194		291,346		757,977		580,730
Sales and marketing		123,425		169,160		258,291		306,367
Research and development		50,202		45,518		105,115		90,827
Total	$	609,096	$	568,454	$	1,237,737	$	1,102,097

As of June 30, 2024, we had (i) $3,264,176 of unrecognized compensation cost related to unvested restricted stock units, which is expected to be recognized over a weighted-average period of 2.25 years and (ii) $1,014,667 of unrecognized compensation cost related to unvested performance-based restricted stock units, which is expected to be recognized over a weighted-average period of 2.02 years.

The following table presents a summary of our equity award activity for the six months ended June 30, 2024 (shares):


	Six Months Ended
	June 30, 2024
			Performance
			Based
	Stock	Restricted	Restricted
	Options	Stock Units	Stock Units
Outstanding beginning of period	3,010	141,327	36,792
Awards granted	—	3,230	—
Awards exercised/vested	(335)	(11,395)	—
Awards canceled/ forfeited	—	(2,742)	—
Outstanding end of period	2,675	130,420	36,792

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9 — Income Taxes

For the three and six months ended June 30, 2024, we recorded a provision for income tax expense of $1,368,036 and $2,475,004, respectively. For the three and six months ended June 30, 2024, our effective tax rate was 21.8 percent and 21.5 percent, 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.

For the three and six months ended June 30, 2023, we recorded a provision for income tax expense of $1,118,582 and $2,062,171, respectively. For the three and six months ended June 30, 2023, our effective tax rate was 21.1 percent and 21.4 percent, 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.

As of June 30, 2024 and December 31, 2023, we had not identified or accrued for any uncertain tax positions. We are currently unaware of any uncertain tax positions that could result in significant payments, accruals, or other material deviations in this estimate over the next 12 months. We believe that our tax positions comply in all material respects with applicable tax law. However, tax law is subject to interpretation, and interpretations by taxing authorities could be different from ours, which could result in the imposition of additional taxes and penalties.

We file tax returns in the United States 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 United States Federal and certain U.S. state income taxes for 2019 and subsequent years.

10 — Leases

We have entered into operating lease contracts for our manufacturing plant, office space, and various office equipment with two material lease contracts outstanding.

In January 2014, we entered into a non-cancelable operating lease, commencing July 1, 2014, for our manufacturing and headquarters facility in Winter Springs, Florida owned by Susi, LLC, an entity controlled by our President, Chief Executive Officer, and Chairman of the Board, Roger Susi. Pursuant to the terms of our lease for this property, the monthly base rent is $34,133, adjusted annually for changes in the consumer price index. The Company paid Susi, LLC $129,482 and $127,817 for the three months ended June 30, 2024 and 2023, respectively. For the six months ended June 30, 2024 and 2023, the Company paid Susi, LLC $258,965 and $255,635 respectively. On May 31, 2019, the expiration date of the initial lease term, and pursuant to the terms of the lease contract, we renewed the lease for an additional five years expiring May 31, 2024.

On May 29, 2024, the Company entered into a lease amendment (the “Lease Amendment”) with Susi, LLC under which it did not exercise the second five-year option because of the Company’s continued construction of a new corporate office and manufacturing facility in Orange County, Florida. Pursuant to the terms of the Lease Amendment, the monthly base rent is $34,133, adjusted annually for changes in the consumer price index, and the Lease Amendment has an expiration date of May 31, 2025, and includes an option to renew on a month-to-month basis for up to six months thereafter. The impact of the Lease Amendment to the Right-of-Use (“ROU”) asset valuation is a reduction in the ROU lease liability and ROU assets in the amount of $1.48 million. It has no impact to the statements of operations or cash flow. This Lease Amendment does not contain any residual value guarantee or material restrictive covenants.

In February 2023, we entered into two, two-year, non-cancelable operating leases with non-related parties for additional office space in Winter Springs, Florida. Pursuant to the lease terms the total monthly base rent is $10,055. For the three months ended June 30, 2024 and 2023, the Company paid $30,165 and $30,165 respectively. For the six months ended June 30, 2024 and 2023, the Company paid $60,330 and $52,975 respectively. Under the terms of the leases, we are responsible for insurance and maintenance expenses. Pursuant to the contract terms, the leases will expire in February 2025 and do not contain any residual value guarantee or material restrictive covenants.

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Operating lease cost recognized in the unaudited Condensed Statements of Operations is as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023

	(unaudited)				(unaudited)
Cost of revenue	$	58,843	$	58,086	$	117,686	$	116,172
General and administrative		132,749		92,206		264,843		183,676
Sales and marketing		3,293		3,251		6,586		6,501
Research and development		9,124		9,006		18,247		18,013
Total	$	204,009	$	162,549	$	407,362	$	324,362

Lease costs for short-term leases were immaterial for the three months ended June 30, 2024 and 2023

Maturity of our operating lease liability as of June 30, 2024, is as follows


Six months remaining ending December 31, 2024	$	456,201
2025		2,849
Thereafter		1,424
Total lease payments		460,474
Imputed interest		(88,625)
Present value of lease liability	$	371,849

11 — Commitments and Contingencies

Purchase commitments. We had various purchase orders for goods or services totaling $5,446,728 and $8,217,571 as of June 30, 2024 and December 31, 2023, respectively. Amounts recognized in our balance sheet related to these purchase orders were immaterial.

Legal matters. We may, from time to time, become a party to various legal proceedings or claims that arise in the ordinary course of business. As of June 30, 2024 and December 31, 2023, we had accrued approximately $250,000 in each period related to various matters.

12 — Subsequent Events

On July 31, 2024, the Company’s Board of Directors declared a regular quarterly cash dividend of $0.15 per share on the Company's outstanding common stock. The payment will be made to stockholders on August 30, 2024, to stockholders of record at the close of business on August 20, 2024.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read in conjunction with our condensed financial statements and the related notes to those statements included in this Quarterly Report, the discussion of certain risks and uncertainties contained in “Part I, Item 1A, Risk Factors” of this Quarterly Report, the discussion under “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Part I, Item 1. Business” included in the 2023 Annual Report and the “Cautionary Statements Regarding Forward-Looking Statements” section at the beginning of this Quarterly Report.

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Our Business

We develop, manufacture, market and distribute MRI compatible medical devices and accessories, disposables and services relating to them.

We are a leader in the development of innovative MRI compatible medical devices. 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.

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.

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 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.

We generate revenue from the sale of MRI compatible medical devices and accessories, extended warranty 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 June 30, 2024, our direct U.S. sales force consisted of 28 field sales representatives, 4 regional sales directors and supplemented by 7 clinical application specialists. Internationally, we have distribution agreements with independent distributors selling our products.

Selling cycles for our devices have varied widely and have historically ranged between three and six months in duration with more recent trends lengthening beyond this historical range due to lingering pandemic issues. 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.

Financial Highlights

For the quarter ended June 30, 2024, our revenue increased by $1.8 million, or 11.2 percent, to $17.9 million, compared to $16.1 million for the quarter ended June 30, 2023. Income before the provision for income taxes was $6.3 million for the quarter ended June 30, 2024, compared to $5.3 million for the quarter ended June 30, 2023. Net income

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was $4.9 million, or $0.38 per diluted share in the quarter ended June 30, 2024, compared to $4.2 million, or $0.33 per diluted share in the quarter ended June 30, 2023.

For the remainder of 2024, we expect higher revenue when compared to the same period in 2023 due to higher sales of our medical devices, related accessories, disposables, and services. We also expect higher operating expenses compared to the same period in 2023 primarily due to higher sales and marketing, regulatory, and general and administrative expenses.

Critical Accounting Estimates

The discussion and analysis of our financial condition and results of operations are based on our condensed

financial statements, which we have prepared in accordance with GAAP. The preparation of these 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 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.

We believe that the estimates, assumptions and judgments involved in the accounting policies described in “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our 2023 Annual Report have the greatest potential impact on our financial statements, so we consider them to

be our critical accounting policies and estimates. As of June 30, 2024, there were no material changes to the information provided regarding recent accounting pronouncements in Note 1 to the Financial Statements in the 2023 Annual Report.

Results of Operations

The following table sets forth selected statements of operations data as a percentage of total revenue for the periods indicated. Our historical operating results are not necessarily indicative of the results for any future period.


	Percent of Revenue				Percent of Revenue
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
	(unaudited)				(unaudited)
Revenue	100.0	%	100.0	%	100.0	%	100.0	%
Cost of revenue	21.9		24.5		22.9		24.4
Gross profit	78.1		75.5		77.1		75.6
Operating expenses:
General and administrative	22.9		20.5		22.8		22.9
Sales and marketing	19.4		18.3		20.6		18.8
Research and development	4.5		6.0		4.6		5.6
Total operating expenses	46.8		44.8		48.0		47.3
Income from operations	31.4		30.8		29.2		28.4
Other income, net	3.6		2.1		3.2		2.1
Income before provision for income taxes	35.0		32.9		32.4		30.5
Provision for income tax expense	7.6		6.9		7.0		6.5
Net income	27.4	%	26.0	%	25.4	%	24.0	%

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Comparison of the Three Months Ended June 30, 2024 and 2023

Revenue by Geographic Region


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023

	(unaudited)				(unaudited)
United States	$	15,485,216	$	12,949,526	$	28,894,172	$	24,928,050
International		2,443,660		3,180,870		6,632,823		6,677,430
Total revenue	$	17,928,876	$	16,130,396	$	35,526,995	$	31,605,480

Revenue by Type


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023

	(unaudited)				(unaudited)
Devices:
MRI Compatible IV Infusion Pump Systems	$	6,881,199	$	4,522,568	$	12,073,879	$	10,061,383
MRI Compatible Patient Vital Signs Monitoring Systems		5,450,224		6,128,718		11,911,882		10,825,536
Ferro Magnetic Detection Systems		366,402		183,190		616,102		480,779
Total Devices revenue		12,697,825		10,834,476		24,601,863		21,367,698
Disposables, services and other		4,662,863		4,815,870		9,869,813		9,250,612
Amortization of extended warranty agreements		568,188		480,050		1,055,319		987,170
Total revenue	$	17,928,876	$	16,130,396	$	35,526,995	$	31,605,480

For the three months ended June 30, 2024, revenue increased by $1.8 million, or 11.2 percent, to $17.9 million from $16.1 million for the same period in 2023. This is attributed to continued demand for our IV Infusion Pump System and extended warranty revenue.

Revenue from sales in the U.S. increased by $2.6 million, or 20.2 percent, to $15.5 million for the three months ended June 30, 2024, from $12.9 million for the same period in 2023. Revenue from sales internationally decreased by $0.8 million, or 25.0 percent, for the three months ended June 30, 2024 to $2.4 million, from $3.2 million for the same period in 2023. Domestic sales accounted for 86.6 percent of revenue for the three months ended June 30, 2024, compared to 80.1 percent for the same period in 2023.

Revenue from sales of devices increased by $1.9 million, or 17.2 percent, to $12.7 million for the three months ended June 30, 2024, from $10.8 million for the same period in 2023.

Revenue from sales of our disposables, service and other decreased by $0.1 million, or 2.1 percent, to $4.7 million for the three months ended June 30, 2024, from $4.8 million for the same period in 2023. Revenue from the amortization of extended warranty agreements increased by $0.1 million, or 18.4 percent, to $0.6 million from $0.5 million for the three months ended June 30, 2024 and 2023.

For the six months ended June 30, 2024, revenue increased by $3.9 million, or 12.3 percent, to $35.5 million from $31.6 million for the same period in 2023. This is attributed to the increase in our IV Infusion Pump System, Patient Vital Signs Monitoring Systems, and Ferro Magnetic Detection System.

Revenue from sales in the U.S. increased by $4.0 million, or 16.1 percent, to $28.9 million for the six months ended June 30, 2024, from $24.9 million for the same period 2023. Revenue from sales internationally decreased $0.1 million, or 1.5 percent, to $6.6 million for the six months ended June 30, 2024, from $6.7 million for the six months ended June 30, 2023. Domestic sales accounted for 81.4 percent of revenue for the six months ended June 30, 2024, compared to 78.8 percent for the six months ended June 30, 2023.

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Revenue from sales of devices increased by $3.2 million, or 15.1 percent, to $24.6 million for the six months ended June 30, 2024, from $21.4 million for the same period in 2023.

Revenue from sales of our disposables, service and other increased by $0.6 million, or 6.7 percent, to $9.9 million for the six months ended June 30, 2024, from $9.3 million for the same period in 2023. Revenue from the amortization of extended warranty agreements increased by $0.1 million, or 6.9 percent, to $1.1 million from $1.0 million for the six months ended June 30, 2024 and 2023.

Cost of Revenue and Gross Profit


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2024			2023			2024			2023

	(unaudited)						(unaudited)
Revenue	$	17,928,876		$	16,130,396		$	35,526,995		$	31,605,480
Cost of revenue		3,919,283			3,943,904			8,129,679			7,697,535
Gross profit	$	14,009,593		$	12,186,492		$	27,397,316		$	23,907,945
Gross profit percentage		78.1	%		75.5	%		77.1	%		75.6	%

For the three months ended June 30, 2024 our cost of revenue remained consistent at $3.9 million for the same period in 2023. For the three months ended June 30, 2024, our gross profit increased by $1.8 million, or 15.0 percent, to $14.0 million from $12.2 million for the same period in 2023. Gross profit margin was 78.1 percent for the three months ended June 30, 2024, compared to 75.5 percent for the same period in 2023. The increase in gross profit margin is primarily due to decreased raw material costs, direct labor efficiencies, and favorable geographic sales mix.

For the six months ended June 30, 2024, cost of revenue increased by $0.4 million, or 5.6 percent, to $8.1 million from $7.7 million for the same period in 2023. Gross profit increased by $3.5 million, or 14.6 percent, to $27.4 million for the six months ended June 30, 2024 from $23.9 million for the same period in 2023. Gross profit margin was 77.1 percent for six months ended June 30, 2024, compared to 75.6 percent for the same period in 2023. The increase in gross profit margin is primarily due to decreased raw material costs, favorable geographic sales mix, and overhead spent as a percentage of revenue.

Operating Expenses


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2024			2023			2024			2023
	(unaudited)						(unaudited)
General and administrative	$	4,104,961		$	3,313,080		$	8,096,172		$	7,233,591
Percentage of revenue		22.9	%		20.5	%		22.8	%		22.9	%
Sales and marketing	$	3,476,460		$	2,948,425		$	7,303,625		$	5,948,403
Percentage of revenue		19.4	%		18.3	%		20.6	%		18.8	%
Research and development	$	801,129		$	961,952		$	1,622,129		$	1,755,666
Percentage of revenue		4.5	%		6.0	%		4.6	%		5.6	%

General and Administrative

For the three months ended June 30, 2024, general and administrative expense increased by $0.8 million, or 24.2 percent, to $4.1 million from $3.3 million for the same period in 2023. This increase is primarily due to higher regulatory, legal and professional expenses, and increased payroll and benefit expenses.

For the six months ended June 30, 2024, general and administrative expense increased by $0.9 million, or 12.5 percent, to $8.1 million from $7.2 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.

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Sales and Marketing

For the three months ended June 30, 2024, sales and marketing expense increased by $0.6 million, or 20.7 percent, to $3.5 million from $2.9 million for the same period in 2023. This increase is primarily due to higher sales commissions, sales activities expenses, and payroll and benefits expenses.

For the six months ended June 30, 2024, sales and marketing expense increased by $1.4 million, or 23.7 percent, to $7.3 million from $5.9 million for the same period last year. This increase is primarily due to higher sales commissions, sales activities expenses, and payroll and benefits expenses.

Research and Development

For the three months ended June 30, 2024, research and development expense decreased by $0.2 million, or 20.0 percent, to $0.8 million from $1.0 million for the same period in 2023. This is primarily due to us no longer allocating recently approved product parts related to the next generation pump to research and development, offset by increased payroll and benefit expenses. These approved parts are now included in raw material inventory.

For the six months ended June 30, 2024, research and development expense decreased $0.2 million, or 11.1 percent, to $1.6 million from $1.8 million for the same period last year. This is primarily due to higher payroll and benefits expenses as well as prototype and consulting expenses related to the next generation pump.

Other Income, Net

Other income, net consists of interest income, foreign currency gains and losses, and other miscellaneous income. For the three months ended June 30, 2024, other income, net increased by $0.3 million, to $0.6 million from $0.3 million for the same period in 2023. This increase is due to higher interest rates earned by money market fund investments that comprise a significant portion of our cash balances.

For the six months ended June 30, 2024 and 2023, we reported other income, net, of $1.1 million and $0.7 million, respectively. The change is primarily due to interest received in 2023 on money market fund investments.

Income Taxes

For the three and six months ended June 30, 2024, we recorded a provision for income tax expense of $1,368,036 and $2,475,004 respectively. Our effective tax rate was 21.8 percent and 21.5 percent for the three and six months ended June 30, 2024, 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.

For the three and six months ended June 30, 2023, we recorded a provision for income tax expense of $1,118,582 and $2,062,171 respectively. Our effective tax rate was 21.1 percent and 21.4 percent respectively and differed from the U.S. Federal statutory rate primarily due to U.S. Federal income tax expense partially offset by research and development tax credits.

As of June 30, 2024 and December 31, 2023, we had not identified or accrued for any uncertain tax positions. We are currently unaware of any uncertain tax positions that could result in significant payments, accruals or other material deviations in this estimate over the next 12 months. We believe that our tax positions comply in all material respects with applicable tax law. However, tax law is subject to interpretation, and interpretations by taxing authorities could be different from ours, which could result in the imposition of additional taxes and penalties.

We file tax returns in the United States Federal jurisdiction and many U.S. state jurisdictions. To our knowledge, our returns are not currently under examination by the Internal Revenue Service. The Company remains subject to income tax examinations for our United States Federal and certain U.S. state income taxes for 2019 and subsequent years.

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Liquidity and Capital Resources

Our principal sources of liquidity have historically been our cash and cash equivalents balances, cash flow from operations and access to the financial markets. Our principal uses of cash are operating expenses, working capital requirements, capital expenditures and dividend payments, if any.

As of June 30, 2024, we had cash and cash equivalents of $48.5 million, stockholders’ equity of $79.7 million, and working capital of $66.1 million. As of December 31, 2023, we had cash and investments of $49.8 million, stockholders’ equity of $71.4 million, and working capital of $59.7 million.

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 June 30, 2024, all $75.0 million remained available under the 2024 Shelf.

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 have acquired land from an unrelated third party and plan to make subsequent improvements thereon in the next one to two years to accommodate our increased operations and expand capacity. We anticipate using available cash for that investment in our future growth. 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.


	Six Months Ended
	June 30,
	2024		2023

	(unaudited)
Net cash provided by operating activities	$	10,521,680	$	8,159,849
Net cash used in investing activities		(1,748,573)		(6,935,328)
Net cash used in financing activities		(10,000,165)		(13,362,551)

Cash provided by operating activities increased by $2.3 million, to $10.5 million for the six months ended June 30, 2024, compared to $8.2 million for the same period in 2023. During the six months ended June 30, 2024, cash provided by operations was positively impacted by net income and inventory purchases, and negatively impacted by cash outflows related to accounts payable.

Cash used in investing activities decreased by $5.2 million, to $1.7 million for the six months ended June 30, 2024, compared to $6.9 million for the same period in 2023. For the six months ended June 30, 2023, we acquired land for $6.2 million in cash to be used for future office, assembly, warehouse, and shipping space to accommodate our increased operations and anticipated growth.

Cash used in financing activities decreased by $3.4 million, to $10.0 million for the six months ended June 30, 2024, compared to approximately $13.4 million for the same period in 2023. In both periods, the Company paid special dividends to our stockholders; and in the 2024 period we commenced a regular quarterly dividend policy, subject to the sole discretion of the Company’s Board of Directors and applicable law.

We market our products to end users in the U.S. and to distributors internationally. Sales to end users in the U.S. are generally made on open credit terms. Management maintains an allowance for potential credit losses.

Our current manufacturing and headquarters facility has been leased from Susi, LLC, an entity controlled by our Chairman of the Board and Chief Executive Officer, Roger Susi. Pursuant to the terms of our lease, the monthly base rent is $34,133, adjusted annually for changes in the consumer price index.

Table of Contents

Off-Balance Sheet Arrangements

As of June 30, 2024 and December 31, 2023, we did not have any off-balance sheet arrangements, as such term is defined under Item 303 of Regulation S-K, that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

Contractual Obligations

There have been no material changes outside the ordinary course of business to our contractual obligations and commercial commitments since December 31, 2023.

Recent Accounting Pronouncements

As of June 30, 2024, there were no material changes to the information provided regarding recent accounting pronouncements in Note 1 to the Financial Statements in the 2023 Annual Report.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

There have been no material changes in our market risks from those disclosed in “Part II, Item 7A. Quantitative and Qualitative Disclosures About Market Risk” of the 2023 Annual Report.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e)) of the Exchange Act are designed to ensure that: (1) information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms; and (2) such information is accumulated and communicated to management, including the principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosures. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives.

Our management, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of June 30, 2024. Our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures as of June 30, 2024 were effective.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting identified in connection with the evaluation required by Rules 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the period covered by this Quarterly Report that has materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Table of Contents

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

We may from time to time become party to various legal proceedings or claims that arise in the ordinary course of business. Such matters are subject to many uncertainties and outcomes are not predictable with assurance. We accrue liabilities for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. We do not believe that any such matters, individually or in the aggregate, will have a material adverse effect on our business, financial condition, results of operations or cash flows.

Item 1A. Risk Factors

In addition to the other information set forth in this Quarterly Report, you should carefully consider the risks discussed in our 2023 Annual Report and those set forth from time to time in our other filings with the SEC. There have been no material changes in our risk factors from those described in our 2023 Annual Report. The risks described in such report are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition, or future results.

Item 2. Unregistered Sale of Equity Securities and Use of Proceeds

None.

Item 3. Default Upon Senior Securities

Not Applicable.

Item 4. Mine Safety Disclosures.

Not Applicable.

Item 5. Other Information

Rule 10b5-1 Trading Arrangement Changes

None of the Company's directors or officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the quarterly period ended June 30, 2024.

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Item 6. Exhibits

Exhibit Number		Description of Document
10.1		Amendment to Susi, LLC Lease Agreement, dated May 29, 2024, by and between IRADIMED CORPORATION and Susi, LLC (incorporated by reference to Exhibit 99.1 to the Current Report on Form 8-K filed by the Company on June 3, 2024)
31.1		Certification of Chief Executive Officer pursuant to Exchange Act Rule, 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2		Certification of Chief Financial Officer pursuant to Exchange Act Rule, 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*		Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 I.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS		Inline XBRL Instance Document
101.SCH		XBRL Taxonomy Extension Schema Document
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		XBRL Taxonomy Extension Label Linkbase Document
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document
104		Inline XBRL for the cover page of this Quarterly Report , included as part of this Exhibit 101 inline XBRL Document set

This exhibit shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, whether made before or after the date hereof and irrespective of any general incorporation language in any filings.

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IRADIMED CORPORATION

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	IRADIMED CORPORATION

Dated: August 1, 2024	/s/ Roger Susi
	By:	Roger Susi
	Its:	Chief Executive Officer and President
		(Principal Executive Officer and Authorized Officer)

	/s/ John Glenn
	By:	John Glenn
	Its:	Chief Financial Officer
		(Principal Financial and Accounting Officer)

Exhibit 31.1

Certification of Chief Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Roger Susi, hereby certify that:

1.	I have reviewed this quarterly report on Form 10-Q of IRADIMED CORPORATION;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: August 1, 2024

/s/ Roger Susi
By: Roger Susi
Chief Executive Officer and President
(Principal Executive Officer)

Exhibit 31.2

Certification of Chief Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, John Glenn, hereby certify that:

1.	I have reviewed this quarterly report on Form 10-Q of IRADIMED CORPORATION;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(a)

(b)

(c)

(d)

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 1, 2024

/s/ John Glenn
By: John Glenn
Chief Financial Officer
(Principal Financial and Accounting Officer)

Exhibit 32.1

Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the quarterly report of IRADIMED CORPORATION (the “Company”) on Form 10-Q for the quarter ended June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned, in the capacities and on the date indicated below, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

3
/s/ Roger Susi
By: Roger Susi
Chief Executive Officer and President
(Principal Executive Officer)
August 1, 2024

/s/ John Glenn
By: John Glenn
Chief Financial Officer
(Principal Financial and Accounting Officer)
August 1, 2024

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Jul. 31, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Securities Act File Number	001-36534
Entity Registrant Name	IRADIMED CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	73-1408526
Entity Address, Address Line One	1025 Willa Springs Drive
Entity Address, City or Town	Winter Springs
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32708
City Area Code	407
Local Phone Number	677-8022
Title of 12(b) Security	Common stock, par value $0.0001
Trading Symbol	IRMD
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		12,669,787
Entity Central Index Key	0001325618
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED BALANCE SHEETS - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 48,535,140	$ 49,762,198
Accounts receivable, net of allowance for credit losses of $387,362 as of June 30, 2024, and $368,835 as of December 31, 2023	11,953,345	12,224,273
Inventory, net	12,071,322	12,821,194
Prepaid expenses and other current assets	1,018,427	1,193,447
Total current assets	73,578,234	76,001,112
Property and equipment, net	10,472,670	9,288,625
Intangible assets, net	2,747,925	2,519,053
Operating lease right-of-use asset	371,849	2,043,043
Deferred tax asset, net	2,590,434	2,122,816
Other assets	188,235	181,449
Total assets	89,949,347	92,156,098
Current liabilities:
Accounts payable	1,121,180	1,857,091
Accrued payroll and benefits	2,904,699	2,775,103
Other accrued taxes	157,737	103,241
Warranty reserve	119,657	117,463
Deferred revenue	2,537,402	2,570,407
Dividend payable		7,975,997
Current portion of operating lease liabilities	367,618	427,963
Other current liabilities	250,000	250,000
Accrued income taxes		250,041
Total current liabilities	7,458,293	16,327,306
Deferred revenue, non-current	2,815,334	2,793,548
Operating lease liabilities, non-current	4,231	1,615,080
Total liabilities	10,277,858	20,735,934
Stockholders' equity:
Common stock; $0.0001 par value per share; 31,500,000 shares authorized; 12,669,101 shares issued and outstanding as of June 30, 2024, and 12,660,313 shares issued and outstanding as of December 31, 2023	1,267	1,265
Additional paid-in capital	29,273,955	28,160,745
Retained earnings	50,396,267	43,258,154
Total Stockholders' Equity	79,671,489	71,420,164
Total liabilities and stockholders' equity	$ 89,949,347	$ 92,156,098

CONDENSED BALANCE SHEETS (Parenthetical) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
CONDENSED BALANCE SHEETS
Allowance for credit losses	$ 387,362	$ 368,835
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	31,500,000	31,500,000
Common stock, shares issued	12,669,101	12,660,313
Common stock, shares outstanding	12,669,101	12,660,313

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
Revenue	$ 17,928,876	$ 16,130,396	$ 35,526,995	$ 31,605,480
Cost of revenue	3,919,283	3,943,904	8,129,679	7,697,535
Gross profit	14,009,593	12,186,492	27,397,316	23,907,945
Operating expenses:
General and administrative	4,104,961	3,313,080	8,096,172	7,233,591
Sales and marketing	3,476,460	2,948,425	7,303,625	5,948,403
Research and development	801,129	961,952	1,622,129	1,755,666
Total operating expenses	8,382,550	7,223,457	17,021,926	14,937,660
Income from operations	5,627,043	4,963,035	10,375,390	8,970,285
Other income, net	642,217	335,387	1,137,371	677,796
Income before provision for income taxes	6,269,260	5,298,422	11,512,761	9,648,081
Provision for income tax expense	1,368,036	1,118,582	2,475,004	2,062,171
Net income	$ 4,901,224	$ 4,179,840	$ 9,037,757	$ 7,585,910
Net income per share:
Basic (in dollars per share)	$ 0.39	$ 0.33	$ 0.71	$ 0.60
Diluted (in dollars per share)	$ 0.38	$ 0.33	$ 0.71	$ 0.60
Weighted average shares outstanding:
Basic (in shares)	12,664,920	12,596,032	12,663,723	12,594,541
Diluted (in shares)	12,757,996	12,723,017	12,753,932	12,706,608

CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Common Stock	Additional Paid-In Capital	Retained Earnings	Total
Beginning balances at Dec. 31, 2022	$ 1,259	$ 26,407,446	$ 47,264,282	$ 73,672,987
Beginning balances (in shares) at Dec. 31, 2022	12,591,004
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)			3,406,070	3,406,070
Dividends paid			(13,222,907)	(13,222,907)
Other comprehensive loss			(4)	(4)
Stock-based compensation expense		533,643		533,643
Net share settlement of restricted stock units		(49,878)		(49,878)
Net share settlement of restricted stock units (in shares)	3,572
Ending balances at Mar. 31, 2023	$ 1,259	26,891,211	37,447,441	64,339,911
Ending balances (in shares) at Mar. 31, 2023	12,594,576
Beginning balances at Dec. 31, 2022	$ 1,259	26,407,446	47,264,282	73,672,987
Beginning balances (in shares) at Dec. 31, 2022	12,591,004
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)				7,585,910
Ending balances at Jun. 30, 2023	$ 1,260	27,369,898	41,627,281	68,998,438
Ending balances (in shares) at Jun. 30, 2023	12,601,541
Beginning balances at Mar. 31, 2023	$ 1,259	26,891,211	37,447,441	64,339,911
Beginning balances (in shares) at Mar. 31, 2023	12,594,576
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)			4,179,840	4,179,840
Stock-based compensation expense		568,453		568,453
Net share settlement of restricted stock units	$ 1	(97,106)		(97,105)
Net share settlement of restricted stock units (in shares)	5,965
Exercise of stock options		7,339		7,339
Exercise of stock options (in shares)	1,000
Ending balances at Jun. 30, 2023	$ 1,260	27,369,898	41,627,281	68,998,438
Ending balances (in shares) at Jun. 30, 2023	12,601,541
Beginning balances at Dec. 31, 2023	$ 1,265	28,160,745	43,258,154	71,420,164
Beginning balances (in shares) at Dec. 31, 2023	12,660,313
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)			4,136,533	4,136,533
Stock-based compensation expense		628,640		628,640
Net share settlement of restricted stock units	$ 1	(63,876)		(63,875)
Net share settlement of restricted stock units (in shares)	3,872
Ending balances at Mar. 31, 2024	$ 1,266	28,725,509	47,394,687	76,121,462
Ending balances (in shares) at Mar. 31, 2024	12,664,185
Beginning balances at Dec. 31, 2023	$ 1,265	28,160,745	43,258,154	71,420,164
Beginning balances (in shares) at Dec. 31, 2023	12,660,313
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)				9,037,757
Ending balances at Jun. 30, 2024	$ 1,267	29,273,955	50,396,267	79,671,489
Ending balances (in shares) at Jun. 30, 2024	12,669,101
Beginning balances at Mar. 31, 2024	$ 1,266	28,725,509	47,394,687	76,121,462
Beginning balances (in shares) at Mar. 31, 2024	12,664,185
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)			4,901,224	4,901,224
Dividends paid			(1,899,644)	(1,899,644)
Stock-based compensation expense		609,096		609,096
Net share settlement of restricted stock units	$ 1	(63,946)		(63,945)
Net share settlement of restricted stock units (in shares)	4,581
Exercise of stock options		3,296		3,296
Exercise of stock options (in shares)	335
Ending balances at Jun. 30, 2024	$ 1,267	$ 29,273,955	$ 50,396,267	$ 79,671,489
Ending balances (in shares) at Jun. 30, 2024	12,669,101

CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical)	Mar. 31, 2023 $ / shares
CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY
Dividends Paid Amount Per Share	$ 1.05

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Operating activities:
Net income	$ 9,037,757	$ 7,585,910
Adjustments to reconcile net income to net cash provided by operating activities:
Allowance for credit losses	18,527	170,905
Provision for excess and obsolete inventory	104,714	167,383
Depreciation & amortization	425,219	369,908
Loss on disposal of property and equipment	3,872	3,852
Stock-based compensation	1,237,737	1,102,096
Deferred income taxes, net	(717,659)	(1,065,516)
Changes in operating assets and liabilities:
Accounts receivable	252,401	2,021,403
Inventory	578,687	(4,212,765)
Prepaid expenses and other current assets	175,020	57,568
Other assets	(6,786)	541,548
Accounts payable	(762,876)	1,709,063
Accrued payroll and benefits	129,596	(539,247)
Other accrued taxes	54,496	95,577
Warranty reserve	2,194	11,449
Deferred revenue	(11,219)	(363,379)
Other current liabilities		250,000
Prepaid income taxes		254,093
Net cash provided by operating activities	10,521,680	8,159,848
Investing activities:
Purchases of property and equipment	(1,404,837)	(6,600,521)
Capitalized intangible assets	(343,736)	(334,807)
Net cash used in investing activities	(1,748,573)	(6,935,328)
Financing activities:
Dividends paid	(9,875,641)	(13,222,907)
Proceeds from exercises of stock options	3,296	7,339
Taxes paid related to the net share settlement of equity awards	(127,820)	(146,983)
Net cash used in financing activities	(10,000,165)	(13,362,551)
Net decrease in cash and cash equivalents	(1,227,058)	(12,138,031)
Cash and cash equivalents, beginning of period	49,762,198	57,960,864
Cash and cash equivalents, end of period	48,535,140	45,822,833
Supplemental disclosure of cash flow information:
Cash paid for income taxes	3,008,304	2,756,152
ROU asset recognized in exchange for new lease obligation		227,982
ROU asset and liability adjustment	1,486,093
Operating and short-term lease payments recorded within cash flow provided by operating activities	$ 407,362	$ 324,362

Basis of Presentation

6 Months Ended

Jun. 30, 2024

Basis of Presentation

Basis of Presentation

1 — Basis of Presentation

Certain Significant Risks and Uncertainties

Revenue Recognition

6 Months Ended

Jun. 30, 2024

Revenue Recognition

Revenue Recognition

2 — Revenue Recognition

Disaggregation of Revenue

We disaggregate revenue from contracts with customers by geographic region and revenue type as we believe it best depicts the nature, amount, timing and uncertainty of our revenue and cash flow.

Revenue information by geographic region is as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023

	(unaudited)				(unaudited)
United States	$	15,485,216	$	12,949,526	$	28,894,172	$	24,928,050
International		2,443,660		3,180,870		6,632,823		6,677,430
Total revenue	$	17,928,876	$	16,130,396	$	35,526,995	$	31,605,480

Revenue information by type is as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023

	(unaudited)				(unaudited)
Devices:
MRI Compatible Intravenous ("IV") Infusion Pump Systems	$	6,881,199	$	4,522,568	$	12,073,879	$	10,061,383
MRI Compatible Patient Vital Signs Monitoring Systems		5,450,224		6,128,718		11,911,882		10,825,536
Ferro Magnetic Detection Systems		366,402		183,190		616,102		480,779
Total Devices revenue		12,697,825		10,834,476		24,601,863		21,367,698
Disposables, services and other		4,662,863		4,815,870		9,869,813		9,250,612
Amortization of extended warranty agreements		568,188		480,050		1,055,319		987,170
Total revenue	$	17,928,876	$	16,130,396	$	35,526,995	$	31,605,480

Contract Liabilities

Our contract liabilities consist of:


	June 30,		December 31,
	2024		2023
	(unaudited)		(audited)
Advance payments from customers	$	303,264	$	508,956
Shipments in-transit		18,450		15,438
Extended warranty agreements		5,031,022		4,835,966
Total	$	5,352,736	$	5,360,360

Changes in the contract liabilities during the periods presented are as follows:


	Deferred
	Revenue
	(unaudited)
Contract liabilities, December 31, 2023	$	5,360,360
Increases due to cash received from customers		2,393,161
Decreases due to recognition of revenue		(2,400,785)
Contract liabilities, June 30, 2024	$	5,352,736


	Deferred
	Revenue
	(unaudited)
Contract liabilities, December 31, 2022	$	4,748,319
Increases due to cash received from customers		2,464,337
Decreases due to recognition of revenue		(2,485,424)
Contract liabilities, June 30, 2023	$	4,727,232

Capitalized Contract Costs

Our capitalized contract costs totaled $168,920 and $162,134 as of June 30, 2024 and December 31, 2023, respectively, and are classified as other assets on the unaudited condensed balance sheets.

Basic and Diluted Net Income per Share

6 Months Ended

Jun. 30, 2024

Basic and Diluted Net Income per Share

Basic and Diluted Net Income per Share

3 — Basic and Diluted Net Income per Share

The following table presents the computation of basic and diluted net income per share of common stock:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

	(unaudited)				(unaudited)
Net income	$	4,901,224	$	4,179,840	$	9,037,757	$	7,585,910
Weighted-average shares outstanding — Basic		12,664,920		12,596,032		12,663,723		12,594,541
Effect of dilutive securities:
Stock options		2,223		19,333		2,281		18,893
Restricted stock units		53,532		69,112		51,366		57,610
Performance-based restricted stock units		37,321		38,540		36,562		35,564
Weighted-average shares outstanding — Diluted		12,757,996		12,723,017		12,753,932		12,706,608
Basic net income per share	$	0.39	$	0.33	$	0.71	$	0.60
Diluted net income per share	$	0.38	$	0.33	$	0.71	$	0.60

Stock options and restricted stock units excluded from the calculation of diluted net income per share because the effect would have been anti-dilutive are as follows:


	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2024	2023	2024	2023

	(unaudited)		(unaudited)
Anti-dilutive stock options and restricted stock units	343	—	228	11,141

Inventory, net

6 Months Ended

Jun. 30, 2024

Inventory, net.

Inventory, net

4 — Inventory, net

Inventory consists of:


	June 30,		December 31,
	2024		2023
	(unaudited)		(audited)
Raw materials	$	10,252,668	$	10,833,004
Work in process		713,998		501,191
Finished goods		1,630,100		1,907,729
Inventory before allowance for excess and obsolete		12,596,766		13,241,924
Allowance for excess and obsolete		(525,444)		(420,730)
Total	$	12,071,322	$	12,821,194

Property and Equipment, net

6 Months Ended

Jun. 30, 2024

Property and Equipment, net

Property and Equipment, net

5 — Property and Equipment, net

Property and equipment consist of:


	June 30,		December 31,
	2024		2023
	(unaudited)		(audited)
Land	$	6,253,790	$	6,253,790
Computer software and hardware		1,453,267		1,380,289
Furniture and fixtures		1,826,801		1,757,129
Leasehold improvements		270,486		270,486
Machinery and equipment		2,617,394		2,438,922
Construction in-process		2,371,255		1,257,844
		14,792,993		13,358,460
Accumulated depreciation		(4,320,323)		(4,069,835)
Total	$	10,472,670	$	9,288,625

Property and equipment, net, information by geographic region is as follows:


	June 30,		December 31,
	2024		2023
	(unaudited)		(audited)
United States	$	10,154,205	$	8,950,580
International		318,465		338,045
Total property and equipment, net	$	10,472,670	$	9,288,625

Long-lived assets held outside of the United States consist principally of tooling and machinery and equipment, which are components of property and equipment, net.

Intangible Assets, net

6 Months Ended

Jun. 30, 2024

Intangible Assets, net

Intangible Assets, net

6 — Intangible Assets, net

The following table summarizes the components of intangible asset balances:


	June 30,		December 31,
	2024		2023
	(unaudited)		(audited)
Patents — in use	$	321,874	$	321,874
Patents — fully amortized		70,164		70,164
Patents — in process		151,837		128,221
Internally developed software — in use		1,773,721		1,773,720
Internally developed software — in process		1,469,527		1,149,409
Trademarks		27,697		27,697
		3,814,820		3,471,085
Accumulated amortization		(1,066,895)		(952,032)
Total	$	2,747,925	$	2,519,053


Six months remaining ending December 31, 2024	$	114,464
2025	$	226,160
2026	$	214,444
2027	$	140,731
2028	$	138,129
Thereafter	$	264,935

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Measurements

Fair Value Measurements

7 — Fair Value Measurements

The fair values of cash equivalents, accounts receivables net, and accounts payable approximate their carrying amounts due to their short duration.

As of June 30, 2024, we did not have any assets or liabilities subject to recurring fair value measurements.

Stock-Based Compensation

6 Months Ended

Jun. 30, 2024

Stock-Based Compensation

Stock-Based Compensation

8 — Stock-Based Compensation

Stock-based compensation was recognized as follows in the unaudited Condensed Statements of Operations:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023

	(unaudited)				(unaudited)
Cost of revenue	$	58,275	$	62,430	$	116,354	$	124,173
General and administrative		377,194		291,346		757,977		580,730
Sales and marketing		123,425		169,160		258,291		306,367
Research and development		50,202		45,518		105,115		90,827
Total	$	609,096	$	568,454	$	1,237,737	$	1,102,097

The following table presents a summary of our equity award activity for the six months ended June 30, 2024 (shares):


	Six Months Ended
	June 30, 2024
			Performance
			Based
	Stock	Restricted	Restricted
	Options	Stock Units	Stock Units
Outstanding beginning of period	3,010	141,327	36,792
Awards granted	—	3,230	—
Awards exercised/vested	(335)	(11,395)	—
Awards canceled/ forfeited	—	(2,742)	—
Outstanding end of period	2,675	130,420	36,792

Income Taxes

6 Months Ended

Jun. 30, 2024

Income Taxes

Income Taxes

9 — Income Taxes

Leases

6 Months Ended

Jun. 30, 2024

Leases

Leases

10 — Leases

We have entered into operating lease contracts for our manufacturing plant, office space, and various office equipment with two material lease contracts outstanding.

Operating lease cost recognized in the unaudited Condensed Statements of Operations is as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023

	(unaudited)				(unaudited)
Cost of revenue	$	58,843	$	58,086	$	117,686	$	116,172
General and administrative		132,749		92,206		264,843		183,676
Sales and marketing		3,293		3,251		6,586		6,501
Research and development		9,124		9,006		18,247		18,013
Total	$	204,009	$	162,549	$	407,362	$	324,362

Lease costs for short-term leases were immaterial for the three months ended June 30, 2024 and 2023

Maturity of our operating lease liability as of June 30, 2024, is as follows


Six months remaining ending December 31, 2024	$	456,201
2025		2,849
Thereafter		1,424
Total lease payments		460,474
Imputed interest		(88,625)
Present value of lease liability	$	371,849

Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies

Commitments and Contingencies

11 — Commitments and Contingencies

Subsequent Events

6 Months Ended

Jun. 30, 2024

Subsequent Events

Subsequent Events

12 — Subsequent Events

Pay vs Performance Disclosure - USD ($)	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($)	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 4,901,224	$ 4,136,533	$ 4,179,840	$ 3,406,070	$ 9,037,757	$ 7,585,910

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Jun. 30, 2024
Basis of Presentation
Basis of Presentation	The accompanying interim condensed financial statements of IRADIMED CORPORATION (“IRADIMED”, the “Company,” “we,” “our” and “us”) have been prepared pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally presented in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The interim financial information is unaudited, but reflects all normal adjustments that are, in the opinion of management, necessary for the fair presentation of our financial position, results of operations and cash flows for the interim periods presented. Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, and other interim periods, or future years or periods. The accompanying interim condensed financial statements should be read in conjunction with the financial statements and related footnotes to financial statements included in our 2023 Annual Report. The accounting policies followed in the preparation of these interim condensed financial statements, except as described in Note 1 herein, are consistent in all material respects with those described in Note 1 to the Financial Statements in the 2023 Annual Report. We operate in one reportable segment, which is the development, manufacture and sale of Magnetic Resonance Imaging (“MRI”) compatible medical devices, related accessories, disposables and service for use primarily by hospitals and acute care facilities during MRI procedures.
Certain Significant Risks and Uncertainties	Certain Significant Risks and Uncertainties We market our products to end users in the United States and to third-party distributors internationally. Sales to end users in the United States are generally made on open credit terms. Management maintains an allowance for potential credit losses. We have deposited our cash and cash equivalents with various financial institutions. Our cash and cash equivalents balances exceed federally insured limits regularly throughout the year. We have not incurred any losses related to these balances. Our medical devices require clearance from the FDA and international regulatory agencies prior to commercialized sales. Our future products may not receive required approvals. If we were denied such approvals, or if such approvals were revoked or delayed or if we were unable to timely renew certain approvals for existing products, it would have a materially adverse impact on our business, results of operations and financial condition. Certain key components of our products essential to their functionality are sole-sourced. Any disruption in the availability of these components would have a materially adverse impact on our business, results of operations and financial condition

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2024

Revenue Recognition

Schedule of disaggregation of revenue by geographic region and revenue type


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023

	(unaudited)				(unaudited)
United States	$	15,485,216	$	12,949,526	$	28,894,172	$	24,928,050
International		2,443,660		3,180,870		6,632,823		6,677,430
Total revenue	$	17,928,876	$	16,130,396	$	35,526,995	$	31,605,480


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023

	(unaudited)				(unaudited)
Devices:
MRI Compatible Intravenous ("IV") Infusion Pump Systems	$	6,881,199	$	4,522,568	$	12,073,879	$	10,061,383
MRI Compatible Patient Vital Signs Monitoring Systems		5,450,224		6,128,718		11,911,882		10,825,536
Ferro Magnetic Detection Systems		366,402		183,190		616,102		480,779
Total Devices revenue		12,697,825		10,834,476		24,601,863		21,367,698
Disposables, services and other		4,662,863		4,815,870		9,869,813		9,250,612
Amortization of extended warranty agreements		568,188		480,050		1,055,319		987,170
Total revenue	$	17,928,876	$	16,130,396	$	35,526,995	$	31,605,480

Schedule of contract liabilities and changes in the contract liabilities


	June 30,		December 31,
	2024		2023
	(unaudited)		(audited)
Advance payments from customers	$	303,264	$	508,956
Shipments in-transit		18,450		15,438
Extended warranty agreements		5,031,022		4,835,966
Total	$	5,352,736	$	5,360,360


	Deferred
	Revenue
	(unaudited)
Contract liabilities, December 31, 2023	$	5,360,360
Increases due to cash received from customers		2,393,161
Decreases due to recognition of revenue		(2,400,785)
Contract liabilities, June 30, 2024	$	5,352,736


	Deferred
	Revenue
	(unaudited)
Contract liabilities, December 31, 2022	$	4,748,319
Increases due to cash received from customers		2,464,337
Decreases due to recognition of revenue		(2,485,424)
Contract liabilities, June 30, 2023	$	4,727,232

Basic and Diluted Net Income per Share (Tables)

6 Months Ended

Jun. 30, 2024

Basic and Diluted Net Income per Share

Schedule of computation of basic and diluted net income per share of common stock


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

	(unaudited)				(unaudited)
Net income	$	4,901,224	$	4,179,840	$	9,037,757	$	7,585,910
Weighted-average shares outstanding — Basic		12,664,920		12,596,032		12,663,723		12,594,541
Effect of dilutive securities:
Stock options		2,223		19,333		2,281		18,893
Restricted stock units		53,532		69,112		51,366		57,610
Performance-based restricted stock units		37,321		38,540		36,562		35,564
Weighted-average shares outstanding — Diluted		12,757,996		12,723,017		12,753,932		12,706,608
Basic net income per share	$	0.39	$	0.33	$	0.71	$	0.60
Diluted net income per share	$	0.38	$	0.33	$	0.71	$	0.60

Schedule of stock options and restricted stock units excluded from the calculation of diluted net income per share


	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2024	2023	2024	2023

	(unaudited)		(unaudited)
Anti-dilutive stock options and restricted stock units	343	—	228	11,141

Inventory, net (Tables)

6 Months Ended

Jun. 30, 2024

Inventory, net.

Schedule of inventory


	June 30,		December 31,
	2024		2023
	(unaudited)		(audited)
Raw materials	$	10,252,668	$	10,833,004
Work in process		713,998		501,191
Finished goods		1,630,100		1,907,729
Inventory before allowance for excess and obsolete		12,596,766		13,241,924
Allowance for excess and obsolete		(525,444)		(420,730)
Total	$	12,071,322	$	12,821,194

Property and Equipment, net (Tables)

6 Months Ended

Jun. 30, 2024

Property and Equipment, net

Schedule of property and equipment


	June 30,		December 31,
	2024		2023
	(unaudited)		(audited)
Land	$	6,253,790	$	6,253,790
Computer software and hardware		1,453,267		1,380,289
Furniture and fixtures		1,826,801		1,757,129
Leasehold improvements		270,486		270,486
Machinery and equipment		2,617,394		2,438,922
Construction in-process		2,371,255		1,257,844
		14,792,993		13,358,460
Accumulated depreciation		(4,320,323)		(4,069,835)
Total	$	10,472,670	$	9,288,625

Schedule of property and equipment, net, information by geographic region


	June 30,		December 31,
	2024		2023
	(unaudited)		(audited)
United States	$	10,154,205	$	8,950,580
International		318,465		338,045
Total property and equipment, net	$	10,472,670	$	9,288,625

Intangible Assets, net (Tables)

6 Months Ended

Jun. 30, 2024

Intangible Assets, net

Summary of the components of intangible asset balances


	June 30,		December 31,
	2024		2023
	(unaudited)		(audited)
Patents — in use	$	321,874	$	321,874
Patents — fully amortized		70,164		70,164
Patents — in process		151,837		128,221
Internally developed software — in use		1,773,721		1,773,720
Internally developed software — in process		1,469,527		1,149,409
Trademarks		27,697		27,697
		3,814,820		3,471,085
Accumulated amortization		(1,066,895)		(952,032)
Total	$	2,747,925	$	2,519,053

Schedule of expected annual amortization expense related to intangible assets (excludes in process intangible assets)


Six months remaining ending December 31, 2024	$	114,464
2025	$	226,160
2026	$	214,444
2027	$	140,731
2028	$	138,129
Thereafter	$	264,935

Stock Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Stock-Based Compensation

Schedule of stock-based compensation


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023

	(unaudited)				(unaudited)
Cost of revenue	$	58,275	$	62,430	$	116,354	$	124,173
General and administrative		377,194		291,346		757,977		580,730
Sales and marketing		123,425		169,160		258,291		306,367
Research and development		50,202		45,518		105,115		90,827
Total	$	609,096	$	568,454	$	1,237,737	$	1,102,097

Schedule of stock-based compensation activity


	Six Months Ended
	June 30, 2024
			Performance
			Based
	Stock	Restricted	Restricted
	Options	Stock Units	Stock Units
Outstanding beginning of period	3,010	141,327	36,792
Awards granted	—	3,230	—
Awards exercised/vested	(335)	(11,395)	—
Awards canceled/ forfeited	—	(2,742)	—
Outstanding end of period	2,675	130,420	36,792

Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases

Schedule of operating lease cost


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023

	(unaudited)				(unaudited)
Cost of revenue	$	58,843	$	58,086	$	117,686	$	116,172
General and administrative		132,749		92,206		264,843		183,676
Sales and marketing		3,293		3,251		6,586		6,501
Research and development		9,124		9,006		18,247		18,013
Total	$	204,009	$	162,549	$	407,362	$	324,362

Schedule of maturity of operating lease liability


Six months remaining ending December 31, 2024	$	456,201
2025		2,849
Thereafter		1,424
Total lease payments		460,474
Imputed interest		(88,625)
Present value of lease liability	$	371,849

Basis of Presentation (Details)	6 Months Ended
Basis of Presentation (Details)	Jun. 30, 2024 segment
Basis of Presentation
Number of Reportable Segments	1

Revenue Recognition - Information by geographic region (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Contract Liabilities
Total revenue	$ 17,928,876	$ 16,130,396	$ 35,526,995	$ 31,605,480
United States
Contract Liabilities
Total revenue	15,485,216	12,949,526	28,894,172	24,928,050
International
Contract Liabilities
Total revenue	$ 2,443,660	$ 3,180,870	$ 6,632,823	$ 6,677,430

Revenue Recognition - Information by type (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue
Total Devices revenue	$ 12,697,825	$ 10,834,476	$ 24,601,863	$ 21,367,698
Disposables, services and other	4,662,863	4,815,870	9,869,813	9,250,612
Amortization of extended warranty agreements	568,188	480,050	1,055,319	987,170
Total revenue	17,928,876	16,130,396	35,526,995	31,605,480
MRI Compatible Intravenous ("IV") Infusion Pump Systems
Disaggregation of Revenue
Total Devices revenue	6,881,199	4,522,568	12,073,879	10,061,383
MRI Compatible Patient Vital Signs Monitoring Systems
Disaggregation of Revenue
Total Devices revenue	5,450,224	6,128,718	11,911,882	10,825,536
Ferro Magnetic Detection Systems
Disaggregation of Revenue
Total Devices revenue	$ 366,402	$ 183,190	$ 616,102	$ 480,779

Revenue Recognition - Contract liabilities (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Advance payments from customers	$ 303,264		$ 508,956
Shipments in-transit	18,450		15,438
Extended warranty agreements	5,031,022		4,835,966
Total	5,352,736	$ 4,727,232	$ 5,360,360
Changes in contract liabilities
Contract liabilities, beginning balance	5,360,360	4,748,319
Increases due to cash received from customers	2,393,161	2,464,337
Decreases due to recognition of revenue	(2,400,785)	(2,485,424)
Contract liabilities, ending balance	$ 5,352,736	$ 4,727,232

Revenue Recognition- Capitalized contract costs (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Revenue Recognition
Capitalized contract costs	$ 168,920	$ 162,134

Basic and diluted net income per share (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Basic and Diluted Net Income Per Share
Common stock, par value (in dollars per share)	$ 0.0001				$ 0.0001		$ 0.0001
Net Income (Loss)	$ 4,901,224	$ 4,136,533	$ 4,179,840	$ 3,406,070	$ 9,037,757	$ 7,585,910
Weighted-average shares outstanding - Basic	12,664,920		12,596,032		12,663,723	12,594,541
Effect of dilutive securities:
Stock options	2,223		19,333		2,281	18,893
Restricted stock units	53,532		69,112		51,366	57,610
Performance-based restricted stock units	37,321		38,540		36,562	35,564
Weighted-average shares outstanding - Diluted (in shares)	12,757,996		12,723,017		12,753,932	12,706,608
Basic net income per share (in dollars per share)	$ 0.39		$ 0.33		$ 0.71	$ 0.60
Diluted net income per share (in dollars per share)	$ 0.38		$ 0.33		$ 0.71	$ 0.60
Anti-dilutive stock
Anti-dilutive stock options and restricted stock units	343				228	11,141

Inventory, net (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Inventory, net.
Raw materials	$ 10,252,668	$ 10,833,004
Work in process	713,998	501,191
Finished goods	1,630,100	1,907,729
Inventory before allowance for excess and obsolete	12,596,766	13,241,924
Allowance for excess and obsolete	(525,444)	(420,730)
Total	$ 12,071,322	$ 12,821,194

Property and Equipment, net (Details) - USD ($)	3 Months Ended		6 Months Ended
Property and Equipment, net (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Property and equipment, net
Property and equipment, gross	$ 14,792,993		$ 14,792,993		$ 13,358,460
Accumulated depreciation	(4,320,323)		(4,320,323)		(4,069,835)
Total	10,472,670		10,472,670		9,288,625
Depreciation expense of property and equipment	141,697	$ 162,121	310,354	$ 319,435
Land
Property and equipment, net
Property and equipment, gross	6,253,790		6,253,790		6,253,790
Computer software and hardware
Property and equipment, net
Property and equipment, gross	1,453,267		1,453,267		1,380,289
Furniture and fixtures
Property and equipment, net
Property and equipment, gross	1,826,801		1,826,801		1,757,129
Leasehold improvements
Property and equipment, net
Property and equipment, gross	270,486		270,486		270,486
Machinery and equipment
Property and equipment, net
Property and equipment, gross	2,617,394		2,617,394		2,438,922
Construction in-process
Property and equipment, net
Property and equipment, gross	$ 2,371,255		$ 2,371,255		$ 1,257,844

Property and Equipment, net - geographic region (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Property and equipment, net
Total property and equipment, net	$ 10,472,670	$ 9,288,625
United States
Property and equipment, net
Total property and equipment, net	10,154,205	8,950,580
International
Property and equipment, net
Total property and equipment, net	$ 318,465	$ 338,045

Intangible Assets, net (Details) - USD ($)	3 Months Ended		6 Months Ended
Intangible Assets, net (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Intangible Assets, net
Intangible Assets, gross	$ 3,814,820		$ 3,814,820		$ 3,471,085
Accumulated amortization	(1,066,895)		(1,066,895)		(952,032)
Total	2,747,925		2,747,925		2,519,053
Amortization expense of intangible assets	57,433	$ 25,236	114,865	$ 50,473
Expected annual amortization expense
Six months remaining ending December 31, 2024	114,464		114,464
2025	226,160		226,160
2026	214,444		214,444
2027	140,731		140,731
2028	138,129		138,129
Thereafter	264,935		264,935
Patents - in use
Intangible Assets, net
Intangible Assets, gross	321,874		321,874		321,874
Patents - fully amortized
Intangible Assets, net
Intangible Assets, gross	70,164		70,164		70,164
Patents - in process
Intangible Assets, net
Intangible Assets, gross	151,837		151,837		128,221
Internally developed software - in use
Intangible Assets, net
Intangible Assets, gross	1,773,721		1,773,721		1,773,720
Internally developed software - in process
Intangible Assets, net
Intangible Assets, gross	1,469,527		1,469,527		1,149,409
Trademarks
Intangible Assets, net
Intangible Assets, gross	$ 27,697		$ 27,697		$ 27,697

Stock-Based Compensation - Stock-based compensation expense (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Stock-Based Compensation
Total stock-based compensation expense	$ 609,096	$ 568,454	$ 1,237,737	$ 1,102,097
Cost of revenue
Stock-Based Compensation
Total stock-based compensation expense	58,275	62,430	116,354	124,173
General and administrative
Stock-Based Compensation
Total stock-based compensation expense	377,194	291,346	757,977	580,730
Sales and marketing
Stock-Based Compensation
Total stock-based compensation expense	123,425	169,160	258,291	306,367
Research and development
Stock-Based Compensation
Total stock-based compensation expense	$ 50,202	$ 45,518	$ 105,115	$ 90,827

Stock-Based Compensation - Restricted Stock Units (Details) - Restricted Stock Units	6 Months Ended
	Jun. 30, 2024 USD ($)
Stock-Based Compensation
Unrecognized compensation cost for unvested award	$ 3,264,176
Weighted-average period of unrecognized compensation cost expected to be recognized	2 years 3 months

Stock-Based Compensation - Performance-Based Restricted Stock Units - Narrative (Details) - Performance Based Restricted Stock Units	6 Months Ended
	Jun. 30, 2024 USD ($)
Stock-Based Compensation
Unrecognized compensation cost for unvested award	$ 1,014,667
Weighted-average period of unrecognized compensation cost expected to be recognized	2 years 7 days

Stock-Based Compensation - Stock Options and Restricted Stock Units Activity (Details)	6 Months Ended
	Jun. 30, 2024 shares
Stock Options
Stock Options
Outstanding beginning of period (in shares)	3,010
Awards exercised/vested (in shares)	(335)
Outstanding end of period (in shares)	2,675
Restricted Stock Units
Stock Options
Outstanding beginning of period (in shares)	141,327
Awards granted (in shares)	3,230
Awards exercised/vested (in shares)	(11,395)
Awards canceled/ forfeited (in shares)	(2,742)
Outstanding end of period (in shares)	130,420
Performance Based Restricted Stock Units
Stock Options
Outstanding beginning of period (in shares)	36,792
Outstanding end of period (in shares)	36,792

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Taxes
Provision for income tax expense	$ 1,368,036	$ 1,118,582	$ 2,475,004	$ 2,062,171
Effective rate (as a percent)	21.80%	21.10%	21.50%	21.40%

Leases (Details)		1 Months Ended		3 Months Ended		6 Months Ended
Leases (Details)	May 29, 2024 USD ($)	Feb. 28, 2023 USD ($) item	Jan. 31, 2014 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Leases
ROU asset and liability adjustment						$ 1,486,093
Lessee, operating lease, existence of residual value guarantee						false
Winter Springs, Florida Facility
Leases
Monthly base rent		$ 10,055
Operating lease paid				$ 30,165	$ 30,165	$ 60,330	$ 52,975
Non-cancelable operating lease term		2 years
Number of non-cancelable operating leases entered \| item		2
Susi, LLC
Leases
Monthly base rent	$ 34,133
ROU asset and liability adjustment	$ 1,480,000
Related Party [Member] \| Susi, LLC
Leases
Operating lease paid				$ 129,482	$ 127,817	$ 258,965	$ 255,635
Related Party [Member] \| Susi, LLC \| Winter Springs, Florida Facility
Leases
Monthly base rent			$ 34,133
Renewal term of lease beginning in 2019			5 years

Leases - Operating lease cost (Details) - USD ($)	3 Months Ended		6 Months Ended
Leases - Operating lease cost (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases
Operating lease cost	$ 204,009	$ 162,549	$ 407,362	$ 324,362
Cost of revenue
Leases
Operating lease cost	58,843	58,086	117,686	116,172
General and Administrative Expense [Member]
Leases
Operating lease cost	132,749	92,206	264,843	183,676
Selling and Marketing Expense [Member]
Leases
Operating lease cost	3,293	3,251	6,586	6,501
Research and Development Expense [Member]
Leases
Operating lease cost	$ 9,124	$ 9,006	$ 18,247	$ 18,013

Leases - Maturity of operating lease liability (Details)	Jun. 30, 2024 USD ($)
Operating leases
Six months remaining ending December 31, 2024	$ 456,201
2025	2,849
Thereafter	1,424
Total lease payments	460,474
Imputed interest	(88,625)
Present value of lease liability	$ 371,849

Commitments and Contingencies (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Purchase commitments
Purchase commitments	$ 5,446,728	$ 8,217,571
Legal matters accrued	$ 250,000	$ 250,000

Subsequent Events (Details) - Subsequent events - O 2024 Q2 Dividends [Member]	Jul. 01, 2024 $ / shares
Subsequent Events
Dividends payable, date declared	Jul. 31, 2024
Cash dividend per share declared	$ 0.15
Dividends payable, payment date	Aug. 30, 2024
Dividends payable, record date	Aug. 20, 2024