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Merit Medical
🇺🇸 NASDAQ:MMSI
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Dec 31, 2021

Merit Medical Q4 2021 Earnings Report

Merit Medical reported Q4 2021 earnings with revenue up 7.9% and GAAP EPS increasing 32% year-over-year.

Key Takeaways

Merit Medical Systems, Inc. reported revenue of $278.5 million for Q4 2021, a 7.9% increase compared to Q4 2020. GAAP EPS increased 32% year-over-year to $0.36, and non-GAAP EPS increased 31% to $0.71. The company's performance exceeded the high end of its revenue and non-GAAP EPS guidance ranges.

Q4 2021 revenue reached $278.5 million, up 7.9% reported and 8.4% on a constant currency, organic basis.

GAAP EPS for Q4 2021 increased 32% year-over-year to $0.36.

Non-GAAP EPS for Q4 2021 increased 31% year-over-year to $0.71.

FY21 revenue was $1.075 billion, up 11.5% reported and 10.4% on a constant currency, organic basis.

Total Revenue
$278M
Previous year: $258M
+7.9%
EPS
$0.71
Previous year: $0.54
+31.5%
GAAP Operating Margin
7.9%
Previous year: 6.2%
+27.4%
Non-GAAP Operating Margin
17.4%
Previous year: 15.7%
+10.8%
Gross Profit
$129M
Previous year: $111M
+15.9%
Cash and Equivalents
$67.8M
Previous year: $56.9M
+19.0%
Free Cash Flow
$37.5M
Previous year: $26M
+44.2%
Total Assets
$1.65B
Previous year: $1.66B
-1.0%

Merit Medical

Merit Medical

Merit Medical Revenue by Segment

Forward Guidance

Merit Medical provided financial guidance for the year ending December 31, 2022, projecting net revenue in the range of $1.117 billion to $1.140 billion and GAAP net income between $75.4 million and $84.0 million.

Positive Outlook

  • Net revenue in the range of $1.117 billion to $1.140 billion, representing an increase of approximately 4% to 6% year over year, as compared to net revenue of $1.075 billion for the twelve months ended December 31, 2021.
  • Net revenue from the cardiovascular segment of between $1.083 billion and $1.106 billion, representing an increase of approximately 4% to 6% year-over-year as compared to net revenue of $1.043 billion for the twelve months ended December 31, 2021.
  • Net revenue from the endoscopy segment of between $33.5 million and $34.1 million, representing an increase of approximately 6% to 8% year-over-year as compared to net revenue of $31.5 million for the twelve months ended December 31, 2021.
  • GAAP net income in the range of $75.4 million to $84.0 million, or $1.30 to $1.45 per diluted share, compared to GAAP net income of $48.5 million, or $0.84 per diluted share, for the twelve months ended December 31, 2021.
  • Non-GAAP net income in the range of $140.0 million to $148.7 million, or $2.41 to $2.56 per diluted share, compared to non-GAAP net income of $136.2 million, or $2.37 per diluted share, for the twelve months ended December 31, 2021.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View Merit Medical