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Jun 30, 2021
Merit Medical Q2 2021 Earnings Report
Reported revenue increased and earnings per share exceeded expectations.
Key Takeaways
Merit Medical reported a strong Q2 2021 with revenue of $280.3 million, a 28.4% increase compared to Q2 2020. GAAP EPS was $0.09, and non-GAAP EPS was $0.62. The company updated its 2021 guidance due to the better-than-expected results and a more favorable outlook for growth in the second half of 2021.
Revenue for Q2 2021 was $280.3 million, up 28.4% compared to Q2 2020.
Constant currency revenue, organic, increased by 25.5% compared to Q2 2020.
GAAP EPS was $0.09, compared to a GAAP loss per share of ($0.34) in Q2 2020.
Non-GAAP EPS was $0.62, compared to $0.31 in Q2 2020.
Forward Guidance
Merit Medical updated its net revenue expectations for the year ending December 31, 2021. They now forecast net sales of $1,060 - $1,070 million and non-GAAP earnings per share of $2.07 - $2.22.
Positive Outlook
- Net revenue from the cardiovascular segment is expected to be between $1,028 million and $1,038 million.
- This represents an increase of approximately 10% to 11% year-over-year.
- Net revenue from the endoscopy segment is expected to be between $32.5 million and $32.7 million.
- This represents an increase of approximately 9.6% to 10.2% year-over-year.
- The updated net revenue range continues to assume a benefit from changes in foreign currency exchange rates in the range of approximately $10.5 million to $11.5 million.
Challenges Ahead
- GAAP Net Income is expected to be between $43.2 - $51.8 million
- Earnings Per Share is expected to be between $0.75 - $0.91
- The financial guidance is subject to risks and uncertainties.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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