Iradimed Corp (IRMD) to Repurchase $8.00 million in Stock

Iradimed Corp (NASDAQ:IRMD) announced that its Board of Directors has approved a stock buyback plan, which permits the company to buyback $8.00 million in outstanding shares on Friday, April 28th, EventVestor reports. This buyback authorization permits the medical equipment provider to purchase shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Separately, Zacks Investment Research downgraded shares of Iradimed Corp from a “hold” rating to a “sell” rating in a research report on Tuesday, May 9th.

Iradimed Corp (NASDAQ IRMD) traded down 0.61% during trading on Friday, reaching $8.20. 39,451 shares of the company’s stock traded hands. Iradimed Corp has a one year low of $7.85 and a one year high of $22.53. The company has a 50 day moving average of $8.47 and a 200 day moving average of $9.52. The firm has a market cap of $88.14 million, a price-to-earnings ratio of 20.50 and a beta of 1.66.

Iradimed Corp (NASDAQ:IRMD) last issued its quarterly earnings data on Friday, April 28th. The medical equipment provider reported ($0.02) EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.02). The business had revenue of $5.16 million during the quarter, compared to analyst estimates of $5.26 million. Iradimed Corp had a net margin of 22.20% and a return on equity of 24.50%. The company’s revenue for the quarter was down 42.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.21 EPS. Equities research analysts predict that Iradimed Corp will post $0.11 EPS for the current year.

In other news, VP Steven M. Nardi sold 4,634 shares of the company’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $8.32, for a total value of $38,554.88. Following the sale, the vice president now directly owns 2,194 shares of the company’s stock, valued at approximately $18,254.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 69.00% of the stock is owned by corporate insiders.

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About Iradimed Corp

IRADIMED CORPORATION (IRADIMED) develops, manufactures, markets and distributes Magnetic Resonance Imaging (MRI) compatible products, and provides non-magnetic intravenous (IV) infusion pump systems. The Company operates through development, manufacture and sale of MRI compatible products and IV infusion pump systems for use by hospitals and acute care facilities during MRI procedures segment.

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