IRadimed (IRMD) 10-Q 14 Aug 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Aug. 14, 2014
Document and Entity Information	'	'
Entity Registrant Name	'IRADIMED CORP	'
Entity Central Index Key	'0001325618	'
Document Type	'10-Q	'
Document Period End Date	30-Jun-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Entity Current Reporting Status	'No	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	10,718,400
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'

CONDENSED_BALANCE_SHEETS

CONDENSED BALANCE SHEETS (USD $)	Jun. 30, 2014	Dec. 31, 2013
Current assets:	'	'
Cash and cash equivalents	$4,260,988	$2,461,559
Accounts receivable, net of allowance for doubtful accounts of $37,368 as of June 30, 2014 and $136,971 as of December 31, 2013	2,276,121	1,982,083
Investments	254,437	246,203
Inventory, net	1,631,911	1,340,331
Prepaid expenses and other current assets	58,263	117,640
Prepaid income taxes	'	170,496
Deferred income taxes	64,921	65,961
Total current assets	8,546,641	6,384,273
Property and equipment, net	510,723	327,343
Intangible assets, net	265,283	267,024
Deferred income taxes	67,023	'
Deferred initial public offering costs	525,071	'
Other assets	21,865	8,231
Total assets	9,936,606	6,986,871
Current liabilities:	'	'
Accounts payable	989,114	427,474
Accrued payroll and benefits	851,000	655,362
Other accrued taxes	33,726	80,787
Warranty reserve	17,002	12,002
Deferred revenue	515,440	207,395
Officer note payable	'	6,333
Accrued income taxes	92,063	62,971
Total current liabilities	2,498,345	1,452,324
Deferred revenue	137,306	57,676
Deferred income taxes	'	54,087
Total liabilities	2,635,651	1,564,087
Stockholders' equity:	'	'
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; 1,400,000 issued and outstanding	140	140
Common stock; $0.0001 par value; 90,000,000 shares authorized; 7,000,000 shares issued and outstanding	700	700
Additional paid-in capital	2,678,419	2,346,137
Retained earnings	4,617,071	3,074,883
Accumulated other comprehensive income	4,625	924
Total stockholders' equity	7,300,955	5,422,784
Total liabilities and stockholders' equity	$9,936,606	$6,986,871

CONDENSED_BALANCE_SHEETS_Paren

CONDENSED BALANCE SHEETS (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
CONDENSED BALANCE SHEETS	'	'
Accounts receivable, allowance for doubtful accounts	$37,368	$136,971
Preferred stock, par value (in dollars per share)	$0.00	$0.00
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	1,400,000	1,400,000
Preferred stock, shares outstanding	1,400,000	1,400,000
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized	90,000,000	90,000,000
Common stock, shares issued	7,000,000	7,000,000
Common stock, shares outstanding	7,000,000	7,000,000

CONDENSED_STATEMENTS_OF_OPERAT

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME	'	'	'	'
Revenue	$4,700,369	$2,775,053	$8,257,606	$5,403,322
Cost of revenue	869,745	767,719	1,526,111	1,234,832
Gross profit	3,830,624	2,007,334	6,731,495	4,168,490
Operating expenses:	'	'	'	'
General and administrative	1,130,484	527,551	2,223,179	1,030,739
Sales and marketing	864,519	495,662	1,624,308	1,064,385
Research and development	225,500	204,423	449,804	364,835
Total operating expenses	2,220,503	1,227,636	4,297,291	2,459,959
Income from operations	1,610,121	779,698	2,434,204	1,708,531
Other income, net	11,631	22,740	15,083	19,400
Income before provision for income taxes	1,621,752	802,438	2,449,287	1,727,931
Provision for income taxes	602,931	244,129	907,099	525,695
Net income	1,018,821	558,309	1,542,188	1,202,236
Other comprehensive income (loss):	'	'	'	'
Change in fair value of available-for-sale securities, net of tax expense (benefit) of $821 and $(2,326) for the three months ended June 30, 2014 and 2013, respectively, and $1,993 and $(2,249) for the six months ended June 30, 2014 and 2013, respectively	1,526	-4,320	3,701	-4,176
Comprehensive income	$1,020,347	$553,989	$1,545,889	$1,198,060
Net income per share:	'	'	'	'
Basic (in dollars per share)	$0.15	$0.08	$0.22	$0.17
Diluted (in dollars per share)	$0.11	$0.07	$0.17	$0.14
Weighted average shares outstanding:	'	'	'	'
Basic (in shares)	7,000,000	7,000,000	7,000,000	7,000,000
Diluted (in shares)	8,878,170	8,495,314	8,868,610	8,493,897

CONDENSED_STATEMENTS_OF_OPERAT1

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Parenthetical) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME	'	'	'	'
Change in fair value of available for sale securities, tax expense (benefit)	$821	($2,326)	$1,993	($2,249)

CONDENSED_STATEMENTS_OF_CASH_F

CONDENSED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Operating activities:	'	'
Net income	$1,542,188	$1,202,236
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Provision for excess and obsolete inventory	29,669	'
Depreciation and amortization	54,462	65,190
Stock-based compensation	332,282	135,959
Changes in operating assets and liabilities:	'	'
Accounts receivable	-294,038	-97,835
Inventory	-321,249	-103,925
Prepaid expenses and other current assets	59,377	22,743
Other assets	-13,634	-2,128
Deferred income taxes	-122,063	-25,204
Accounts payable	239,794	-119,443
Accrued payroll and benefits	195,638	-147,220
Other accrued taxes	-47,061	21,465
Warranty reserve	5,000	-134
Deferred revenue	387,675	-103,975
Accrued income taxes, net of prepaid income taxes	199,588	-325,857
Net cash provided by operating activities	2,247,628	521,872
Investing activities:	'	'
Purchases of investments	-2,540	-1,996
Purchases of property and equipment	-218,425	-38,187
Patent and software costs	-17,676	-13,659
Net cash used in investing activities	-238,641	-53,842
Financing activities:	'	'
Repayment of officer note payable	-6,333	-2,742
Payment of initial public offering costs	-203,225	'
Net cash used in financing activities	-209,558	-2,742
Net increase in cash and equivalents	1,799,429	465,288
Cash and cash equivalents, beginning of period	2,461,559	1,697,306
Cash and cash equivalents, end of period	4,260,988	2,162,594
Supplemental disclosure of cash flow information:	'	'
Cash paid for income taxes	$829,574	$889,834

Basis_of_Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2014
Basis of Presentation	'
Basis of Presentation	'
	1 – Basis of Presentation
	The accompanying interim condensed financial statements of IRADIMED Corporation (“IRADIMED”, the “Company”, “we”, “our”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The accounting policies followed in the preparation of these interim condensed financial statements are consistent in all material respects with those presented in Note 1 of the Company’s financial statements for the year ended December 31, 2013 included in the Company’s Registration Statement on Form S-1, as amended (File No. 333-196875) (“Registration Statement”), which was declared effective by the Securities and Exchange Commission (“SEC”) on July 15, 2014.
	Interim financial reports are prepared in accordance with the rules and regulations of the SEC; accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. 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. These accompanying condensed financial statements should be read in conjunction with the Company’s Registration Statement.
	Our significant accounting policies are disclosed in the Registration Statement, no significant accounting policies were changed.
	Operating results for the three and six months ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014.
	Initial Public Offering
	The Company completed an initial public offering (“IPO”) of its common stock on July 21, 2014. See Note 14, Subsequent Events, for disclosures related to the IPO.
	Certain Significant Risks and Uncertainties
	We market our products to end users in the United States and to 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. As of June 30, 2014, one customer accounted for 29.2% of gross accounts receivable. As of December 31, 2013, one customer accounted for 10.8% of gross accounts receivable.
	Revenue for the three months ended June 30, 2014 included a sale to a domestic customer for our MRI compatible IV infusion pumps that represented 14.7% of total revenue for the three months ended June 30, 2014. Revenue for the three months ended June 30, 2013 included a sale to an international customer of our MRI compatible IV infusion pumps that represented 16.0% of total revenue for the three months ended June 30, 2013.
	Recent Accounting Pronouncements
	In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue Contracts with Customers (Topic 606). This update provides guidance on the recognition of revenue based upon the entity’s contracts with customers to transfer goods or services at an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. This update also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. This update is effective for annual periods beginning after December 15, 2016, including interim periods within that reporting period, which will require us to adopt this update in the first quarter of 2017. Early adoption is not permitted. We are evaluating this guidance and have not yet determined the effect it will have on our financial statements and related disclosures, if any.

Basic_and_Diluted_Net_Income_p

Basic and Diluted Net Income per Share	6 Months Ended
	Jun. 30, 2014
Basic and Diluted Net Income per Share	'
Basic and Diluted Net Income per Share	'
	2 – Basic and Diluted Net Income per Share
	Basic net income per share is based upon the weighted average number of common shares outstanding during the period. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. As discussed further in Note 6, the effect of our 1.75:1 stock split and recapitalization is reflected in the number of outstanding shares and per share information in the table below. Preferred stock and stock options granted by us represent the only dilutive effect reflected in diluted weighted-average shares outstanding.
	The following table presents the computation of basic and diluted net income per share:
		Three Months Ended June 30,					Six Months Ended June 30,
		2014			2013		2014		2013
		(unaudited)					(unaudited)
	Net income	$	1,018,821		$	558,309	$	1,542,188	$	1,202,236
	Weighted-average shares outstanding — Basic	7,000,000			7,000,000		7,000,000		7,000,000
	Effect of dilutive securities:
	Preferred stock	1,400,000			1,400,000		1,400,000		1,400,000
	Stock options	478,170			95,314		468,610		93,897
	Weighted-average shares outstanding — Diluted	8,878,170			8,495,314		8,868,610		8,493,897
	Basic net income per share	$	0.15		$	0.08	$	0.22	$	0.17
	Diluted net income per share	$	0.11		$	0.07	$	0.17	$	0.14
	Stock options to purchase shares of our common stock excluded from the calculation of diluted net income per share because the effect would have been anti-dilutive are as follows:
		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2014		2013		2014	2013
		(unaudited)				(unaudited)
	Anti-dilutive stock options	581,259		798,683		570,759	792,849

Inventory

Inventory	6 Months Ended
	Jun. 30, 2014
Inventory	'
Inventory	'
	3 – Inventory
	Inventory consists of:
		June 30,		December 31,
		2014		2013
		(unaudited)
	Raw materials	$	1,342,161	$	1,143,495
	Work in process	78,264		14,337
	Finished goods	211,486		182,499
	Total	$	1,631,911	$	1,340,331
	The Company reviews its inventory on a periodic basis for excess, obsolete or impaired inventory and records a reserve for items identified. The Company recorded an allowance for excess and obsolete inventory of $29,669 as of June 30, 2014.

Property_and_Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2014
Property and Equipment	'
Property and Equipment	'
	4 – Property and Equipment
	Property and equipment consist of:
		June 30,			December 31,
		2014			2013
		(unaudited)
	Computer software and hardware	$	176,056		$	154,709
	Furniture and fixtures	93,328			87,611
	Leasehold improvements	47,623			47,623
	Machinery and equipment	768,637			721,270
	Tooling in-process	190,556			46,562
		1,276,200			1,057,775
	Accumulated depreciation	(765,477		)	(730,432		)
	Total	$	510,723		$	327,343
	Depreciation and amortization expense of property and equipment was $23,831 and $23,828 for the three months ended June 30, 2014 and 2013, respectively, and $35,045 and $46,634 for the six months ended June 30, 2014 and 2013, respectively.

Intangible_Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2014
Intangible Assets	'
Intangible Assets	'
	5 – Intangible Assets
	The following table summarizes the components of intangible asset balances:
		June 30,			December 31,
		2014			2013
		(unaudited)
	Patents – in use	$	238,548		$	228,430
	Patents – in process	26,723			19,165
	Internally developed software	148,967			148,967
		414,238			396,562
	Accumulated amortization	(148,955		)	(129,538		)
	Total	$	265,283		$	267,024
	Amortization expense of intangible assets was $9,861 and $9,367 for the three months ended June 30, 2014 and 2013, respectively, and $19,417 and $18,556 for the six months ended June 30, 2014 and 2013, respectively.
	Expected annual amortization expense for the next five years related to intangible assets is as follows:
	Six months ending December 31, 2014	$	19,723
	2015	39,446
	2016	22,144
	2017	14,665
	2018	14,665
	2019	14,665

Capital_Stock

Capital Stock	6 Months Ended
	Jun. 30, 2014
Capital Stock	'
Capital Stock	'
	6 – Capital Stock
	Reincorporation
	Effective April 14, 2014, we reincorporated as a Delaware corporation. As part of this reincorporation, we converted all previously outstanding shares of our Class A Common Stock and Class B Common Stock into a single class of common stock on a 1.75:1 conversion ratio and all previously outstanding shares of our Series A Preferred Stock were split on a 1.75:1 conversion ratio into new Series A Preferred Stock. Our Certificate of Incorporation provides that the Series A Preferred Stock will automatically be converted into shares of common stock immediately upon the earlier of the closing on the first sale of shares of our common stock in an initial firm commitment underwritten public offering pursuant to a registration statement under the Securities Act of 1933, as amended, where the aggregate public offering amount is not less than $10,000,000. In accordance with our Certificate of Incorporation, upon the sale of shares pursuant to this initial public offering, which was completed in July 2014, all of our Series A Preferred Stock was automatically converted into common stock on a 1:1 conversion ratio (see Note 14). This recapitalization is accounted for as a stock split as the intent is to provide for wider distribution of our common stock. The table below summarizes the effect of the stock split and conversion on our capital stock that was previously outstanding as of:
	June 30, 2014 and December 31, 2013
	Series A Preferred Stock outstanding – Pre recapitalization	800,000
	Stock split ratio	1.75:1
	Series A Preferred Stock outstanding – Post recapitalization	1,400,000
	Common stock outstanding – Pre recapitalization
	Class A Common Stock	400,000
	Class B Common Stock	3,600,000
	Total	4,000,000
	Stock split ratio	1.75:1
	Common stock outstanding – Post recapitalization	7,000,000
	As of the effective date of the reincorporation, we are now authorized to issue 90,000,000 shares of Common Stock with a par value of $0.0001 per share and 10,000,000 shares of Preferred Stock with a par value of $0.0001.
	The effect of this stock split has been retroactively applied to per-share computations, share and option amounts for all periods presented within these condensed financial statements and accompanying notes.

StockBased_Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2014
Stock Based Compensation	'
Stock Based Compensation	'
	7 – Stock-Based Compensation
	Stock-based compensation was recognized as follows in the statement of operations:
		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2014			2013			2014		2013
		(unaudited)						(unaudited)
	Cost of revenue	$	970		$	3		$	1,929	$	6
	General and administrative	57,567			4,115			114,502		8,230
	Sales and marketing	101,452			63,775			196,988		127,548
	Research and development	9,484			87			18,863		175
	Total	$	169,473		$	67,980		$	332,282	$	135,959
	As of June 30, 2014 we had $1,979,516 of total unrecognized stock-based compensation expense, which is expected to be recognized over a weighted average period of 3.1 years.
	The weighted-average fair value of our options and the related assumptions used in the Black-Scholes model to record stock-based compensation are as follows:
		June 30, 2014			December 31, 2013
		(unaudited)
	Weighted-average fair value of common stock	$	3.3		$	3.25
	Dividend yield	0		%	0		%
	Expected volatility	112.8		%	113		%
	Risk-free interest rate	2.4		%	2.4		%
	Expected option life (years)	7			7
	Forfeiture rate	10		%	10		%
	The following table presents a summary of our stock option activity as of and for the six months ended June 30, 2014:
		Options
	Outstanding beginning of period	1,759,692
	Options granted	73,500
	Options exercised	—
	Options canceled	—
	Outstanding end of period	1,833,192

Investments

Investments	6 Months Ended
	Jun. 30, 2014
Investments	'
Investments	'
	8 – Investments
	Our available-for-sale securities consist of two mutual funds and are summarized in the following table:
		Cost		Gross		Gross		Market
				Unrealized		Unrealized		Value
				Gains		Losses
	June 30, 2014 (unaudited)	$	247,321	$	7,116	$	—	$	254,437
	December 31, 2013	$	244,782	$	1,421	$	—	$	246,203
	Subsequent to June 30, 2014, we liquidated our position in all of the mutual funds.

Fair_Value_Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2014
Fair Value Measurements	'
Fair Value Measurements	'
	9 – Fair Value Measurements
	The fair value of our assets and liabilities subject to recurring fair value measurements are as follows:
		Fair Value at June 30, 2014 (unaudited)
		Fair		Quoted Prices		Significant		Significant
		Value		in Active		Other		Unobservable
				Market for		Observable		Inputs
				Identical Assets		Inputs		(Level 3)
				(Level 1)		(Level 2)
	Mutual funds	$	254,437	$	254,437	$	—	$	—
		Fair Value at December 31, 2013
		Fair		Quoted Prices		Significant		Significant
		Value		in Active		Other		Unobservable
				Market for		Observable		Inputs
				Identical Assets		Inputs		(Level 3)
				(Level 1)		(Level 2)
	Mutual funds	$	246,203	$	246,203	$	—	$	—
	The fair values of our mutual funds are based upon quoted market prices and valuations provided by the third-party custodian of our mutual funds.
	There were no transfers into or out of any Levels during the six months ended June 30, 2014 or for the year ended December 31, 2013.

Income_Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2014
Income Taxes	'
Income Taxes	'
	10 – Income Taxes
	We recorded provisions for income taxes of $602,931 and $907,099 for the three and six months ended June 30, 2014, respectively. Our effective tax rate was 37.2% and 37.0% for the three and six months ended June 30, 2014, respectively. Our effective tax rates for the three and six months ended June 30, 2014 differed from the U.S. Federal statutory rate primarily due to higher U.S. state tax expense, partially offset by the domestic production activities deduction. The higher U.S. state tax expense increased the effective tax rate by approximately 4.8% and the domestic production activities deduction decreased the effective tax rate by approximately 2.7%.
	We recorded provision for income taxes of $244,129 and $525,695 for the three and six months ended June 30, 2013, respectively. Our effective tax rate was 30.4% for both the three and six months ended June 30, 2013. Our effective tax rate for the three and six months ended June 30, 2013 differed from the U.S. Federal statutory rate primarily due to the domestic manufacturing deduction and the research and development tax credit enacted by the American Taxpayer Relief Act of 2012.  Collectively, the domestic production activities deduction and research and development tax credit decreased the effective tax rate by approximately 6.5%. This benefit was partially offset by higher U.S. state taxes, which increased the effective tax rate by approximately 2.3%.
	As of June 30, 2014 and December 31, 2013, we have not identified or accrued for any uncertain tax positions. We are currently unaware of any uncertain tax positions that could result in significant payments, accruals or other material deviations in this estimate over the next 12 months.
	We file tax returns in the United States Federal jurisdiction and many state jurisdictions. Our returns are not currently under examination by the Internal Revenue Service or other taxing authorities. The Company is subject to income tax examinations for our United States Federal and State income taxes for 2008 and subsequent years.

Segment_Customer_and_Geographi

Segment, Customer and Geographic Information	6 Months Ended
	Jun. 30, 2014
Segment, Customer and Geographic Information	'
Segment, Customer and Geographic Information	'
	11 – Segment, Customer and Geographic Information
	We operate in one reportable segment which is the development, manufacture and sale of MRI compatible IV infusion pump systems and products for use by hospitals and acute care facilities during MRI procedures.
	In the U.S., we sell our products through our direct sales force and outside of the U.S. we sell our products through distributors who resell our products to end users.
	Revenue information by geographic region is as follows:
		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2014		2013		2014		2013
		(unaudited)				(unaudited)
	United States	$	4,217,709	$	1,803,101	$	6,666,818	$	3,835,916
	International	482,660		971,952		1,590,788		1,567,406
		$	4,700,369	$	2,775,053	$	8,257,606	$	5,403,322
	Property and equipment, net, information by geographic region is as follows:
		June 30,		December 31,
		2014		2013
		(unaudited)
	United States	$	439,302	$	256,386
	International	71,421		70,957
		$	510,723	$	327,343
	During the three months ended June 30, 2014 and 2013, respectively, revenue from devices was $4,029,238 and $2,172,812, while revenue from disposable IV sets and services were $671,131 and $602,241. During the six months ended June 30, 2014 and 2013, respectively, revenue from devices was $7,049,627 and $4,373,527, while revenue from disposable IV sets and services were $1,207,979 and $1,029,795.
	Revenue for the three months ended June 30, 2014 included a sale to a domestic customer for our MRI compatible IV infusion pumps that represented 14.7% of total revenue for the three months ended June 30, 2014. Revenue for the three months ended June 30, 2013 included a sale to an international customer of our MRI compatible IV infusion pumps that represented 16.0% of total revenue for the three months ended June 30, 2013.
	Long-lived assets held outside of the United States consist principally of tooling, which is a component of property and equipment, net.

Commitments_and_Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2014
Commitments and Contingencies	'
Commitments and Contingencies	'
	12 – Commitments and Contingencies
	Leases.  In January 2014, we entered into a lease, commencing July 1, 2014, for a new manufacturing and headquarters facility in Winter Springs, Florida owned by Susi, LLC, an entity controlled by our president, CEO and controlling stockholder, Roger Susi. Pursuant to the terms of our lease for this property, the monthly base rent will be $32,583, adjusted annually for changes in the consumer price index. The term of the lease expires on May 31, 2019. Unless advance written notice of termination is timely provided, the lease will automatically renew for two successive terms of five years each beginning in 2019 and again in 2024, and thereafter, will be renewed for successive terms of one year each.
	Purchase commitments.  We had various purchase orders for goods or services totaling approximately $1,753,780 at June 30, 2014 and $1,758,242 at December 31, 2013. No amounts related to these purchase orders have been recognized in our balance sheet.
	Uncommitted Revolving Credit Facility.  We had an uncommitted revolving credit facility with Bank of America, National Association (“Bank of America”) that provided for a maximum borrowing capacity of $100,000 throughout the six months ended June 30, 2014 and the year ended December 31, 2013. During the six months ended June 30, 2014 and the year ended December 31, 2013, we did not request or obtain any advances from this revolving credit facility.  Subsequent to June 30, 2014, we terminated this contract and no longer have the ability to obtain advances from this revolving credit facility.
	Legal matters.  We may from time to time become a party to various legal proceedings or claims that arise in the ordinary course of business. We do not believe that any current legal or administrative proceedings are likely to have a material effect on our business, financial condition, or results of operations.
	In October 2012, Radimed Gesellschaft für Kommunikationsdienstleistungen und Medizintechnik mbH (“Radimed”) brought an action in Düsseldorf Regional Court against our German distributor alleging the name and sign “IRADIMED” was confusingly similar to their German trademark “Radimed.” A judgment was rendered against our German distributor preventing use of the name and sign “IRADIMED” in Germany. We have however continued to sell products in Germany without any discernible effect by using the name IRI Development. On July 31, 2013, Radimed filed a lawsuit against us and our founder, Roger Susi, in Düsseldorf Regional Court, alleging that we infringed their German and Community trademarks “Radimed” and seeking to prevent our use of the name, sign and domain name “IRADIMED” in the European Union. In addition, Radimed is seeking unspecified damages. We have not accrued for any loss related to this matter as we believe that any such loss is not probable or estimable.

Officer_Note_Payable

Officer Note Payable	6 Months Ended
	Jun. 30, 2014
Officer Note Payable	'
Officer Note Payable	'
	13 – Officer Note Payable
	In the early stages of the Company, our CEO provided funding for operations in the form of an unsecured interest-free note payable with no specified due date. As of December 31, 2013, $6,333 remained outstanding. In March 2014 we repaid with cash the outstanding balance of the note payable.

Subsequent_Events

Subsequent Events	6 Months Ended
	Jun. 30, 2014
Subsequent Events	'
Subsequent Events	'
	14 – Subsequent Events
	On July 21, 2014, the Company completed its IPO and sold 2,318,400 shares of common stock (including 302,400 shares sold to the underwriter upon its exercise of their over-allotment option to purchase additional shares) at a price of $6.25 per share. The IPO generated net proceeds of approximately $12.5 million, after deducting underwriting discounts and expenses of approximately $2.0 million. These expenses will be recorded against the proceeds received from the IPO. Concurrent with the closing of the IPO, all outstanding preferred stock was automatically converted into common stock on a 1:1 basis. The financial statements as of June 30, 2014 and December 31, 2013, including share and per share amounts, do not include the effects of the IPO.

Basic_and_Diluted_Net_Income_p1

Basic and Diluted Net Income per Share (Tables)	6 Months Ended
	Jun. 30, 2014
Basic and Diluted Net Income per Share	'
Schedule of computation of basic and diluted net income per share	'
		Three Months Ended June 30,					Six Months Ended June 30,
		2014			2013		2014		2013
		(unaudited)					(unaudited)
	Net income	$	1,018,821		$	558,309	$	1,542,188	$	1,202,236
	Weighted-average shares outstanding — Basic	7,000,000			7,000,000		7,000,000		7,000,000
	Effect of dilutive securities:
	Preferred stock	1,400,000			1,400,000		1,400,000		1,400,000
	Stock options	478,170			95,314		468,610		93,897
	Weighted-average shares outstanding — Diluted	8,878,170			8,495,314		8,868,610		8,493,897
	Basic net income per share	$	0.15		$	0.08	$	0.22	$	0.17
	Diluted net income per share	$	0.11		$	0.07	$	0.17	$	0.14
Schedule of stock options to purchase shares of common stock excluded from the calculation of diluted net income per share	'
		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2014		2013		2014	2013
		(unaudited)				(unaudited)
	Anti-dilutive stock options	581,259		798,683		570,759	792,849

Inventory_Tables

Inventory (Tables)	6 Months Ended
	Jun. 30, 2014
Inventory	'
Schedule of inventory	'
		June 30,		December 31,
		2014		2013
		(unaudited)
	Raw materials	$	1,342,161	$	1,143,495
	Work in process	78,264		14,337
	Finished goods	211,486		182,499
	Total	$	1,631,911	$	1,340,331

Property_and_Equipment_Tables

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2014
Property and Equipment	'
Schedule of property and equipment	'
		June 30,			December 31,
		2014			2013
		(unaudited)
	Computer software and hardware	$	176,056		$	154,709
	Furniture and fixtures	93,328			87,611
	Leasehold improvements	47,623			47,623
	Machinery and equipment	768,637			721,270
	Tooling in-process	190,556			46,562
		1,276,200			1,057,775
	Accumulated depreciation	(765,477		)	(730,432		)
	Total	$	510,723		$	327,343

Intangible_Assets_Tables

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2014
Intangible Assets	'
Summary of the components of intangible asset balances	'
		June 30,			December 31,
		2014			2013
		(unaudited)
	Patents – in use	$	238,548		$	228,430
	Patents – in process	26,723			19,165
	Internally developed software	148,967			148,967
		414,238			396,562
	Accumulated amortization	(148,955		)	(129,538		)
	Total	$	265,283		$	267,024
Schedule of expected annual amortization expense related to intangible assets	'
	Six months ending December 31, 2014	$	19,723
	2015	39,446
	2016	22,144
	2017	14,665
	2018	14,665
	2019	14,665

Capital_Stock_Tables

Capital Stock (Tables)	6 Months Ended
	Jun. 30, 2014
Capital Stock	'
Summarizes the effect of the stock split and conversion of capital stock previously outstanding	'
	June 30, 2014 and December 31, 2013
	Series A Preferred Stock outstanding – Pre recapitalization	800,000
	Stock split ratio	1.75:1
	Series A Preferred Stock outstanding – Post recapitalization	1,400,000
	Common stock outstanding – Pre recapitalization
	Class A Common Stock	400,000
	Class B Common Stock	3,600,000
	Total	4,000,000
	Stock split ratio	1.75:1
	Common stock outstanding – Post recapitalization	7,000,000

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2014
Stock Based Compensation	'
Schedule of stock-based compensation	'
		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2014			2013			2014		2013
		(unaudited)						(unaudited)
	Cost of revenue	$	970		$	3		$	1,929	$	6
	General and administrative	57,567			4,115			114,502		8,230
	Sales and marketing	101,452			63,775			196,988		127,548
	Research and development	9,484			87			18,863		175
	Total	$	169,473		$	67,980		$	332,282	$	135,959
Schedule of weighted average fair value of options and related assumptions used in the Black Scholes model	'
		June 30, 2014			December 31, 2013
		(unaudited)
	Weighted-average fair value of common stock	$	3.3		$	3.25
	Dividend yield	0		%	0		%
	Expected volatility	112.8		%	113		%
	Risk-free interest rate	2.4		%	2.4		%
	Expected option life (years)	7			7
	Forfeiture rate	10		%	10		%
Summary of stock option activity	'
		Options
	Outstanding beginning of period	1,759,692
	Options granted	73,500
	Options exercised	—
	Options canceled	—
	Outstanding end of period	1,833,192

Investments_Tables

Investments (Tables)	6 Months Ended
	Jun. 30, 2014
Investments	'
Summary of available for sale securities	'
		Cost		Gross		Gross		Market
				Unrealized		Unrealized		Value
				Gains		Losses
	June 30, 2014 (unaudited)	$	247,321	$	7,116	$	—	$	254,437
	December 31, 2013	$	244,782	$	1,421	$	—	$	246,203

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2014
Fair Value Measurements	'
Schedule of the fair value of assets and liabilities subject to recurring fair value measurements	'
		Fair Value at June 30, 2014 (unaudited)
		Fair		Quoted Prices		Significant		Significant
		Value		in Active		Other		Unobservable
				Market for		Observable		Inputs
				Identical Assets		Inputs		(Level 3)
				(Level 1)		(Level 2)
	Mutual funds	$	254,437	$	254,437	$	—	$	—
		Fair Value at December 31, 2013
		Fair		Quoted Prices		Significant		Significant
		Value		in Active		Other		Unobservable
				Market for		Observable		Inputs
				Identical Assets		Inputs		(Level 3)
				(Level 1)		(Level 2)
	Mutual funds	$	246,203	$	246,203	$	—	$	—

Segment_Customer_and_Geographi1

Segment, Customer and Geographic Information (Tables)	6 Months Ended
	Jun. 30, 2014
Segment, Customer and Geographic Information	'
Schedule of revenue information by geographic region	'
		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2014		2013		2014		2013
		(unaudited)				(unaudited)
	United States	$	4,217,709	$	1,803,101	$	6,666,818	$	3,835,916
	International	482,660		971,952		1,590,788		1,567,406
		$	4,700,369	$	2,775,053	$	8,257,606	$	5,403,322
Schedule of property and equipment, net information by geographic region	'
		June 30,		December 31,
		2014		2013
		(unaudited)
	United States	$	439,302	$	256,386
	International	71,421		70,957
		$	510,723	$	327,343

Basis_of_Presentation_Details

Basis of Presentation (Details)	6 Months Ended	12 Months Ended	3 Months Ended
	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014	Jun. 30, 2013
	Gross accounts receivable	Gross accounts receivable	Revenue	Revenue
	Credit concentration risk	Credit concentration risk	Customer concentration risk	Customer concentration risk
	item	item	Domestic customer	International customer
Certain Significant Risks and Uncertainties	'	'	'	'
Number of customers	1	1	'	'
Concentration risk (as a percent)	29.20%	10.80%	14.70%	16.00%

Basic_and_Diluted_Net_Income_p2

Basic and Diluted Net Income per Share (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Basic and Diluted Net Income per Share	'	'	'	'
Stock split ratio	'	'	1.75	'
Net income	$1,018,821	$558,309	$1,542,188	$1,202,236
Weighted-average shares outstanding - Basic (in shares)	7,000,000	7,000,000	7,000,000	7,000,000
Effect of dilutive securities:	'	'	'	'
Preferred stock	1,400,000	1,400,000	1,400,000	1,400,000
Stock options	478,170	95,314	468,610	93,897
Weighted-average shares outstanding - Diluted (in shares)	8,878,170	8,495,314	8,868,610	8,493,897
Basic net income per share (in dollars per share)	$0.15	$0.08	$0.22	$0.17
Diluted net income per share (in dollars per share)	$0.11	$0.07	$0.17	$0.14
Anti dilutive stock options (in shares)	581,259	798,683	570,759	792,849

Inventory_Details

Inventory (Details) (USD $)	6 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Inventory	'	'
Raw materials	$1,342,161	$1,143,495
Work in process	78,264	14,337
Finished goods	211,486	182,499
Total	1,631,911	1,340,331
Allowance for excess and obsolete inventory	$29,669	'

Property_and_Equipment_Details

Property and Equipment (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Property and equipment	'	'	'	'	'
Property and equipment, gross	$1,276,200	'	$1,276,200	'	$1,057,775
Accumulated depreciation	-765,477	'	-765,477	'	-730,432
Total	510,723	'	510,723	'	327,343
Depreciation and amortization expense of property and equipment	23,831	23,828	35,045	46,634	'
Computer software and hardware	'	'	'	'	'
Property and equipment	'	'	'	'	'
Property and equipment, gross	176,056	'	176,056	'	154,709
Furniture and fixtures	'	'	'	'	'
Property and equipment	'	'	'	'	'
Property and equipment, gross	93,328	'	93,328	'	87,611
Leasehold improvements	'	'	'	'	'
Property and equipment	'	'	'	'	'
Property and equipment, gross	47,623	'	47,623	'	47,623
Machinery and equipment	'	'	'	'	'
Property and equipment	'	'	'	'	'
Property and equipment, gross	768,637	'	768,637	'	721,270
Tooling in-process	'	'	'	'	'
Property and equipment	'	'	'	'	'
Property and equipment, gross	$190,556	'	$190,556	'	$46,562

Intangible_Assets_Details

Intangible Assets (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Intangible assets	'	'	'	'	'
Intangible Assets, gross	$414,238	'	$414,238	'	$396,562
Accumulated amortization	-148,955	'	-148,955	'	-129,538
Total	265,283	'	265,283	'	267,024
Amortization expense of intangible assets	9,861	9,367	19,417	18,556	'
Expected annual amortization expense	'	'	'	'	'
Six months ending December 31, 2014	19,723	'	19,723	'	'
2015	39,446	'	39,446	'	'
2016	22,144	'	22,144	'	'
2017	14,665	'	14,665	'	'
2018	14,665	'	14,665	'	'
2019	14,665	'	14,665	'	'
Patents - in use	'	'	'	'	'
Intangible assets	'	'	'	'	'
Intangible Assets, gross	238,548	'	238,548	'	228,430
Patents - in process	'	'	'	'	'
Intangible assets	'	'	'	'	'
Intangible Assets, gross	26,723	'	26,723	'	19,165
Internally developed software	'	'	'	'	'
Intangible assets	'	'	'	'	'
Intangible Assets, gross	$148,967	'	$148,967	'	$148,967

Capital_Stock_Details

Capital Stock (Details) (USD $)

6 Months Ended

0 Months Ended

6 Months Ended

0 Months Ended

0 Months Ended

6 Months Ended

Jun. 30, 2014

Dec. 31, 2013

Apr. 14, 2014

Apr. 14, 2014

Jun. 30, 2014

Dec. 31, 2013

Jul. 21, 2014

Dec. 31, 2013

Dec. 31, 2013

Jun. 30, 2014

Apr. 14, 2014

Jun. 30, 2014

Dec. 31, 2013

Maximum

Common Stock

Common Stock

Common Stock

Common Stock

Class A Common Stock

Class B Common Stock

Preferred Stock

Series A Preferred Stock

Series A Preferred Stock

Series A Preferred Stock

Subsequent event

IPO

Capital Stock

'

'

'

'

'

'

'

'

'

'

'

'

'

Conversion ratio

1.75

'

'

1.75

1.75

'

1

'

'

'

1.75

1.75

'

Aggregate public offering amount

'

'

$10,000,000

'

'

'

'

'

'

'

'

'

'

Preferred stock, shares outstanding

1,400,000

1,400,000

'

'

'

'

'

'

'

'

'

1,400,000

800,000

Common stock, shares outstanding

7,000,000

7,000,000

'

'

7,000,000

4,000,000

'

400,000

3,600,000

'

'

'

'

Common stock, shares authorized

90,000,000

90,000,000

'

'

90,000,000

'

'

'

'

'

'

'

'

Common stock, par value (in dollars per share)

$0.00

$0.00

'

'

$0.00

'

'

'

'

'

'

'

'

Preferred stock, shares authorized

10,000,000

10,000,000

'

'

'

'

'

'

'

10,000,000

'

'

'

Preferred stock, par value (in dollars per share)

$0.00

$0.00

'

'

'

'

'

'

'

$0.00

'

'

'

StockBased_Compensation_Detail

Stock-Based Compensation (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Stock Based Compensation	'	'	'	'
Stock based compensation	$169,473	$67,980	$332,282	$135,959
Total unrecognized stock based compensation expense	1,979,516	'	1,979,516	'
Weighted average period expected to be recognized	'	'	'3 years 1 month 6 days	'
Cost of revenue	'	'	'	'
Stock Based Compensation	'	'	'	'
Stock based compensation	970	3	1,929	6
General and administrative	'	'	'	'
Stock Based Compensation	'	'	'	'
Stock based compensation	57,567	4,115	114,502	8,230
Sales and marketing	'	'	'	'
Stock Based Compensation	'	'	'	'
Stock based compensation	101,452	63,775	196,988	127,548
Research and development	'	'	'	'
Stock Based Compensation	'	'	'	'
Stock based compensation	$9,484	$87	$18,863	$175

StockBased_Compensation_Detail1

Stock-Based Compensation (Details 2) (Options, USD $)	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Options	'	'
Summary of weighted-average fair value assumptions used to value options	'	'
Weighted-average fair value of common stock (in dollars per share)	$3.30	$3.25
Dividend yield (as a percent)	0.00%	0.00%
Expected volatility (as a percent)	112.80%	113.00%
Risk free interest rate (as a percent)	2.40%	2.40%
Expected option life	'7 years	'7 years
Forfeiture rate (as a percent)	10.00%	10.00%
Options	'	'
Outstanding at the beginning of the period (in shares)	1,759,692	'
Options granted (in shares)	73,500	'
Options exercised (in shares)	0	'
Options canceled (in shares)	0	'
Outstanding at the end of the period (in shares)	1,833,192	1,759,692

Investments_Details

Investments (Details) (USD $)	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
	item
Investments	'	'
Number of mutual funds	2	'
Cost	$247,321	$244,782
Gross Unrealized Gains	7,116	1,421
Gross Unrealized Losses	0	0
Market Value	$254,437	$246,203

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Fair Value Measurements	'	'
Fair value assets, amount transferred between measurement levels	$0	$0
Fair value liabilities, amount transferred between measurement levels	0	0
Recurring | Fair Value	'	'
Fair Value Measurements	'	'
Mutual funds	254,437	246,203
Recurring | Quoted Prices in Active Market for Identical Assets (Level 1)	'	'
Fair Value Measurements	'	'
Mutual funds	$254,437	$246,203

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Income Taxes	'	'	'	'
Provisions for income taxes	$602,931	$244,129	$907,099	$525,695
Effective tax rate (as a percent)	37.20%	30.40%	37.00%	30.40%
Increase in the effective tax rate due to higher U.S. state tax expense (as a percent)	'	'	4.80%	'
Decrease in effective tax rate due to domestic production activities deduction (as a percent)	'	'	2.70%	'
Decrease in effective tax rate due to domestic production activities deduction and research and development tax credit (as a percent)	'	'	'	6.50%
Increase in the effective tax rate due to negative impact of higher U.S. state tax expense (as a percent)	'	'	'	2.30%

Segment_Customer_and_Geographi2

Segment, Customer and Geographic Information (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
			item
Segment, Customer and Geographic Information	'	'	'	'	'
Number of reportable segment	'	'	1	'	'
Segment, Customer and Geographic Information	'	'	'	'	'
Revenue	$4,700,369	$2,775,053	$8,257,606	$5,403,322	'
Property and equipment, net	510,723	'	510,723	'	327,343
Devices	'	'	'	'	'
Segment, Customer and Geographic Information	'	'	'	'	'
Revenue	4,029,238	2,172,812	7,049,627	4,373,527	'
Disposable IV sets and services	'	'	'	'	'
Segment, Customer and Geographic Information	'	'	'	'	'
Revenue	671,131	602,241	1,207,979	1,029,795	'
United States	'	'	'	'	'
Segment, Customer and Geographic Information	'	'	'	'	'
Revenue	4,217,709	1,803,101	6,666,818	3,835,916	'
Property and equipment, net	439,302	'	439,302	'	256,386
United States | MRI compatible IV infusion pumps	'	'	'	'	'
Segment, Customer and Geographic Information	'	'	'	'	'
Revenue from sale of products (as a percent)	14.70%	'	'	'	'
International	'	'	'	'	'
Segment, Customer and Geographic Information	'	'	'	'	'
Revenue	482,660	971,952	1,590,788	1,567,406	'
Property and equipment, net	$71,421	'	$71,421	'	$70,957
International | MRI compatible IV infusion pumps	'	'	'	'	'
Segment, Customer and Geographic Information	'	'	'	'	'
Revenue from sale of products (as a percent)	16.00%	'	'	'	'

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013	Jan. 30, 2014
			Susi, LLC
			Winter Springs, Florida Facility
Leases	'	'	'
Monthly base rent	'	'	$32,583
Number of successive renewal term of lease	'	'	'2 years
Renewal term of lease beginning in 2019	'	'	'5 years
Renewal term of lease beginning in 2024	'	'	'5 years
Renewal term lease thereafter	'	'	'1 year
Purchase commitments	'	'	'
Purchase commitments	$1,753,780	$1,758,242	'

Commitments_and_Contingencies_1

Commitments and Contingencies (Details 2) (Uncommitted revolving credit facility, USD $)	Jun. 30, 2014	Dec. 31, 2013
Uncommitted revolving credit facility	'	'
Uncommitted Revolving Credit Facility	'	'
Maximum borrowing capacity	$100,000	$100,000

Officer_Note_Payable_Details

Officer Note Payable (Details) (USD $)	Dec. 31, 2013
Officer Note Payable	'
Amount outstanding on note payable	$6,333

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	6 Months Ended	0 Months Ended	6 Months Ended	0 Months Ended
In Millions, except Share data, unless otherwise specified	Jun. 30, 2014	Apr. 14, 2014	Jun. 30, 2014	Jul. 21, 2014
		Common Stock	Common Stock	Subsequent event
				Common Stock
				IPO
Subsequent event	'	'	'	'
Number of shares sold of common stock	'	'	'	2,318,400
Number of shares sold to the underwriter for the exercise of over-allotment option	'	'	'	302,400
Original issue price (in dollars per share)	'	'	'	$6.25
Net proceeds generated after deducting underwriting discounts and expenses	'	'	'	$12.50
Underwriting discounts and expenses	'	'	'	$2
Conversion ratio	1.75	1.75	1.75	1