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Merit Medical
🇺🇸 NASDAQ:MMSI
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•
Mar 31, 2024

Merit Medical Q1 2024 Earnings Report

Reported an increase in revenue and improved profitability in the first quarter.

Key Takeaways

Merit Medical reported revenue of $323.5 million for Q1 2024, an 8.7% increase compared to Q1 2023. The company's GAAP EPS increased to $0.48, up 35.5% from $0.36 in the prior year, and non-GAAP EPS increased to $0.77, up 18.7% from $0.64 in the prior year.

Revenue increased by 8.7% to $323.5 million compared to Q1 2023.

Constant currency revenue increased by 9.3% compared to Q1 2023.

GAAP operating margin was 11.1%, compared to 8.9% in Q1 2023.

GAAP EPS increased to $0.48, a 35.5% increase compared to $0.36 in Q1 2023.

Total Revenue
$323M
Previous year: $298M
+8.6%
EPS
$0.77
Previous year: $0.64
+20.3%
GAAP Operating Margin
11.1%
Previous year: 8.9%
+24.7%
Non-GAAP Operating Margin
17%
Previous year: 16.1%
+5.6%
Gross Profit
$152M
Previous year: $138M
+9.7%
Cash and Equivalents
$582M
Previous year: $57.9M
+904.3%
Free Cash Flow
$25M
Previous year: $1.76M
+1320.5%
Total Assets
$2.33B
Previous year: $1.68B
+38.1%

Merit Medical

Merit Medical

Merit Medical Revenue by Segment

Forward Guidance

Merit reaffirmed its fiscal year 2024 financial guidance, expecting net sales between $1.312 and $1.325 billion, cardiovascular segment sales between $1.272 and $1.285 billion, endoscopy segment sales between $39.7 and $40.1 million, and non-GAAP earnings per share between $3.28 and $3.35.

Positive Outlook

  • Net Sales: $1.312 - $1.325 billion (4% - 5% Y/Y increase)
  • Cardiovascular Segment: $1.272 - $1.285 billion (4% - 5% Y/Y increase)
  • Endoscopy Segment: $39.7 - $40.1 million (8% - 9% Y/Y increase)
  • Non-GAAP Earnings Per Share: $3.28 - $3.35 (9% - 11% Y/Y increase)
  • 2024 Net Sales Guidance - % Change from Prior Year (Constant Currency) Low: 4.8%, High: 5.9%

Challenges Ahead

  • Merit does not provide guidance for GAAP reported financial measures (other than revenue)
  • Merit is unable to predict with reasonable certainty the financial impact of items such as expenses related to acquisitions or other extraordinary transactions
  • Merit is unable to predict non-cash expenses related to amortization or write-off of previously acquired tangible and intangible assets
  • Merit is unable to predict certain severance expenses, performance-based stock compensation expenses, corporate transformation expenses
  • Merit is unable to predict expenses resulting from non-ordinary course litigation or administrative proceedings and resulting settlements, governmental proceedings, and changes in governmental or industry regulations.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View Merit Medical