$IRMD
IRADIMED CORP

2019 Q4 Form 10-K Financial Statement

#000110465921032380 Filed on March 05, 2021

View on sec.gov

Income Statement

Concept 2019 Q4 2018 2017 Q4
Revenue $10.89M $30.44M $6.700M
YoY Change 30.58% 31.88% 11.85%
Cost Of Revenue $2.740M $7.212M $1.640M
YoY Change 38.38% 29.47% 26.15%
Gross Profit $8.150M $23.23M $5.060M
YoY Change 28.14% 32.65% 7.89%
Gross Profit Margin 74.84% 76.31% 75.52%
Selling, General & Admin $5.530M $15.71M $3.720M
YoY Change 31.67% 8.32% 31.91%
% of Gross Profit 67.85% 67.62% 73.52%
Research & Development $380.0K $1.517M $350.0K
YoY Change 2.7% -11.8% -2.78%
% of Gross Profit 4.66% 6.53% 6.92%
Depreciation & Amortization $280.0K $1.105M $340.0K
YoY Change 3.7% -15.65% -56.41%
% of Gross Profit 3.44% 4.76% 6.72%
Operating Expenses $5.910M $17.22M $4.070M
YoY Change 29.32% 6.12% 27.59%
Operating Profit $2.240M $6.004M $990.0K
YoY Change 25.14% 369.04% -34.0%
Interest Expense $190.0K
YoY Change 72.73%
% of Operating Profit 3.16%
Other Income/Expense, Net $120.0K $193.5K $30.00K
YoY Change 50.0% 200.0%
Pretax Income $2.350M $6.197M $1.030M
YoY Change 25.0% 342.66% -31.79%
Income Tax -$890.0K -$106.1K $370.0K
% Of Pretax Income -37.87% -1.71% 35.92%
Net Earnings $3.240M $6.303M $180.0K
YoY Change 89.47% 1160.69% -84.21%
Net Earnings / Revenue 29.75% 20.71% 2.69%
Basic Earnings Per Share $0.59
Diluted Earnings Per Share $262.1K $0.52 $15.32K
COMMON SHARES
Basic Shares Outstanding 10.76M
Diluted Shares Outstanding 12.11M

Balance Sheet

Concept 2019 Q4 2018 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $46.25M $34.38M $26.34M
YoY Change 34.53% 30.52% 2.57%
Cash & Equivalents $43.48M $28.03M $18.21M
Short-Term Investments $2.770M $6.350M $8.140M
Other Short-Term Assets $410.0K $530.0K $650.0K
YoY Change -22.64% -18.46% 80.56%
Inventory $3.642M $4.060M $4.210M
Prepaid Expenses
Receivables $7.293M $4.210M $3.780M
Other Receivables $1.370M $1.370M $130.0K
Total Short-Term Assets $58.96M $44.54M $35.11M
YoY Change 32.38% 26.86% 3.69%
LONG-TERM ASSETS
Property, Plant & Equipment $2.054M $1.870M $1.870M
YoY Change 9.83% 0.0% 28.08%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $232.0K $1.200M $1.150M
YoY Change -80.67% 4.35% 19.79%
Total Long-Term Assets $7.765M $3.900M $3.900M
YoY Change 99.11% 0.0% 17.12%
TOTAL ASSETS
Total Short-Term Assets $58.96M $44.54M $35.11M
Total Long-Term Assets $7.765M $3.900M $3.900M
Total Assets $66.73M $48.44M $39.01M
YoY Change 37.76% 24.17% 4.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $993.7K $770.0K $660.0K
YoY Change 29.06% 16.67% -41.07%
Accrued Expenses $3.000M $1.940M $1.620M
YoY Change 54.64% 19.75% 40.87%
Deferred Revenue $1.671M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.859M $4.690M $4.080M
YoY Change 24.92% 14.95% 11.48%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $5.350M $1.810M $2.000M
YoY Change 195.58% -9.5% 21.95%
Total Long-Term Liabilities $5.350M $1.810M $2.000M
YoY Change 195.58% -9.5% 21.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.859M $4.690M $4.080M
Total Long-Term Liabilities $5.350M $1.810M $2.000M
Total Liabilities $11.20M $6.500M $6.080M
YoY Change 72.38% 6.91% 14.5%
SHAREHOLDERS EQUITY
Retained Earnings $36.30M
YoY Change
Common Stock $1.177K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $55.52M $41.95M $32.93M
YoY Change
Total Liabilities & Shareholders Equity $66.73M $48.44M $39.01M
YoY Change 37.76% 24.17% 4.89%

Cashflow Statement

Concept 2019 Q4 2018 2017 Q4
OPERATING ACTIVITIES
Net Income $3.240M $6.303M $180.0K
YoY Change 89.47% 1160.69% -84.21%
Depreciation, Depletion And Amortization $280.0K $1.105M $340.0K
YoY Change 3.7% -15.65% -56.41%
Cash From Operating Activities $3.950M $7.376M $1.410M
YoY Change 11.27% 115.67% -36.77%
INVESTING ACTIVITIES
Capital Expenditures -$230.0K $228.3K -$140.0K
YoY Change 130.0% -127.84% -63.16%
Acquisitions
YoY Change
Other Investing Activities $1.170M $1.780M -$1.370M
YoY Change 0.0% -990.0% 552.38%
Cash From Investing Activities $930.0K $1.516M -$1.510M
YoY Change -13.89% -248.61% 151.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -40.00K 929.9K -90.00K
YoY Change -86.21% -148.94% -212.5%
NET CHANGE
Cash From Operating Activities 3.950M 7.376M 1.410M
Cash From Investing Activities 930.0K 1.516M -1.510M
Cash From Financing Activities -40.00K 929.9K -90.00K
Net Change In Cash 4.840M 9.822M -190.0K
YoY Change 11.52% 1864.34% -111.11%
FREE CASH FLOW
Cash From Operating Activities $3.950M $7.376M $1.410M
Capital Expenditures -$230.0K $228.3K -$140.0K
Free Cash Flow $4.180M $7.148M $1.550M
YoY Change 14.52% 68.58% -40.61%

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6303450
CY2020 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
27884
CY2019 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
31338
CY2018 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
15833
CY2020 us-gaap Inventory Write Down
InventoryWriteDown
-87178
CY2019 us-gaap Inventory Write Down
InventoryWriteDown
48114
CY2018 us-gaap Inventory Write Down
InventoryWriteDown
111790
CY2020 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1338824
CY2019 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1242325
CY2018 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1105003
CY2020 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-6496
CY2020 us-gaap Share Based Compensation
ShareBasedCompensation
3962021
CY2019 us-gaap Share Based Compensation
ShareBasedCompensation
1854965
CY2018 us-gaap Share Based Compensation
ShareBasedCompensation
1764319
CY2020 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-389932
CY2019 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
596755
CY2018 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
144430
CY2020 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
17272
CY2018 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
-28036
CY2020 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-2690487
CY2019 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
3114649
CY2018 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
446896
CY2020 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
282904
CY2019 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-123680
CY2018 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
121591
CY2020 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1098908
CY2019 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
487650
CY2018 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
407461
CY2020 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
65187
CY2019 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
171002
CY2018 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-65135
CY2020 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-403567
CY2019 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
149319
CY2018 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
34161
CY2020 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-451427
CY2019 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
363888
CY2018 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
289985
CY2020 us-gaap Increase Decrease In Property And Other Taxes Payable
IncreaseDecreaseInPropertyAndOtherTaxesPayable
-492595
CY2019 us-gaap Increase Decrease In Property And Other Taxes Payable
IncreaseDecreaseInPropertyAndOtherTaxesPayable
463576
CY2018 us-gaap Increase Decrease In Property And Other Taxes Payable
IncreaseDecreaseInPropertyAndOtherTaxesPayable
23498
CY2020 irmd Increase Decrease In Warranty Reserve
IncreaseDecreaseInWarrantyReserve
8293
CY2019 irmd Increase Decrease In Warranty Reserve
IncreaseDecreaseInWarrantyReserve
7237
CY2018 irmd Increase Decrease In Warranty Reserve
IncreaseDecreaseInWarrantyReserve
13986
CY2020 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-12202
CY2019 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
700348
CY2018 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-5885
CY2020 us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
38014
CY2018 us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-150
CY2018 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
228315
CY2020 us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
193743
CY2019 us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
117531
CY2018 us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
36350
CY2020 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
246969
CY2020 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-1106264
CY2019 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-3055
CY2018 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-1252768
CY2020 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
-4048
CY2019 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
-859
CY2020 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
5817496
CY2019 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
10232733
CY2018 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
7376015
CY2018 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
1124512
CY2020 us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
883715
CY2019 us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
3687000
CY2018 us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
2905000
CY2020 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
443003
CY2019 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
368281
CY2019 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
3201188
CY2018 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
1515823
CY2020 irmd Proceeds From Issuance Of Stock Option And Warrants Exercised
ProceedsFromIssuanceOfStockOptionAndWarrantsExercised
1730100
CY2019 irmd Proceeds From Issuance Of Stock Option And Warrants Exercised
ProceedsFromIssuanceOfStockOptionAndWarrantsExercised
2493315
CY2018 irmd Proceeds From Issuance Of Stock Option And Warrants Exercised
ProceedsFromIssuanceOfStockOptionAndWarrantsExercised
1239435
CY2020 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1207618
CY2019 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
473143
CY2018 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
309561
CY2020 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
522482
CY2019 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2020172
CY2018 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
929874
CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
6586947
CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
15454093
CY2018 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
9821712
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
43481781
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
28027688
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
18205976
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
50068728
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
43481781
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
28027688
CY2019 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
12000
CY2018 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1375714
CY2019 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3182724
CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
429888
CY2019 us-gaap Operating Lease Payments
OperatingLeasePayments
428176
CY2018 us-gaap Operating Lease Payments
OperatingLeasePayments
418772
CY2020 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities in the financial statements and the reported amount of revenue and expenses during the reporting period. Such estimates include allowances for potentially uncollectible accounts receivable, valuation of inventory, intangible assets, stock-based compensation, deferred income taxes, reserves for warranty obligations, and the provision for income taxes. Actual results could differ from those estimates.</p>
CY2020 irmd Percentage Of Fees To Group Purchasing Organizations On Sales To Its Members
PercentageOfFeesToGroupPurchasingOrganizationsOnSalesToItsMembers
0.03
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
46484
CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
69093
CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12440086
CY2019 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12276444
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12110117
CY2020 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.11
CY2019 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.85
CY2018 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.59
CY2020 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
6959
CY2019 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
155983
CY2018 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
123451
CY2020 us-gaap Net Income Loss
NetIncomeLoss
1369001
CY2019 us-gaap Net Income Loss
NetIncomeLoss
9630959
CY2018 us-gaap Net Income Loss
NetIncomeLoss
6303450
CY2018 irmd Incremental Common Shares Attributable To Dilutive Effect Of Restricted Stock Units
IncrementalCommonSharesAttributableToDilutiveEffectOfRestrictedStockUnits
121609
CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12123556
CY2019 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11282214
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10758752
CY2019 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
55361
CY2018 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
92486
CY2020 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
267815
CY2019 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
843957
CY2018 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1137270
CY2020 irmd Incremental Common Shares Attributable To Dilutive Effect Of Restricted Stock Units
IncrementalCommonSharesAttributableToDilutiveEffectOfRestrictedStockUnits
48715
CY2019 irmd Incremental Common Shares Attributable To Dilutive Effect Of Restricted Stock Units
IncrementalCommonSharesAttributableToDilutiveEffectOfRestrictedStockUnits
94912
CY2020 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.11
CY2019 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.78
CY2018 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.52
CY2020 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
42690
CY2019 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
25439
CY2018 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
21488
CY2020 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Certain Significant Risks and Uncertainties</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">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.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">We have deposited our cash and cash equivalents with various financial institutions. Our cash and cash equivalents balances exceed federally insured limits throughout the year. We have not incurred any losses related to these balances.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Our products require clearance from the Food and Drug Administration 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.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><span style="font-family:'Times New Roman','Times','serif';">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.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 10pt 0pt;"><i style="font-style:italic;text-decoration:underline;text-decoration-color:#000000;">COVID-19 Considerations</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The COVID-19 global pandemic caused disruption in global supply and distribution channels and dramatically changed the way companies do business. From the beginning of this global health crisis, our first priority has been the safety and well-being of our employees.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">We continue to monitor the developments associated with the COVID-19 pandemic and its effects on our employees, customers, supply chain and distribution channels. The ongoing impact of the pandemic depends on a number of factors including the severity and duration of the pandemic and the extent and severity of the impact on our customers, which is uncertain and unpredictable. Our future results of operations and cash flows may suffer adverse effects from delays in payments on outstanding accounts receivable, potential manufacturing, distribution and supply chain disruptions and uncertain demand, and effects of any actions we may take to address financial and operational challenges our customers may face. Other risks and uncertainties that we face include, but are not limited to:</p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:54pt;"/><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">postponement or cancellation of MRI medical procedures and their uncertain return which adversely impacts our business;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:54pt;"/><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">potential temporary or prolonged closure of our office and production facility;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:54pt;"/><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">the health of our employees and ability to meet staffing needs;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:54pt;"/><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">potential new or continued governmental actions that may limit employees’ ability to work;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:54pt;"/><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">civil unrest relating to government, corporate and societal responses to the pandemic;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:54pt;"/><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">volatility in economic conditions and the financial markets, and</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:54pt;"/><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">other unanticipated effects that remain unknown.</span></td></tr></table><div style="margin-top:12pt;"/><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">We are actively managing our response to the COVID-19 pandemic and working with our customers, distributors, vendors, and suppliers and assessing the potential effects to our financial position, results of operations and cash flows. As of the date of the issuance of these financial statements, the extent to which COVID-19 may materially impact our financial condition, liquidity, or results of operations in future periods remains uncertain. For further information regarding the potential impact of the COVID-19 pandemic on our company, see “Risk Factors” in Item 1A of this report.</p>
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
31717372
CY2019 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
38517141
CY2018 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
30438983
CY2020 irmd Revenue From Contract With Customer Before Other Income Excluding Assessed Tax
RevenueFromContractWithCustomerBeforeOtherIncomeExcludingAssessedTax
19124004
CY2019 irmd Revenue From Contract With Customer Before Other Income Excluding Assessed Tax
RevenueFromContractWithCustomerBeforeOtherIncomeExcludingAssessedTax
27761639
CY2018 irmd Revenue From Contract With Customer Before Other Income Excluding Assessed Tax
RevenueFromContractWithCustomerBeforeOtherIncomeExcludingAssessedTax
21192616
CY2020 irmd Revenue From Disposables And Services
RevenueFromDisposablesAndServices
10723847
CY2019 irmd Revenue From Disposables And Services
RevenueFromDisposablesAndServices
8914822
CY2018 irmd Revenue From Disposables And Services
RevenueFromDisposablesAndServices
7728624
CY2020 irmd Amortization Of Extended Warranty Agreements
AmortizationOfExtendedWarrantyAgreements
1869521
CY2019 irmd Amortization Of Extended Warranty Agreements
AmortizationOfExtendedWarrantyAgreements
1840680
CY2018 irmd Amortization Of Extended Warranty Agreements
AmortizationOfExtendedWarrantyAgreements
1517743
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
31717372
CY2019 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
38517141
CY2018 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
30438983
CY2020Q4 irmd Advance Payments From Customers
AdvancePaymentsFromCustomers
85590
CY2019Q4 irmd Advance Payments From Customers
AdvancePaymentsFromCustomers
12765
CY2020Q4 irmd Shipments In Transit
ShipmentsInTransit
35013
CY2019Q4 irmd Shipments In Transit
ShipmentsInTransit
4250
CY2020Q4 us-gaap Extended Product Warranty Accrual
ExtendedProductWarrantyAccrual
4134069
CY2019Q4 us-gaap Extended Product Warranty Accrual
ExtendedProductWarrantyAccrual
4284872
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
4254672
CY2019Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
4301887
CY2018Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
3605789
CY2019 irmd Contract With Customer Liability Increase Due To Cash Received From Customers
ContractWithCustomerLiabilityIncreaseDueToCashReceivedFromCustomers
3337181
CY2019 irmd Contract With Customer Liability Decrease Due To Recognition Of Revenue
ContractWithCustomerLiabilityDecreaseDueToRecognitionOfRevenue
2641083
CY2019Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
4301887
CY2020 irmd Contract With Customer Liability Increase Due To Cash Received From Customers
ContractWithCustomerLiabilityIncreaseDueToCashReceivedFromCustomers
2150737
CY2020 irmd Contract With Customer Liability Decrease Due To Recognition Of Revenue
ContractWithCustomerLiabilityDecreaseDueToRecognitionOfRevenue
2197952
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
4254672
CY2020Q4 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
384367
CY2019Q4 us-gaap Capitalized Contract Cost Net
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352250
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