Merit Medical Systems, Inc. (Nasdaq: MMSI) is a leading manufacturer of medical devices used in diagnostic & interventional cardiology & radiology procedures. Its primary products consist of inflation devices used in angioplasty, stent placement & discography; diagnostic & therapeutic catheters used for various procedures in cardiology & radiology; guide wires used to place balloon angioplasty catheters within a patient's coronary arteries; products used to manage & monitor the administration of contrast & other fluid solutions during diagnostic & therapeutic procedures; thrombolytic catheters & fluid dispensing systems; angiography accessories; & standard & custom angiography kits.
Headquartered in South Jordan, Utah, a suburb of Salt Lake City, Merit employs approximately 1,900 people worldwide. Merit markets its products in the United States & Europe (direct sales force) & the world (distributors). They call directly on physicians & clinicians in hospitals & clinics worldwide.
The Company has expanded to three separate facilities in the Salt Lake City, Utah area (South Jordan, Murray and West Jordan). Merit also has facilities in Galway, Ireland (guidewires), Angleton, Texas (catheters), in Richmond, Virginia (procedural trays & packs) & a customer service & distribution center in Maastricht, The Netherlands. The Company has achieved a world leadership position in inflation devices & hemostasis valves & is renowned for its product innovation, customer service & product quality.
Merit possesses a proprietary manufacturing process which allows it to offer contract manufacturing (OEM) to a wide range of medical device companies.
Merit Endotek is a newly created division of Merit. These products are focused in the gastroenterology medical device market. The products include stent technology in the emerging field of non-vascular interventional stenting. This next-generation stent technology is used in the lungs, esophagus, & biliary tract.
Headquartered in South Jordan, Utah, a suburb of Salt Lake City, Merit employs approximately 1,900 people worldwide. Merit markets its products in the United States & Europe (direct sales force) & the world (distributors). They call directly on physicians & clinicians in hospitals & clinics worldwide.
The Company has expanded to three separate facilities in the Salt Lake City, Utah area (South Jordan, Murray and West Jordan). Merit also has facilities in Galway, Ireland (guidewires), Angleton, Texas (catheters), in Richmond, Virginia (procedural trays & packs) & a customer service & distribution center in Maastricht, The Netherlands. The Company has achieved a world leadership position in inflation devices & hemostasis valves & is renowned for its product innovation, customer service & product quality.
Merit possesses a proprietary manufacturing process which allows it to offer contract manufacturing (OEM) to a wide range of medical device companies.
Merit Endotek is a newly created division of Merit. These products are focused in the gastroenterology medical device market. The products include stent technology in the emerging field of non-vascular interventional stenting. This next-generation stent technology is used in the lungs, esophagus, & biliary tract.
Company Growth (employees)
Merit Medical Systems was founded in 1987 and is headquartered in South Jordan, US
Merit Medical Systems Office Locations
Merit Medical Systems has an office in South Jordan
South Jordan, US (HQ)
1600 Merit Pkwy
Merit Medical Systems Data and Metrics
Merit Medical Systems Financial Metrics
Merit Medical Systems's revenue was reported to be $171.1 m in Q1, 2017
USD
Revenue (Q1, 2017) | 171.1 m |
Gross profit (Q1, 2017) | 75.9 m |
Gross profit margin (Q1, 2017), % | 44% |
Net income (Q1, 2017) | 14.8 m |
EBIT (Q1, 2017) | 5.6 m |
Market capitalization (18-Aug-2017) | 2.1 b |
Cash (31-Mar-2017) | 26.5 m |
Merit Medical Systems's current market capitalization is $2.1 b.
- Source: SEC Filibgs
| USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 |
|---|---|---|---|---|
Revenue | 449 m | 509.7 m | 542.1 m | 603.8 m |
Revenue growth, % | 14% | 6% | 11% | |
Cost of goods sold | 254.7 m | 284.5 m | 306.4 m | 338.8 m |
Gross profit | 194.4 m | 225.2 m | 235.8 m | 265 m |
Gross profit Margin, % | 43% | 44% | 43% | 44% |
R&D expense | 45.2 m | |||
General and administrative expense | 184.4 m | |||
Operating expense total | 166.5 m | 185.1 m | 198.2 m | 230.1 m |
EBIT | 27.8 m | 40.2 m | 37.5 m | 34.9 m |
EBIT margin, % | 6% | 8% | 7% | 6% |
Interest expense | 8 m | 8.8 m | 6.2 m | 8.8 m |
Interest income | 255 k | 217 k | 272 k | 81 k |
Pre tax profit | 19.8 m | 31.6 m | 31.2 m | 25.4 m |
Income tax expense | 3.3 m | 8.6 m | 7.4 m | 5.3 m |
Net Income | 16.6 m | 23 m | 23.8 m | 20.1 m |
| USD | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | 128.9 m | 128.8 m | 129.6 m | 138.1 m | 136.1 m | 138.1 m | 151.1 m | 157 m | 171.1 m |
Cost of goods sold | 73.2 m | 71.4 m | 74.2 m | 77.2 m | 76.9 m | 78 m | 84.2 m | 89.2 m | 95.1 m |
Gross profit | 55.6 m | 57.4 m | 55.4 m | 60.9 m | 59.2 m | 60.1 m | 66.9 m | 67.8 m | 75.9 m |
Gross profit Margin, % | 43% | 45% | 43% | 44% | 44% | 44% | 44% | 43% | 44% |
R&D expense | 9.6 m | 8.7 m | 9.7 m | 9.2 m | 10.5 m | 10.6 m | 11.5 m | 11.4 m | 12.5 m |
General and administrative expense | 41.7 m | 43.7 m | 53.2 m | 57.8 m | |||||
Operating expense total | 9.6 m | 8.7 m | 9.7 m | 9.2 m | 10.5 m | 52.3 m | 55.2 m | 64.6 m | 70.3 m |
EBIT | 7.4 m | 12.1 m | 8.7 m | 12.2 m | 8.5 m | 7.7 m | 11.6 m | 3 m | 5.6 m |
EBIT margin, % | 6% | 9% | 7% | 9% | 6% | 6% | 8% | 2% | 3% |
Interest expense | (2.4 m) | (2 m) | (1.6 m) | (1.7 m) | (1.5 m) | (1.3 m) | (1.8 m) | (3 m) | (2.7 m) |
Interest income | 79 k | 41 k | 53 k | 79 k | 78 k | 9 k | 16 k | 29 k | 83 k |
Pre tax profit | 5.1 m | 10.3 m | 7.5 m | 10.5 m | 6.7 m | 5.9 m | 9.9 m | (5 k) | 15.5 m |
Income tax expense | 1.4 m | 2.5 m | 2.3 m | 3.1 m | 1.8 m | 1.6 m | 2.6 m | (978 k) | 690 k |
Net Income | 6.5 m | 14.3 m | 5.2 m | 12.6 m | 17.4 m | 4.4 m | 11.6 m | 12.6 m | 14.8 m |
| USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 |
|---|---|---|---|---|
Cash | 7.5 m | 7.4 m | 4.2 m | 19.2 m |
Accounts Receivable | 3.3 m | 7.5 m | 6.8 m | 5.4 m |
Inventories | 82.4 m | 91.8 m | 106 m | 120.7 m |
Current Assets | 165.9 m | 192.3 m | 204 m | 243.4 m |
Goodwill | 184.5 m | 184.5 m | 184.5 m | 211.9 m |
Accounts Payable | 26.5 m | 29.8 m | 38 m | 146.6 m |
Total Debt | 248.9 m | 224.5 m | 207.6 m | 324.4 m |
Current Liabilities | 65.6 m | 75.4 m | 87.9 m | 88.3 m |
Total Liabilities | 444.6 m | |||
Retained Earnings | 227 m | 250 m | 273.8 m | 293.9 m |
Total Equity | 498.2 m | |||
Debt to Equity Ratio | 0.7 x |
| USD | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 |
|---|---|---|---|---|---|---|---|---|---|
Cash | 9.4 m | 6.4 m | 9.9 m | 12.1 m | 5.9 m | 5.2 m | 10.5 m | 17.3 m | 26.5 m |
Accounts Receivable | 4 m | 4.2 m | 5.8 m | 6.5 m | 6.6 m | 5.5 m | 4.7 m | 3.4 m | 4.9 m |
Inventories | 86.5 m | 92.9 m | 88.3 m | 92.7 m | 100.3 m | 110.7 m | 109.9 m | 116.9 m | 134.3 m |
Current Assets | 180.1 m | 186 m | 187.9 m | 192.4 m | 194.3 m | 210 m | 220 m | 234.3 m | 272.2 m |
Goodwill | 184.5 m | 184.5 m | 184.4 m | 184.4 m | 184.5 m | 187 m | 187 m | 213.1 m | 219.9 m |
Current Liabilities | 71.1 m | 74.1 m | 71.7 m | 79.3 m | 85.9 m | 85.3 m | 85.1 m | 86.5 m | 105.1 m |
Retained Earnings | 233.5 m | 241.3 m | 255.1 m | 262.5 m | 267.4 m | 278.1 m | 285.4 m | 286.4 m | 308.7 m |
Total Equity | 452.8 m | 458.6 m | 472.3 m | 480 m | 485.9 m | 652.3 m |
- Source: SEC Filibgs
| USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 |
|---|---|---|---|---|
Net Income | 16.6 m | 23 m | 23.8 m | 20.1 m |
Depreciation and Amortization | 32.5 m | 35.9 m | 37.4 m | 43.8 m |
Accounts Receivable | (609 k) | (3 m) | 387 k | 1.1 m |
Inventories | 2.3 m | (9.4 m) | (13 m) | (3.7 m) |
Accounts Payable | (5 k) | 5.3 m | 14.8 m | (6.8 m) |
Cash From Operating Activities | 51.4 m | 53.3 m | 69.5 m | 53.6 m |
Cash From Investing Activities | (68.6 m) | (36.2 m) | (62 m) | (159.1 m) |
Long-term Borrowings | (165.5 m) | (169.4 m) | (169.3 m) | (102.1 m) |
Cash From Financing Activities | 14.8 m | (17 m) | (10.2 m) | 121.1 m |
Interest Paid | 7.9 m | 9 m | 6.3 m | 8.9 m |
Income Taxes Paid | 735 k | 3.3 m | 3.4 m | 2.3 m |
| USD | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 |
|---|---|---|---|---|---|---|---|---|---|
Net Income | 6.5 m | 14.3 m | 5.2 m | 12.6 m | 17.4 m | 4.4 m | 11.6 m | 12.6 m | 14.8 m |
Depreciation and Amortization | 17.6 m | 26.7 m | 9.1 m | 18.3 m | 27.7 m | 9.7 m | 19.7 m | 31.6 m | 12.8 m |
Accounts Receivable | (753 k) | (885 k) | (735 k) | 942 k | 776 k | 1.4 m | 2.1 m | 3.4 m | 374 k |
Inventories | (4.1 m) | (10.6 m) | 3.5 m | 166 k | (7.4 m) | (2.3 m) | (1.4 m) | 220 k | 844 k |
Accounts Payable | 2.3 m | 655 k | 84 k | 5.2 m | 9.7 m | 2.4 m | (5.1 m) | (9 m) | 1 m |
Cash From Operating Activities | 20.1 m | 31.6 m | 19.3 m | 40.4 m | 57 m | 11.6 m | 25.4 m | 36.3 m | 15.2 m |
Cash From Investing Activities | (21.1 m) | (26.6 m) | (9.4 m) | (26.5 m) | (50.7 m) | (31.9 m) | (43.9 m) | (146.8 m) | (58.3 m) |
Long-term Borrowings | (72.2 m) | (117.8 m) | (43.4 m) | (80.1 m) | (124.2 m) | (34.4 m) | (69.7 m) | (82.7 m) | (170.7 m) |
Cash From Financing Activities | 3 m | (5.2 m) | (7.3 m) | (9 m) | (7.5 m) | 21.2 m | 24.7 m | 123.5 m | 50.7 m |
Interest Paid | 5 m | 7.2 m | 1.3 m | 3.3 m | 4.7 m | 1.4 m | 2.9 m | 6.2 m | 2.7 m |
Income Taxes Paid | 1.9 m | 2.7 m | 931 k | 2.2 m | 2.9 m | 428 k | 1.6 m | 2.2 m | 1.6 m |
| USD | Y, 2017 |
|---|---|
Revenue/Employee | 41.2 k |
