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MMSI

Merit Medical Systems, Inc.

MMSI

Merit Medical Systems, Inc. • NASDAQ
$86.59 ▼ -0.94% (-0.82)
Market Cap $5.13 B
52w High $111.45
52w Low $78.12
Dividend Yield 0%
P/E 44.41
Volume 168.79K
Outstanding Shares 59.29M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $384.157M ▲ $143.799M ▲ $27.755M ▼ 7.225% ▼ $0.47 ▼ $79.537M ▼
Q2-2025 $382.462M ▲ $137.607M ▲ $32.581M ▲ 8.519% ▲ $0.55 ▲ $83.957M ▲
Q1-2025 $355.351M ▲ $130.987M ▼ $30.147M ▲ 8.484% ▲ $0.51 ▲ $76.802M ▲
Q4-2024 $355.158M ▲ $136.419M ▲ $27.947M ▼ 7.869% ▼ $0.48 ▼ $72.734M ▼
Q3-2024 $339.845M $120.274M $28.444M 8.37% $0.49 $73.796M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $392.457M ▲ $2.631B ▲ $1.102B ▲ $1.529B ▲
Q2-2025 $343.873M ▼ $2.586B ▲ $1.098B ▲ $1.488B ▲
Q1-2025 $395.529M ▲ $2.468B ▲ $1.04B ▲ $1.428B ▲
Q4-2024 $376.715M ▼ $2.419B ▲ $1.039B ▼ $1.379B ▲
Q3-2024 $523.128M $2.378B $1.055B $1.323B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $27.755M ▼ $74.982M ▼ $-24.065M ▲ $-365K ▼ $50.646M ▲ $51.511M ▼
Q2-2025 $32.581M ▲ $83.307M ▲ $-143.351M ▼ $4.347M ▼ $-53.68M ▼ $104.825M ▲
Q1-2025 $30.147M ▲ $40.572M ▼ $-29.635M ▲ $6.955M ▲ $18.828M ▲ $19.054M ▼
Q4-2024 $27.947M ▼ $68.744M ▲ $-214.447M ▼ $2.432M ▲ $-146.51M ▼ $64.507M ▲
Q3-2024 $28.444M $47.333M $-115.668M $-47.574M $-113.435M $37.412M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Cardiovascular
Cardiovascular
 $340.00M ▲$340.00M ▲$360.00M ▲$370.00M ▲
Endoscopy
Endoscopy
 $20.00M ▲$20.00M ▲$20.00M ▲$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Merit’s income statement shows a steady, multi‑year move from modest scale and thin margins to a more mature, profitable profile. Revenue has grown consistently each year, not in dramatic bursts but in a reliable, stair‑step pattern. As the company has grown, gross profit has expanded faster than sales, which suggests a shift toward higher‑value products and better manufacturing efficiency. Operating profit has improved meaningfully from a small loss a few years ago to solidly positive territory, indicating better cost control and leverage on selling, general, and administrative expenses. Earnings before interest, taxes, and depreciation have followed the same path, pointing to healthier underlying economics, not just one‑off benefits. Net income and earnings per share have risen steadily, turning from a small loss to clearly positive and growing results. Overall, the income statement tells a story of a business that is scaling well, becoming more efficient, and steadily upgrading the quality and mix of what it sells.

Balance Sheet

Balance Sheet The balance sheet reflects a company that has grown in size and complexity while gradually strengthening its foundation. Total assets have increased significantly over the last five years, partly due to acquisitions and ongoing investment in the product portfolio and manufacturing base. Shareholders’ equity has also grown steadily, which is positive: retained profits and capital investments are building a larger cushion for the business. Debt has risen compared with earlier years, which is common for a company funding acquisitions and expansion. However, it appears balanced by a larger asset base and higher profitability than in the past. Cash levels are materially higher than they were several years ago, even though they dipped slightly in the most recent year, suggesting better liquidity and more flexibility to manage investment cycles or short‑term shocks. Overall, the balance sheet looks like that of a mid‑sized medical device company that is using leverage carefully to grow, while steadily building its equity base.

Cash Flow

Cash Flow Cash generation has been consistently positive, which is a key strength. Operating cash flow has tracked the earnings improvements over time, showing that reported profits are largely backed by real cash coming into the business. There are no signs in this data of cash flow lagging badly behind accounting results. Free cash flow has been positive in every year shown, after covering ongoing investments in equipment and facilities. Capital spending has been steady and moderate, indicating a controlled investment program rather than highly volatile or speculative spending. The combination of rising profits and recurring positive free cash flow gives Merit room to fund product development, absorb integration costs from acquisitions, and manage its debt without relying excessively on new financing. From a cash perspective, the business looks disciplined and self‑funding.

Competitive Edge

Competitive Edge Merit occupies an attractive niche in disposable medical devices, focusing on interventional procedures in cardiology, radiology, oncology, and related areas. Its competitive position is built on breadth and depth: the company offers a wide range of devices and, importantly, complete procedural kits and trays that simplify life for hospitals and clinicians. This “one‑stop” approach encourages customers to standardize on Merit’s ecosystem rather than pick individual parts from many suppliers. Vertical integration is a major advantage. By controlling much of its own manufacturing, materials processing, and coatings, Merit can differentiate product performance, maintain quality, and respond quickly to customer needs. Its direct sales presence and long‑standing relationships with hospitals and physicians strengthen loyalty and make it harder for rivals to displace existing business. The OEM and private‑label side of the business embeds Merit inside other companies’ products and supply chains, adding another layer to its moat. Strategic acquisitions have extended the portfolio into attractive, procedure‑driven niches like breast localization and lead management, reinforcing the company’s relevance in high‑value therapeutic areas. The main ongoing challenge is competing against much larger medtech players, which makes execution, service, and speed of innovation especially important.

Innovation and R&D

Innovation and R&D Innovation is central to Merit’s strategy and appears well aligned with customer needs. The company focuses on making procedures safer, more efficient, and easier to perform, often by improving device design, coatings, and complete procedural solutions rather than chasing only headline‑grabbing breakthroughs. Merit’s strengths include advanced tube and wire processing, proprietary hydrophilic and PTFE coatings, and the ability to customize products for specific clinical workflows. Products like the Blue Diamond digital inflation device and various embolization microspheres illustrate a focus on specialized, higher‑margin tools rather than commodity components. The Wrapsody endoprosthesis is a notable recent milestone: a differentiated device for dialysis patients that targets a clear clinical need and has received key regulatory approval. The acquisition of Cook Medical’s lead management portfolio and the push into endoscopy suggest a deliberate strategy to expand in faster‑growing, procedure‑intensive segments. Overall, Merit’s R&D and product pipeline are geared toward incremental but meaningful advances that can be commercialized across its established global sales channels.

Summary

Overall, Merit Medical looks like a steadily maturing medical device company that has used innovation and targeted acquisitions to move up the value chain. Financially, it has shifted from borderline profitability to more comfortable, growing earnings, supported by healthy cash generation and a balance sheet that shows greater scale and resilience, albeit with higher debt than in the past. Strategically, its competitive position rests on a broad, procedure‑oriented product set, vertical integration, strong customer relationships, and an expanding presence in specialized, higher‑growth niches such as electrophysiology, breast localization, and endovascular therapies. The innovation engine appears tightly tied to clinician feedback and practical improvements in workflow and outcomes. Key opportunities include successful rollout of newer products like Wrapsody, deeper penetration of recently acquired portfolios, and growth in areas such as endoscopy. Key risks include integration of acquisitions, maintaining differentiation against much larger medtech players, reimbursement changes, and ongoing regulatory demands. In sum, Merit comes across as a disciplined, innovation‑driven operator with improving fundamentals and a clear, though execution‑dependent, path for further growth.

NEWS

November 3, 2025 · 9:25 AM UTC

Merit Medical Releases 24-Month Efficacy Results from the Single-Arm Arteriovenous Graft (AVG) Cohort of the WRAPSODY Arteriovenous Access Efficacy (WAVE) Trial

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October 15, 2025 · 4:05 PM UTC

PENTAX Medical Announces Sale of C2 CryoBalloon™ Product Line to Merit Medical Systems through Asset Purchase Agreement

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October 3, 2025 · 9:25 AM UTC

Merit Medical Systems to Announce Third Quarter 2025 Results on October 30, 2025

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October 1, 2025 · 9:25 AM UTC

Merit Medical Announces SCOUT Milestone: 750,000 Patients Treated with Wire-Free Technology

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September 12, 2025 · 2:30 PM UTC

Merit Medical Embosphere Microspheres Achieve CE Mark for Genicular Artery Embolisation to Treat Knee Osteoarthritis

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