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Merit Medical Reports Results for Quarter Ended September 30, 2022

November 1, 2022

  • Q3 2022 reported revenue of $287.2 million, up 7.5% compared to Q3 2021
  • Q3 2022 constant currency revenue, organic* up 10.5% compared to Q3 2021
  • Q3 2022 GAAP operating margin of 6.5%, compared to 6.0% in Q3 2021
  • Q3 2022 non-GAAP operating margin* of 16.1%, compared to 14.8% in Q3 2021
  • Q3 2022 GAAP EPS $0.27, compared to $0.21 in Q3 2021
  • Q3 2022 non-GAAP EPS* of $0.64, compared to $0.52 in Q3 2021

* Constant currency revenue; constant currency revenue, organic; non-GAAP EPS; non-GAAP net income; non-GAAP operating income and margin; non-GAAP gross profit and margin; and free cash flow are non-GAAP financial measures. A reconciliation of these financial measures to their most directly comparable GAAP financial measures is included under the heading “Non-GAAP Financial Measures” below.

SOUTH JORDAN, Utah, Oct. 26, 2022 (GLOBE NEWSWIRE) — Merit Medical Systems, Inc. (NASDAQ: MMSI), a leading global manufacturer and marketer of healthcare technology, today announced revenue of $287.2 million for the quarter ended September 30, 2022, an increase of 7.5% compared to the quarter ended September 30, 2021. Constant currency revenue, organic, for the third quarter of 2022 increased 10.5% compared to the prior year period.

Merit’s revenue by operating segment and product category for the three and nine-month periods ended September 30, 2022 and 2021 was as follows (unaudited; in thousands, except for percentages):

Three Months Ended
Reported Constant Currency
September 30, Impact of foreign September 30,
2022 2021 % Change exchange 2022 % Change
Cardiovascular
Peripheral Intervention $ 110,698 $ 101,059 9.5 % $ 2,289 $ 112,987 11.8  %
Cardiac Intervention 86,848 79,813 8.8 % 2,841 89,689 12.4  %
Custom Procedural Solutions 45,692 49,435 (7.6 )% 2,352 48,044 (2.8 )%
OEM 35,711 29,397 21.5 % 408 36,119 22.9  %
Total 278,949 259,704 7.4 % 7,890 286,839 10.4  %
Endoscopy
Endoscopy Devices 8,226 7,317 12.4 % 85 8,311 13.6  %
Total $ 287,175 $ 267,021 7.5 % $ 7,975 $ 295,150 10.5  %

 

 

 

Nine Months Ended
Reported Constant Currency
September 30, Impact of foreign September 30,
2022 2021 % Change exchange 2022 % Change
Cardiovascular
Peripheral Intervention $ 327,426 $ 299,573 9.3  % $ 4,013 $ 331,439 10.6 %
Cardiac Intervention 257,909 240,203 7.4  % 5,345 263,254 9.6 %
Custom Procedural Solutions 141,047 143,492 (1.7 )% 5,261 146,308 2.0 %
OEM 106,173 89,734 18.3  % 947 107,120 19.4 %
Total 832,555 773,002 7.7  % 15,566 848,121 9.7 %
Endoscopy
Endoscopy Devices 25,011 23,257 7.5  % 197 25,208 8.4 %
Total $ 857,566 $ 796,259 7.7  % $ 15,763 $ 873,329 9.7 %

 

 

Merit’s GAAP gross margin for the third quarter of 2022 was 44.8%, compared to GAAP gross margin of 45.1% for the prior year period. Merit’s non-GAAP gross margin* for the third quarter of 2022 was 48.4%, compared to non-GAAP gross margin of 49.1% for the prior year period.

Read the Full Report Here »

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