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Jun 30, 2022
Merit Medical Q2 2022 Earnings Report
Merit Medical's revenue increased, driven by solid execution and favorable demand trends, resulting in better-than-expected profitability with year-over-year growth in non-GAAP net income and EPS.
Key Takeaways
Merit Medical reported revenue of $295.0 million for Q2 2022, a 5.2% increase compared to Q2 2021. The company's constant currency revenue, organic, increased by 7.4%. GAAP EPS was $0.27, and non-GAAP EPS was $0.73. The company delivered better-than-expected revenue and profitability, with a record non-GAAP operating margin of 19.1%.
Reported revenue increased by 5.2% to $295.0 million compared to Q2 2021.
Constant currency revenue, organic, increased by 7.4% compared to Q2 2021.
GAAP operating margin was 7.9%, compared to 3.2% in Q2 2021.
Non-GAAP operating margin was 19.1%, compared to 16.3% in Q2 2021.
Revenue by Segment
Forward Guidance
Merit Medical updated its 2022 financial guidance and now expects net revenue in the range of $1.123 billion to $1.135 billion, GAAP net income in the range of $62.4 million to $68.3 million, and non-GAAP net income in the range of $139.6 million to $145.5 million.
Positive Outlook
- Net revenue in the range of $1.123 billion to $1.135 billion, representing an increase of approximately 5% to 6% year-over-year.
- Net revenue from Merit’s cardiovascular segment of between $1.093 billion and $1.102 billion, representing an increase of approximately 5% to 6% year-over-year.
- Net revenue from Merit’s endoscopy segment of between $30.0 million and $34.0 million, representing a range of a 5% decline to an 8% increase year-over-year.
- GAAP net income in the range of $62.4 million to $68.3 million, or $1.08 to $1.18 per diluted share.
- Non-GAAP net income in the range of $139.6 million to $145.5 million, or $2.42 to $2.52 per diluted share.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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