IRadimed: A Fleeting Bloom

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Nine Ten Capital, a fund whose pronouncements are treated with the reverence usually reserved for oracles and tax auditors, has seen fit to lighten its holdings in IRadimed. A mere 342,907 shares, you say? A pittance, really, considering the boundless optimism currently inflating the valuations of companies specializing in… well, let us simply say “medical things.” The sum, approximately $29.42 million—a figure so precise it suggests either divine calculation or a particularly diligent accountant—has been released back into the swirling vortex of capital. One pictures it as a small, exhausted fish, finally escaping the net.

The Ritual of Pruning

The SEC filing, a document as thrilling as a treatise on the proper stacking of invoices, reveals this trimming of the IRadimed vine. The fund’s position, once a robust branch, has been pruned. The value diminished by $13.21 million, a sum that, if one squints and employs a generous imagination, could purchase a moderately sized provincial opera house. Or, more likely, a few more desks for the analysts tasked with explaining these transactions to increasingly bewildered investors.

A Portfolio of Illusions

Now, the fund holds a mere 13.2% of its reportable assets in IRadimed. A substantial sum, to be sure, but a manageable one. One must consider the delicate balance of a portfolio, a precarious arrangement of hopes and anxieties. Observe the top holdings: MGNI, GPGI, CLBT, AGYS… names that roll off the tongue like incantations. Each a shimmering bubble, inflated by the breath of speculation. IRadimed, nestled amongst them, is merely another reflection in the distorted mirror of the market.

  • NASDAQ: MGNI: $48.75 million (15.4% of AUM)
  • NYSE: GPGI: $46.64 million (14.8% of AUM)
  • NASDAQ: CLBT: $44.71 million (14.2% of AUM)
  • NASDAQ: AGYS: $43.17 million (13.7% of AUM)
  • NASDAQ: IRMD: $41.68 million (13.2% of AUM)

As of February 16th, the shares of IRadimed, those ephemeral tokens of value, were priced at $99.81. A rise of 83% over the past year. An astonishing feat, truly. It has even outperformed the S&P 500 by 71.21 percentage points. One wonders if the index has simply grown weary of existence.

The Anatomy of a Company

Metric Value
Price (as of market close February 13, 2026) $99.81
Market capitalization $1.29 billion
Revenue (TTM) $83.81 million
Net income (TTM) $22.48 million

A Specialist in the Compatible

IRadimed, you see, deals in MRI-compatible medical devices. Infusion pump systems, vital signs monitors… all designed to function within the magnetic embrace of the imaging machine. A niche market, to be sure, but one that allows them to charge a premium for the privilege of not causing sparks to fly. They sell directly to hospitals, acute care facilities, and imaging centers. A direct line, you understand, to the pockets of those who procure such things.

The Meaning of the Gesture

When a fund of this stature trims a position after a considerable ascent, it is rarely a sign of panic. More often, it is a matter of discipline. IRadimed has delivered eighteen consecutive quarters of record revenue, a feat that, in the current climate, is almost… suspicious. Full-year revenue reached $83.8 million, and GAAP EPS climbed to $1.75. They even raised the quarterly dividend to $0.20. A gesture of confidence, perhaps? Or merely a sop to the shareholders, a distraction from the underlying absurdity of it all?

Yet, the stock remains elevated, and represents a significant portion of this portfolio. Trimming the position keeps IRadimed large, but not dominant. A prudent move, one might say. A fund manager’s equivalent of rearranging the furniture on the Titanic.

Long-term investors, those hardy souls who cling to the belief that fundamentals still matter, should focus less on this transaction and more on the underlying business. Gross margins remain around 77%. The new 3870 MRI compatible infusion pump is rolling out. Guidance calls for up to $96 million in revenue next year. The key question is not whether growth will sustain, but whether anyone will remember what they were investing in by then.

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2026-02-17 21:53