Roth Capital Partners raised its price target for IRadimed (NASDAQ:IRMD) to $35 from $26 after updating its forward financial forecasts. The stock closed at $31.40 on Sept. 19.
IRadimed is the world’s first and only provider of non-magnetic MRI IV infusion pumps and non-magnetic MRI patient monitors.
Analyst Dr. David Solomon writes that his key takeaways include continued pump sales growth; forecasted monitor sales to exceed $20-million by 2021; total revenue forecast to approach $60-million by 2021; and operating leverage expected to drive EPS of 47 cents, 70 cents, 95 cents and $1.30 for 2018 to 2021, representing a 40% compound annual growth rate.
Additional product launches, including a magnetic detection device in around 2019 and a non-magnetic thermal management device in around 2021, could drive upside to these forecasts, he added.
