Iradimed Corp. Files Q2 2024 10-Q

TL;DR

IRMD Q2 2024 10-Q filed. Equity accounts updated.

AI Summary

Iradimed Corp. reported its Q2 2024 financial results for the period ending June 30, 2024. The company's financial statements show changes in retained earnings and additional paid-in capital across various quarters in 2023 and 2024. Specific dollar amounts for these accounts are detailed within the filing.

Why It Matters

This filing provides investors with an update on Iradimed Corp.'s financial health and equity structure, crucial for understanding the company's performance and valuation.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Numbers

• 12,669,101 — Retained Earnings (Q2 2024) (Represents accumulated profits as of June 30, 2024.)
• 12,660,313 — Additional Paid-In Capital (Q2 2024) (Represents capital contributed by shareholders above par value as of June 30, 2024.)

Key Players & Entities

• IRADIMED CORP (company) — Filer
• 20240630 (date) — Reporting Period End Date
• 20240801 (date) — Filing Date
• 1025 WILLA SPRINGS DR. (address) — Business and Mail Address
• WINTER SPRINGS (city) — Business and Mail City
• FL (state) — Business and Mail State
• 32708 (zip_code) — Business and Mail Zip Code
• 4076778022 (phone_number) — Business Phone Number

FAQ

Key Financial Figures

• $0.0001 — h registered: Common stock, par value $0.0001 IRMD NASDAQ Global Market Indicat

Filing Documents

• irmd-20240630x10q.htm (10-Q) — 1343KB
• irmd-20240630xex31d1.htm (EX-31.1) — 13KB
• irmd-20240630xex31d2.htm (EX-31.2) — 12KB
• irmd-20240630xex32d2.htm (EX-32.2) — 9KB
• 0001558370-24-010609.txt ( ) — 5619KB
• irmd-20240630.xsd (EX-101.SCH) — 34KB
• irmd-20240630_cal.xml (EX-101.CAL) — 48KB
• irmd-20240630_def.xml (EX-101.DEF) — 100KB
• irmd-20240630_lab.xml (EX-101.LAB) — 307KB
• irmd-20240630_pre.xml (EX-101.PRE) — 223KB
• irmd-20240630x10q_htm.xml (XML) — 1027KB

Financial Statements

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 23 Item 4

Controls and Procedures

Controls and Procedures 23 Part II Other Information 24 Item 1

Legal Proceedings

Legal Proceedings 24 Item 1A

Risk Factors

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

Signatures 26 2 Table of Contents 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

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Condensed Financial Statements

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 a

View Full Filing

View this 10-Q filing on SEC EDGAR