IRadimed (IRMD) 10-Q 1 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Jul. 31, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Securities Act 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		12,669,787
Entity Central Index Key	0001325618
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 48,535,140	$ 49,762,198
Accounts receivable, net of allowance for credit losses of $387,362 as of June 30, 2024, and $368,835 as of December 31, 2023	11,953,345	12,224,273
Inventory, net	12,071,322	12,821,194
Prepaid expenses and other current assets	1,018,427	1,193,447
Total current assets	73,578,234	76,001,112
Property and equipment, net	10,472,670	9,288,625
Intangible assets, net	2,747,925	2,519,053
Operating lease right-of-use asset	371,849	2,043,043
Deferred tax asset, net	2,590,434	2,122,816
Other assets	188,235	181,449
Total assets	89,949,347	92,156,098
Current liabilities:
Accounts payable	1,121,180	1,857,091
Accrued payroll and benefits	2,904,699	2,775,103
Other accrued taxes	157,737	103,241
Warranty reserve	119,657	117,463
Deferred revenue	2,537,402	2,570,407
Dividend payable		7,975,997
Current portion of operating lease liabilities	367,618	427,963
Other current liabilities	250,000	250,000
Accrued income taxes		250,041
Total current liabilities	7,458,293	16,327,306
Deferred revenue, non-current	2,815,334	2,793,548
Operating lease liabilities, non-current	4,231	1,615,080
Total liabilities	10,277,858	20,735,934
Stockholders' equity:
Common stock; $0.0001 par value per share; 31,500,000 shares authorized; 12,669,101 shares issued and outstanding as of June 30, 2024, and 12,660,313 shares issued and outstanding as of December 31, 2023	1,267	1,265
Additional paid-in capital	29,273,955	28,160,745
Retained earnings	50,396,267	43,258,154
Total Stockholders' Equity	79,671,489	71,420,164
Total liabilities and stockholders' equity	$ 89,949,347	$ 92,156,098

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
CONDENSED BALANCE SHEETS
Allowance for credit losses	$ 387,362	$ 368,835
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	12,669,101	12,660,313
Common stock, shares outstanding	12,669,101	12,660,313

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
Revenue	$ 17,928,876	$ 16,130,396	$ 35,526,995	$ 31,605,480
Cost of revenue	3,919,283	3,943,904	8,129,679	7,697,535
Gross profit	14,009,593	12,186,492	27,397,316	23,907,945
Operating expenses:
General and administrative	4,104,961	3,313,080	8,096,172	7,233,591
Sales and marketing	3,476,460	2,948,425	7,303,625	5,948,403
Research and development	801,129	961,952	1,622,129	1,755,666
Total operating expenses	8,382,550	7,223,457	17,021,926	14,937,660
Income from operations	5,627,043	4,963,035	10,375,390	8,970,285
Other income, net	642,217	335,387	1,137,371	677,796
Income before provision for income taxes	6,269,260	5,298,422	11,512,761	9,648,081
Provision for income tax expense	1,368,036	1,118,582	2,475,004	2,062,171
Net income	$ 4,901,224	$ 4,179,840	$ 9,037,757	$ 7,585,910
Net income per share:
Basic (in dollars per share)	$ 0.39	$ 0.33	$ 0.71	$ 0.60
Diluted (in dollars per share)	$ 0.38	$ 0.33	$ 0.71	$ 0.60
Weighted average shares outstanding:
Basic (in shares)	12,664,920	12,596,032	12,663,723	12,594,541
Diluted (in shares)	12,757,996	12,723,017	12,753,932	12,706,608

CONDENSED STATEMENTS OF STOCKHO

CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Common Stock	Additional Paid-In Capital	Retained Earnings	Total
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 (Loss)			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 (Loss)				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 (Loss)			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
Beginning balances at Dec. 31, 2023	$ 1,265	28,160,745	43,258,154	71,420,164
Beginning balances (in shares) at Dec. 31, 2023	12,660,313
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)			4,136,533	4,136,533
Stock-based compensation expense		628,640		628,640
Net share settlement of restricted stock units	$ 1	(63,876)		(63,875)
Net share settlement of restricted stock units (in shares)	3,872
Ending balances at Mar. 31, 2024	$ 1,266	28,725,509	47,394,687	76,121,462
Ending balances (in shares) at Mar. 31, 2024	12,664,185
Beginning balances at Dec. 31, 2023	$ 1,265	28,160,745	43,258,154	71,420,164
Beginning balances (in shares) at Dec. 31, 2023	12,660,313
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)				9,037,757
Ending balances at Jun. 30, 2024	$ 1,267	29,273,955	50,396,267	79,671,489
Ending balances (in shares) at Jun. 30, 2024	12,669,101
Beginning balances at Mar. 31, 2024	$ 1,266	28,725,509	47,394,687	76,121,462
Beginning balances (in shares) at Mar. 31, 2024	12,664,185
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)			4,901,224	4,901,224
Dividends paid			(1,899,644)	(1,899,644)
Stock-based compensation expense		609,096		609,096
Net share settlement of restricted stock units	$ 1	(63,946)		(63,945)
Net share settlement of restricted stock units (in shares)	4,581
Exercise of stock options		3,296		3,296
Exercise of stock options (in shares)	335
Ending balances at Jun. 30, 2024	$ 1,267	$ 29,273,955	$ 50,396,267	$ 79,671,489
Ending balances (in shares) at Jun. 30, 2024	12,669,101

CONDENSED STATEMENTS OF STOCK_2

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

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities:
Net income	$ 9,037,757	$ 7,585,910
Adjustments to reconcile net income to net cash provided by operating activities:
Allowance for credit losses	18,527	170,905
Provision for excess and obsolete inventory	104,714	167,383
Depreciation & amortization	425,219	369,908
Loss on disposal of property and equipment	3,872	3,852
Stock-based compensation	1,237,737	1,102,096
Deferred income taxes, net	(717,659)	(1,065,516)
Changes in operating assets and liabilities:
Accounts receivable	252,401	2,021,403
Inventory	578,687	(4,212,765)
Prepaid expenses and other current assets	175,020	57,568
Other assets	(6,786)	541,548
Accounts payable	(762,876)	1,709,063
Accrued payroll and benefits	129,596	(539,247)
Other accrued taxes	54,496	95,577
Warranty reserve	2,194	11,449
Deferred revenue	(11,219)	(363,379)
Other current liabilities		250,000
Prepaid income taxes		254,093
Net cash provided by operating activities	10,521,680	8,159,848
Investing activities:
Purchases of property and equipment	(1,404,837)	(6,600,521)
Capitalized intangible assets	(343,736)	(334,807)
Net cash used in investing activities	(1,748,573)	(6,935,328)
Financing activities:
Dividends paid	(9,875,641)	(13,222,907)
Proceeds from exercises of stock options	3,296	7,339
Taxes paid related to the net share settlement of equity awards	(127,820)	(146,983)
Net cash used in financing activities	(10,000,165)	(13,362,551)
Net decrease in cash and cash equivalents	(1,227,058)	(12,138,031)
Cash and cash equivalents, beginning of period	49,762,198	57,960,864
Cash and cash equivalents, end of period	48,535,140	45,822,833
Supplemental disclosure of cash flow information:
Cash paid for income taxes	3,008,304	2,756,152
ROU asset recognized in exchange for new lease obligation		227,982
ROU asset and liability adjustment	1,486,093
Operating and short-term lease payments recorded within cash flow provided by operating activities	$ 407,362	$ 324,362

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2024
Basis of Presentation
Basis of Presentation	1 — Basis of Presentation The accompanying interim condensed financial statements of IRADIMED CORPORATION (“IRADIMED”, the “Company,” “we,” “our” and “us”) have been prepared pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally presented in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The interim financial information is unaudited, but reflects all normal adjustments that are, in the opinion of management, necessary for the fair presentation of our financial position, results of operations and cash flows for the interim periods presented. Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, 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 2023 Annual Report. The accounting policies followed in the preparation of these interim condensed financial statements, except as described in Note 1 herein, are consistent in all material respects with those described in Note 1 to the Financial Statements in the 2023 Annual Report. 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 ​

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2024
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, ​ ​ 2024 2023 ​ 2024 2023 ​ ​ (unaudited) ​ (unaudited) United States ​ $ 15,485,216 ​ $ 12,949,526 ​ $ 28,894,172 ​ $ 24,928,050 International ​ 2,443,660 ​ 3,180,870 ​ 6,632,823 ​ 6,677,430 Total revenue ​ $ 17,928,876 ​ $ 16,130,396 ​ $ 35,526,995 ​ $ 31,605,480 ​ Revenue information by type is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2024 2023 ​ 2024 2023 ​ ​ (unaudited) ​ (unaudited) Devices: ​ ​ ​ ​ ​ MRI Compatible Intravenous ("IV") Infusion Pump Systems ​ $ 6,881,199 ​ $ 4,522,568 ​ $ 12,073,879 ​ $ 10,061,383 MRI Compatible Patient Vital Signs Monitoring Systems ​ 5,450,224 ​ 6,128,718 ​ 11,911,882 ​ 10,825,536 Ferro Magnetic Detection Systems ​ 366,402 ​ 183,190 ​ 616,102 ​ 480,779 Total Devices revenue ​ 12,697,825 ​ 10,834,476 ​ 24,601,863 ​ 21,367,698 Disposables, services and other ​ 4,662,863 ​ 4,815,870 ​ 9,869,813 ​ 9,250,612 Amortization of extended warranty agreements ​ 568,188 ​ 480,050 ​ 1,055,319 ​ 987,170 Total revenue ​ $ 17,928,876 ​ $ 16,130,396 ​ $ 35,526,995 ​ $ 31,605,480 ​ Contract Liabilities Our contract liabilities consist of: ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ 2024 ​ 2023 ​ (unaudited) ​ (audited) Advance payments from customers $ 303,264 ​ $ 508,956 Shipments in-transit 18,450 ​ 15,438 Extended warranty agreements 5,031,022 ​ 4,835,966 Total $ 5,352,736 ​ $ 5,360,360 ​ Changes in the contract liabilities during the periods presented are as follows: ​ ​ ​ ​ ​ Deferred ​ Revenue ​ (unaudited) Contract liabilities, December 31, 2023 $ 5,360,360 Increases due to cash received from customers 2,393,161 Decreases due to recognition of revenue (2,400,785) Contract liabilities, June 30, 2024 $ 5,352,736 ​ ​ ​ ​ ​ 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 ​ Capitalized Contract Costs Our capitalized contract costs totaled $168,920 and $162,134 as of June 30, 2024 and December 31, 2023, respectively, and are classified as other assets on the unaudited condensed balance sheets.

Basic and Diluted Net Income pe

Basic and Diluted Net Income per Share	6 Months Ended
	Jun. 30, 2024
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 shares of Company common stock, par value $0.0001 per share (“common stock”), outstanding during the period. Diluted net income per share of common stock reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. Stock options, restricted stock units and performance-based restricted stock units granted by us represent the only dilutive effect reflected in diluted weighted-average shares of common stock outstanding. The following table presents the computation of basic and diluted net income per share of common stock: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, Six Months Ended June 30, ​ ​ ​ ​ 2024 2023 ​ 2024 2023 ​ ​ ​ ​ (unaudited) ​ (unaudited) ​ ​ Net income ​ $ 4,901,224 ​ $ 4,179,840 ​ $ 9,037,757 ​ $ 7,585,910 ​ ​ Weighted-average shares outstanding — Basic ​ 12,664,920 ​ 12,596,032 ​ 12,663,723 ​ 12,594,541 ​ ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ Stock options ​ 2,223 ​ 19,333 ​ 2,281 ​ 18,893 ​ ​ Restricted stock units ​ 53,532 ​ 69,112 ​ ​ 51,366 ​ 57,610 ​ ​ Performance-based restricted stock units ​ 37,321 ​ 38,540 ​ 36,562 ​ 35,564 ​ ​ Weighted-average shares outstanding — Diluted ​ 12,757,996 ​ 12,723,017 ​ 12,753,932 ​ 12,706,608 ​ ​ Basic net income per share ​ $ 0.39 ​ $ 0.33 ​ $ 0.71 ​ $ 0.60 ​ ​ Diluted net income per share ​ $ 0.38 ​ $ 0.33 ​ $ 0.71 ​ $ 0.60 ​ ​ ​ 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, ​ ​ ​ ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ ​ ​ ​ ​ (unaudited) ​ (unaudited) ​ ​ ​ Anti-dilutive stock options and restricted stock units 343 — ​ 228 11,141 ​ ​ ​

Inventory, net

Inventory, net	6 Months Ended
	Jun. 30, 2024
Inventory, net.
Inventory, net	4 — Inventory, net Inventory consists of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ ​ 2024 2023 ​ ​ ​ (unaudited) ​ (audited) ​ Raw materials ​ $ 10,252,668 ​ $ 10,833,004 ​ Work in process ​ 713,998 ​ 501,191 ​ Finished goods ​ 1,630,100 ​ 1,907,729 ​ Inventory before allowance for excess and obsolete ​ 12,596,766 ​ 13,241,924 ​ Allowance for excess and obsolete ​ (525,444) ​ (420,730) ​ Total ​ $ 12,071,322 ​ $ 12,821,194 ​ ​

Property and Equipment, net

Property and Equipment, net	6 Months Ended
	Jun. 30, 2024
Property and Equipment, net
Property and Equipment, net	5 — Property and Equipment, net Property and equipment consist of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ ​ 2024 ​ 2023 ​ ​ ​ (unaudited) ​ (audited) ​ Land ​ $ 6,253,790 ​ $ 6,253,790 ​ Computer software and hardware ​ ​ 1,453,267 ​ ​ 1,380,289 ​ Furniture and fixtures ​ 1,826,801 ​ 1,757,129 ​ Leasehold improvements ​ 270,486 ​ 270,486 ​ Machinery and equipment ​ 2,617,394 ​ 2,438,922 ​ Construction in-process ​ 2,371,255 ​ 1,257,844 ​ ​ ​ 14,792,993 ​ 13,358,460 ​ Accumulated depreciation ​ (4,320,323) ​ (4,069,835) ​ Total ​ $ 10,472,670 ​ $ 9,288,625 ​ ​ Depreciation expense of property and equipment was $141,697 and $162,121 for the three months ended June 30, 2024 and 2023, respectively, and $310,354 and $319,435 for the six months ended June 30, 2024 and 2023, respectively. Property and equipment, net, information by geographic region is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ ​ 2024 ​ 2023 ​ ​ (unaudited) ​ (audited) ​ United States ​ $ 10,154,205 ​ $ 8,950,580 ​ International ​ 318,465 ​ 338,045 ​ Total property and equipment, net ​ $ 10,472,670 ​ $ 9,288,625 ​ ​ 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, 2024
Intangible Assets, net
Intangible Assets, net	6 — Intangible Assets, net The following table summarizes the components of intangible asset balances: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ ​ 2024 ​ 2023 ​ ​ ​ (unaudited) ​ (audited) ​ Patents — in use ​ $ 321,874 ​ $ 321,874 ​ Patents — fully amortized ​ 70,164 ​ 70,164 ​ Patents — in process ​ 151,837 ​ 128,221 ​ Internally developed software — in use ​ 1,773,721 ​ 1,773,720 ​ Internally developed software — in process ​ 1,469,527 ​ 1,149,409 ​ Trademarks ​ 27,697 ​ 27,697 ​ ​ ​ 3,814,820 ​ 3,471,085 ​ Accumulated amortization ​ (1,066,895) ​ (952,032) ​ Total ​ $ 2,747,925 ​ $ 2,519,053 ​ ​ Amortization expense of intangible assets was $57,433 and $25,236 for the three months ended June 30, 2024 and 2023, respectively, and $114,865 and $50,473 for the six months ended June 30, 2024 and 2023, respectively. Expected annual amortization expense for the remaining portion of 2024 and the next five years related to intangible assets, excluding trademarks considered to have indefinite lives and in process intangible assets, is as follows: ​ ​ ​ ​ Six months remaining ending December 31, 2024 $ 114,464 2025 $ 226,160 2026 $ 214,444 2027 $ 140,731 2028 $ 138,129 Thereafter $ 264,935 ​

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
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, 2024, we did not have any assets or liabilities subject to recurring fair value measurements.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2024
Stock-Based Compensation
Stock-Based Compensation	8 — 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, ​ ​ ​ 2024 2023 ​ 2024 2023 ​ ​ ​ (unaudited) ​ (unaudited) ​ ​ Cost of revenue ​ $ 58,275 ​ $ 62,430 ​ $ 116,354 ​ $ 124,173 ​ ​ General and administrative ​ 377,194 ​ 291,346 ​ 757,977 ​ 580,730 ​ ​ Sales and marketing ​ 123,425 ​ 169,160 ​ 258,291 ​ 306,367 ​ ​ Research and development ​ 50,202 ​ 45,518 ​ 105,115 ​ 90,827 ​ ​ Total ​ $ 609,096 ​ $ 568,454 ​ $ 1,237,737 ​ $ 1,102,097 ​ ​ ​ As of June 30, 2024, we had (i) $3,264,176 of unrecognized compensation cost related to unvested restricted stock units, which is expected to be recognized over a weighted-average period of 2.25 years and (ii) $1,014,667 of unrecognized compensation cost related to unvested performance-based restricted stock units, which is expected to be recognized over a weighted-average period of 2.02 years. The following table presents a summary of our equity award activity for the six months ended June 30, 2024 (shares): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ ​ ​ June 30, 2024 ​ ​ ​ ​ ​ Performance ​ ​ ​ ​ ​ ​ ​ Based ​ ​ ​ ​ Stock ​ Restricted ​ Restricted ​ ​ ​ ​ Options ​ Stock Units ​ Stock Units ​ Outstanding beginning of period ​ ​ 3,010 141,327 36,792 Awards granted ​ ​ — 3,230 — Awards exercised/vested ​ ​ (335) (11,395) — Awards canceled/ forfeited ​ ​ — (2,742) — Outstanding end of period ​ ​ 2,675 130,420 36,792 ​

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Taxes
Income Taxes	9 — Income Taxes For the three and six months ended June 30, 2024, we recorded a provision for income tax expense of $1,368,036 and $2,475,004, respectively. For the three and six months ended June 30, 2024, our effective tax rate was 21.8 percent and 21.5 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 research and development tax credits. 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. For the three and six months ended June 30, 2023, 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 research and development tax credits. As of June 30, 2024 and December 31, 2023, 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, 2024
Leases
Leases	10 — Leases We have entered into operating lease contracts for our manufacturing plant, office space, and various office equipment with two material lease contracts 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. The Company paid Susi, LLC $129,482 and $127,817 for the three months ended June 30, 2024 and 2023, respectively. For the six months ended June 30, 2024 and 2023, the Company paid Susi, LLC $258,965 and $255,635 respectively. On 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 expiring May 31, 2024. ​ On May 29, 2024, the Company entered into a lease amendment (the “Lease Amendment”) with Susi, LLC under which it did not exercise the second five-year option because of the Company’s continued construction of a new corporate office and manufacturing facility in Orange County, Florida. Pursuant to the terms of the Lease Amendment, the monthly base rent is $34,133, adjusted annually for changes in the consumer price index, and the Lease Amendment has an expiration date of May 31, 2025, and includes an option to renew on a month-to-month basis for up to six months thereafter. The impact of the Lease Amendment to the Right-of-Use (“ROU”) asset valuation is a reduction in the ROU lease liability and ROU assets in the amount of $1.48 million. It has no impact to the statements of operations or cash flow. This Lease Amendment does not contain any ​ 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, 2024 and 2023, the Company paid $30,165 and $30,165 respectively. For the six months ended June 30, 2024 and 2023, the Company paid $60,330 and $52,975 respectively. Under the terms of the leases, we are responsible for insurance and maintenance expenses. Pursuant to the contract terms, the leases will expire in February 2025 and do not contain any residual value guarantee or material restrictive covenants. Operating lease cost recognized in the unaudited Condensed Statements of Operations is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Six Months Ended ​ ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ ​ ​ ​ (unaudited) ​ (unaudited) ​ ​ Cost of revenue ​ $ 58,843 $ 58,086 $ 117,686 $ 116,172 ​ ​ General and administrative ​ 132,749 ​ 92,206 ​ 264,843 ​ 183,676 ​ ​ Sales and marketing ​ 3,293 ​ 3,251 ​ 6,586 ​ 6,501 ​ ​ Research and development ​ 9,124 ​ 9,006 ​ 18,247 ​ 18,013 ​ ​ Total ​ $ 204,009 ​ $ 162,549 ​ $ 407,362 ​ $ 324,362 ​ ​ ​ Lease costs for short-term leases were immaterial for the three months ended June 30, 2024 and 2023 Maturity of our operating lease liability as of June 30, 2024, is as follows ​ ​ ​ ​ ​ ​ Six months remaining ending December 31, 2024 $ 456,201 2025 ​ 2,849 Thereafter ​ 1,424 Total lease payments ​ 460,474 Imputed interest ​ (88,625) Present value of lease liability ​ $ 371,849 ​

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies
Commitments and Contingencies	11 — Commitments and Contingencies Purchase commitments. Legal matters.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events
Subsequent Events	12 — Subsequent Events On July 31, 2024, the Company’s Board of Directors declared a regular quarterly cash dividend of $0.15 per share on the Company's outstanding common stock. The payment will be made to stockholders on August 30, 2024 , to stockholders of record at the close of business on August 20, 2024 . ​

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 4,901,224	$ 4,136,533	$ 4,179,840	$ 3,406,070	$ 9,037,757	$ 7,585,910

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2024
Basis of Presentation
Basis of Presentation	The accompanying interim condensed financial statements of IRADIMED CORPORATION (“IRADIMED”, the “Company,” “we,” “our” and “us”) have been prepared pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally presented in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The interim financial information is unaudited, but reflects all normal adjustments that are, in the opinion of management, necessary for the fair presentation of our financial position, results of operations and cash flows for the interim periods presented. Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, 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 2023 Annual Report. The accounting policies followed in the preparation of these interim condensed financial statements, except as described in Note 1 herein, are consistent in all material respects with those described in Note 1 to the Financial Statements in the 2023 Annual Report. 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

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue Recognition
Schedule of disaggregation of revenue by geographic region and revenue type	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2024 2023 ​ 2024 2023 ​ ​ (unaudited) ​ (unaudited) United States ​ $ 15,485,216 ​ $ 12,949,526 ​ $ 28,894,172 ​ $ 24,928,050 International ​ 2,443,660 ​ 3,180,870 ​ 6,632,823 ​ 6,677,430 Total revenue ​ $ 17,928,876 ​ $ 16,130,396 ​ $ 35,526,995 ​ $ 31,605,480 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2024 2023 ​ 2024 2023 ​ ​ (unaudited) ​ (unaudited) Devices: ​ ​ ​ ​ ​ MRI Compatible Intravenous ("IV") Infusion Pump Systems ​ $ 6,881,199 ​ $ 4,522,568 ​ $ 12,073,879 ​ $ 10,061,383 MRI Compatible Patient Vital Signs Monitoring Systems ​ 5,450,224 ​ 6,128,718 ​ 11,911,882 ​ 10,825,536 Ferro Magnetic Detection Systems ​ 366,402 ​ 183,190 ​ 616,102 ​ 480,779 Total Devices revenue ​ 12,697,825 ​ 10,834,476 ​ 24,601,863 ​ 21,367,698 Disposables, services and other ​ 4,662,863 ​ 4,815,870 ​ 9,869,813 ​ 9,250,612 Amortization of extended warranty agreements ​ 568,188 ​ 480,050 ​ 1,055,319 ​ 987,170 Total revenue ​ $ 17,928,876 ​ $ 16,130,396 ​ $ 35,526,995 ​ $ 31,605,480
Schedule of contract liabilities and changes in the contract liabilities	​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ 2024 ​ 2023 ​ (unaudited) ​ (audited) Advance payments from customers $ 303,264 ​ $ 508,956 Shipments in-transit 18,450 ​ 15,438 Extended warranty agreements 5,031,022 ​ 4,835,966 Total $ 5,352,736 ​ $ 5,360,360 ​ ​ ​ ​ ​ Deferred ​ Revenue ​ (unaudited) Contract liabilities, December 31, 2023 $ 5,360,360 Increases due to cash received from customers 2,393,161 Decreases due to recognition of revenue (2,400,785) Contract liabilities, June 30, 2024 $ 5,352,736 ​ ​ ​ ​ ​ 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

Basic and Diluted Net Income _2

Basic and Diluted Net Income per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Basic and Diluted Net Income per Share
Schedule of computation of basic and diluted net income per share of common stock	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, Six Months Ended June 30, ​ ​ ​ ​ 2024 2023 ​ 2024 2023 ​ ​ ​ ​ (unaudited) ​ (unaudited) ​ ​ Net income ​ $ 4,901,224 ​ $ 4,179,840 ​ $ 9,037,757 ​ $ 7,585,910 ​ ​ Weighted-average shares outstanding — Basic ​ 12,664,920 ​ 12,596,032 ​ 12,663,723 ​ 12,594,541 ​ ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ Stock options ​ 2,223 ​ 19,333 ​ 2,281 ​ 18,893 ​ ​ Restricted stock units ​ 53,532 ​ 69,112 ​ ​ 51,366 ​ 57,610 ​ ​ Performance-based restricted stock units ​ 37,321 ​ 38,540 ​ 36,562 ​ 35,564 ​ ​ Weighted-average shares outstanding — Diluted ​ 12,757,996 ​ 12,723,017 ​ 12,753,932 ​ 12,706,608 ​ ​ Basic net income per share ​ $ 0.39 ​ $ 0.33 ​ $ 0.71 ​ $ 0.60 ​ ​ Diluted net income per share ​ $ 0.38 ​ $ 0.33 ​ $ 0.71 ​ $ 0.60 ​ ​
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, ​ ​ ​ ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ ​ ​ ​ ​ (unaudited) ​ (unaudited) ​ ​ ​ Anti-dilutive stock options and restricted stock units 343 — ​ 228 11,141 ​ ​ ​

Inventory, net (Tables)

Inventory, net (Tables)	6 Months Ended
	Jun. 30, 2024
Inventory, net.
Schedule of inventory	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ ​ 2024 2023 ​ ​ ​ (unaudited) ​ (audited) ​ Raw materials ​ $ 10,252,668 ​ $ 10,833,004 ​ Work in process ​ 713,998 ​ 501,191 ​ Finished goods ​ 1,630,100 ​ 1,907,729 ​ Inventory before allowance for excess and obsolete ​ 12,596,766 ​ 13,241,924 ​ Allowance for excess and obsolete ​ (525,444) ​ (420,730) ​ Total ​ $ 12,071,322 ​ $ 12,821,194 ​ ​

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	6 Months Ended
	Jun. 30, 2024
Property and Equipment, net
Schedule of property and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ ​ 2024 ​ 2023 ​ ​ ​ (unaudited) ​ (audited) ​ Land ​ $ 6,253,790 ​ $ 6,253,790 ​ Computer software and hardware ​ ​ 1,453,267 ​ ​ 1,380,289 ​ Furniture and fixtures ​ 1,826,801 ​ 1,757,129 ​ Leasehold improvements ​ 270,486 ​ 270,486 ​ Machinery and equipment ​ 2,617,394 ​ 2,438,922 ​ Construction in-process ​ 2,371,255 ​ 1,257,844 ​ ​ ​ 14,792,993 ​ 13,358,460 ​ Accumulated depreciation ​ (4,320,323) ​ (4,069,835) ​ Total ​ $ 10,472,670 ​ $ 9,288,625 ​
Schedule of property and equipment, net, information by geographic region	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ ​ 2024 ​ 2023 ​ ​ (unaudited) ​ (audited) ​ United States ​ $ 10,154,205 ​ $ 8,950,580 ​ International ​ 318,465 ​ 338,045 ​ Total property and equipment, net ​ $ 10,472,670 ​ $ 9,288,625 ​

Intangible Assets, net (Tables)

Intangible Assets, net (Tables)	6 Months Ended
	Jun. 30, 2024
Intangible Assets, net
Summary of the components of intangible asset balances	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ ​ 2024 ​ 2023 ​ ​ ​ (unaudited) ​ (audited) ​ Patents — in use ​ $ 321,874 ​ $ 321,874 ​ Patents — fully amortized ​ 70,164 ​ 70,164 ​ Patents — in process ​ 151,837 ​ 128,221 ​ Internally developed software — in use ​ 1,773,721 ​ 1,773,720 ​ Internally developed software — in process ​ 1,469,527 ​ 1,149,409 ​ Trademarks ​ 27,697 ​ 27,697 ​ ​ ​ 3,814,820 ​ 3,471,085 ​ Accumulated amortization ​ (1,066,895) ​ (952,032) ​ Total ​ $ 2,747,925 ​ $ 2,519,053 ​
Schedule of expected annual amortization expense related to intangible assets (excludes in process intangible assets)	​ ​ ​ ​ Six months remaining ending December 31, 2024 $ 114,464 2025 $ 226,160 2026 $ 214,444 2027 $ 140,731 2028 $ 138,129 Thereafter $ 264,935 ​

Stock Based Compensation (Table

Stock Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Stock-Based Compensation
Schedule of stock-based compensation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2024 2023 ​ 2024 2023 ​ ​ ​ (unaudited) ​ (unaudited) ​ ​ Cost of revenue ​ $ 58,275 ​ $ 62,430 ​ $ 116,354 ​ $ 124,173 ​ ​ General and administrative ​ 377,194 ​ 291,346 ​ 757,977 ​ 580,730 ​ ​ Sales and marketing ​ 123,425 ​ 169,160 ​ 258,291 ​ 306,367 ​ ​ Research and development ​ 50,202 ​ 45,518 ​ 105,115 ​ 90,827 ​ ​ Total ​ $ 609,096 ​ $ 568,454 ​ $ 1,237,737 ​ $ 1,102,097 ​ ​
Schedule of stock-based compensation activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ ​ ​ June 30, 2024 ​ ​ ​ ​ ​ Performance ​ ​ ​ ​ ​ ​ ​ Based ​ ​ ​ ​ Stock ​ Restricted ​ Restricted ​ ​ ​ ​ Options ​ Stock Units ​ Stock Units ​ Outstanding beginning of period ​ ​ 3,010 141,327 36,792 Awards granted ​ ​ — 3,230 — Awards exercised/vested ​ ​ (335) (11,395) — Awards canceled/ forfeited ​ ​ — (2,742) — Outstanding end of period ​ ​ 2,675 130,420 36,792 ​

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Leases
Schedule of operating lease cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Six Months Ended ​ ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2024 ​ 2023 ​ 2024 ​ 2023 ​ ​ ​ ​ (unaudited) ​ (unaudited) ​ ​ Cost of revenue ​ $ 58,843 $ 58,086 $ 117,686 $ 116,172 ​ ​ General and administrative ​ 132,749 ​ 92,206 ​ 264,843 ​ 183,676 ​ ​ Sales and marketing ​ 3,293 ​ 3,251 ​ 6,586 ​ 6,501 ​ ​ Research and development ​ 9,124 ​ 9,006 ​ 18,247 ​ 18,013 ​ ​ Total ​ $ 204,009 ​ $ 162,549 ​ $ 407,362 ​ $ 324,362 ​ ​
Schedule of maturity of operating lease liability	​ ​ ​ ​ ​ Six months remaining ending December 31, 2024 $ 456,201 2025 ​ 2,849 Thereafter ​ 1,424 Total lease payments ​ 460,474 Imputed interest ​ (88,625) Present value of lease liability ​ $ 371,849 ​

Basis of Presentation (Details)

Basis of Presentation (Details)	6 Months Ended
	Jun. 30, 2024 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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Contract Liabilities
Total revenue	$ 17,928,876	$ 16,130,396	$ 35,526,995	$ 31,605,480
United States
Contract Liabilities
Total revenue	15,485,216	12,949,526	28,894,172	24,928,050
International
Contract Liabilities
Total revenue	$ 2,443,660	$ 3,180,870	$ 6,632,823	$ 6,677,430

Revenue Recognition - Informa_2

Revenue Recognition - Information by type (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue
Total Devices revenue	$ 12,697,825	$ 10,834,476	$ 24,601,863	$ 21,367,698
Disposables, services and other	4,662,863	4,815,870	9,869,813	9,250,612
Amortization of extended warranty agreements	568,188	480,050	1,055,319	987,170
Total revenue	17,928,876	16,130,396	35,526,995	31,605,480
MRI Compatible Intravenous ("IV") Infusion Pump Systems
Disaggregation of Revenue
Total Devices revenue	6,881,199	4,522,568	12,073,879	10,061,383
MRI Compatible Patient Vital Signs Monitoring Systems
Disaggregation of Revenue
Total Devices revenue	5,450,224	6,128,718	11,911,882	10,825,536
Ferro Magnetic Detection Systems
Disaggregation of Revenue
Total Devices revenue	$ 366,402	$ 183,190	$ 616,102	$ 480,779

Revenue Recognition - Contract

Revenue Recognition - Contract liabilities (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Advance payments from customers	$ 303,264		$ 508,956
Shipments in-transit	18,450		15,438
Extended warranty agreements	5,031,022		4,835,966
Total	5,352,736	$ 4,727,232	$ 5,360,360
Changes in contract liabilities
Contract liabilities, beginning balance	5,360,360	4,748,319
Increases due to cash received from customers	2,393,161	2,464,337
Decreases due to recognition of revenue	(2,400,785)	(2,485,424)
Contract liabilities, ending balance	$ 5,352,736	$ 4,727,232

Revenue Recognition- Capitalize

Revenue Recognition- Capitalized contract costs (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Revenue Recognition
Capitalized contract costs	$ 168,920	$ 162,134

Basic and diluted net income _3

Basic and diluted net income per share (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Basic and Diluted Net Income Per Share
Common stock, par value (in dollars per share)	$ 0.0001				$ 0.0001		$ 0.0001
Net Income (Loss)	$ 4,901,224	$ 4,136,533	$ 4,179,840	$ 3,406,070	$ 9,037,757	$ 7,585,910
Weighted-average shares outstanding - Basic	12,664,920		12,596,032		12,663,723	12,594,541
Effect of dilutive securities:
Stock options	2,223		19,333		2,281	18,893
Restricted stock units	53,532		69,112		51,366	57,610
Performance-based restricted stock units	37,321		38,540		36,562	35,564
Weighted-average shares outstanding - Diluted (in shares)	12,757,996		12,723,017		12,753,932	12,706,608
Basic net income per share (in dollars per share)	$ 0.39		$ 0.33		$ 0.71	$ 0.60
Diluted net income per share (in dollars per share)	$ 0.38		$ 0.33		$ 0.71	$ 0.60
Anti-dilutive stock
Anti-dilutive stock options and restricted stock units	343				228	11,141

Inventory, net (Details)

Inventory, net (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Inventory, net.
Raw materials	$ 10,252,668	$ 10,833,004
Work in process	713,998	501,191
Finished goods	1,630,100	1,907,729
Inventory before allowance for excess and obsolete	12,596,766	13,241,924
Allowance for excess and obsolete	(525,444)	(420,730)
Total	$ 12,071,322	$ 12,821,194

Property and Equipment, net (De

Property and Equipment, net (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Property and equipment, net
Property and equipment, gross	$ 14,792,993		$ 14,792,993		$ 13,358,460
Accumulated depreciation	(4,320,323)		(4,320,323)		(4,069,835)
Total	10,472,670		10,472,670		9,288,625
Depreciation expense of property and equipment	141,697	$ 162,121	310,354	$ 319,435
Land
Property and equipment, net
Property and equipment, gross	6,253,790		6,253,790		6,253,790
Computer software and hardware
Property and equipment, net
Property and equipment, gross	1,453,267		1,453,267		1,380,289
Furniture and fixtures
Property and equipment, net
Property and equipment, gross	1,826,801		1,826,801		1,757,129
Leasehold improvements
Property and equipment, net
Property and equipment, gross	270,486		270,486		270,486
Machinery and equipment
Property and equipment, net
Property and equipment, gross	2,617,394		2,617,394		2,438,922
Construction in-process
Property and equipment, net
Property and equipment, gross	$ 2,371,255		$ 2,371,255		$ 1,257,844

Property and Equipment, net - g

Property and Equipment, net - geographic region (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Property and equipment, net
Total property and equipment, net	$ 10,472,670	$ 9,288,625
United States
Property and equipment, net
Total property and equipment, net	10,154,205	8,950,580
International
Property and equipment, net
Total property and equipment, net	$ 318,465	$ 338,045

Intangible Assets, net (Details

Intangible Assets, net (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Intangible Assets, net
Intangible Assets, gross	$ 3,814,820		$ 3,814,820		$ 3,471,085
Accumulated amortization	(1,066,895)		(1,066,895)		(952,032)
Total	2,747,925		2,747,925		2,519,053
Amortization expense of intangible assets	57,433	$ 25,236	114,865	$ 50,473
Expected annual amortization expense
Six months remaining ending December 31, 2024	114,464		114,464
2025	226,160		226,160
2026	214,444		214,444
2027	140,731		140,731
2028	138,129		138,129
Thereafter	264,935		264,935
Patents - in use
Intangible Assets, net
Intangible Assets, gross	321,874		321,874		321,874
Patents - fully amortized
Intangible Assets, net
Intangible Assets, gross	70,164		70,164		70,164
Patents - in process
Intangible Assets, net
Intangible Assets, gross	151,837		151,837		128,221
Internally developed software - in use
Intangible Assets, net
Intangible Assets, gross	1,773,721		1,773,721		1,773,720
Internally developed software - in process
Intangible Assets, net
Intangible Assets, gross	1,469,527		1,469,527		1,149,409
Trademarks
Intangible Assets, net
Intangible Assets, gross	$ 27,697		$ 27,697		$ 27,697

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-based compensation expense (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Stock-Based Compensation
Total stock-based compensation expense	$ 609,096	$ 568,454	$ 1,237,737	$ 1,102,097
Cost of revenue
Stock-Based Compensation
Total stock-based compensation expense	58,275	62,430	116,354	124,173
General and administrative
Stock-Based Compensation
Total stock-based compensation expense	377,194	291,346	757,977	580,730
Sales and marketing
Stock-Based Compensation
Total stock-based compensation expense	123,425	169,160	258,291	306,367
Research and development
Stock-Based Compensation
Total stock-based compensation expense	$ 50,202	$ 45,518	$ 105,115	$ 90,827

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Units (Details) - Restricted Stock Units	6 Months Ended
	Jun. 30, 2024 USD ($)
Stock-Based Compensation
Unrecognized compensation cost for unvested award	$ 3,264,176
Weighted-average period of unrecognized compensation cost expected to be recognized	2 years 3 months

Stock-Based Compensation - Perf

Stock-Based Compensation - Performance-Based Restricted Stock Units - Narrative (Details) - Performance Based Restricted Stock Units	6 Months Ended
	Jun. 30, 2024 USD ($)
Stock-Based Compensation
Unrecognized compensation cost for unvested award	$ 1,014,667
Weighted-average period of unrecognized compensation cost expected to be recognized	2 years 7 days

Stock-Based Compensation - St_2

Stock-Based Compensation - Stock Options and Restricted Stock Units Activity (Details)	6 Months Ended
	Jun. 30, 2024 shares
Stock Options
Stock Options
Outstanding beginning of period (in shares)	3,010
Awards exercised/vested (in shares)	(335)
Outstanding end of period (in shares)	2,675
Restricted Stock Units
Stock Options
Outstanding beginning of period (in shares)	141,327
Awards granted (in shares)	3,230
Awards exercised/vested (in shares)	(11,395)
Awards canceled/ forfeited (in shares)	(2,742)
Outstanding end of period (in shares)	130,420
Performance Based Restricted Stock Units
Stock Options
Outstanding beginning of period (in shares)	36,792
Outstanding end of period (in shares)	36,792

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Taxes
Provision for income tax expense	$ 1,368,036	$ 1,118,582	$ 2,475,004	$ 2,062,171
Effective rate (as a percent)	21.80%	21.10%	21.50%	21.40%

Leases (Details)

Leases (Details)		1 Months Ended		3 Months Ended		6 Months Ended
	May 29, 2024 USD ($)	Feb. 28, 2023 USD ($) item	Jan. 31, 2014 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Leases
ROU asset and liability adjustment						$ 1,486,093
Lessee, operating lease, existence of residual value guarantee						false
Winter Springs, Florida Facility
Leases
Monthly base rent		$ 10,055
Operating lease paid				$ 30,165	$ 30,165	$ 60,330	$ 52,975
Non-cancelable operating lease term		2 years
Number of non-cancelable operating leases entered | item		2
Susi, LLC
Leases
Monthly base rent	$ 34,133
ROU asset and liability adjustment	$ 1,480,000
Related Party [Member] | Susi, LLC
Leases
Operating lease paid				$ 129,482	$ 127,817	$ 258,965	$ 255,635
Related Party [Member] | Susi, LLC | Winter Springs, Florida Facility
Leases
Monthly base rent			$ 34,133
Renewal term of lease beginning in 2019			5 years

Leases - Operating lease cost (

Leases - Operating lease cost (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases
Operating lease cost	$ 204,009	$ 162,549	$ 407,362	$ 324,362
Cost of revenue
Leases
Operating lease cost	58,843	58,086	117,686	116,172
General and Administrative Expense [Member]
Leases
Operating lease cost	132,749	92,206	264,843	183,676
Selling and Marketing Expense [Member]
Leases
Operating lease cost	3,293	3,251	6,586	6,501
Research and Development Expense [Member]
Leases
Operating lease cost	$ 9,124	$ 9,006	$ 18,247	$ 18,013

Leases - Maturity of operating

Leases - Maturity of operating lease liability (Details)	Jun. 30, 2024 USD ($)
Operating leases
Six months remaining ending December 31, 2024	$ 456,201
2025	2,849
Thereafter	1,424
Total lease payments	460,474
Imputed interest	(88,625)
Present value of lease liability	$ 371,849

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Purchase commitments
Purchase commitments	$ 5,446,728	$ 8,217,571
Legal matters accrued	$ 250,000	$ 250,000

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent events - O 2024 Q2 Dividends [Member]	Jul. 01, 2024 $ / shares
Subsequent Events
Dividends payable, date declared	Jul. 31, 2024
Cash dividend per share declared	$ 0.15
Dividends payable, payment date	Aug. 30, 2024
Dividends payable, record date	Aug. 20, 2024