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Mar 31, 2023
Merit Medical Q1 2023 Earnings Report
Merit Medical's Q1 2023 performance was highlighted by revenue growth and improved profitability.
Key Takeaways
Merit Medical reported revenue of $297.6 million for Q1 2023, an 8.0% increase compared to Q1 2022. The company's constant currency revenue, organic, increased by 9.8%. GAAP EPS was $0.36, while non-GAAP EPS was $0.64. The company also delivered significant year-over-year improvements in profitability with non-GAAP gross and operating margins of 50.1% and 16.1%, respectively.
Reported revenue increased by 8.0% to $297.6 million compared to Q1 2022.
Constant currency revenue, organic, rose by 9.8% compared to Q1 2022.
GAAP operating margin improved to 8.9% from 5.5% in Q1 2022.
Non-GAAP operating margin increased to 16.1% from 14.6% in Q1 2022.
Forward Guidance
Merit Medical updated its 2023 financial guidance to reflect the better-than-expected financial results in the first quarter. The company remains confident in its team’s ability to deliver continued progress in year three of its Foundations for Growth Program.
Positive Outlook
- Net Sales: $1.217 - $1.229 billion
- Cardiovascular Segment: $1.179 - $1.191 billion
- Endoscopy Segment: $37.8 - $38.1 million
- GAAP Net Income: $100 - $105 million
- Non-GAAP Net Income: $166 - $171 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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