IRADIMED CORP Files 10-K for Fiscal Year Ended December 31, 2023

Ticker: IRMD · Form: 10-K · Filed: Mar 1, 2024 · CIK: 1325618

Sentiment: neutral

Topics: 10-K, IRADIMED CORP, Financial Report, Annual Filing, Fiscal Year 2023

TL;DR

<b>IRADIMED CORP submitted its 2023 10-K, detailing financial performance, equity plans, and asset information.</b>

AI Summary

IRADIMED CORP (IRMD) filed a Annual Report (10-K) with the SEC on March 1, 2024. IRADIMED CORP filed its annual 10-K report for the fiscal year ending December 31, 2023. The filing includes detailed financial information and disclosures for the period. Key financial statement components such as Retained Earnings, Additional Paid-In Capital, and Accumulated Other Comprehensive Income are reported as of December 31, 2023. Information regarding equity incentive plans, including the Equity Incentive Plan 2014 and Equity Incentive Plan 2023, is detailed. The report also outlines fixed asset details, including Machinery and Equipment, Leasehold Improvements, and Computer Software and Hardware as of December 31, 2023.

Why It Matters

For investors and stakeholders tracking IRADIMED CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of IRADIMED CORP's financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The detailed breakdown of assets, equity, and incentive plans offers insights into the company's capital structure, employee compensation strategies, and investment in long-term assets.

Risk Assessment

Risk Level: low — IRADIMED CORP shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags or significant negative disclosures, indicating a routine update of the company's financial status.

Analyst Insight

Review the detailed financial statements and disclosures within the 10-K to understand IRADIMED CORP's performance and identify any potential trends or risks.

Key Numbers

Key Players & Entities

FAQ

When did IRADIMED CORP file this 10-K?

IRADIMED CORP filed this Annual Report (10-K) with the SEC on March 1, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by IRADIMED CORP (IRMD).

Where can I read the original 10-K filing from IRADIMED CORP?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by IRADIMED CORP.

What are the key takeaways from IRADIMED CORP's 10-K?

IRADIMED CORP filed this 10-K on March 1, 2024. Key takeaways: IRADIMED CORP filed its annual 10-K report for the fiscal year ending December 31, 2023.. The filing includes detailed financial information and disclosures for the period.. Key financial statement components such as Retained Earnings, Additional Paid-In Capital, and Accumulated Other Comprehensive Income are reported as of December 31, 2023..

Is IRADIMED CORP a risky investment based on this filing?

Based on this 10-K, IRADIMED CORP presents a relatively low-risk profile. The filing is a standard annual report (10-K) and does not contain immediate red flags or significant negative disclosures, indicating a routine update of the company's financial status.

What should investors do after reading IRADIMED CORP's 10-K?

Review the detailed financial statements and disclosures within the 10-K to understand IRADIMED CORP's performance and identify any potential trends or risks. The overall sentiment from this filing is neutral.

Key Dates

Filing Stats: 4,461 words · 18 min read · ~15 pages · Grade level 16.3 · Accepted 2024-03-01 08:30:34

Key Financial Figures

Filing Documents

BUSINESS

BUSINESS 1 ITEM 1A.

RISK FACTORS

RISK FACTORS 20 ITEM 1B. UNRESOLVED STAFF COMMENTS 42 ITEM 1C. CYBERSECURITY 42 ITEM 2.

PROPERTIES

PROPERTIES 43 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 44 ITEM 4. MINE SAFETY DISCLOSURES 44 PART II 45 ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 45 ITEM 6. [RESERVED] 47 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 48 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 54 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 54 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 54 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 55 ITEM 9B. OTHER INFORMATION 55 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 56 PART III 56 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE 56 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 56 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 56 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 56 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 56 PART IV 57 ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 57 ITEM 16. FORM 10-K SUMMARY 57 EXHIBIT INDEX 57

SIGNATURES

SIGNATURES 59 INDEX TO FINANCIAL STATEMENTS F-1 i Table of Contents CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (this "Form 10-K" or "Annual Report") within the meaning under Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements include, but are not limited to, statements regarding our management team's expectations, hopes, beliefs, intentions or strategies regarding the future, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, and are not guarantees of future performance. The words "may," "will," "anticipate," "believe," "expect," "continue," "could," "estimate," "future," "expect," "intends," "might," "plan," "possible," "potential," "aim," "strive," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements in this Annual Report include, among other things, statements about: 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 b

BUSINESS

ITEM 1. BUSINESS Overview IRADIMED CORPORATION ("IRadimed", the "Company," "we," "us," "our" or similar terms) develops, manufactures, markets and distributes Magnetic Resonance Imaging ("MRI") compatible medical devices and related accessories, disposables and services relating to them. We were incorporated in Oklahoma in July 1992 and reincorporated in Delaware in April 2014. MRidium 3860+ MRI Compatible IV Infusion Pump System We are the only known provider of a non-magnetic intravenous ("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. IRadimed 3880 MRI Compatible Patient Vital Signs Monitoring System Our 3880 MRI compatible patient vital signs monitoring system has been designed with non-magnetic components and other special features to safe

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