MMSI
Merit Medical Systems, Inc.86.85
+0.44+0.51%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A details Q1 headwinds, Rhapsody ramp
Q&A clarified Q1 organic growth conservatism at 2-3%, blaming OEM destocking, China VBP front-loading, and supply hiccups—yet full-year 5-7% constant currency growth aligns with CGI targets. Rhapsody drew scrutiny; management admitted missing 2025 expectations but backed $7M 2026 U.S. sales as high-confidence, implying low-single-digit non-hospital penetration amid rivals. OEM stays choppy but healthy at mid-high single-digit normalized pace. Appetite for slightly larger tuck-ins emerged. Full-year margins expand despite tariffs. Q&A largely reaffirms prepared beats. Solid plan intact.
Key Stats
Market Cap
5.15BP/E (TTM)
44.54Basic EPS (TTM)
1.95Dividend Yield
0%Recent Filings
8-K
Q4 revenue up 11%, strong guidance
Merit Medical reported Q4 revenue of $393.9M, up 11%, and full-year 2025 revenue of $1.516B, up 12%, with organic constant currency growth at 7%. Non-GAAP operating margin expanded to 21.0% from 19.6%; free cash flow hit $215.7M, up 16%. Guidance calls for 2026 revenue of $1.610-$1.630B and non-GAAP EPS of $4.01-$4.15. Acquisitions drove growth, yet organic momentum holds.
10-K
FY2025 results
Merit Medical drove FY2025 revenue to $1.52B, up 11.8% y/y, with cardiovascular sales surging 10.9% to $1.44B on strong cardiac intervention gains from Cook and Biolife acquisitions, while endoscopy rocketed 33.0% to $72.9M via EsophyX. Gross margins expanded to 48.7% from 47.4%, fueling operating income growth to $184.7M (12.2% of sales). Q4 momentum shone through U.S. direct and EMEA strength, but inventories swelled for service levels. Cash swelled to $448M, funding $145M in Biolife/Pentax buys and $82M capex; $748M convertible notes mature 2029. Supply disruptions threaten quarterly flows.
8-K
Q4 revenue up 10%; Chair change
Merit Medical disclosed preliminary Q4 2025 unaudited revenue of $389M-$395M, up 10-11% year-over-year, while constant currency growth hit 8-10%. Founder Fred Lampropoulos resigned as Board Chair effective January 4, 2026, for personal reasons—no disputes—securing a $250,000 monthly consulting gig through March. F. Ann Millner stepped in as Chair. Leadership shifts smoothly.
8-K
CMS defers WRAPSODY payment
Merit Medical disclosed CMS deferred its Transitional Pass-Through payment application for WRAPSODY Cell-Impermeable Endoprosthesis to 2027, prompting withdrawal and immediate full U.S. commercialization. CEO Aronson views this as a strategic pivot to boost adoption despite slowed pace. Full-year 2025 U.S. WRAPSODY revenue forecast holds at $2 million to $4 million. Clinical data sets it apart.
8-K
C2 CryoBalloon acquisition closes
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