iRadimed resumed at Roth MKM as a buy as only provider of MRI-compatible IV pumps
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Roth MKM has resumed coverage of iRadimed (NASDAQ:IRMD) with a buy rating citing the company’s position as the sole provider of MRI-compatible IV pumps.
The firm has a $65 price target (~59% upside based on the April 19 close).
Analyst Jason Wittes writes that a new pump scheduled to gain approval in early 2025 “should significantly boost growth.” Pumps would be accessible in the second half of 2025. However, he also sees the company maintaining double-digit top-line growth rates this year.
Wittes is projecting pump sales to rise 11% to $21.9M and related disposables up 11% to $21.7M in 2024. “However, this may prove conservative as the company is seeing a boost in pump placements with improved lead times, reducing the backlog, and a decision in August to no longer service units 7 years or older, which has spurred replacements.”
He notes that iRadimed (IRMD) plans to have an installed base of 7,500 pump units worldwide, with 4,000 at or close to their end of life. “Assuming 25% are replaced in the first year, that alone would almost double the current IV pump shipment rate.”
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