IRMDIRADIMED CORP

Surgical & Medical Instruments & Apparatus

Revenue: $84M; 14% YoY
Operating margin: 31.2%; 4.0% YoY
EBITDA: $27M; 20% YoY
Market cap: $981M
Employees: 166; $505K revenue each
Net debt / EBITDA: —
AI in 10-K: 4.1; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
$690K median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
111% of net income
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
68% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentYes
78% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$505K · 72nd pct
Bottom quartile of its SIC industry
Quiet on AINo
4.1 per 10K words · 79th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$981M market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$19M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$42M	$53M	$66M	$73M	$84M	14%
Operating income	$10M	$16M	$20M	$22M	$26M	19%
Net income	$9M	$13M	$17M	$19M	$22M	17%
Operating cash flow	$11M	$10M	$13M	$26M	$25M	2.6%
Capex	$482K	$823K	$7M	$8M	$8M	3.0%
Stock-based comp	$1M	$1M	$2M	$3M	$3M	16%
Dividends	—	$13M	$13M	$14M	$15M	10.0%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $19M · 116
Net: −$19M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$781K	$781K	368	—
FY2024	$690K	$690K	205	—
FY2023	$643K	$643K	175	—