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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.
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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