MERIT MEDICAL SYSTEMS INC MMSI
Merit Medical Systems, Inc. is a leading manufacturer and marketer of proprietary medical devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care and endoscopy. We strive to be the most customer-focused company in healthcare. Each day we are determined to make a difference by understanding our customers' needs and innovating and delivering a diverse range of products that improve the lives of people and communities throughout the world. We believe that long-term value is created for our customers, employees, shareholders, and communities when we focus outward and are determined to deliver an exceptional customer experience.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.52B | $1.36B | $1.26B | $1.15B | $1.07B | $963.9M | $994.9M | $882.8M | $727.9M | $603.8M |
| Cost of revenue | $777.6M | $713.2M | $673.5M | $631.9M | $589.4M | $562.7M | $562.5M | $488.0M | $401.6M | $338.8M |
| Gross profit | $738.3M | $643.3M | $583.9M | $519.1M | $485.3M | $401.2M | $432.4M | $394.8M | $326.3M | $265.0M |
| R&D | — | — | — | — | — | — | — | $59.5M | $51.4M | $45.2M |
| SG&A | $455.2M | $399.7M | $373.7M | $342.5M | $335.7M | $297.7M | $327.3M | $276.0M | $229.1M | $184.4M |
| Total operating expenses | $553.5M | $487.6M | $459.9M | $431.5M | $424.4M | $402.7M | $416.9M | $336.2M | $293.2M | $230.1M |
| Operating income | $184.7M | $155.7M | $123.9M | $87.6M | $60.9M | -$1.6M | $15.4M | $58.6M | $33.1M | $34.9M |
| Interest expense | $26.5M | $31.2M | $15.5M | $6.3M | $5.3M | $10.0M | $12.4M | $10.4M | $7.7M | $8.8M |
| Pre-tax income | $170.9M | $150.0M | $112.1M | $82.6M | $53.9M | -$13.2M | $2.2M | $49.5M | $35.9M | $25.4M |
| Income tax | $42.4M | $29.6M | $17.7M | $8.1M | $5.5M | $3.4M | $3.3M | $7.5M | $8.4M | $5.3M |
| Net income | $128.5M | $120.4M | $94.4M | $74.5M | $48.5M | -$9.8M | $5.5M | $42.0M | $27.5M | $20.1M |
| EPS, basic | 2.17 | 2.07 | 1.64 | 1.31 | 0.86 | -0.18 | 0.10 | 0.80 | 0.56 | 0.45 |
| EPS, diluted | 2.13 | 2.03 | 1.62 | 1.29 | 0.84 | -0.18 | 0.10 | 0.78 | 0.55 | 0.45 |
| Shares, diluted (wtd. avg.) | $60.5M | $59.4M | $58.4M | $57.7M | $57.4M | $55.4M | $56.2M | $53.9M | $50.1M | $44.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $446.4M | $376.7M | $587.0M | $60.6M | $67.8M | $56.9M | $44.3M | $67.4M | $32.3M | $19.2M |
| Receivables | $203.7M | $190.2M | $177.9M | $164.7M | $152.3M | $146.6M | $155.4M | $137.2M | $105.5M | $80.5M |
| Inventory | $333.7M | $306.1M | $303.9M | $266.0M | $221.9M | $198.0M | $225.7M | $197.5M | $155.3M | $120.7M |
| Total current assets | $1.04B | $923.8M | $1.11B | $529.1M | $482.2M | $429.7M | $454.5M | $429.8M | $316.1M | $243.4M |
| Property, plant and equipment | $428.4M | $386.2M | $383.5M | $383.0M | $371.7M | $382.7M | $378.8M | $331.5M | $292.8M | $276.6M |
| Goodwill | $506.8M | $463.5M | $382.2M | $359.8M | $361.7M | $363.5M | $353.2M | $335.4M | $238.1M | $211.9M |
| Total assets | $2.69B | $2.42B | $2.33B | $1.66B | $1.65B | $1.66B | $1.76B | $1.62B | $1.11B | $942.8M |
| Short-term debt | — | — | — | $11.2M | $8.4M | $7.5M | $7.5M | $22.0M | $19.5M | $10.0M |
| Total current liabilities | $239.8M | $216.4M | $203.6M | $220.6M | $236.3M | $185.0M | $181.7M | $175.3M | $115.6M | $88.3M |
| Long-term debt | $734.0M | $729.6M | $823.0M | $186.8M | $234.4M | $343.7M | $432.0M | $373.2M | $259.0M | $314.4M |
| Total liabilities | $1.10B | $1.04B | $1.12B | $519.6M | $608.5M | $705.8M | $807.4M | $687.2M | $435.5M | $444.6M |
| Retained earnings | $824.0M | $695.5M | $575.2M | $480.8M | $406.3M | $357.8M | $368.2M | $363.4M | $321.4M | $293.9M |
| Total equity | $1.58B | $1.38B | $1.20B | $1.14B | $1.04B | $958.6M | $949.9M | $932.8M | $676.3M | $498.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $297.4M | $220.8M | $145.2M | $114.3M | $147.2M | $165.3M | $77.8M | $86.5M | $62.7M | $53.6M |
| Depreciation and amortisation | $123.2M | $102.7M | $90.0M | $81.8M | $84.1M | $94.1M | $92.1M | $69.5M | $53.6M | $43.8M |
| Stock-based compensation | $43.5M | $28.5M | $21.3M | $18.0M | $16.1M | $14.3M | $9.4M | $6.1M | $4.1M | $2.5M |
| Capital expenditure | $81.7M | $35.1M | $34.3M | $45.0M | $27.9M | $46.0M | $78.2M | $63.3M | $38.6M | $32.8M |
| Investing cash flow | -$247.4M | -$368.7M | -$175.3M | -$57.4M | -$37.2M | -$58.7M | -$134.5M | -$378.8M | -$146.8M | -$159.1M |
| Financing cash flow | $16.0M | -$60.0M | $559.3M | -$60.3M | -$98.4M | -$95.7M | $33.5M | $328.3M | $96.5M | $121.1M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000856982-26-000008.
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