Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Market for Common Stock
Our common stock has been publicly traded on Nasdaq under the stock symbol “IRMD” since July 16, 2014. Prior to that date, there was no public market for our common stock.
The stock market in general has experienced significant stock price fluctuations in the past few years. In some cases, these fluctuations have been unrelated to the operating performance of the affected companies. Therefore, many companies have experienced dramatic volatility in the market prices of their common stock. We believe that a number of factors, both within and outside our control, could cause the price of our common stock to fluctuate, perhaps substantially. Factors such as the following (and others) could have a significant adverse impact on the market price of our common stock:
● Our financial position and results of operations;
● Our ability, if needed, to obtain additional financing and, if available, the terms and conditions of the financing;
● Concern as to, or other evidence of, the reliability and efficiency of our proposed products or our competitors’ products;
● Announcements of innovations or new products by us or our competitors;
● Federal, state, and international governmental regulatory actions and the impact of such requirements on our business;
● The development of litigation against us;
● Period-to-period fluctuations in our operating results;
● Changes in estimates of our performance by any securities analysts;
● The issuance of new equity securities pursuant to a future offering or acquisition;
● Poorly executed acquisitions or acquisitions whose projected potential is not realized;
● Changes in interest rates;
● Competitive developments, including announcements by competitors of new products or significant contracts, acquisitions, strategic partnerships, joint ventures or capital commitments;
● Sales of large blocks of our stock;
● Investor perceptions of our company; and
● General economic and other national and international conditions.
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Stockholders
As of February 29, 2024, we had 3 stockholders of record. This number is significantly less than and does not include “street name” or beneficial holders, whose shares are held by banks, brokers, financial institutions and other nominees.
Dividends
On February 2, 2023, the Board of Directors declared a special cash dividend of $1.05 per share on the Company’s common stock. On February 21, 2023, we paid $13,222,907, to shareholders of record at the close of business on February 13, 2023. On December 12, 2023, the Board of Directors declared a special cash dividend of $0.48 per share and the initiation of a regular quarterly dividend on the Company's outstanding common stock. The regular quarterly dividend is $0.15 per share. The special cash dividend and the quarterly dividend are payable on January 12, 2024, to shareholders of record at the close of business on December 18, 2023.
The decision on whether to pay cash dividends on our common stock in the future will be made by our Board of Directors, at its discretion, and will depend on our financial condition, operating results, capital requirements and other factors that the board of directors considers significant.
Unregistered Sales of Securities; Use of Proceeds from Registered Securities
None.
Purchases of Equity Securities by the Issuer
The following table provides information regarding repurchases of common stock for the year ended December 31, 2023.
Total Number
Maximum
of Shares
Dollar Value of
Purchased as
Shares that
Total
Part of
May Yet
Number of
Publicly
Be Purchased
Shares
Average Price
Announced
Under the
Purchased
Paid per Share
Plans or
Plans or
(1)
(2)
Programs
Programs
January 1, 2023—January 31, 2023
898
$
—
—
$
—
February 1, 2023—February 28, 2023
48
$
—
—
$
—
March 1, 2023—March 31, 2023
469
$
—
—
$
—
April 1, 2023—April 30, 2023
23
$
—
—
$
—
May 1, 2023—May 31, 2023
524
$
—
—
$
—
June 1, 2023—June 30, 2023
1,502
$
—
—
$
—
July 1, 2023—July 31, 2023
588
$
—
—
$
—
August 1, 2023—August 31, 2023
17
$
—
—
$
—
September 1, 2023—September 30, 2023
66
$
—
—
$
—
October 1, 2023—October 31, 2023
338
$
—
—
$
—
November 1, 2023—November 30, 2023
—
$
—
—
$
—
December 1, 2023—December 31, 2023
10,004
$
—
—
$
—
Total
14,477
$
—
—
$
—
(1) The number of shares purchased reflects shares withheld for taxes on vesting of restricted stock. There were no shares repurchased pursuant to the open market repurchase authorization.
(2) The average price paid per share does not include the withheld shares discussed in (1).
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Transfer Agent
The transfer agent and registrar for our common stock is Broadridge Financial Solutions, Inc.
Equity Compensation Plan Information
The information required by this item regarding our equity compensation plans is incorporated herein by reference to Item 12 of Part III of this Annual Report
Stock Performance Graph
The following information of Part II Item 5 is being furnished and shall not be deemed to be “soliciting material” or to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, nor will it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except to the extent that we specifically incorporate such information by reference thereto.
The following graph shows a comparison, from December 31, 2018 through December 31, 2023, of cumulative total return for our common stock, the Russell 2000 Index and the Nasdaq Medical Equipment Index. Such returns are based on historical results and are not intended to suggest future performance. Data for the Russell 2000 Index and the Nasdaq Medical Equipment Index assumes reinvestment of dividends.
ITEM 6. [RESERVED]
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