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Competitive Anaylsis

The decision to start our business in Pittsburgh took some consideration amongst other great choices. As newcomers to the area, we knew that the medical field would be a tough environment to be successful in. With a business plan in mind and a hardworking group of people, we are certainly determined to make our mark on the great city of Pittsburgh.

There are plenty of schools in the Pittsburgh area with students that are highly sought after to apply their skills in the medical field. This is an advantage to us, as we would use their potential to further our expertise. Being located in Pittsburgh and surrounding areas we are capable of taking advice from experienced, skilled, professionals. Pittsburgh is also known for more than just being a manufacturer in steel but for tools and other instruments for the medical field.

Entering into one of the most competitive industries in the area we definitely face boundaries but have the adversity to be successful and impactful. The costs of marketing, our equipment, permits and the hiring processes are all taken into consideration. Gaining the recognition, followed by trust, by customers is important for our future.

After long and tedious research our team found information on surrounding competition. Alliance Healthcare is a company that specializes in medical imaging. Analogic Corporation is also another competitor who matches our wits at being a medical imaging business. Our final competitor we feel is could be most threatening is Iradimed.

Iradimed develops, manufactures and distributes magnetic resonance imaging compatible products. They sell their products mainly to acute and outpatient imaging centers (2015 Financial Data, 2016). Iradimed is a company with strong financial health. The financial numbers have increased versus their history and are much higher than the industry average. This company is a very strong competitor in the fixed asset competition of medical imaging, although it appears that their greatest margins are within their products that assist with the medical imaging. If Mobile MRI and CAT Scans align with Iradimed, it could help improve the service of mobile imaging.

They have a current ratio is at 1.0. For a company to be considered healthy, this number should be between 1.5 and 3. When a number is under 1.0, it is considered unable to pay its obligations. Iradimed is exactly at 1.0. This means that the company is operating efficiently (Current Ratio, 2016). According to Kenneth Fisher, who is a Guru Analyst for NASDAQ, he states, “Less debt equals less risk” (Fisher, 2016). With a debt to equity ratio of 0.00%, Iradimed is exceptional in keeping this at optimum levels. By looking at the return on total assets of 21 cents for every dollar of asset. This is higher than the industry average. Finally, the profit margin of 24.5% is higher than 95% of their competition (Gurufocus, 2016).

All in all, our business feels we can be successful in a competitive market and make an impact, which can lead to more. Finding prospects and gaining clients will be our biggest uphill battle, but given time we will produce.

Bibliography

2015 Financial Data. (2016, March 10). Retrieved from IRADIMED: http://www.iradimed.com/en-us/investors/index.php?id=tab1#tab1

(2016, October 28). Retrieved from Gurufocus: http://www.gurufocus.com/stock/NAS:IRMD

Current Ratio. (2016). Retrieved from Investopedia: http://www.investopedia.com/terms/c/currentratio.asp

Fisher, K. (2016, October 28). Kenneth Fisher Guru Analysis for IRADIMED. Retrieved from NASDAQ: http://www.nasdaq.com/symbol/irmd/guru-analysis/fisher