Forensic Analysis · Medical Devices · as of Nov 9, 2026
Iradimed Corp (IRMD)
A forensic read on Iradimed Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
14.8
Distress distance
Clean
Earnings quality
1
Forensic signals
24.8%
ROE
14.4%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Iradimed Corp earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 14.8, placing it in the Safe zone. 1 forensic signal was flagged in its latest SEC filings, led by accruals ratio (% of NOA).
What the filings flag
+22.0%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +22.0% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. Net operating assets also rose $285,000 through acquisitions (increase in goodwill and intangibles); that purchase is investing and is excluded from this ratio. The build is led by PP&E up +42% against revenue +14% and receivables up +29% against revenue +14%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 6% of net operating assets, against an accruals ratio of 22.0%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
Key fundamentals
Latest Revenue$83.8M
Revenue Growth YoY+14.4%
Revenue CAGR (2yr)+13.1%
Net Margin26.8%
Free Cash Flow$17.2M
Return on Equity24.8%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Iradimed Corp's actual 10-K/10-Q/8-K filings?