iRadimed第二季收入微增0.5% 國際銷售大升69% 上半年純利增5.5%

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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, 2026
OR

☐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)

12705 Ingenuity Drive
Orlando, Florida
32826

(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 SymbolName 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, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” 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. ☐
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 12,786,991 shares of common stock, par value $0.0001 per share, outstanding as of July 31, 2026.

Table of Contents

IRADIMED CORPORATION
Table of Contents

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, 2026 (Unaudited) and December 31, 2025 (Audited)
6

(b)     Condensed Statements of Operations for the three and six months ended June 30, 2026 and 2025 (Unaudited)
7

(c)     Condensed Statements of Stockholders’ Equity for the three and six months ended June 30, 2026 and 2025 (Unaudited)
8

(d)     Condensed Statements of Cash Flows for the six months ended June 30, 2026 and 2025 (Unaudited)
9

(e)     Notes to Unaudited Condensed Financial Statements
10

Item 2
Management’s Discussion and Analysis of Financial Condition and Results of Operations
18

Item 3
Quantitative and Qualitative Disclosures About Market Risk
24

Item 4
Controls and Procedures
25

Part II
Other Information
26

Item 1
Legal Proceedings
26

Item 1A
Risk Factors
26

Item 2
Unregistered Sale of Equity Securities and Use of Proceeds
26

Item 3
Default Upon Senior Securities
26

Item 4
Mine Safety Disclosures
26

Item 5
Other Information
26

Item 6
Exhibits
27

Signatures
28

2

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 (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 (the "Securities Act"), 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," "forecast," "outlook," "guidance," "continue," 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. Forward-looking statements include, among other things, statements about the matters set forth in this Quarterly Report, including those described in the risk factors below. 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 risks, uncertainties and other factors include, but are not limited to:
•our ability to obtain and/or maintain regulatory approvals and comply with applicable regulations, including, 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 with 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 and our ability to identify and pursue development of additional 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;
•the implementation of our business strategies;
•the potential for exposure to product liability claims;
•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 existing companies and new market entrants in our industry;
3

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•difficulties or delays in the development, production, manufacturing and marketing of new or existing products and services;
•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, which 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;
•changes in our production capacity, including interruptions 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;
•the risk that third parties may fail to uphold their contractual obligations or meet expected deadlines, which could disrupt our operations or adversely affect our financial results;
•uncertainties in our industry due to the effects of government-driven or mandated healthcare reform;
•competitive pressures in the markets in which we operate;
•the impact on our operations and financial results of any public health emergency, including any potential future pandemic or epidemic, or any natural disaster, 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 cyberattack, data leakage, unauthorized access or theft;
•the risks associated with the integration of Artificial Intelligence (“AI”) or Machine Learning (“ML”) into our products or business, including the risk of algorithmic errors or bias, evolving and uncertain regulatory requirements applicable to AI-enabled medical devices, data privacy and security concerns arising from the use of AI or ML, and potential liability arising from AI-driven product decisions or recommendations;
•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;
•increasing and/or fluctuating tax and interest rates as well as inflationary pressures on the U.S. and global economies;
4

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•geopolitical risks, including international conflicts, political instability and recent or upcoming elections in the United States (the “U.S.”) and other countries, which could, among other things, lead to increased market volatility; 

•the impact of tariffs, trade restrictions, export controls, and changes in trade policy, which could increase the cost of components and raw materials used in our products, disrupt our supply chain, limit our ability to sell products in international markets, or otherwise adversely affect our business and results of operations; and
•other risks detailed in our filings with the U.S. 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,” “Part II, Item 1A. Risk Factors,” 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, 2025 (the “2025 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. The Company undertakes no obligation to publicly update or revise any forward-looking statement contained in this Quarterly Report, whether as a result of new information, future developments, or otherwise, except as required by applicable 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.
5

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PART I. FINANCIAL INFORMATION

Item 1. Condensed Financial Statements

IRADIMED CORPORATION
CONDENSED BALANCE SHEETS
(in thousands)

June 30,
2026December 31,
2025
(unaudited)(audited)
ASSETS
Current assets:
Cash and cash equivalents$59,080 $51,159 
Accounts receivable, net of allowance for credit losses of $174 as of June 30, 2026, and $191 as of December 31, 2025
13,192 13,667 
Inventory, net12,257 11,620 
Prepaid expenses and other current assets1,401 1,646 
Prepaid income taxes792 3,111 
Total current assets86,722 81,203 
Property and equipment, net24,208 23,856 
Intangible assets, net3,438 3,384 

Deferred tax asset, net363 94 
Other assets244 239 
Total assets$114,975 $108,776 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$1,849 $1,820 
Accrued payroll and benefits3,059 3,218 
Other accrued taxes641 313 
Warranty reserve146 144 
Deferred revenue3,469 2,871 

Accrued income taxes— 1,814 
Total current liabilities9,164 10,180 
Deferred revenue, non-current4,063 3,978 

Total liabilities$13,227 $14,158 
Stockholders’ equity:
Common stock; $0.0001 par value per share; 31,500,000 shares authorized; 12,786,740 shares issued and outstanding as of June 30, 2026, and 12,781,774 shares issued and outstanding as of December 31, 2025
$1 $1 
Additional paid-in capital31,593 30,386 
Retained earnings70,154 64,231 
Total stockholders' equity101,748 94,618 
Total liabilities and stockholders’ equity$114,975 $108,776 

See accompanying notes to unaudited condensed financial statements.

6

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IRADIMED CORPORATION
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except per share data)

Three Months Ended
June 30,Six Months Ended
June 30,
2026202520262025
Revenue$20,466 $20,409 $42,444 $39,920 
Cost of revenue5,306 4,454 10,471 9,122 
Gross profit15,160 15,955 31,973 30,798 
Operating expenses:
General and administrative3,866 4,280 8,435 8,891 
Sales and marketing4,246 4,010 8,298 8,186 
Research and development657 877 1,613 1,502 
Total operating expenses8,769 9,167 18,346 18,579 
Income from operations6,391 6,788 13,627 12,219 
Other income, net497 539 1,030 1,053 
Income before provision for income taxes6,888 7,327 14,657 13,272 
Provision for income tax expense1,670 1,553 3,621 2,811 
Net income$5,218 $5,774 $11,036 $10,461 
Net income per share:
Basic$0.41 $0.45 $0.86 $0.82 
Diluted$0.41 $0.45 $0.86 $0.82 
Weighted average shares outstanding:
Basic12,78412,71612,78312,715
Diluted12,87212,83512,87112,830

See accompanying notes to unaudited condensed financial statements.
7

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IRADIMED CORPORATION
CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
(in thousands)

Common StockAdditional
Paid-in
CapitalRetained
EarningsStockholders’
Equity
SharesAmount
Balances, December 31, 202512,782$1 $30,386 $64,231 $94,618 
Net income—— — 5,818 5,818 
Dividends declared—— — (2,556)(2,556)
Stock-based compensation expense—— 684 — 684 
Net share settlement of restricted stock units1— (50)— (50)

Balances, March 31, 202612,783$1 $31,020 $67,493 $98,514 

Net income— — — 5,218 5,218 
Dividends declared———(2,557)(2,557)
Stock-based compensation expense——807—807
Net share settlement of restricted stock units4—(234)—(234)

Balances, June 30, 202612,787$1 $31,593 $70,154 $101,748 

Common StockAdditional
Paid-in
CapitalRetained
EarningsStockholders’
Equity
SharesAmount
Balances, December 31, 202412,710$1 $30,027 $56,791 $86,819 
Net income———4,6874,687 
Dividends declared———(2,161)(2,161)
Stock-based compensation expense——826—826 
Net share settlement of restricted stock units5 — (116)— $(116)

Balances, March 31, 202512,715$1 $30,737 $59,317 $90,055 

Net income———5,7745,774 
Dividends declared———(2,162)-2,162 
Stock-based compensation expense——730—730 
Net share settlement of restricted stock units5—(96)—(96)

Balances, June 30, 202512,720$1 $31,371 $62,929 $94,301 

See accompanying notes to unaudited condensed financial statements.

8

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IRADIMED CORPORATION
CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)

Six Months Ended
June 30,
20262025
Operating activities:
Net income$11,036 $10,461 
Adjustments to reconcile net income to net cash provided by operating activities:
Allowance for credit losses(17)(33)
Provision for excess and obsolete inventory53 8 
Depreciation & amortization865 402 
Loss on disposal of property and equipment— 1 
Stock-based compensation1,491 1,557 
Deferred income taxes, net(269)263 
Changes in operating assets and liabilities:
Accounts receivable492 (333)
Inventory(1,049)(871)
Prepaid income taxes2,319 207 
Prepaid expenses and other current assets245 (411)
Other assets(5)(6)
Accounts payable29 5 
Accrued payroll and benefits(159)(562)
Other accrued taxes328 162 
Warranty reserve2 3 
Deferred revenue683 1,336 
Other current liabilities— (150)
Accrued income taxes(1,814)— 
Net cash provided by operating activities14,230 12,039 
Investing activities:
Purchases of property and equipment(588)(6,333)
Capitalized intangible assets(324)(408)
Net cash used in investing activities(912)(6,741)
Financing activities:
Dividends paid(5,113)(4,323)

Taxes paid related to the net share settlement of equity awards(284)(212)
Net cash used in financing activities(5,397)(4,535)
Net increase in cash and cash equivalents7,921 762 
Cash and cash equivalents, beginning of period51,159 52,234 
Cash and cash equivalents, end of period$59,080 $52,996 
Supplemental disclosure of cash flow information:
Cash paid for income taxes$3,385 $2,346 

See accompanying notes to unaudited condensed financial statements.
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Table of Contents

IRADIMED CORPORATION
Notes to Unaudited Condensed Financial Statements

1 — Basis of Presentation
The accompanying interim unaudited 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, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026, and other interim periods, or future years or periods.
The accompanying interim unaudited condensed financial statements should be read in conjunction with the financial statements and related footnotes to financial statements included in our 2025 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 2025 Annual Report.
We operate in one reportable segment, which develops, manufactures, markets, sells, and distributes innovative Magnetic Resonance Imaging (“MRI”) compatible medical devices, related accessories, disposables, and service for use primarily by hospitals and acute care facilities during MRI procedures. We are a provider of (i) non-magnetic intravenous (“IV”) infusion pump systems and (ii) non-magnetic patient vital signs monitoring systems that are each designed for use during MRI procedures.
Certain Significant Risks and Uncertainties
We market our products to end users in the U.S. and to third-party 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.
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 clearance. If we were denied such clearances, or if such clearances were revoked or delayed or if we were unable to timely renew certain clearances for existing products, it would have a materially adverse impact on our business, results of operations and financial condition.
Certain key components essential to the functionality of our products are obtained from sole-source suppliers. Any disruption in the availability of these components would have a materially adverse impact on our business, results of operations and financial condition.
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Table of Contents

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
June 30,Six Months Ended
June 30,
2026202520262025
(in thousands)(unaudited)(unaudited)
United States$16,721 $18,190 $34,745 $34,143 
International3,745 2,219 7,699 5,777 
Total revenue$20,466 $20,409 $42,444 $39,920 

Revenue information by type is as follows:

Three Months Ended
June 30,Six Months Ended
June 30,
2026202520262025
(in thousands)(unaudited)(unaudited)
Devices:
MRI Compatible Intravenous ("IV") Infusion Pump Systems$6,428 $8,188 $14,092 $14,187 
MRI Compatible Patient Vital Signs Monitoring Systems6,665 5,944 13,772 12,489 
Ferro Magnetic Detection Systems756 482 1,377 900 
Total devices revenue13,849 14,614 29,241 27,576 
Amortization of extended maintenance agreements758 592 1,417 1,153 
Disposables4,793 4,204 9,678 9,151 
Services and other1,066 999 2,108 2,040 
Total revenue$20,466 $20,409 $42,444 $39,920 

Contract Liabilities
Our contract liabilities consist of:

June 30,
2026December 31,
2025
(in thousands)(unaudited)(audited)
Advance payments from customers$346 $486 
Shipments in-transit108 93 
Extended maintenance agreements7,078 6,270 
Total$7,532 $6,849 

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

Deferred
Revenue
(in thousands)(unaudited)
Contract liabilities, December 31, 2025$6,849 
Increases due to cash received from customers3,795 
Decreases due to recognition of revenue(3,112)
Contract liabilities, June 30, 2026$7,532 

Deferred
Revenue
(in thousands)(unaudited)
Contract liabilities, December 31, 2024$5,253 
Increases due to cash received from customers3,045 
Decreases due to recognition of revenue(1,709)
Contract liabilities, June 30, 2025$6,589 

Capitalized Contract Costs
 Our capitalized contract costs totaled $244 thousand and $239 thousand as of June 30, 2026 and December 31, 2025, respectively, and are classified as other assets on the unaudited condensed balance sheets.
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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,
2026202520262025
(in thousands, except per share data)(unaudited)(unaudited)
Net income$5,218 $5,774 $11,036 $10,461 
Weighted-average shares outstanding — Basic12,78412,71612,78312,715
Effect of dilutive securities:

Restricted stock units46584655
Performance-based restricted stock units42614260
Weighted-average shares outstanding — Diluted12,87212,83512,87112,830
Basic net income per share$0.41 $0.45 $0.86 $0.82 
Diluted net income per share$0.41 $0.45 $0.86 $0.82 

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
June 30,Six Months Ended
June 30,
(shares in thousands)2026202520262025
(unaudited)(unaudited)
Anti-dilutive restricted stock units16—10—

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4 — Inventory, net
Inventory consists of:

June 30,December 31,
20262025
(in thousands)(unaudited)(audited)
Raw materials$10,713 $9,612 
Work in process625 831 
Finished goods1,527 1,732 
Inventory before allowance for excess and obsolete12,865 12,175 
Allowance for excess and obsolete608 555 
Total$12,257 $11,620 

5 — Property and Equipment, net
Property and equipment consist of:

June 30,
2026December 31,
2025
(in thousands)(unaudited)(audited)
Land$8,105 $8,105 
Land improvements1,409 1,409 
Building11,545 11,526 
Computer software and hardware2,289 2,187 
Furniture and fixtures2,468 2,078 

Machinery and equipment3,836 3,600 
Construction in-process223 23 
29,875 28,928 
Accumulated depreciation(5,667)(5,072)
Total$24,208 $23,856 

 Depreciation expense of property and equipment was approximately $303 thousand and $136 thousand for the three months ended June 30, 2026 and 2025, respectively, and $595 thousand and $270 thousand for the six months ended June 30, 2026 and 2025, respectively.

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

June 30,
2026December 31,
2025
(in thousands)(unaudited)(audited)
United States$23,709 $23,507 
International499 349 
Total property and equipment, net$24,208 $23,856 

Long-lived assets held outside of the U.S. consist principally of tooling, which is a component of machinery and equipment.
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6 — Intangible Assets, net
The following table summarizes the components of intangible asset balances:

June 30,
2026December 31,
2025
(in thousands)(unaudited)(audited)
Patents — in use$443 $443 
Patents — fully amortized70 70 
Patents — in process75 74 
Internally developed software — in use4,254 3,934 
Internally developed software — in process377 374 
Trademarks44 44 
5,263 4,939 
Accumulated amortization(1,825)(1,555)
Total$3,438 $3,384 

Amortization expense of intangible assets was approximately $106 thousand and $72 thousand for the three months ended June 30, 2026 and 2025, respectively, and $270 thousand and $132 thousand for the six months ended June 30, 2026 and 2025, respectively.

Expected annual amortization expense for the remaining portion of 2026, the next five years, and thereafter related to intangible assets, excluding trademarks considered to have indefinite lives, is as follows:

(in thousands)
Six months remaining ending December 31, 2026$216 
2027431 
2028428 
2029424 
2030406 
2031243 
Thereafter1,246 

7 — Segment Reporting
The Company operates in one business segment that develops, manufactures, markets, sells, and distributes MRI compatible medical devices, related accessories, disposables and services relating to them. The determination to operate as a single business segment is consistent with the consolidated financial information regularly provided to the Company’s appointed chief operating decision maker (CODM), the President, Chief Executive Officer, and Chairman of the Company’s Board of Directors (the “Board”), Roger Susi. As the Company has only one operating segment and is managed on a consolidated basis, the measure of profit or loss is consolidated net income or loss. The accounting policies for our segment are the same as those described in “Note 1 - Organization and Significant Accounting Policies” in our 2025 Annual Report, and in Note 1 above. See the Condensed Statements of Operations.

8 — 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, 2026, we did not have any assets or liabilities subject to recurring fair value measurements.
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9 — Stock-Based Compensation
Stock-based compensation was recognized as follows in the unaudited Condensed Statements of Operations:

Three Months Ended
June 30,Six Months Ended
June 30,
2026202520262025
(in thousands)(unaudited)(unaudited)
Cost of revenue$71 $71 $140 $143 
General and administrative477 438 865 957 
Sales and marketing178 120 336 255 
Research and development81 102 150 202 
Total$807 $731 $1,491 $1,557 

As of June 30, 2026, we had (i) $4,383 thousand of unrecognized compensation cost related to unvested restricted stock units, which is expected to be recognized over a weighted-average period of 2.38 years and (ii) $529 thousand of unrecognized compensation cost related to unvested performance-based restricted stock units, which is expected to be recognized over a weighted-average period of 1.25 years.
The following table presents a summary of our equity award activity for the six months ended June 30, 2026:

Six Months Ended
June 30, 2026
(shares in thousands)Restricted
Stock UnitsPerformance
Based
Restricted
Stock Units
Outstanding beginning of period8325
Awards granted17—
Awards exercised/vested(8)—
Awards canceled/ forfeited(1)—
Outstanding end of period9125

10 — Income Taxes
For the three and six months ended June 30, 2026, we recorded a provision for income tax expense of $1,670 thousand and $3,621 thousand, respectively. For the three and six months ended June 30, 2026, our effective tax rate was 24.2% and 24.7%, respectively, and differed from the U.S. federal statutory rate primarily due to U.S. state income tax expense, and non-deductible compensation expenses, partially offset by benefits from research and development tax credits.
For the three and six months ended June 30, 2025, we recorded a provision for income tax expense of $1,553 thousand and $2,811 thousand, respectively. For the three and six months ended June 30, 2025, our effective tax rate was consistent at 21.2%, 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.
We file tax returns in the U.S. 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 U.S. federal and certain U.S. state income taxes for 2023 and subsequent years.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes several significant provisions, including the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework, and the restoration of favorable tax treatment for certain business provisions, such as accelerated deductions for qualified property and domestic research expenditures. The Company has evaluated the impact of the OBBBA on its financial statements and does not expect the legislation to result in a material 
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change to its annual effective tax rate. During the first quarter of 2026, the Company implemented the OBBBA‑related changes to the foreign‑derived deduction regime, including the transition from the foreign‑derived intangible income (“FDII”) deduction to the foreign‑derived deduction‑eligible income (“FDDEI”) deduction, which became effective for tax years beginning after December 31, 2025.

11 — Commitments and Contingencies
Purchase commitments. We had various purchase orders for goods or services totaling $11,020 thousand and $9,827 thousand as of June 30, 2026 and December 31, 2025, respectively. Amounts recognized on our balance sheets related to these purchase orders were immaterial. 
Legal matters. From time to time, the Company is party to litigation and other legal matters incidental to the conduct of its business. Such matters are subject to many uncertainties and outcomes cannot be predicted with assurance. The Company accrues liabilities for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. As of June 30, 2026, the Company was not involved in any such matters, individually or in the aggregate, which management believes would have a material adverse effect on the Company’s business, financial condition, results of operations, or cash flows.

12 — Subsequent Events
On July 30, 2026, the Board declared a regular quarterly cash dividend of $0.20 per share of outstanding common stock. The dividend is payable to stockholders of record as of the close of business on August 14, 2026 and will be paid on August 28, 2026. 
Except as described above and elsewhere in this Quarterly Report, there were no subsequent events requiring disclosure or recognition in the Company’s unaudited condensed financial statements.
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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 (i) our unaudited condensed financial statements and the related notes thereto included in this Quarterly Report, (ii) discussions under "Part I, Item 1. Business,” “Part I, Item 1A. Risk Factors,” and “Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations” in the 2025 Annual Report, and (iii) “Part II, Item 1A. Risk Factors” and the “Cautionary Statements Regarding Forward-Looking Statements” section included in this Quarterly Report.

Our Business
We develop, manufacture, market, sell, and distribute MRI compatible medical devices and product related accessories, disposables, and services.

We are a leader in the development of innovative MRI compatible medical devices. We are the only known provider of non-magnetic IV infusion pump systems 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 systems have 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 solutions provide 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 generally 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 peripheral oxygen saturation (SpO2) monitoring 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 maintenance 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 U.S. and internationally. As of June 30, 2026, our direct U.S. sales force consisted of 29 field sales representatives, 4 regional sales directors and supplemented by 11 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. 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.

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Financial Highlights
For the quarter ended June 30, 2026, our revenue increased by $0.1 million, or 0.5%, to $20.5 million from $20.4 million compared to the same period of 2025. Income before the provision for income taxes was $6.9 million for the quarter ended June 30, 2026, compared to $7.3 million for the quarter ended June 30, 2025. Net income was $5.2 million, or $0.41 per diluted share, in the quarter ended June 30, 2026, compared to $5.8 million, or $0.45 per diluted share in the quarter ended June 30, 2025.

For the fiscal year 2026, we expect higher revenue when compared to the fiscal year 2025 primarily due to higher sales of our medical devices and products, related accessories, disposables, and services. We also expect higher operating expenses compared to the fiscal year 2025 primarily due to higher sales and marketing, regulatory, and general and administrative expenses.

Recent Developments and Trends
In addition to the trends identified in the 2025 Annual Report under “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations,” our business in fiscal year 2026 has been impacted, and we believe will continue to be impacted, by the recent developments and trends stated therein and herein.
In February 2026, the Supreme Court of the United States issued a ruling determining that certain tariffs were not lawfully imposed. As a result of this decision, impacted importers may be entitled to seek refunds of previously paid tariffs, subject to applicable administrative processes and further governmental actions. The Company has incurred costs associated with tariffs on certain imported materials and components and is evaluating its eligibility to pursue refunds. While the ruling may provide a basis for recovery of certain amounts previously paid, the timing, process, and ultimate realization of any such refunds remain uncertain and may be subject to additional regulatory guidance or legal developments. The Company cannot reasonably estimate the financial impact of this matter, including the amount or timing of any potential refunds at this time and will continue to assess developments and their potential impact on its business, financial condition, and results of operations.
The Company continues to monitor ongoing geopolitical developments, including the current conflicts in the Middle East, and the potential impacts on global trade policies and economic conditions. These events have contributed to increased uncertainty in international markets, including potential disruptions to supply chains, fluctuations in commodity and transportation costs, and evolving trade regulations. The Company has not experienced a material adverse impact on its operations or financial condition as a direct result of these developments. However, the situation remains dynamic, and the extent to which these geopolitical events may affect the Company’s business, results of operations, or financial condition in future periods remains uncertain. The Company will continue to actively assess potential risks and implement mitigation strategies, where appropriate, to address any emerging impacts.

Critical Accounting