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Mar 31, 2025
Merit Medical Q1 2025 Earnings Report
Merit Medical reported solid revenue and earnings growth in Q1 2025.
Key Takeaways
Merit Medical delivered strong Q1 2025 results with revenue and non-GAAP EPS exceeding expectations. Despite a dip in free cash flow, operating margins improved and net income rose.
Total revenue reached $355,351,000, up from $323,508,000 last year.
GAAP EPS was $0.49, while non-GAAP EPS increased to $0.86.
GAAP net income rose to $30,147,000.
Non-GAAP operating margin expanded to 19.3% from 17.0% last year.
Forward Guidance
Full-year 2025 guidance reaffirmed for revenue but lowered for non-GAAP EPS due to expected trade policy impacts.
Positive Outlook
- Revenue guidance maintained at $1.470B–$1.490B, representing 8%–10% growth.
- Cardiovascular revenue expected to grow 7%–9%.
- Strong Q1 performance led to reaffirmed outlook.
- Endoscopy segment projected to grow 34%–37%.
- Stable constant currency growth anticipated.
Challenges Ahead
- Non-GAAP EPS guidance reduced to $3.29–$3.42 from prior $3.58–$3.70.
- Free cash flow declined 20.5% YoY.
- Projected trade policy impacts factored into revised EPS outlook.
- No increase in total debt repayment during Q1.
- OEM segment gains partly offset by decline in Custom Procedural Solutions.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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