Merit Medical Systems

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.
Company Growth (employees)
Type
Public
HQ
South Jordan, US
Founded
1987
Size (employees)
4,150 (est)
Website
merit.com
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.
USDFY, 2013FY, 2014FY, 2015FY, 2016

Revenue

449 m509.7 m542.1 m603.8 m

Revenue growth, %

14%6%11%

Cost of goods sold

254.7 m284.5 m306.4 m338.8 m

Gross profit

194.4 m225.2 m235.8 m265 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 m185.1 m198.2 m230.1 m

EBIT

27.8 m40.2 m37.5 m34.9 m

EBIT margin, %

6%8%7%6%

Interest expense

8 m8.8 m6.2 m8.8 m

Interest income

255 k217 k272 k81 k

Pre tax profit

19.8 m31.6 m31.2 m25.4 m

Income tax expense

3.3 m8.6 m7.4 m5.3 m

Net Income

16.6 m23 m23.8 m20.1 m
USDQ2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017

Revenue

128.9 m128.8 m129.6 m138.1 m136.1 m138.1 m151.1 m157 m171.1 m

Cost of goods sold

73.2 m71.4 m74.2 m77.2 m76.9 m78 m84.2 m89.2 m95.1 m

Gross profit

55.6 m57.4 m55.4 m60.9 m59.2 m60.1 m66.9 m67.8 m75.9 m

Gross profit Margin, %

43%45%43%44%44%44%44%43%44%

R&D expense

9.6 m8.7 m9.7 m9.2 m10.5 m10.6 m11.5 m11.4 m12.5 m

General and administrative expense

41.7 m43.7 m53.2 m57.8 m

Operating expense total

9.6 m8.7 m9.7 m9.2 m10.5 m52.3 m55.2 m64.6 m70.3 m

EBIT

7.4 m12.1 m8.7 m12.2 m8.5 m7.7 m11.6 m3 m5.6 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 k41 k53 k79 k78 k9 k16 k29 k83 k

Pre tax profit

5.1 m10.3 m7.5 m10.5 m6.7 m5.9 m9.9 m(5 k)15.5 m

Income tax expense

1.4 m2.5 m2.3 m3.1 m1.8 m1.6 m2.6 m(978 k)690 k

Net Income

6.5 m14.3 m5.2 m12.6 m17.4 m4.4 m11.6 m12.6 m14.8 m
USDFY, 2013FY, 2014FY, 2015FY, 2016

Cash

7.5 m7.4 m4.2 m19.2 m

Accounts Receivable

3.3 m7.5 m6.8 m5.4 m

Inventories

82.4 m91.8 m106 m120.7 m

Current Assets

165.9 m192.3 m204 m243.4 m

Goodwill

184.5 m184.5 m184.5 m211.9 m

Accounts Payable

26.5 m29.8 m38 m146.6 m

Total Debt

248.9 m224.5 m207.6 m324.4 m

Current Liabilities

65.6 m75.4 m87.9 m88.3 m

Total Liabilities

444.6 m

Retained Earnings

227 m250 m273.8 m293.9 m

Total Equity

498.2 m

Debt to Equity Ratio

0.7 x
USDQ2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017

Cash

9.4 m6.4 m9.9 m12.1 m5.9 m5.2 m10.5 m17.3 m26.5 m

Accounts Receivable

4 m4.2 m5.8 m6.5 m6.6 m5.5 m4.7 m3.4 m4.9 m

Inventories

86.5 m92.9 m88.3 m92.7 m100.3 m110.7 m109.9 m116.9 m134.3 m

Current Assets

180.1 m186 m187.9 m192.4 m194.3 m210 m220 m234.3 m272.2 m

Goodwill

184.5 m184.5 m184.4 m184.4 m184.5 m187 m187 m213.1 m219.9 m

Current Liabilities

71.1 m74.1 m71.7 m79.3 m85.9 m85.3 m85.1 m86.5 m105.1 m

Retained Earnings

233.5 m241.3 m255.1 m262.5 m267.4 m278.1 m285.4 m286.4 m308.7 m

Total Equity

452.8 m458.6 m472.3 m480 m485.9 m652.3 m
USDFY, 2013FY, 2014FY, 2015FY, 2016

Net Income

16.6 m23 m23.8 m20.1 m

Depreciation and Amortization

32.5 m35.9 m37.4 m43.8 m

Accounts Receivable

(609 k)(3 m)387 k1.1 m

Inventories

2.3 m(9.4 m)(13 m)(3.7 m)

Accounts Payable

(5 k)5.3 m14.8 m(6.8 m)

Cash From Operating Activities

51.4 m53.3 m69.5 m53.6 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 m9 m6.3 m8.9 m

Income Taxes Paid

735 k3.3 m3.4 m2.3 m
USDQ2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017

Net Income

6.5 m14.3 m5.2 m12.6 m17.4 m4.4 m11.6 m12.6 m14.8 m

Depreciation and Amortization

17.6 m26.7 m9.1 m18.3 m27.7 m9.7 m19.7 m31.6 m12.8 m

Accounts Receivable

(753 k)(885 k)(735 k)942 k776 k1.4 m2.1 m3.4 m374 k

Inventories

(4.1 m)(10.6 m)3.5 m166 k(7.4 m)(2.3 m)(1.4 m)220 k844 k

Accounts Payable

2.3 m655 k84 k5.2 m9.7 m2.4 m(5.1 m)(9 m)1 m

Cash From Operating Activities

20.1 m31.6 m19.3 m40.4 m57 m11.6 m25.4 m36.3 m15.2 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 m24.7 m123.5 m50.7 m

Interest Paid

5 m7.2 m1.3 m3.3 m4.7 m1.4 m2.9 m6.2 m2.7 m

Income Taxes Paid

1.9 m2.7 m931 k2.2 m2.9 m428 k1.6 m2.2 m1.6 m
USDY, 2017

Revenue/Employee

41.2 k

Merit Medical Systems Operating Metrics

FY, 2016

Trademarks

250

Patents Issued

800

Merit Medical Systems Market Value History

Merit Medical Systems Revenue Breakdown

Traffic Overview of Merit Medical Systems

Merit Medical Systems Online and Social Media Presence

Merit Medical Systems Company Life and Culture

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