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):
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Three Months Ended |
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Reported |
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Constant Currency |
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September 30, |
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Impact of foreign |
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September 30, |
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2022 |
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2021 |
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% Change |
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exchange |
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2022 |
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% Change |
| Cardiovascular |
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| Peripheral Intervention |
$ |
110,698 |
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$ |
101,059 |
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9.5 |
% |
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$ |
2,289 |
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$ |
112,987 |
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11.8 |
% |
| Cardiac Intervention |
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86,848 |
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79,813 |
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8.8 |
% |
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|
2,841 |
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89,689 |
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12.4 |
% |
| Custom Procedural Solutions |
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45,692 |
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49,435 |
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(7.6 |
)% |
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2,352 |
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48,044 |
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(2.8 |
)% |
| OEM |
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35,711 |
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29,397 |
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21.5 |
% |
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|
408 |
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36,119 |
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22.9 |
% |
| Total |
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278,949 |
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259,704 |
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7.4 |
% |
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7,890 |
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286,839 |
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10.4 |
% |
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| Endoscopy |
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| Endoscopy Devices |
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8,226 |
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7,317 |
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12.4 |
% |
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85 |
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8,311 |
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13.6 |
% |
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| Total |
$ |
287,175 |
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$ |
267,021 |
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7.5 |
% |
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$ |
7,975 |
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$ |
295,150 |
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10.5 |
% |
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Nine Months Ended |
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Reported |
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Constant Currency |
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September 30, |
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Impact of foreign |
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September 30, |
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2022 |
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2021 |
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|
% Change |
|
exchange |
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2022 |
|
% Change |
| Cardiovascular |
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| Peripheral Intervention |
$ |
327,426 |
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$ |
299,573 |
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9.3 |
% |
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$ |
4,013 |
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$ |
331,439 |
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10.6 |
% |
| Cardiac Intervention |
|
257,909 |
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|
240,203 |
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7.4 |
% |
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|
5,345 |
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263,254 |
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9.6 |
% |
| Custom Procedural Solutions |
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141,047 |
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|
143,492 |
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(1.7 |
)% |
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|
5,261 |
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146,308 |
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2.0 |
% |
| OEM |
|
106,173 |
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|
89,734 |
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18.3 |
% |
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|
947 |
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107,120 |
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19.4 |
% |
| Total |
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832,555 |
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773,002 |
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7.7 |
% |
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15,566 |
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848,121 |
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9.7 |
% |
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| Endoscopy |
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| Endoscopy Devices |
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25,011 |
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23,257 |
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7.5 |
% |
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|
197 |
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25,208 |
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8.4 |
% |
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| Total |
$ |
857,566 |
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$ |
796,259 |
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7.7 |
% |
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$ |
15,763 |
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$ |
873,329 |
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9.7 |
%
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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.
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