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Sep 30, 2023
Merit Medical Q3 2023 Earnings Report
Merit Medical's Q3 2023 performance was marked by revenue growth and improved profitability.
Key Takeaways
Merit Medical reported a 9.8% increase in revenue to $315.2 million for Q3 2023 compared to the same period last year. The company's GAAP operating margin improved to 11.1%, and non-GAAP operating margin increased to 18.3%. GAAP EPS was $0.44, and non-GAAP EPS reached $0.75. The company has raised its fiscal year 2023 financial guidance.
Q3 2023 revenue increased by 9.8% year-over-year, reaching $315.2 million.
Constant currency revenue increased by 9.7% year over year.
GAAP operating margin improved to 11.1%, while non-GAAP operating margin reached 18.3%.
GAAP EPS was $0.44, and non-GAAP EPS was $0.75.
Merit Medical
Merit Medical
Forward Guidance
Merit Medical has updated its financial guidance for the year ending December 31, 2023, expecting net sales between $1.242 billion and $1.251 billion, and non-GAAP earnings per share between $2.93 and $2.99.
Positive Outlook
- Net Sales are expected to be between $1.242 - $1.251 billion, an 8%-9% increase Y/Y
- Cardiovascular Segment Net Sales are expected to be between $1.205 - $1.214 billion, an 8%-9% increase Y/Y
- Endoscopy Segment Net Sales are expected to be between $36.9 - $37.0 million, a 13% increase Y/Y
- GAAP Net Income is expected to be between $89 - $92 million
- Non-GAAP Net Income is expected to be between $171 - $174 million