Merit Medical Q2 2021 Earnings Report
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.
Merit Medical
Merit Medical
Merit Medical Revenue by Segment
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.
- Material acquisitions, non-recurring transactions or other factors beyond Merit’s control could affect future results.
- The prior guidance assumed growth of approximately 3.1% to 5.2% year-over-year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income