Redditors Say IRadimed (IRMD) is Among The Best Small-Cap Stocks to Buy – Here’s Why

We recently published 10 Best Small-Cap Stocks With Huge Potential According to Reddit as Market Looks Beyond AI Trade. IRadimed Corporation (NASDAQ:IRMD) is among the best small-cap stocks to buy according to Redditors.

Iradimed makes magnetic resonance imaging (MRI) compatible medical devices. The company recently reported strong quarterly results, posting year-over-year revenue growth of about 15%. Redditors like the stock because they believe it is among the few companies making MRI-compatible devices in the US. The stock is up 64% year to date.

The company’s MRI-compatible IV infusion pumps and patient vital signs monitoring systems are seeing double-digit revenue growth. Analysts have high expectations for the commercial launch of the new 3870 MRI IV pump, which would have a relatively higher price target. The company recently raised its full-year outlook, and management highlighted strong demand and stable pricing trends.

Conestoga Capital Advisors Micro Cap Strategy stated the following regarding IRadimed Corporation (NASDAQ:IRMD) in its fourth quarter 2023 investor letter:

 “IRadimed Corporation (NASDAQ:IRMD): IRMD is a commercial stage medical technology company focused on innovating MRI patient care. The company’s three main products include an MRI compatible patient monitor, an MRI compatible IV infusion pump, and a smart ferrous metal detector. The company has three revenue line items, including devices, disposables, and services. We believe a recent competitive landscape change favoring IRMD will fuel a new leg of durable growth and impressive profitability. Primary competitor Invivo, owned by Philips is pulling back from the market, and we expect IRMD to be the primary beneficiary.”

While we acknowledge the risk and potential of IRMD as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than IRMD and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.