$IRMD
IRADIMED CORP

2023 Q1 Form 10-K Financial Statement

#000110465923028003 Filed on March 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $15.48M $14.86M $53.30M
YoY Change 25.7% 25.19% 27.48%
Cost Of Revenue $3.754M $3.643M $12.02M
YoY Change 28.06% 38.89% 23.1%
Gross Profit $11.72M $11.22M $41.28M
YoY Change 24.97% 21.3% 28.81%
Gross Profit Margin 75.74% 75.49% 77.45%
Selling, General & Admin $6.920M $6.362M $23.38M
YoY Change 19.62% 12.69% 15.0%
% of Gross Profit 59.04% 56.7% 56.63%
Research & Development $793.7K $604.7K $2.278M
YoY Change 52.9% 22.21% 19.58%
% of Gross Profit 6.77% 5.39% 5.52%
Depreciation & Amortization $182.6K -$692.9K $670.7K
YoY Change -57.93% -279.23% -52.33%
% of Gross Profit 1.56% -6.18% 1.62%
Operating Expenses $7.714M $6.967M $25.65M
YoY Change 22.36% 13.46% 15.39%
Operating Profit $4.007M $4.254M $15.63M
YoY Change 30.32% 36.8% 59.18%
Interest Expense $553.1K
YoY Change 2872.06%
% of Operating Profit 3.54%
Other Income/Expense, Net $342.4K $449.7K $553.1K
YoY Change -2395.74% 11343.51% 2872.86%
Pretax Income $4.350M $4.704M $16.18M
YoY Change 42.15% 51.07% 64.5%
Income Tax $943.6K $1.031M $3.353M
% Of Pretax Income 21.69% 21.92% 20.72%
Net Earnings $3.406M $3.673M $12.83M
YoY Change 36.97% -5.66% 37.55%
Net Earnings / Revenue 22.01% 24.71% 24.06%
Basic Earnings Per Share $0.27 $1.02
Diluted Earnings Per Share $0.27 $290.9K $1.015M
COMMON SHARES
Basic Shares Outstanding 12.59M 12.57M 12.56M
Diluted Shares Outstanding 12.69M 12.64M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $42.78M $57.96M $57.96M
YoY Change -16.04% -7.26% -7.26%
Cash & Equivalents $42.78M $57.96M $57.96M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $675.8K $20.23M $20.23M
YoY Change -33.78% 1921.4% 1921.4%
Inventory $6.312M $5.369M $5.369M
Prepaid Expenses
Receivables $11.53M $13.27M $13.27M
Other Receivables $0.00 $254.1K $254.1K
Total Short-Term Assets $61.30M $78.19M $78.19M
YoY Change -6.44% 2.55% 2.55%
LONG-TERM ASSETS
Property, Plant & Equipment $8.643M $2.400M $2.400M
YoY Change 302.07% 15.97% -47.27%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $503.0K $4.923M $4.923M
YoY Change 191.95% 2345.5% 409.45%
Total Long-Term Assets $14.32M $7.323M $7.323M
YoY Change 108.19% 10.35% 10.35%
TOTAL ASSETS
Total Short-Term Assets $61.30M $78.19M $78.19M
Total Long-Term Assets $14.32M $7.323M $7.323M
Total Assets $75.62M $85.51M $85.51M
YoY Change 4.46% 3.17% 3.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.756M $1.799M $1.799M
YoY Change 54.5% 129.83% 129.83%
Accrued Expenses $2.085M $3.287M $3.287M
YoY Change -8.6% 1.73% 1.73%
Deferred Revenue $2.071M $3.373M
YoY Change -19.94% 32.12%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.756M $8.554M $8.554M
YoY Change 8.11% 25.37% 25.37%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.524M $3.287M $3.287M
YoY Change 25.81% -15.39% -15.39%
Total Long-Term Liabilities $4.524M $3.287M $3.287M
YoY Change 25.81% -15.39% -15.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.756M $8.554M $8.554M
Total Long-Term Liabilities $4.524M $3.287M $3.287M
Total Liabilities $11.28M $11.84M $11.84M
YoY Change 14.58% 10.58% 10.58%
SHAREHOLDERS EQUITY
Retained Earnings $37.45M $47.26M
YoY Change 1.42% 0.57%
Common Stock $1.259K $1.259K
YoY Change 0.24% 0.4%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $64.34M $73.67M $73.67M
YoY Change
Total Liabilities & Shareholders Equity $75.62M $85.51M $85.51M
YoY Change 4.46% 3.17% 3.17%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $3.406M $3.673M $12.83M
YoY Change 36.97% -5.66% 37.55%
Depreciation, Depletion And Amortization $182.6K -$692.9K $670.7K
YoY Change -57.93% -279.23% -52.33%
Cash From Operating Activities $4.646M $3.039M $10.04M
YoY Change 225.77% -9.72% -10.8%
INVESTING ACTIVITIES
Capital Expenditures $6.396M $471.7K $823.0K
YoY Change 3388.33% -361.72% 70.64%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $500.0K
YoY Change -100.0% -64.03%
Cash From Investing Activities -$6.557M -$471.7K -$1.375M
YoY Change 1443.94% -281.57% -312.11%
FINANCING ACTIVITIES
Cash Dividend Paid $13.22M $12.56M
YoY Change 5.29%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -13.27M -198.5K -12.71M
YoY Change 5.72% -9287.96% -52122.11%
NET CHANGE
Cash From Operating Activities 4.646M 3.039M 10.04M
Cash From Investing Activities -6.557M -471.7K -1.375M
Cash From Financing Activities -13.27M -198.5K -12.71M
Net Change In Cash -15.18M 2.369M -4.039M
YoY Change 31.43% -34.71% -133.85%
FREE CASH FLOW
Cash From Operating Activities $4.646M $3.039M $10.04M
Capital Expenditures $6.396M $471.7K $823.0K
Free Cash Flow -$1.750M $2.567M $9.220M
YoY Change -240.79% -27.61% -14.44%

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18826
CY2022 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
530576
CY2021 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
48062
CY2022 us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-146435
CY2022 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
3052345
CY2021 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-829227
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
10042711
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
11258156
CY2022 us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
500000
CY2021 us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
1390000
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
823019
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
482325
CY2022 us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
1051978
CY2021 us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
259434
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1374997
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
648241
CY2022 us-gaap Payments Of Dividends
PaymentsOfDividends
12559127
CY2022 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
146708
CY2021 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
623242
CY2022 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
293981
CY2021 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
598817
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-12706400
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
24425
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-4038686
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
11930822
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
61999550
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
50068728
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
57960864
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
61999550
CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1711500
CY2021 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
970000
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
27713
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
534469
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
490108
CY2022 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>
CY2022 irmd Percentage Of Fees To Group Purchasing Organizations On Sales To Its Members
PercentageOfFeesToGroupPurchasingOrganizationsOnSalesToItsMembers
0.03
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.74
CY2022Q4 us-gaap Extended Product Warranty Accrual
ExtendedProductWarrantyAccrual
3837006
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
160498
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
60361
CY2021Q4 us-gaap Extended Product Warranty Accrual
ExtendedProductWarrantyAccrual
3610877
CY2022 us-gaap Net Income Loss
NetIncomeLoss
12828487
CY2021 us-gaap Net Income Loss
NetIncomeLoss
9325471
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12562856
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12346173
CY2022 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
20106
CY2021 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
172792
CY2022 irmd Incremental Common Shares Attributable To Dilutive Effect Of Restricted Stock Units
IncrementalCommonSharesAttributableToDilutiveEffectOfRestrictedStockUnits
43037
CY2021 irmd Incremental Common Shares Attributable To Dilutive Effect Of Restricted Stock Units
IncrementalCommonSharesAttributableToDilutiveEffectOfRestrictedStockUnits
59996
CY2022 irmd Incremental Common Shares Attributable To Dilutive Effect Of Performance Based Restricted Stock Units
IncrementalCommonSharesAttributableToDilutiveEffectOfPerformanceBasedRestrictedStockUnits
9972
CY2021 irmd Incremental Common Shares Attributable To Dilutive Effect Of Performance Based Restricted Stock Units
IncrementalCommonSharesAttributableToDilutiveEffectOfPerformanceBasedRestrictedStockUnits
11892
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12635971
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12590853
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
4748319
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.02
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
4232439
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
4254672
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
22744
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4597
CY2022 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 periodically 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 medical devices 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-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Pandemic Considerations</i></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 developments associated with the recent evolving pandemic and its effects on our employees, customers, supply chain and distribution channels. The ongoing impact of the recent and potential future pandemics depends on several 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 disruptions in our supply chain and manufacturing operations, delays in payments on outstanding accounts receivable, uncertain demand for our products, and effects of any actions we may take to address financial and operational challenges our customers may face. Our future results may potentially be heavily determined by global vaccination rates, duration of the pandemic, its geographic spread, further business disruptions and the overall impact on the global economy.</p><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 recent pandemic and continue to work 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 a pandemic, may materially impact our financial condition, liquidity, or results of operations in future periods remains uncertain.</p>
CY2022 irmd Deduction Term For Related Cash Tax Payments
DeductionTermForRelatedCashTaxPayments
P5Y
CY2022 irmd Increase In Deferred Tax Assets Mandatory Capitalization Requirement
IncreaseInDeferredTaxAssetsMandatoryCapitalizationRequirement
500000
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
53303145
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
41814581
CY2022 irmd Revenue From Contract With Customer Before Other Income Excluding Assessed Tax
RevenueFromContractWithCustomerBeforeOtherIncomeExcludingAssessedTax
36504849
CY2021 irmd Revenue From Contract With Customer Before Other Income Excluding Assessed Tax
RevenueFromContractWithCustomerBeforeOtherIncomeExcludingAssessedTax
27070162
CY2022 irmd Revenue From Disposables And Services
RevenueFromDisposablesAndServices
14622327
CY2021 irmd Revenue From Disposables And Services
RevenueFromDisposablesAndServices
12797605
CY2022 irmd Amortization Of Extended Warranty Agreements
AmortizationOfExtendedWarrantyAgreements
2175969
CY2021 irmd Amortization Of Extended Warranty Agreements
AmortizationOfExtendedWarrantyAgreements
1946814
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
53303145
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
41814581
CY2022Q4 irmd Advance Payments From Customers
AdvancePaymentsFromCustomers
896617
CY2021Q4 irmd Advance Payments From Customers
AdvancePaymentsFromCustomers
551267
CY2022Q4 irmd Shipments In Transit
ShipmentsInTransit
14696
CY2021Q4 irmd Shipments In Transit
ShipmentsInTransit
70295
CY2021 irmd Contract With Customer Liability Increase Due To Cash Received From Customers
ContractWithCustomerLiabilityIncreaseDueToCashReceivedFromCustomers
4421712
CY2021 irmd Contract With Customer Liability Decrease Due To Recognition Of Revenue
ContractWithCustomerLiabilityDecreaseDueToRecognitionOfRevenue
4443945
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
4232439
CY2022 irmd Contract With Customer Liability Increase Due To Cash Received From Customers
ContractWithCustomerLiabilityIncreaseDueToCashReceivedFromCustomers
5094184
CY2022 irmd Contract With Customer Liability Decrease Due To Recognition Of Revenue
ContractWithCustomerLiabilityDecreaseDueToRecognitionOfRevenue
4578304
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
4748319
CY2022Q4 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
340044
CY2021Q4 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
357810
CY2022Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
4827113
CY2021Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
3777846
CY2022Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
369761
CY2021Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
191722
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
411647
CY2021Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
513782
CY2022Q4 us-gaap Inventory Gross
InventoryGross
5608521
CY2021Q4 us-gaap Inventory Gross
InventoryGross
4483350
CY2022Q4 us-gaap Inventory Adjustments
InventoryAdjustments
239288
CY2021Q4 us-gaap Inventory Adjustments
InventoryAdjustments
183551
CY2022Q4 us-gaap Inventory Net
InventoryNet
5369233
CY2021Q4 us-gaap Inventory Net
InventoryNet
4299799
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5830142
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4930392
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3430330
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2861016
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2399812
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2069376
CY2022 us-gaap Depreciation And Amortization
DepreciationAndAmortization
569551
CY2021 us-gaap Depreciation And Amortization
DepreciationAndAmortization
532275
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2399812
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2069376
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
2904427
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1852451
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
834988
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
733867
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2069439
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1118584
CY2022 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
101122
CY2021 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
101735
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
100946
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
100544
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
97374
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
85658
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
11945
CY2020Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
37087
CY2021 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
-6027
CY2021 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
14048
CY2021Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
17012
CY2022 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
-10953
CY2022 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
6059
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1394106
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1459373
CY2022 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
3287852
CY2021 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
16071
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-105068
CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
399512
CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
169478
CY2022 us-gaap Investment Income Interest
InvestmentIncomeInterest
581852
CY2021 us-gaap Investment Income Interest
InvestmentIncomeInterest
34806
CY2022 us-gaap Gain Loss On Investments
GainLossOnInvestments
8025
CY2021 us-gaap Gain Loss On Investments
GainLossOnInvestments
18593
CY2022 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-36773
CY2021 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-34794
CY2022 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
553104
CY2021 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
18605
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
2936394
CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
349669
CY2021 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
14632
CY2022 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
1789
CY2021 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
1439
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.032
CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
95233
CY2022 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
64410
CY2021 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
494745
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3352262
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
510816
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
227682
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
208149
CY2022Q4 us-gaap Deferred Tax Assets Deferred Income
DeferredTaxAssetsDeferredIncome
533600
CY2021Q4 us-gaap Deferred Tax Assets Deferred Income
DeferredTaxAssetsDeferredIncome
570156
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Returns And Allowances
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsReturnsAndAllowances
258016
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Returns And Allowances
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsReturnsAndAllowances
232967
CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
195481
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
215133
CY2022Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
400869
CY2021Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
496981
CY2022Q4 us-gaap Deferred Tax Liabilities Deferred Expense Reserves And Accruals
DeferredTaxLiabilitiesDeferredExpenseReservesAndAccruals
16565
CY2021Q4 us-gaap Deferred Tax Liabilities Deferred Expense Reserves And Accruals
DeferredTaxLiabilitiesDeferredExpenseReservesAndAccruals
33340
CY2022Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
99005
CY2021Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
-126469
CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
700869
CY2021Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
765096
CY2022 irmd Operating Loss Carryforwards Expiration Period
OperatingLossCarryforwardsExpirationPeriod
P20Y
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2022 irmd Effective Income Tax Rate Reconciliation Cares Act Net Operating Loss Carryback
EffectiveIncomeTaxRateReconciliationCaresActNetOperatingLossCarryback
-0.001
CY2021 irmd Effective Income Tax Rate Reconciliation Cares Act Net Operating Loss Carryback
EffectiveIncomeTaxRateReconciliationCaresActNetOperatingLossCarryback
-0.002
CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
-0.007
CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
-0.152
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.011
CY2022 irmd Effective Income Tax Rate Reconciliation Nondeductible Permanent Items Expense Percent
EffectiveIncomeTaxRateReconciliationNondeductiblePermanentItemsExpensePercent
0.004
CY2021 irmd Effective Income Tax Rate Reconciliation Nondeductible Permanent Items Expense Percent
EffectiveIncomeTaxRateReconciliationNondeductiblePermanentItemsExpensePercent
0.003
CY2022 irmd Effective Income Tax Rate Reconciliation Provision To Return Adjustments
EffectiveIncomeTaxRateReconciliationProvisionToReturnAdjustments
-0.003
CY2021 irmd Effective Income Tax Rate Reconciliation Provision To Return Adjustments
EffectiveIncomeTaxRateReconciliationProvisionToReturnAdjustments
-0.008
CY2022 us-gaap Effective Income Tax Rate Reconciliation Repatriation Of Foreign Earnings
EffectiveIncomeTaxRateReconciliationRepatriationOfForeignEarnings
0.013
CY2021 us-gaap Effective Income Tax Rate Reconciliation Repatriation Of Foreign Earnings
EffectiveIncomeTaxRateReconciliationRepatriationOfForeignEarnings
0.002
CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.011
CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.008
CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.004
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.207
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.052
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
534468
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
467572
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
415294
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
415294
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
415294
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
409596
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
409596
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
989856
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
3054930
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
441230
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
2613700
CY2019Q1 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.060
CY2022 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
479155
CY2021 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
434904
CY2022Q4 us-gaap Purchase Obligation
PurchaseObligation
8021403
CY2021Q4 us-gaap Purchase Obligation
PurchaseObligation
5604456

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