C

iRadimed Corporation — Earnings Quality Grade C

IRMD · Healthcare

Some red flags

Revenue
$84M
2025
Net Income
$22M
2025
Gross Margin
76.7%
Free Cash Flow
$17M
01

Screening Summary

15
Passed
1
Watch
1
Failed
-2.55
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

DSO 60 days, change +7 days YoY

!
A2AR vs Revenue Growth

AR growth 29.5% exceeds revenue growth 14.4%

A3Revenue vs CFFO

Revenue grew 14.4% but CFFO declined -2.6%

Small-cap context: Small-cap revenue/CFFO ratio is sensitive to growth-stage working-capital draws.

02

Expense Quality

B1Inventory vs COGS

Inventory 11.7% vs COGS 15.4%. Normal

B2CapEx vs Revenue

CapEx growth -4.5% vs revenue 14.4%. Normal

B3SG&A Ratio

SG&A/Gross Profit = 54.7%. Normal

B4Gross Margin

Gross margin 76.7%, change -0.2pp. Stable

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO/NI = 1.11. Profits backed by cash

C2Free Cash Flow

FCF $0.0B, FCF/NI = 0.74

C3Accruals Ratio

Accruals ratio = -2.3%. Low accruals

C4Cash vs Debt

Cash $0.1B covers debt $0.0B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.0B = 4% of equity. Manageable

D2Leverage

Leverage manageable

D3Soft Asset Growth

Other assets -32.5% vs revenue 14.4%. Normal

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

E2Goodwill Surge

Goodwill+Intangibles change 9% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

M-Score = -2.55 (< -2.22). Unlikely manipulator

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04

Beneish M-Score

Manipulation Probability-2.55
-4.0 Clean-2.22 Grey-1.78 Danger0
1.131
DSRI
AR growing faster than revenue?
1.002
GMI
Gross margin declining?
0.536
AQI
Asset quality deteriorating?
1.144
SGI
Revenue growth rate
0.996
DEPI
Depreciation slowing?
0.975
SGAI
SG&A ratio changing?
-0.0227
TATA
Accruals level
1.081
LVGI
Leverage increasing?
05

Altman Z-Score

14.84
Safe Zone
0 Distress1.102.605.0+ Safe
0.6529
Liquidity
0.5905
Cumulative profit
0.2404
Operating efficiency
6.683
Leverage

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25