On August 1, 2024, Merit Medical Systems Inc (MMSI, Financial) released its 8-K filing for the second quarter of 2024. Merit Medical Systems Inc is a medical equipment company that develops and manufactures products for use in interventional cardiology, radiology, and endoscopy procedures. The firm reports two segments: Cardiovascular and Endoscopy, with the majority of revenue generated from the Cardiovascular segment. The United States is the primary revenue generator for the company.
Performance Overview
Merit Medical Systems Inc (MMSI, Financial) reported revenue of $338.0 million for the quarter ended June 30, 2024, marking a 5.6% increase compared to the same period in 2023. This figure surpassed the analyst estimate of $334.55 million. The company's earnings per share (EPS) for the quarter were $0.61, meeting the analyst estimate of $0.61.
Constant currency revenue for the second quarter increased by 6.6% compared to the prior year period. The company also reported a non-GAAP gross margin of 51.5%, slightly up from 51.4% in the same quarter last year.
Segment Performance
| Segment | Q2 2024 Revenue ($000) | Q2 2023 Revenue ($000) | % Change |
|---|---|---|---|
| Peripheral Intervention | 139,247 | 125,909 | 10.6% |
| Cardiac Intervention | 93,863 | 93,775 | 0.1% |
| Custom Procedural Solutions | 50,416 | 49,384 | 2.1% |
| OEM | 44,289 | 42,207 | 4.9% |
| Endoscopy Devices | 10,188 | 8,781 | 16.0% |
Financial Achievements
Merit Medical Systems Inc (MMSI, Financial) reported a GAAP net income of $35.7 million, or $0.61 per share, compared to $20.2 million, or $0.35 per share, in the second quarter of 2023. The non-GAAP net income was $53.8 million, or $0.92 per share, up from $45.9 million, or $0.78 per share, in the same period last year.
“We delivered better-than-expected revenue and financial results in the second quarter, reflecting continued strong momentum over the first half of fiscal year 2024,” said Fred P. Lampropoulos, Merit’s Chairman and Chief Executive Officer.
Balance Sheet and Cash Flow
As of June 30, 2024, Merit Medical Systems Inc (MMSI, Financial) had cash and cash equivalents of $636.7 million, total debt obligations of $822.5 million, and available borrowing capacity of approximately $680 million. This compares to cash and cash equivalents of $587 million, total debt obligations of $846.6 million, and available borrowing capacity of approximately $626 million as of December 31, 2023.
Updated Fiscal Year 2024 Guidance
Based on the strong performance, Merit Medical Systems Inc (MMSI, Financial) has updated its full-year guidance. The company now expects net sales to be between $1,335 million and $1,345 million, representing a 6% to 7% year-over-year increase. Non-GAAP earnings per share are projected to be between $3.27 and $3.35, up from the previous guidance of $3.22 to $3.31.
For more detailed financial information, readers are encouraged to review the full 8-K filing.
Explore the complete 8-K earnings release (here) from Merit Medical Systems Inc for further details.
