IRadimed Corporation (IRMD): History, Ownership, Mission, How It Works & Makes Money

Ever wondered about the company behind the innovative MRI-compatible medical devices enhancing patient safety? IRadimed Corporation (NASDAQ: IRMD), a leader in developing innovative Magnetic Resonance Imaging (“MRI”) compatible medical devices, reported a **12%** increase in revenue, reaching $73.2 million for the year ended December 31, 2024, compared to $65.6 million in 2023. Keep reading to explore the history, ownership, mission, and how it operates and generates revenue.

IRadimed Corporation (IRMD) History

IRadimed Corporation Founding Timeline

Year established

The company was established in 1994.

Original location

The original location is Gainesville, Florida.

Founding team members

The founder, chairman and CEO is Roger Susi. He is listed as the only executive officer at the time of incorporation.

Initial capital/funding

Information regarding the specific initial capital or funding for the company's establishment is not readily available in the provided search results.

IRadimed Corporation Evolution Milestones

IRadimed Corporation Transformative Moments

• Focus on MRI Compatibility: The company's strategic focus on developing MRI-compatible medical devices has been a significant differentiator. This specialization has allowed it to carve out a niche market and become a leader in providing solutions for patients requiring MRI scans.
• FDA Clearances: Securing FDA clearances for its infusion pumps (like the 3800, MRidium 3860, and 3880) has been pivotal in establishing the company's credibility and enabling commercialization in the US market.
• International Expansion: Gaining approval to sell products in Japan in 2017 marked a transformative moment, opening up a substantial new market and contributing to revenue growth.
• Financial Performance in 2023: IRadimed achieved record revenue, demonstrating strong financial performance and market demand. The company reported record revenue of $53.4 million, up 21% from 2022.

To gain more insights into the company's financial health, you might find this resource useful: Breaking Down IRadimed Corporation (IRMD) Financial Health: Key Insights for Investors

IRadimed Corporation (IRMD) Ownership Structure

IRadimed Corporation features a mix of institutional and individual ownership, reflecting a balance of investment interests in the company.

IRadimed Corporation's Current Status

IRadimed Corporation is a public company, trading on the NASDAQ Stock Market under the ticker symbol IRMD.

IRadimed Corporation's Ownership Breakdown

The ownership of IRadimed Corporation is distributed among various shareholders, including institutional investors, individual shareholders, and company insiders. The following table provides an overview of the ownership breakdown:

IRadimed Corporation's Leadership

The leadership team of IRadimed Corporation is responsible for the strategic direction and operational management of the company. Key members of the leadership team include:

• Roger Susi: Chairman, President and Chief Executive Officer
• Chris Swartz: Chief Financial Officer
• Brent Johnson: Executive Vice President of Sales

These individuals play crucial roles in guiding IRadimed Corporation towards its goals and objectives. For more insights into the company's purpose, explore Mission Statement, Vision, & Core Values of IRadimed Corporation (IRMD).

IRadimed Corporation (IRMD) Mission and Values

IRadimed is dedicated to developing innovative magnetic resonance imaging (MRI) solutions, particularly for cardiac patients, while upholding values of quality, customer satisfaction, and ethical conduct.

IRadimed's Core Purpose

Official mission statement

While a specific, formally published mission statement may not be explicitly available, IRadimed's actions and public statements suggest a core mission focused on:

• Developing, manufacturing, and distributing innovative MRI-compatible products.
• Improving the safety and accessibility of MRI procedures for patients with implanted cardiac devices.
• Providing exceptional customer service and support.

Vision statement

IRadimed's vision can be inferred as striving to be the leading provider of MRI-compatible solutions, recognized for:

• Technological innovation in the MRI field.
• Unwavering commitment to patient safety.
• Global expansion and market leadership.

Company slogan/tagline

While IRadimed doesn't have a widely publicized official slogan, messaging often emphasizes:

• MRI safety for patients with cardiac devices.
• Advanced technology and innovation.
• Commitment to quality and reliability.

For more in-depth information, check out: Mission Statement, Vision, & Core Values of IRadimed Corporation (IRMD).

IRadimed Corporation (IRMD) How It Works

IRadimed Corporation specializes in developing, manufacturing, and distributing magnetic resonance imaging (MRI) compatible products. The company's primary focus is on creating non-magnetic intravenous (IV) infusion pump systems, MRI-compatible patient vital signs monitoring systems, and related accessories, designed for use during MRI procedures.

IRadimed Corporation's Product/Service Portfolio

IRadimed Corporation's Operational Framework

IRadimed operates through a focused approach, concentrating on the MRI-compatible medical device market. Their operational framework includes:

• Product Development: Investing in research and development to create and enhance MRI-compatible devices.
• Manufacturing: Producing devices that meet stringent safety and regulatory standards for use in MRI environments.
• Sales and Marketing: Targeting hospitals, MRI centers, and medical facilities with a direct sales force and distributors.
• Service and Support: Providing ongoing support and training to ensure proper use and maintenance of their products.

IRadimed Corporation's Strategic Advantages

IRadimed's success in the medical device industry can be attributed to several strategic advantages:

• Niche Market Focus: Specialization in MRI-compatible devices allows them to cater specifically to the needs of medical facilities performing MRI procedures.
• Technological Expertise: Deep understanding of MRI technology and its impact on medical devices, leading to innovative product design.
• Regulatory Compliance: Adherence to strict regulatory standards ensures product safety and efficacy in MRI environments.
• Strong Customer Relationships: Building long-term relationships with hospitals and medical centers through reliable products and support.

To gain more insights into the investors of IRadimed, you can check out this resource: Exploring IRadimed Corporation (IRMD) Investor Profile: Who’s Buying and Why?

IRadimed Corporation (IRMD) How It Makes Money

IRadimed Corporation primarily generates revenue by developing, manufacturing, and distributing magnetic resonance imaging (MRI) compatible products, including MRI-compatible IV infusion pump systems and MRI-compatible patient vital signs monitoring systems.

IRadimed Corporation's Revenue Breakdown

IRadimed derives its revenue from several key sources, each contributing a significant portion to its overall financial performance. These revenue streams can be broadly categorized into product sales, service revenue, and other sources.

IRadimed Corporation's Business Economics

IRadimed's business economics are influenced by several factors, including technological innovation, regulatory approvals, and market demand for MRI-compatible medical devices. The company invests significantly in research and development to create advanced products that meet the stringent safety and performance requirements of the MRI environment.

• Pricing Strategy: IRadimed employs a premium pricing strategy, reflecting the advanced technology and specialized nature of its products. This approach targets hospitals and medical facilities that prioritize patient safety and require reliable MRI-compatible devices.
• Cost Structure: The company's cost structure includes manufacturing expenses, research and development costs, sales and marketing expenses, and administrative overhead. Efficient cost management is crucial for maintaining profitability and competitiveness.
• Market Dynamics: The market for MRI-compatible devices is driven by the increasing use of MRI in diagnostic imaging and the growing awareness of the risks associated with using non-compatible devices in MRI environments.

IRadimed Corporation's Financial Performance

IRadimed's financial performance reflects its position as a leading provider of MRI-compatible medical devices. Key financial metrics provide insights into the company's profitability, growth, and financial health.

• Revenue Growth: IRadimed has demonstrated consistent revenue growth, driven by increasing demand for its products and expanding market presence. For example, in 2024, IRadimed Corporation reported revenue of $54.4 million, representing an increase of 22% compared to $44.6 million in 2023.
• Gross Margin: The company maintains a healthy gross margin, reflecting its ability to command premium prices and manage production costs effectively. The gross profit increased to $42.1 million, or 77.4% of revenue, for 2024, compared to $34.3 million, or 76.9% of revenue, for 2023.
• Net Income: IRadimed's net income has shown positive trends, indicating improved profitability and operational efficiency. In 2024, IRadimed Corporation reported net income of $14.5 million, compared to $10.3 million in 2023.
• R&D Investment: A significant portion of IRadimed's revenue is reinvested into research and development to fuel innovation and maintain a competitive edge. Research and development expenses increased to $7.8 million in 2024, compared to $6.4 million for 2023.

To gain a deeper understanding of the company's values and long-term objectives, explore Mission Statement, Vision, & Core Values of IRadimed Corporation (IRMD).

IRadimed Corporation (IRMD) Market Position & Future Outlook

IRadimed Corporation operates in the niche market of MRI-compatible medical devices and is poised for continued growth, driven by increasing demand for its innovative products and services. The company's market position is strengthened by its focus on patient safety and its commitment to developing advanced solutions for the MRI environment. For more insights, check out: Exploring IRadimed Corporation (IRMD) Investor Profile: Who’s Buying and Why?

Competitive Landscape

Opportunities & Challenges

Industry Position

IRadimed Corporation holds a strong position within the MRI-compatible medical device industry. Its focus on innovation and patient safety has enabled it to capture a significant market share. Key aspects of its industry standing include:

• Specialized Product Niche: IRadimed specializes in MRI-compatible devices, a niche that requires specific engineering and regulatory expertise.
• Technological Innovation: The company consistently invests in R&D to enhance its product offerings.
• Regulatory Compliance: Strict adherence to regulatory standards ensures product safety and reliability.