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Dec 31, 2023
Merit Medical Q4 2023 Earnings Report
Merit Medical reported revenue increase and improved profitability in Q4 2023.
Key Takeaways
Merit Medical Systems, Inc. reported a 10.6% increase in revenue for Q4 2023, reaching $324.5 million. The company's non-GAAP operating margin improved to 18.2%, and it generated approximately $55 million in free cash flow. The company issued fiscal year 2024 guidance, reflecting confidence in continued strong execution, stable growth, improving profitability, and solid free cash flow generation.
Q4 2023 reported revenue increased by 10.6% year-over-year, reaching $324.5 million.
Constant currency revenue for Q4 2023 was up 10.3% year-over-year.
GAAP operating margin for Q4 2023 was 10.4%, consistent with Q4 2022, while non-GAAP operating margin improved to 18.2%.
GAAP EPS for Q4 2023 was $0.47, and non-GAAP EPS was $0.81.
Forward Guidance
For the year ending December 31, 2024, Merit expects net sales between $1.312 billion and $1.325 billion, cardiovascular segment sales between $1.272 billion and $1.285 billion, endoscopy segment sales between $39.7 million and $40.1 million, and non-GAAP earnings per share between $3.28 and $3.35.
Positive Outlook
- Net sales are expected to be between $1.312 billion and $1.325 billion, representing a 4% - 5% increase year-over-year.
- Cardiovascular segment sales are projected to be between $1.272 billion and $1.285 billion, also a 4% - 5% increase.
- Endoscopy segment sales are anticipated to be between $39.7 million and $40.1 million, an 8% - 9% increase.
- Non-GAAP earnings per share are forecasted to be between $3.28 and $3.35, indicating a 9% - 11% increase.
- Constant currency net sales are expected to increase by 4.8% - 5.9%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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