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Merit Medical Systems, Inc.

Merit Medical Systems, Inc.

NASDAQ•MMSI
CEO: Mr. Fred P. Lampropoulos
Sector: Healthcare
Industry: Medical - Instruments & Supplies
Listing Date: 1990-05-14
Merit Medical Systems, Inc. designs, develops, manufactures, and markets single-use medical products for interventional, diagnostic, and therapeutic procedures in the United States and internationally. It operates in two segments, Cardiovascular and Endoscopy. The company provides micropuncture kits, angiographic needles, sheaths, guide wires, and safety products; peripheral intervention, including angiography, drainage, delivery systems, and embolotherapy products; spine products, such as vertebral augmentation, radiofrequency ablation, and bone biopsy systems; oncology products; and cardiac intervention products, such as access, angiography, electrophysiology and cardiac rhythm management, fluid management, hemodynamic monitoring, hemostasis, and intervention to treat various heart conditions. It also offers custom procedural solutions that include critical care products, disinfection protection systems, syringes, manifold kits, and trays and packs; coating services for medical tubes and wires; and sensor components for microelectromechanical systems. In addition, the company provides pulmonary products that consist of laser-cut tracheobronchial stents, over-the-wire and direct visualization delivery systems, and dilation balloons to endoscopically dilate structures; gastroenterology products, such as covered esophageal stents, syringe and gauges, and balloon dilators; and kits and accessories for endoscopy and bronchoscopy procedures. It sells its products to hospitals and alternate site-based physicians, technicians, and nurses through direct sales force, distributors, original equipment manufacturer partners, or custom procedure tray manufacturers. The company was incorporated in 1987 and is headquartered in South Jordan, Utah.
Contact Information
1600 West Merit Parkway, South Jordan, UT, 84095, United States
801-253-1600
www.merit.com
Market Cap
$5.16B
P/E (TTM)
43.6
74.5
Dividend Yield
--
52W High
$111.45
52W Low
$78.12
52W Range
27%
5.2
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Average • 5.2 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024

Financial Dashboard

Q3 2025 Data

Revenue

$384.16M+13.04%
4-Quarter Trend

EPS

$0.47-4.08%
4-Quarter Trend

FCF

$74.98M+100.42%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Nine Month Sales Growth Net sales reached $1.122 B for nine months, marking 12.0% growth compared to $1.001 B previously.
Gross Margin Expansion Gross profit margin improved to 48.4% for nine months, up from 47.0% last year, driven by favorable mix.
Strong Operating Cash Flow Cash provided by operating activities totaled $198.9 M for nine months, a substantial increase from $152.1 M.
Key Leadership Transition Martha G. Aronson appointed new CEO/President effective October 2025, following executive succession planning.

Risk Factors

Trade Policy Uncertainty Evolving US trade policies and retaliatory tariffs present risks of increased production costs and customer pricing pressure.
Acquisition Integration Challenges Failure to successfully integrate Biolife and Cook acquisitions may hinder financial results and operational efficiency goals.
Key Personnel Retention Inability to attract, develop, and retain key executives and talented employees could harm operating results.
Supply Chain Disruptions Risks remain regarding supply chain disruptions, manufacturing processes, and potential increases in raw material costs.

Outlook

Pentax Acquisition Closing Pentax Acquisition closing expected in Q4 2025, pending customary conditions, for $22 M consideration.
2025 Capital Expenditure Plan Anticipate capital expenditures for property and equipment spending approximately $90 M to $100 M in 2025.
Liquidity Position Strong Existing cash balances and borrowing capacity of $697 M expected to fund operations for next twelve months.
Monitoring Tax Rules Closely monitoring OECD Pillar Two global minimum tax developments, though material 2025 impact is not anticipated.

Peer Comparison

Revenue (TTM)

Option Care Health, Inc.OPCH
$5.53B
+15.8%
Bausch + Lomb CorporationBLCO
$4.97B
+6.1%
Teleflex IncorporatedTFX
$3.04B
+1.1%

Gross Margin (Latest Quarter)

Arcellx, Inc.ACLX
78.6%
-16.9 pp
Glaukos CorporationGKOS
78.4%
+1.8 pp
Bausch + Lomb CorporationBLCO
58.9%
+4.7 pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
STVN$6.82B44.19.7%17.6%
KRYS$5.79B29.119.4%0.1%
BLCO$5.57B-13.9-6.2%35.9%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
+2.7%
Moderate Growth
4Q Net Income CAGR
-0.2%
Stable Profitability
Cash Flow Stability
100%
Strong Cash Flow

Research & Insights

Reports
All Years
  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Oct 30, 2025|
    Revenue: $384.16M+13.0%
    |
    EPS: $0.47-4.1%
    Miss
  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Jul 30, 2025|
    Revenue: $382.46M+13.3%
    |
    EPS: $0.55-9.8%
    Miss
  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: Apr 24, 2025|
    Revenue: $355.35M+9.8%
    |
    EPS: $0.51+4.1%
    Miss
  • Form 10-K/A - FY 2024

    Period End: Dec 31, 2024|Filed: Apr 14, 2025|
    Revenue: $1.36B+7.9%
    |
    EPS: $2.07+26.2%
    Beat
  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Feb 25, 2025|Refer to amended data
  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Oct 30, 2024|
    Revenue: $339.85M+7.8%
    |
    EPS: $0.49+8.9%
    Miss
  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Aug 1, 2024|
    Revenue: $337.58M+5.5%
    |
    EPS: $0.61+74.3%
    Miss
  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: Apr 30, 2024|
    Revenue: $323.51M+8.7%
    |
    EPS: $0.49+36.1%
    Miss