Filing Flows › Iradimed (IRMD) › Takeover & LBO
Is Iradimed (IRMD) a takeover target?
A leveraged buyout at today's price plus 30% ($113.69 a share) would return about 1% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%. Historically 5.1% of companies with its figures were bought within a year (1.01× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $113.69 | today's $87.45 plus 30% |
| × shares | 12.9 million | |
| = Equity value | $1.5B | |
| + Debt refinanced | $0 | |
| − Cash | $59.1M | |
| = Enterprise value | $1.4B | 46.1× EBITDA of $30.5M |
| Fees | $28.1M | 2% of the price |
| New debt | $168M | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $1.3B | 88% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $96.5M | $32.9M | $12.8M | $13.6M | $154M |
| Year 2 | $103M | $35.2M | $11.8M | $16.1M | $138M |
| Year 3 | $109M | $37.1M | $10.6M | $18.7M | $119M |
| Year 4 | $113M | $38.7M | $9.1M | $21.1M | $98.2M |
| Year 5 | $117M | $39.8M | $7.5M | $23.4M | $74.9M |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 35.0× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $1.4B | |
| − Debt left | $74.9M | |
| = Buyer's equity | $1.3B | |
| Money multiple | 1.04× | on $1.3B put in |
| Buyer's yearly return (IRR) | 0.8% |
Price against return
What the buyer makes at other premiums over today's $87.45.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $96.20 | 5.0% |
| 20% | $104.94 | 2.8% |
| 30% | $113.69 | 0.8% |
| 40% | $122.43 | −0.9% |
| 50% | $131.18 | −2.5% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $89.3M | |
| EBITDA, last 12 months | $30.5M | 34.1% of revenue |
| Depreciation and amortization | $1.6M | |
| Capital spending | $2.0M | |
| Debt | $0 | |
| Cash | $59.1M | |
| Share price | $87.45 | on Oct 9, 2026 |
Fixed rules, the same as the interactive view's starting point: the shares are bought at today's price plus 30%, the company's debt is refinanced and fees take 2%. New debt is the least of 5.5× EBITDA, 65% of the price and the amount whose interest EBITDA covers 2 times, at 7.65% a year (SOFR 3.89% plus the high-yield B spread 3.26% plus 0.5%, rates of Oct 15, 2026). Revenue grows 8.0% in the first year — the company's own rate, held between −3% and +8% — fading to 3% by year 5; the EBITDA margin, depreciation and capital spending stay at today's share of revenue; working capital takes 10% of each year's added revenue; tax is 20% of profit after interest. Every dollar of free cash flow repays debt. After 5 years the buyer sells at today's multiple of EBITDA.
What a takeover could cost
Takeovers in its sector paid a median premium of 35% over the share price before the deal (the middle half 22% to 45%), according to the 15 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Iradimed would cost about $118.06 a share, $1.5B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 22% | $106.69 | $1.4B |
| Median | 35% | $118.06 | $1.5B |
| High end (a quarter paid more) | 45% | $126.80 | $1.6B |
The odds, from history
Historically 5.1% of companies with its figures were bought within a year (1.01× the average). Its figures put it in decile 6 of 10 (10 = the most likely to be bought). The odds come from a model of every merger proxy, tender-offer response and going-private statement filed on EDGAR since 2011, set against each company's size, margins, debt, cash flow and growth the year before.
Iradimed's latest quarter
Iradimed, Q3 2026: revenue $24.2M (+14% year over year), operating margin 33.6%, net earnings $6.5M, operating cash flow $7.0M. The chart follows the revenue to costs, profit and cash.
Questions
Is Iradimed being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Iradimed?
A leveraged buyout at today's price plus 30% ($113.69 a share) would return about 1% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%.
What would a takeover of Iradimed cost?
Takeovers in its sector paid a median premium of 35% over the share price before the deal (the middle half 22% to 45%), according to the 15 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Iradimed would cost about $118.06 a share, $1.5B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.