IRadimed (IRMD) 10-Q 3 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Jul. 31, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-36534
Entity Registrant Name	IRADIMED CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	73-1408526
Entity Address, Address Line One	1025 Willa Springs Drive
Entity Address, City or Town	Winter Springs
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32708
City Area Code	407
Local Phone Number	677-8022
Title of 12(b) Security	Common stock, par value $0.0001
Trading Symbol	IRMD
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		12,602,673
Entity Central Index Key	0001325618
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 45,822,834	$ 57,960,864
Accounts receivable, net of allowance for doubtful accounts of $331,403 as of June 30, 2023, and $160,498 as of December 31, 2022	11,082,213	13,274,521
Inventory, net	8,415,080	5,369,233
Prepaid expenses and other current assets	770,647	630,960
Prepaid income taxes		254,093
Total current assets	66,090,774	77,489,671
Property and equipment, net	8,720,273	2,399,812
Intangible assets, net	2,353,773	2,069,439
Operating lease right-of-use asset	2,247,667	2,205,286
Deferred tax asset, net	1,766,383	700,867
Other assets	252,161	648,672
Total assets	81,431,031	85,513,747
Current liabilities:
Accounts payable	2,552,076	1,799,316
Accrued payroll and benefits	2,332,643	2,871,890
Other accrued taxes	217,496	121,919
Warranty reserve	105,479	94,030
Deferred revenue	1,714,067	3,373,122
Current portion of operating lease liabilities	413,745	293,466
Other current liabilities	250,000
Total current liabilities	7,585,506	8,553,743
Deferred revenue	3,013,165	1,375,197
Operating lease liabilities, less current portion	1,833,922	1,911,820
Total liabilities	12,432,593	11,840,760
Stockholders' equity:
Common stock; $0.0001 par value; 31,500,000 shares authorized; 12,594,576 shares issued and outstanding as of June 30, 2023, and 12,591,004 shares issued and outstanding as of December 31, 2022	1,260	1,259
Additional paid-in capital	27,369,898	26,407,446
Retained earnings	41,627,280	47,264,282
Total stockholders' equity	68,998,438	73,672,987
Total liabilities and stockholders' equity	$ 81,431,031	$ 85,513,747

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
CONDENSED BALANCE SHEETS
Accounts receivable, net of allowance for doubtful accounts	$ 331,403	$ 160,498
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	31,500,000	31,500,000
Common stock, shares issued	12,601,541	12,591,004

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
CONDENSED STATEMENTS OF OPERATIONS
Revenue	$ 16,130,396	$ 12,721,569	$ 31,605,480	$ 25,032,279
Cost of revenue	3,943,904	2,581,806	7,697,535	5,512,992
Gross profit	12,186,492	10,139,763	23,907,945	19,519,287
Operating expenses:
General and administrative	3,313,080	2,402,795	7,233,591	5,118,745
Sales and marketing	2,948,425	2,907,788	5,948,403	5,977,344
Research and development	961,952	662,599	1,755,666	1,181,694
Total operating expenses	7,223,457	5,973,182	14,937,660	12,277,783
Income from operations	4,963,035	4,166,581	8,970,285	7,241,504
Other income, net	335,387	13,102	677,796	(1,812)
Income before provision for income taxes	5,298,422	4,179,683	9,648,081	7,239,692
Provision for income tax expense	1,118,582	938,631	2,062,171	1,511,926
Net income	$ 4,179,840	$ 3,241,052	$ 7,585,910	$ 5,727,766
Net income per share:
Basic	$ 0.33	$ 0.26	$ 0.60	$ 0.46
Diluted	$ 0.33	$ 0.26	$ 0.60	$ 0.45
Weighted average shares outstanding:
Basic	12,596,032	12,560,812	12,594,541	12,556,837
Diluted	12,723,017	12,632,755	12,706,608	12,641,424

CONDENSED STATEMENTS OF COMPREH

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 4,179,840	$ 3,241,052	$ 7,585,910	$ 5,727,766
Other comprehensive (loss) income:
Change in fair value of available-for-sale securities, net of tax expense (benefit) of $0 and $3,532, respectively		(68)		(10,953)
Realized gain on available-for-sale securities reclassified to net income, net of tax expense of $0,000 and $0,000 respectively		(6,059)		(6,059)
Other comprehensive loss		(6,127)		(17,012)
Comprehensive income	$ 4,179,840	$ 3,234,925	$ 7,585,910	$ 5,710,754

CONDENSED STATEMENTS OF COMPR_2

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
Change in fair value of available-for-sale securities, net of tax expense (benefit)	$ 0	$ (22)	$ 0	$ (22)
Realized gain on available-for-sale securities reclassified to net income, net of tax expense	$ 0			$ 0

CONDENSED STATEMENTS OF STOCKHO

CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income	Total
Beginning balances at Dec. 31, 2021	$ 1,254	$ 25,160,618	$ 46,994,922	$ 17,012	$ 72,173,806
Beginning balances (in shares) at Dec. 31, 2021	12,544,024
Increase (Decrease) in Stockholders' Equity
Net income			2,486,713		2,486,713
Dividends paid			(12,559,127)		(12,559,127)
Other comprehensive loss				(10,885)	(10,885)
Stock-based compensation expense		453,360			453,360
Net share settlement of restricted stock units	$ 1	(67,381)			(67,380)
Net share settlement of restricted stock units (in shares)	3,879
Exercise of stock options	$ 1	71,947			71,948
Exercise of stock options (in shares)	12,566
Ending balances at Mar. 31, 2022	$ 1,256	25,618,544	36,922,508	6,127	62,548,435
Ending balances (in shares) at Mar. 31, 2022	12,560,469
Beginning balances at Dec. 31, 2021	$ 1,254	25,160,618	46,994,922	17,012	72,173,806
Beginning balances (in shares) at Dec. 31, 2021	12,544,024
Increase (Decrease) in Stockholders' Equity
Net income					5,727,766
Ending balances at Jun. 30, 2022	$ 1,256	25,733,821	40,163,560		65,898,637
Ending balances (in shares) at Jun. 30, 2022	12,561,025
Beginning balances at Mar. 31, 2022	$ 1,256	25,618,544	36,922,508	6,127	62,548,435
Beginning balances (in shares) at Mar. 31, 2022	12,560,469
Increase (Decrease) in Stockholders' Equity
Net income			3,241,052		3,241,052
Other comprehensive loss				$ (6,127)	(6,127)
Stock-based compensation expense		121,003			121,003
Net share settlement of restricted stock units	$ 556	(5,726)			(5,726)
Ending balances at Jun. 30, 2022	$ 1,256	25,733,821	40,163,560		65,898,637
Ending balances (in shares) at Jun. 30, 2022	12,561,025
Beginning balances at Dec. 31, 2022	$ 1,259	26,407,446	47,264,282		73,672,987
Beginning balances (in shares) at Dec. 31, 2022	12,591,004
Increase (Decrease) in Stockholders' Equity
Net income			3,406,070		3,406,070
Dividends paid			(13,222,907)		(13,222,907)
Other comprehensive loss			(4)		(4)
Stock-based compensation expense		533,643			533,643
Net share settlement of restricted stock units		(49,878)			(49,878)
Net share settlement of restricted stock units (in shares)	3,572
Ending balances at Mar. 31, 2023	$ 1,259	26,891,211	37,447,441		64,339,911
Ending balances (in shares) at Mar. 31, 2023	12,594,576
Beginning balances at Dec. 31, 2022	$ 1,259	26,407,446	47,264,282		73,672,987
Beginning balances (in shares) at Dec. 31, 2022	12,591,004
Increase (Decrease) in Stockholders' Equity
Net income					7,585,910
Ending balances at Jun. 30, 2023	$ 1,260	27,369,898	41,627,281		68,998,438
Ending balances (in shares) at Jun. 30, 2023	12,601,541
Beginning balances at Mar. 31, 2023	$ 1,259	26,891,211	37,447,441		64,339,911
Beginning balances (in shares) at Mar. 31, 2023	12,594,576
Increase (Decrease) in Stockholders' Equity
Net income			4,179,840		4,179,840
Stock-based compensation expense		568,453			568,453
Net share settlement of restricted stock units	$ 1	(97,106)			(97,105)
Net share settlement of restricted stock units (in shares)	5,965
Exercise of stock options		7,339			7,339
Exercise of stock options (in shares)	1,000
Ending balances at Jun. 30, 2023	$ 1,260	$ 27,369,898	$ 41,627,281		$ 68,998,438
Ending balances (in shares) at Jun. 30, 2023	12,601,541

CONDENSED STATEMENTS OF STOCK_2

CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	Mar. 31, 2023	Mar. 31, 2022
CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY
Dividends Paid Amount Per Share	$ 1.05	$ 1

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities:
Net income	$ 7,585,910	$ 5,727,766
Adjustments to reconcile net income to net cash provided by operating activities:
Change in allowance for doubtful accounts	170,905	21,370
Change in provision for excess and obsolete inventory	167,383	19,824
Depreciation and amortization	369,908	928,101
(Gain) on disposal of property and equipment	3,852	(4,894)
Stock-based compensation	1,102,096	574,363
Deferred income taxes, net	(1,065,516)	(144,948)
Loss on maturities of investments		(8,025)
Changes in operating assets and liabilities:
Accounts receivable	2,021,403	(3,295,542)
Inventory	(4,212,765)	(587,502)
Prepaid expenses and other current assets	57,568	(451,276)
Other assets	541,548	10,419
Accounts payable	1,709,063	(15,622)
Accrued payroll and benefits	(539,247)	(545,393)
Other accrued taxes	95,577	95,055
Warranty reserve	11,449	(8,111)
Deferred revenue	(363,379)	(253,074)
Other current liabilities	250,000	(7,995)
Prepaid income taxes	254,093	1,010,890
Net cash provided by operating activities	8,159,848	3,065,406
Investing activities:
Proceeds from maturities of investments		500,000
Purchases of property and equipment	(6,600,521)	(371,935)
Capitalized intangible assets	(334,807)	(475,198)
Net cash used in investing activities	(6,935,328)	(347,133)
Financing activities:
Dividends paid	(13,222,907)	(12,559,127)
Proceeds from exercises of stock options	7,339	71,949
Taxes paid related to the net share settlement of equity awards	(146,983)	(73,106)
Net cash used in financing activities	(13,362,551)	(12,560,284)
Net decrease in cash and cash equivalents	(12,138,031)	(9,842,011)
Cash and cash equivalents, beginning of period	57,960,864	61,999,550
Cash and cash equivalents, end of period	45,822,833	52,157,539
Supplemental disclosure of cash flow information:
Cash paid for income taxes	2,756,152	757,137
ROU asset recognized in exchange for new lease obligation	227,982
Operating and short-term lease payments recorded within cash flow provided by operating activities	$ 324,362	$ 257,117

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2023
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 pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally presented in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The interim financial information is unaudited, but reflects all normal adjustments that are, in the opinion of management, necessary for the fair presentation of our financial position, results of operations and cash flows for the interim periods presented. Operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023, and other interim periods, or future years or periods. The accompanying interim condensed financial statements should be read in conjunction with the financial statements and related footnotes to financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022. The accounting policies followed in the preparation of these interim condensed financial statements, except as described in Note 1, are consistent in all material respects with those described in Note 1 of our Form 10-K. We operate in one reportable segment which is the development, manufacture and sale of Magnetic Resonance Imaging (“MRI”) compatible medical devices, related accessories, disposables and service for use primarily by hospitals and acute care facilities during MRI procedures. Certain Significant Risks and Uncertainties 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. We have deposited our cash and cash equivalents with various financial institutions. Our cash and cash equivalents balances exceed federally insured limits regularly throughout the year. We have not incurred any losses related to these balances. Our medical devices require clearance from the FDA and international regulatory agencies prior to commercialized sales. Our future products may not receive required 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. 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. Recent Accounting Pronouncements Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Codification Improvements to Topic 326, Financial Instruments - Credit Losses Codification Improvements to Topic 326, Financial Instruments - Credit Losses Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2023
Revenue Recognition
Revenue Recognition	2 — Revenue Recognition Disaggregation of Revenue We disaggregate revenue from contracts with customers by geographic region and revenue type as we believe it best depicts the nature, amount, timing and uncertainty of our revenue and cash flow. Revenue information by geographic region is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Six Months Ended ​ June 30, ​ June 30, ​ 2023 2022 ​ 2023 2022 ​ (unaudited) ​ (unaudited) United States $ 12,949,526 ​ $ 10,816,691 ​ $ 24,928,050 ​ $ 20,796,032 International 3,180,870 ​ 1,904,878 ​ 6,677,430 ​ 4,236,247 Total revenue $ 16,130,396 ​ $ 12,721,569 ​ $ 31,605,480 ​ $ 25,032,279 ​ Revenue information by type is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Six Months Ended ​ June 30, ​ June 30, ​ 2023 2022 ​ 2023 2022 ​ (unaudited) ​ (unaudited) Devices: ​ ​ ​ ​ MRI Compatible IV Infusion Pump Systems $ 4,522,568 ​ $ 3,853,016 ​ $ 10,061,383 ​ $ 7,134,955 MRI Compatible Patient Vital Signs Monitoring Systems 6,128,718 ​ 4,921,619 ​ 10,825,536 ​ 10,116,370 Ferro Magnetic Detection Systems 183,190 ​ — ​ 480,779 ​ — Total Devices revenue 10,834,476 ​ 8,774,635 ​ 21,367,698 ​ 17,251,325 Disposables, services and other 4,815,870 ​ 3,430,005 ​ 9,250,612 ​ 6,748,907 Amortization of extended warranty agreements 480,050 ​ 516,929 ​ 987,170 ​ 1,032,047 Total revenue $ 16,130,396 ​ $ 12,721,569 ​ $ 31,605,480 ​ $ 25,032,279 ​ Contract Liabilities Our contract liabilities consist of: ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ 2023 ​ 2022 ​ (unaudited) ​ ​ ​ Advance payments from customers $ 342,292 ​ $ 896,617 Shipments in-transit 19,833 ​ 14,696 Extended warranty agreements 4,365,107 ​ 3,837,006 Total $ 4,727,232 ​ $ 4,748,319 ​ Changes in the contract liabilities during the periods presented are as follows: ​ ​ ​ ​ ​ Deferred ​ Revenue ​ ​ (unaudited) Contract liabilities, December 31, 2022 $ 4,748,319 Increases due to cash received from customers 2,464,337 Decreases due to recognition of revenue (2,485,424) Contract liabilities, June 30, 2023 $ 4,727,232 ​ ​ ​ ​ ​ Deferred ​ Revenue ​ ​ (unaudited) Contract liabilities, December 31, 2021 $ 4,232,439 Increases due to cash received from customers 1,969,841 Decreases due to recognition of revenue (2,288,798) Contract liabilities, June 30, 2022 $ 3,913,482 ​ Capitalized Contract Costs Our capitalized contract costs totaled $199,776 and $340,044 as of June 30, 2023 and December 31, 2022, respectively, and are classified as other assets on the unaudited condensed balance sheet.

Basic and Diluted Net Income pe

Basic and Diluted Net Income per Share	6 Months Ended
	Jun. 30, 2023
Basic and Diluted Net Income per Share
Basic and Diluted Net Income per Share	3 — 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. Stock options, restricted stock units and performance-based restricted stock units granted by us represent the only dilutive effect reflected in diluted weighted-average shares 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, ​ 2023 2022 ​ 2023 2022 ​ (unaudited) ​ (unaudited) Net income $ 4,179,840 ​ $ 3,241,052 ​ $ 7,585,910 ​ $ 5,727,766 Weighted-average shares outstanding — Basic 12,596,032 ​ 12,560,812 ​ 12,594,541 ​ 12,556,837 Effect of dilutive securities: ​ ​ ​ Stock options 19,333 ​ 19,168 ​ 18,893 ​ 22,784 Restricted stock units 69,112 ​ 52,775 ​ ​ 57,610 ​ 61,803 Performance-based restricted stock units 38,540 ​ — ​ 35,564 ​ — Weighted-average shares outstanding — Diluted 12,723,017 ​ 12,632,755 ​ 12,706,608 ​ 12,641,424 Basic net income per share $ 0.33 ​ $ 0.26 ​ $ 0.60 ​ $ 0.46 Diluted net income per share $ 0.33 ​ $ 0.26 ​ $ 0.60 ​ $ 0.45 ​ Stock options and restricted stock units excluded from the calculation of diluted net income per share because the effect would have been anti-dilutive are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Six Months Ended ​ June 30, ​ June 30, ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ (unaudited) ​ (unaudited) Anti-dilutive stock options and restricted stock units — 30,728 11,141 25,197 ​

Inventory, net

Inventory, net	6 Months Ended
	Jun. 30, 2023
Inventory, net.
Inventory, net	4 — Inventory, net Inventory consists of: ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ 2023 ​ 2022 ​ (unaudited) ​ ​ ​ Raw materials $ 7,106,304 ​ $ 4,827,113 Work in process 754,670 ​ 369,761 Finished goods 960,776 ​ 411,647 Inventory before allowance for excess and obsolete 8,821,750 ​ 5,608,521 Allowance for excess and obsolete (406,670) ​ (239,288) Total $ 8,415,080 ​ $ 5,369,233 ​

Property and Equipment, net

Property and Equipment, net	6 Months Ended
	Jun. 30, 2023
Property and Equipment, net
Property and Equipment, net	5 — Property and Equipment, net Property and equipment consist of: ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ 2023 ​ 2022 ​ (unaudited) ​ ​ ​ Land $ 6,200,000 ​ $ — Computer software and hardware ​ 1,271,277 ​ ​ 1,121,455 Furniture and fixtures 1,695,772 ​ 1,573,587 Leasehold improvements 266,082 ​ 259,146 Machinery and equipment 2,419,147 ​ 2,210,181 Fixed assets in-process 617,760 ​ 665,773 ​ 12,470,038 ​ 5,830,142 Accumulated depreciation (3,749,765) ​ (3,430,330) Total $ 8,720,273 ​ $ 2,399,812 ​ Depreciation expense of property and equipment was $162,121 and $142,710 for the three months ended June 30, 2023 and 2022, respectively, and $319,435 and $277,581 for the six months ended June 30, 2023 and 2022, respectively. Land Acquisition On February 2, 2023, the Company entered into a reinstatement and amendment to the previously announced sale and purchase agreement with O Property, Ltd., a Florida limited partnership dated as of November 1, 2022, pursuant to which the parties agreed to consummate a sale of real property located in Orange County, Florida. Pursuant to the terms of the Reinstatement, the parties consummated the sale of approximately 26.5 acres of land to the Company for a purchase price of $6,200,000 . Property and equipment, net, information by geographic region is as follows: ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ 2023 ​ 2022 ​ (unaudited) ​ ​ ​ United States $ 8,528,821 ​ $ 2,248,308 International 191,452 ​ 151,504 Total property and equipment, net $ 8,720,273 ​ $ 2,399,812 ​ Long-lived assets held outside of the United States consist principally of tooling and machinery and equipment, which are components of property and equipment, net.

Intangible Assets, net

Intangible Assets, net	6 Months Ended
	Jun. 30, 2023
Intangible Assets, net
Intangible Assets, net	6 — Intangible Assets, net The following table summarizes the components of intangible asset balances: ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ 2023 ​ 2022 ​ (unaudited) ​ ​ ​ Patents — in use $ 321,874 ​ $ 321,873 Patents — fully amortized 70,164 ​ 70,164 Patents — in process 127,108 ​ 123,153 Internally developed software — in use 872,218 ​ 872,218 Internally developed software — in process 1,820,173 ​ 1,489,322 Trademarks 27,697 ​ 27,697 ​ 3,239,234 ​ 2,904,427 Accumulated amortization (885,461) ​ (834,988) Total $ 2,353,773 ​ $ 2,069,439 ​ Amortization expense of intangible assets was $25,236 and $25,393 for the three months ended June 30, 2023 and 2022, respectively, and $50,473 and $50,649 for the six months ended June 30, 2023 and 2022, respectively. Expected annual amortization expense for the remaining portion of 2023 and the next five years related to intangible assets is as follows (excludes in process intangible assets): ​ ​ ​ ​ Six months ending December 31,2023 $ 50,473 2024 $ 100,544 2025 $ 97,374 2026 $ 85,658 2027 $ 11,945 2028 $ 9,343 ​

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Measurements
Fair Value Measurements	7 — Fair Value Measurements The fair values of cash equivalents, accounts receivables, net and accounts payable approximate their carrying amounts due to their short duration. As of June 30, 2023 we did not have any asset or liabilities subject to recurring fair value measurements.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 2023
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income	8 — Accumulated Other Comprehensive Income The components of accumulated other comprehensive income, net of tax, for the three months ended June 30, 2023 and 2022 are as follows: ​ ​ ​ ​ ​ Unrealized (Losses) ​ Gains on ​ Available-For-Sale ​ Securities ​ ​ (unaudited) Balance at March 31, 2023 $ — (Gain) Loss on available-for-sale securities, net — Reclassification realized in net earnings — Balance at June 30, 2023 $ — ​ ​ ​ Balance at March 31, 2022 $ 6,127 (Gain) Loss on available-for-sale securities, net (68) Reclassification realized in net earnings (6,059) Balance at June 30, 2022 $ — ​ ​ The components of accumulated other comprehensive income, net of tax, for the six months ended June 30, 2023 and 2022 are as follows: ​ ​ ​ ​ ​ Unrealized (Losses) ​ Gains on ​ Available-For-Sale ​ Securities ​ ​ (unaudited) Balance at December 31, 2022 $ — (Gain) Loss on available-for-sale securities, net — Reclassification realized in net earnings — Balance at June 30, 2023 $ — ​ ​ ​ Balance at December 31, 2021 $ 17,012 (Gain) Loss on available-for-sale securities, net (10,953) Reclassification realized in net earnings (6,059) Balance at June 30, 2022 $ — ​

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2023
Stock-Based Compensation
Stock-Based Compensation	9 — Stock-Based Compensation Stock-based compensation was recognized as follows in the unaudited Condensed Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Six Months Ended ​ June 30, ​ June 30, ​ 2023 2022 2023 2022 ​ (unaudited) ​ (unaudited) Cost of revenue $ 62,430 ​ $ 7,955 ​ $ 124,173 ​ $ 87,379 General and administrative 291,346 ​ 10,604 ​ 580,730 ​ 207,374 Sales and marketing 169,160 ​ 62,253 ​ 306,367 ​ 199,675 Research and development 45,518 ​ 40,191 ​ 90,827 ​ 79,935 Total $ 568,454 ​ $ 121,003 ​ $ 1,102,097 ​ $ 574,363 ​ As of June 30, 2023, we had $3,326,259 of unrecognized compensation cost related to unvested restricted stock units, which is expected to be recognized over a weighted-average period of 2.46 years. As of June 30, 2023, we had $730,618 of unrecognized compensation cost related to unvested performance-based restricted stock units, which is expected to be recognized over a weighted-average period of 2.21 years. The following table presents a summary of our equity award activity for the six months ended June 30, 2023 (shares): ​ ​ ​ ​ ​ ​ ​ ​ ​ Performance ​ ​ ​ ​ ​ Based ​ Stock ​ Restricted ​ Restricted ​ Options ​ Stock Units ​ Stock Units Outstanding beginning of period 24,010 151,337 27,884 Awards granted — 3,656 — Awards exercised/vested (1,000) (13,001) — Awards canceled/ forfeited — (70) — Outstanding end of period 23,010 141,922 27,884 ​

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Taxes
Income Taxes	10 — Income Taxes For the three and six months ended June 30, 2023, we recorded a provision for income tax expense of $1,118,582 and $2,062,171, respectively. Our effective tax rate was 21.1 percent and 21.4 percent, respectively, and differed from the U.S. Federal statutory rate primarily due to U.S. state income tax expense, partially offset by benefits from foreign derived intangible income and research and development tax credits. For the three and six months ended June 30, 2022, we recorded a provision for income tax expense of $938,631 and $1,511,926 respectively. Our effective tax rate was 22.5 percent and 20.9 percent respectively and differed from the U.S. Federal statutory rate primarily due to U.S. Federal income tax expense, partially offset by benefits from foreign derived intangible income and research and development tax credits. As of June 30, 2023 and December 31, 2022, we had 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 believe that our tax positions comply in all material respects with applicable tax law. However, tax law is subject to interpretation, and interpretations by taxing authorities could be different from ours, which could result in the imposition of additional taxes and penalties. We file tax returns in the United States Federal jurisdiction and many U.S. state jurisdictions. Our returns are not currently under examination by the Internal Revenue Service. The Company remains subject to income tax examinations for our United States Federal and certain U.S. state income taxes for 2019 and subsequent years.

Leases

Leases	6 Months Ended
	Jun. 30, 2023
Leases
Leases	11 — Leases We have entered into operating lease contracts for our manufacturing plant, office space, and various office equipment with one material lease contract outstanding. In January 2014, we entered into a non-cancelable operating lease, commencing July 1, 2014, for our manufacturing and headquarters facility in Winter Springs, Florida owned by Susi, LLC, an entity controlled by our President, Chief Executive Officer, and Chairman of the Board, Roger Susi. Pursuant to the terms of our lease for this property, the monthly base rent is $34,133, adjusted annually for changes in the consumer price index. For the three months ended June 30, 2023 and 2022, the Company paid Susi, LLC $127,817 and $118,504 respectively. For the six months ended June 30, 2023 and 2022, the Company paid Susi, LLC $255,635 and $237,008 respectively. For the year ended December 31, 2022, the Company paid Susi, LLC $492,643 related to this lease. Under the terms of the lease, we are responsible for insurance and maintenance expenses. Prior to May 31, 2019, the expiration date of the initial lease term, and pursuant to the terms of the lease contract, we renewed the lease for an additional five years, resulting in a new lease expiration date of May 31, 2024. Unless advance written notice of termination is timely provided, the lease will automatically renew for one additional successive term of five years beginning in 2024, and thereafter, will be renewed for successive terms of one year each. At the time we adopted ASU 2016-02, Leases In February 2023, we entered into two, two-year, non-cancelable operating leases with non-related parties for additional office space in Winter Springs, Florida. Pursuant to the lease terms the total monthly base rent is $10,055. For the three months ended June 30, 2023 and 2022, the Company paid $30,165 and $0 respectively. For the six months ended June 30, 2023 and 2022, the Company paid $52,975 and $0 respectively. Under the terms of the lease, we are responsible for insurance and maintenance expenses. Pursuant to the contract terms, the leases will expire February 2025 and do not contain any residual value guarantee or material restrictive covenants. We will reassess the lease accounting terms and assumptions once the details regarding completion of a new manufacturing facility and planned departure of the current primary facility is finalized. ​ Operating lease cost recognized in the unaudited Condensed Statements of Operations is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Six Months Ended ​ June 30, ​ June 30, ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ (unaudited) ​ (unaudited) Cost of revenue $ 58,086 $ 53,854 $ 116,172 $ 107,708 General and administrative 92,206 ​ 54,710 ​ 183,676 ​ 109,420 Sales and marketing 3,251 ​ 3,014 ​ 6,501 ​ 6,028 Research and development 9,006 ​ 8,350 ​ 18,013 ​ 16,700 Total $ 162,549 ​ $ 119,928 ​ $ 324,362 ​ $ 239,856 ​ Lease costs for short-term leases were immaterial for the three and six months ended June 30, 2023, and 2022. Maturity of our operating lease liability as of June 30, 2023, is as follows: ​ ​ ​ ​ Six months ending December 31, 2023 $ 269,657 2024 535,954 2025 415,294 2026 409,596 2027 409,596 Thereafter 594,446 Total lease payments 2,634,543 Imputed interest (386,876) Present value of lease liability $ 2,247,667 ​

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies
Commitments and Contingencies	12 — Commitments and Contingencies Purchase commitments. Legal matters.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2023
Basis of Presentation
Basis of Presentation	The accompanying interim condensed financial statements of IRADIMED CORPORATION (“IRADIMED”, the “Company”, “we”, “our”) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally presented in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The interim financial information is unaudited, but reflects all normal adjustments that are, in the opinion of management, necessary for the fair presentation of our financial position, results of operations and cash flows for the interim periods presented. Operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023, and other interim periods, or future years or periods. The accompanying interim condensed financial statements should be read in conjunction with the financial statements and related footnotes to financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022. The accounting policies followed in the preparation of these interim condensed financial statements, except as described in Note 1, are consistent in all material respects with those described in Note 1 of our Form 10-K. We operate in one reportable segment which is the development, manufacture and sale of Magnetic Resonance Imaging (“MRI”) compatible medical devices, related accessories, disposables and service for use primarily by hospitals and acute care facilities during MRI procedures.
Certain Significant Risks and Uncertainties	Certain Significant Risks and Uncertainties 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. We have deposited our cash and cash equivalents with various financial institutions. Our cash and cash equivalents balances exceed federally insured limits regularly throughout the year. We have not incurred any losses related to these balances. Our medical devices require clearance from the FDA and international regulatory agencies prior to commercialized sales. Our future products may not receive required 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. 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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Codification Improvements to Topic 326, Financial Instruments - Credit Losses Codification Improvements to Topic 326, Financial Instruments - Credit Losses Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue Recognition
Schedule of disaggregation of revenue by geographic region and revenue type	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Six Months Ended ​ June 30, ​ June 30, ​ 2023 2022 ​ 2023 2022 ​ (unaudited) ​ (unaudited) United States $ 12,949,526 ​ $ 10,816,691 ​ $ 24,928,050 ​ $ 20,796,032 International 3,180,870 ​ 1,904,878 ​ 6,677,430 ​ 4,236,247 Total revenue $ 16,130,396 ​ $ 12,721,569 ​ $ 31,605,480 ​ $ 25,032,279 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Six Months Ended ​ June 30, ​ June 30, ​ 2023 2022 ​ 2023 2022 ​ (unaudited) ​ (unaudited) Devices: ​ ​ ​ ​ MRI Compatible IV Infusion Pump Systems $ 4,522,568 ​ $ 3,853,016 ​ $ 10,061,383 ​ $ 7,134,955 MRI Compatible Patient Vital Signs Monitoring Systems 6,128,718 ​ 4,921,619 ​ 10,825,536 ​ 10,116,370 Ferro Magnetic Detection Systems 183,190 ​ — ​ 480,779 ​ — Total Devices revenue 10,834,476 ​ 8,774,635 ​ 21,367,698 ​ 17,251,325 Disposables, services and other 4,815,870 ​ 3,430,005 ​ 9,250,612 ​ 6,748,907 Amortization of extended warranty agreements 480,050 ​ 516,929 ​ 987,170 ​ 1,032,047 Total revenue $ 16,130,396 ​ $ 12,721,569 ​ $ 31,605,480 ​ $ 25,032,279
Schedule of contract liabilities and changes in the contract liabilities	​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ 2023 ​ 2022 ​ (unaudited) ​ ​ ​ Advance payments from customers $ 342,292 ​ $ 896,617 Shipments in-transit 19,833 ​ 14,696 Extended warranty agreements 4,365,107 ​ 3,837,006 Total $ 4,727,232 ​ $ 4,748,319 ​ ​ ​ ​ ​ Deferred ​ Revenue ​ ​ (unaudited) Contract liabilities, December 31, 2022 $ 4,748,319 Increases due to cash received from customers 2,464,337 Decreases due to recognition of revenue (2,485,424) Contract liabilities, June 30, 2023 $ 4,727,232 ​ ​ ​ ​ ​ Deferred ​ Revenue ​ ​ (unaudited) Contract liabilities, December 31, 2021 $ 4,232,439 Increases due to cash received from customers 1,969,841 Decreases due to recognition of revenue (2,288,798) Contract liabilities, June 30, 2022 $ 3,913,482

Basic and Diluted Net Income _2

Basic and Diluted Net Income per Share (Tables)	6 Months Ended
	Jun. 30, 2023
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, ​ 2023 2022 ​ 2023 2022 ​ (unaudited) ​ (unaudited) Net income $ 4,179,840 ​ $ 3,241,052 ​ $ 7,585,910 ​ $ 5,727,766 Weighted-average shares outstanding — Basic 12,596,032 ​ 12,560,812 ​ 12,594,541 ​ 12,556,837 Effect of dilutive securities: ​ ​ ​ Stock options 19,333 ​ 19,168 ​ 18,893 ​ 22,784 Restricted stock units 69,112 ​ 52,775 ​ ​ 57,610 ​ 61,803 Performance-based restricted stock units 38,540 ​ — ​ 35,564 ​ — Weighted-average shares outstanding — Diluted 12,723,017 ​ 12,632,755 ​ 12,706,608 ​ 12,641,424 Basic net income per share $ 0.33 ​ $ 0.26 ​ $ 0.60 ​ $ 0.46 Diluted net income per share $ 0.33 ​ $ 0.26 ​ $ 0.60 ​ $ 0.45
Schedule of stock options and restricted stock units excluded from the calculation of diluted net income per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Six Months Ended ​ June 30, ​ June 30, ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ (unaudited) ​ (unaudited) Anti-dilutive stock options and restricted stock units — 30,728 11,141 25,197

Inventory, net (Tables)

Inventory, net (Tables)	6 Months Ended
	Jun. 30, 2023
Inventory, net.
Schedule of inventory	​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ 2023 ​ 2022 ​ (unaudited) ​ ​ ​ Raw materials $ 7,106,304 ​ $ 4,827,113 Work in process 754,670 ​ 369,761 Finished goods 960,776 ​ 411,647 Inventory before allowance for excess and obsolete 8,821,750 ​ 5,608,521 Allowance for excess and obsolete (406,670) ​ (239,288) Total $ 8,415,080 ​ $ 5,369,233

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	6 Months Ended
	Jun. 30, 2023
Property and Equipment, net
Schedule of property and equipment	​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ 2023 ​ 2022 ​ (unaudited) ​ ​ ​ Land $ 6,200,000 ​ $ — Computer software and hardware ​ 1,271,277 ​ ​ 1,121,455 Furniture and fixtures 1,695,772 ​ 1,573,587 Leasehold improvements 266,082 ​ 259,146 Machinery and equipment 2,419,147 ​ 2,210,181 Fixed assets in-process 617,760 ​ 665,773 ​ 12,470,038 ​ 5,830,142 Accumulated depreciation (3,749,765) ​ (3,430,330) Total $ 8,720,273 ​ $ 2,399,812
Schedule of property and equipment, net, information by geographic region	​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ 2023 ​ 2022 ​ (unaudited) ​ ​ ​ United States $ 8,528,821 ​ $ 2,248,308 International 191,452 ​ 151,504 Total property and equipment, net $ 8,720,273 ​ $ 2,399,812

Intangible Assets, net (Tables)

Intangible Assets, net (Tables)	6 Months Ended
	Jun. 30, 2023
Intangible Assets, net
Summary of the components of intangible asset balances	​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ 2023 ​ 2022 ​ (unaudited) ​ ​ ​ Patents — in use $ 321,874 ​ $ 321,873 Patents — fully amortized 70,164 ​ 70,164 Patents — in process 127,108 ​ 123,153 Internally developed software — in use 872,218 ​ 872,218 Internally developed software — in process 1,820,173 ​ 1,489,322 Trademarks 27,697 ​ 27,697 ​ 3,239,234 ​ 2,904,427 Accumulated amortization (885,461) ​ (834,988) Total $ 2,353,773 ​ $ 2,069,439
Schedule of expected annual amortization expense related to intangible assets (excludes in process intangible assets)	​ ​ ​ ​ Six months ending December 31,2023 $ 50,473 2024 $ 100,544 2025 $ 97,374 2026 $ 85,658 2027 $ 11,945 2028 $ 9,343

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2023
Accumulated Other Comprehensive Income
Schedule of component of accumulated other comprehensive income related to unrealized gains and (losses)	​ ​ ​ ​ ​ Unrealized (Losses) ​ Gains on ​ Available-For-Sale ​ Securities ​ ​ (unaudited) Balance at March 31, 2023 $ — (Gain) Loss on available-for-sale securities, net — Reclassification realized in net earnings — Balance at June 30, 2023 $ — ​ ​ ​ Balance at March 31, 2022 $ 6,127 (Gain) Loss on available-for-sale securities, net (68) Reclassification realized in net earnings (6,059) Balance at June 30, 2022 $ — ​ ​ The components of accumulated other comprehensive income, net of tax, for the six months ended June 30, 2023 and 2022 are as follows: ​ ​ ​ ​ ​ Unrealized (Losses) ​ Gains on ​ Available-For-Sale ​ Securities ​ ​ (unaudited) Balance at December 31, 2022 $ — (Gain) Loss on available-for-sale securities, net — Reclassification realized in net earnings — Balance at June 30, 2023 $ — ​ ​ ​ Balance at December 31, 2021 $ 17,012 (Gain) Loss on available-for-sale securities, net (10,953) Reclassification realized in net earnings (6,059) Balance at June 30, 2022 $ —

Stock Based Compensation (Table

Stock Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Stock-Based Compensation
Schedule of stock-based compensation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Six Months Ended ​ June 30, ​ June 30, ​ 2023 2022 2023 2022 ​ (unaudited) ​ (unaudited) Cost of revenue $ 62,430 ​ $ 7,955 ​ $ 124,173 ​ $ 87,379 General and administrative 291,346 ​ 10,604 ​ 580,730 ​ 207,374 Sales and marketing 169,160 ​ 62,253 ​ 306,367 ​ 199,675 Research and development 45,518 ​ 40,191 ​ 90,827 ​ 79,935 Total $ 568,454 ​ $ 121,003 ​ $ 1,102,097 ​ $ 574,363
Schedule of stock-based compensation activity	​ ​ ​ ​ ​ ​ ​ ​ ​ Performance ​ ​ ​ ​ ​ Based ​ Stock ​ Restricted ​ Restricted ​ Options ​ Stock Units ​ Stock Units Outstanding beginning of period 24,010 151,337 27,884 Awards granted — 3,656 — Awards exercised/vested (1,000) (13,001) — Awards canceled/ forfeited — (70) — Outstanding end of period 23,010 141,922 27,884

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases
Schedule of operating lease cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Six Months Ended ​ June 30, ​ June 30, ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ (unaudited) ​ (unaudited) Cost of revenue $ 58,086 $ 53,854 $ 116,172 $ 107,708 General and administrative 92,206 ​ 54,710 ​ 183,676 ​ 109,420 Sales and marketing 3,251 ​ 3,014 ​ 6,501 ​ 6,028 Research and development 9,006 ​ 8,350 ​ 18,013 ​ 16,700 Total $ 162,549 ​ $ 119,928 ​ $ 324,362 ​ $ 239,856
Schedule of maturity of operating lease liability	​ ​ ​ ​ Six months ending December 31, 2023 $ 269,657 2024 535,954 2025 415,294 2026 409,596 2027 409,596 Thereafter 594,446 Total lease payments 2,634,543 Imputed interest (386,876) Present value of lease liability $ 2,247,667

Basis of Presentation (Details)

Basis of Presentation (Details)	6 Months Ended
	Jun. 30, 2023 segment
Basis of Presentation
Number of Reportable Segments	1

Revenue Recognition - Informati

Revenue Recognition - Information by geographic region (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Contract Liabilities
Total revenue	$ 16,130,396	$ 12,721,569	$ 31,605,480	$ 25,032,279
United States
Contract Liabilities
Total revenue	12,949,526	10,816,691	24,928,050	20,796,032
International
Contract Liabilities
Total revenue	$ 3,180,870	$ 1,904,878	$ 6,677,430	$ 4,236,247

Revenue Recognition - Informa_2

Revenue Recognition - Information by type (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue
Total Devices revenue	$ 10,834,476	$ 8,774,635	$ 21,367,698	$ 17,251,325
Disposables, service and other	4,815,870	3,430,005	9,250,612	6,748,907
Amortization of extended warranty agreements	480,050	516,929	987,170	1,032,047
Total revenue	16,130,396	12,721,569	31,605,480	25,032,279
MRI compatible IV infusion pump system
Disaggregation of Revenue
Total Devices revenue	4,522,568	3,853,016	10,061,383	7,134,955
MRI compatible patient vital signs monitoring systems
Disaggregation of Revenue
Total Devices revenue	6,128,718	$ 4,921,619	10,825,536	$ 10,116,370
Ferro Magnetic Detection Systems
Disaggregation of Revenue
Total Devices revenue	$ 183,190		$ 480,779

Revenue Recognition - Contract

Revenue Recognition - Contract liabilities (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Deferred Revenue
Advance payments from customers	$ 342,292		$ 896,617
Shipments in-transit	19,833		14,696
Extended warranty agreements	4,365,107		3,837,006
Total	4,727,232	$ 3,913,482	$ 4,748,319
Changes in contract liabilities
Contract liabilities, beginning balance	4,748,319	4,232,439
Increases due to cash received from customers	2,464,337	1,969,841
Decreases due to recognition of revenue	(2,485,424)	(2,288,798)
Contract liabilities, ending balance	$ 4,727,232	$ 3,913,482

Revenue Recognition - Capitaliz

Revenue Recognition - Capitalized contract costs (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Revenue Recognition
Capitalized contract costs	$ 199,776	$ 340,044

Basic and diluted net income _3

Basic and diluted net income per share (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Basic and Diluted Net Income Per Share
Net income	$ 4,179,840	$ 3,406,070	$ 3,241,052	$ 2,486,713	$ 7,585,910	$ 5,727,766
Weighted-average shares outstanding - Basic	12,596,032		12,560,812		12,594,541	12,556,837
Effect of dilutive securities:
Stock options	19,333		19,168		18,893	22,784
Restricted stock units	69,112		52,775		57,610	61,803
Performance-based restricted stock units	38,540				35,564
Weighted-average shares outstanding - Diluted (in shares)	12,723,017		12,632,755		12,706,608	12,641,424
Basic net income per share (in dollars per share)	$ 0.33		$ 0.26		$ 0.60	$ 0.46
Diluted net income per share (in dollars per share)	$ 0.33		$ 0.26		$ 0.60	$ 0.45
Anti-dilutive stock
Anti-dilutive stock options and restricted stock units			30,728		11,141	25,197

Inventory, net (Details)

Inventory, net (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Inventory, net.
Raw materials	$ 7,106,304	$ 4,827,113
Work in process	754,670	369,761
Finished goods	960,776	411,647
Inventory before allowance for excess and obsolete	8,821,750	5,608,521
Allowance for excess and obsolete	(406,670)	(239,288)
Total	$ 8,415,080	$ 5,369,233

Property and Equipment, net (De

Property and Equipment, net (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Property and equipment, net
Property and equipment, gross	$ 12,470,038		$ 12,470,038		$ 5,830,142
Accumulated depreciation	(3,749,765)		(3,749,765)		(3,430,330)
Total	8,720,273		8,720,273		2,399,812
Depreciation and amortization expense of property and equipment	162,121	$ 142,710	319,435	$ 277,581
Land
Property and equipment, net
Property and equipment, gross	6,200,000		6,200,000
Computer software and hardware
Property and equipment, net
Property and equipment, gross	1,271,277		1,271,277		1,121,455
Furniture and fixtures
Property and equipment, net
Property and equipment, gross	1,695,772		1,695,772		1,573,587
Leasehold improvements
Property and equipment, net
Property and equipment, gross	266,082		266,082		259,146
Machinery and equipment
Property and equipment, net
Property and equipment, gross	2,419,147		2,419,147		2,210,181
Fixed assets in-process
Property and equipment, net
Property and equipment, gross	$ 617,760		$ 617,760		$ 665,773

Property and Equipment, net - L

Property and Equipment, net - Land Acquisition (Details)	Feb. 02, 2023 USD ($) a
Property and Equipment, net
Purchase of land | a	26.5
Total purchase price of the property | $	$ 6,200,000

Property and Equipment, net - g

Property and Equipment, net - geographic region (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Property and equipment, net
Total property and equipment, net	$ 8,720,273	$ 2,399,812
United States
Property and equipment, net
Total property and equipment, net	8,528,821	2,248,308
International
Property and equipment, net
Total property and equipment, net	$ 191,452	$ 151,504

Intangible Assets, net (Details

Intangible Assets, net (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Intangible Assets, net
Intangible Assets, gross	$ 3,239,234		$ 3,239,234		$ 2,904,427
Accumulated amortization	(885,461)		(885,461)		(834,988)
Total	2,353,773		2,353,773		2,069,439
Amortization expense of intangible assets	25,236	$ 25,393	50,473	$ 50,649
Expected annual amortization expense
Six months ended December 31, 2023	50,473		50,473
2024	100,544		100,544
2025	97,374		97,374
2026	85,658		85,658
2027	11,945		11,945
2028	9,343		9,343
Patents - in use
Intangible Assets, net
Intangible Assets, gross	321,874		321,874		321,873
Patents - fully amortized
Intangible Assets, net
Intangible Assets, gross	70,164		70,164		70,164
Patents - in process
Intangible Assets, net
Intangible Assets, gross	127,108		127,108		123,153
Internally developed software - in use
Intangible Assets, net
Intangible Assets, gross	872,218		872,218		872,218
Internally developed software - in process
Intangible Assets, net
Intangible Assets, gross	1,820,173		1,820,173		1,489,322
Trademarks
Intangible Assets, net
Intangible Assets, gross	$ 27,697		$ 27,697		$ 27,697

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Component of accumulated other comprehensive income related to unrealized gains and (losses)
Balance at the beginning	$ 6,127	$ 17,012
(Gain) Loss on available-for-sale securities, net	(68)	(10,953)
Reclassification realized in net earnings	$ (6,059)	$ (6,059)

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Stock-Based Compensation
Total stock-based compensation expense	$ 568,454	$ 121,003	$ 1,102,097	$ 574,363
Cost of revenue
Stock-Based Compensation
Total stock-based compensation expense	62,430	7,955	124,173	87,379
General and administrative
Stock-Based Compensation
Total stock-based compensation expense	291,346	10,604	580,730	207,374
Sales and marketing
Stock-Based Compensation
Total stock-based compensation expense	169,160	62,253	306,367	199,675
Research and development
Stock-Based Compensation
Total stock-based compensation expense	$ 45,518	$ 40,191	$ 90,827	$ 79,935

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Options and Restricted Stock Units Activity (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023
Stock Options
Stock Options
Outstanding beginning of period (in shares)	24,010
Awards exercised/vested (in shares)	(1,000)
Outstanding end of period (in shares)	23,010
Restricted Stock Units
Stock Options
Outstanding beginning of period (in shares)	151,337
Awards granted (in shares)	3,656
Awards exercised/vested (in shares)	(13,001)
Awards canceled/ forfeited (in shares)	(70)
Outstanding end of period (in shares)	141,922
Weighted-average period of unrecognized compensation cost expected to be recognized	2 years 5 months 15 days
Unrecognized compensation cost for unvested award	$ 3,326,259
Performance Based Restricted Stock Units
Stock Options
Outstanding beginning of period (in shares)	27,884
Outstanding end of period (in shares)	27,884
Weighted-average period of unrecognized compensation cost expected to be recognized	2 years 2 months 15 days
Unrecognized compensation cost for unvested award	$ 730,618

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Taxes
Provision for income tax expense	$ 1,118,582	$ 938,631	$ 2,062,171	$ 1,511,926
Effective rate (as a percent)	21.10%	22.50%	21.40%	20.90%

Leases (Details)

Leases (Details)	1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended
	Feb. 28, 2023 USD ($) item	Jan. 31, 2014 USD ($) item	Jun. 30, 2023 USD ($) item	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) item	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Leases
Number of material lease contracts outstanding | item			1		1
Number of non-cancelable operating leases entered | item	2
Lessee, operating lease, existence of residual value guarantee					false
Winter Springs, Florida Facility
Leases
Monthly base rent	$ 10,055
Operating lease paid			$ 30,165	$ 0	$ 52,975	$ 0
Non-cancelable operating lease term	2 years
Susi, LLC
Leases
Operating lease paid					$ 255,635	$ 237,008
Susi, LLC | Winter Springs, Florida Facility
Leases
Monthly base rent		$ 34,133
Operating lease paid			$ 127,817	$ 118,504			$ 492,643
Renewal term of lease beginning in 2019		5 years
Number of successive renewal terms of lease | item		1
Renewal term of lease beginning in 2024		5 years
Renewal term lease thereafter		1 year
Remaining lease term (in years)			6 years 9 months 18 days		6 years 9 months 18 days

Leases - Operating lease cost (

Leases - Operating lease cost (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases
Operating lease cost	$ 162,549	$ 119,928	$ 324,362	$ 239,856
Cost of revenue
Leases
Operating lease cost	58,086	53,854	116,172	107,708
General and administrative
Leases
Operating lease cost	92,206	54,710	183,676	109,420
Sales and marketing
Leases
Operating lease cost	3,251	3,014	6,501	6,028
Research and development
Leases
Operating lease cost	$ 9,006	$ 8,350	$ 18,013	$ 16,700

Leases - Maturity of operating

Leases - Maturity of operating lease liability (Details)	Jun. 30, 2023 USD ($)
Operating leases
Six months ended December 31, 2023	$ 269,657
2024	535,954
2025	415,294
2026	409,596
2027	409,596
Thereafter	594,446
Total lease payments	2,634,543
Imputed interest	(386,876)
Present value of lease liability	$ 2,247,667

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Purchase commitments
Purchase commitments	$ 14,802,094	$ 8,021,403
Legal matters accrued	$ 250,000	$ 0