Inferra AI / Company / MMSI

Merit Medical Systems Inc.

MMSI · Health Care

Last earnings Oct 29, 2026

Key results

Reported revenuequarter

$384.2 million

Reported revenue of $384.2 million, up 13.0% Constant currency revenue* and constant currency revenue, organic* up 12.5% and up 7.8%, respectively

SEC original ↗Merit Medical Systems Inc. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Revenuequarter

13.0%

Reported revenue of $384.2 million, up 13.0% Constant currency revenue* and constant currency revenue, organic* up 12.5% and up 7.8%, respectively

SEC original ↗Merit Medical Systems Inc. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Growthquarter

up 12.5%

Reported revenue of $384.2 million, up 13.0% Constant currency revenue* and constant currency revenue, organic* up 12.5% and up 7.8%, respectively

SEC original ↗Merit Medical Systems Inc. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

GAAP operating marginquarter

11.1%

GAAP operating margin of 11.1%, compared to 11.0% in prior year period Non-GAAP operating margin* of 19.7%, compared to 19.2% in prior year period GAAP EPS $0.46, down 3.0% Non-GAAP EPS* $0.92, up 6.7% Free cash flow* generation of $141.6 million over first nine months of 2025

SEC original ↗Merit Medical Systems Inc. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

(NASDAQ: MMSI), a leading global manufacturer and marketer of healthcare technology, today announced revenue of $384.2 million for the quarter ended September 30, 2025, an increase of 13.0% compared to the quarter ended September 30, 2024.

SEC original ↗Merit Medical Systems Inc. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Constant currency revenue for the third quarter of 2025 increased 12.5% compared to the prior year period and constant currency revenue, organic, for the third quarter of 2025 increased 7.8% compared to the prior year period.

SEC original ↗Merit Medical Systems Inc. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Revenue figures for 2024 have been recast to reflect this realignment of our portfolio of spine products, representing approximately $5.7 million and $16.7 million in revenue for the three and nine-month periods ended September 30, 2024, within the OEM product category to provide comparability between the reported periods.

SEC original ↗Merit Medical Systems Inc. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

GAAP gross marginquarter

48.5%

Merit s GAAP gross margin for the third quarter of 2025 was 48.5%, compared to GAAP gross margin of 46.4% for the third quarter of 2024.

SEC original ↗Merit Medical Systems Inc. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Gross marginquarter

53.6%

Merit s non-GAAP gross margin* for the third quarter of 2025 was 53.6%, compared to non-GAAP gross margin* of 50.9% for the third quarter of 2024.

SEC original ↗Merit Medical Systems Inc. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

GAAP net incomequarter

$27.8 million

2 Merit s GAAP net income for the third quarter of 2025 was $27.8 million, or $0.46 per share, compared to GAAP net income of $28.4 million, or $0.48 per share, for the third quarter of 2024.

SEC original ↗Merit Medical Systems Inc. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

AI analysis

Q3 2025 · reported Oct 30, 2025

Based on: Earnings release + Q3 2025 deck + parent 8-K + 10-Q — transcript not held

Reported revenue · Q3 2025

$384.2M

EX-99 · Oct 30, 2025

GAAP gross margin · Q3 2025

48.5%

EX-99 · Oct 30, 2025

GAAP net income · Q3 2025

$27.8M

EX-99 · Oct 30, 2025

GAAP operating margin · Q3 2025

11.1%

-1.2 pts vs prior quarter computed from stated figures
+0.1 pts vs year ago computed from stated figures

EX-99 · Oct 30, 2025

The quarter in charts

Operating margin

Percent of revenue, as stated

EX-99 · Oct 30, 2025 Margin values as stated in the release.

Headline figures

Metric	Q3 2025	Prior qtr	Year ago
Reported revenue	$384.2 million	$382.5 million	—
Revenue	13.0%	$382.5 million	—
Growth	up 12.5%	up 12.5%	—
GAAP operating margin	11.1%	12.3%	11.0%
GAAP gross margin	48.5%	48.2%	—
Gross margin	53.6%	48.2%	—
GAAP net income	$27.8 million	—	—

EX-99 · Oct 30, 2025

Guidance · company-stated

Direction: Initiated

Revenue

“We have increased our 2025 revenue and non-GAAP earnings per share guidance to reflect the stronger-than-expected third quarter results and remain confident in our team s ability to deliver strong execution, stable constant currency growth, improving profitability and solid cash flow generation this year.”

Revenue

“2025 Net Sales Guidance - % Change from Prior Year (Constant Currency) Reconciliation* Updated Guidance Prior Guidance (1) Low High Low High 2025 Net Sales Guidance - % Change from Prior Year (GAAP) 10.7% 11.7% 10.2% 11.1% Estimated impact of foreign currency exchange rate fluctuations (0.5%) (0.5%) (0.5%) (0.5%) 2025 Net Sales Guidance - % Change from Prior Year (Constant Currency) 10.3% 11.2% 9.7% 10.6% *Percentage figures approximated and may not foot due to rounding (1) Prior Guidance reflects Merit s full-year 2025 financial guidance, previously introduced on July 30, 2025.”

Company outlook — Initiated

“(2) Prior Guidance reflects Merit s full-year 2025 financial guidance, previously introduced on July 30, 2025.”

Classified from the release's primary full-year outlook statement.

Next earningsNo verified date on fileNo date is estimated or imported

Margin

GAAP operating margin11.1%

GAAP gross margin48.5%

Gross margin53.6%

Capital allocation

As of September 30, 2025, Merit had cash and cash equivalents of $392.5 million and total debt obligations of $747.5 million, compared to cash and cash equivalents of $376.7 million and total debt obligations of $747.5 million as of December 31, 2024.

Merit had available borrowing capacity of approximately $697 million as of September 30, 2025.

General educational research only — not investment advice.Every figure is as stated in the held documents; values marked “computed from stated figures” are arithmetic on those stated figures. Guidance shown is the company’s own stated guidance. No price targets, no recommendations, no consensus estimates.

Event summary

Amounts stated in this release are rounded, while percentages are calculated from the underlying amounts

Based on: Earnings release + Q3 2025 deck + parent 8-K + 10-Q — transcript not held

Guidance & outlook

Direction: Initiated

Revenue: “We have increased our 2025 revenue and non-GAAP earnings per share guidance to reflect the stronger-than-expected third quarter results and remain confident in our team s ability to deliver strong execution, stable constant currency growth, improving profitability and solid cash flow generation this year.”

Revenue: “2025 Net Sales Guidance - % Change from Prior Year (Constant Currency) Reconciliation* Updated Guidance Prior Guidance (1) Low High Low High 2025 Net Sales Guidance - % Change from Prior Year (GAAP) 10.7% 11.7% 10.2% 11.1% Estimated impact of foreign currency exchange rate fluctuations (0.5%) (0.5%) (0.5%) (0.5%) 2025 Net Sales Guidance - % Change from Prior Year (Constant Currency) 10.3% 11.2% 9.7% 10.6% *Percentage figures approximated and may not foot due to rounding (1) Prior Guidance reflects Merit s full-year 2025 financial guidance, previously introduced on July 30, 2025.”

Revenue — Raised (“increased”)
“We have increased our 2025 revenue and non-GAAP earnings per share guidance to reflect the stronger-than-expected third quarter results and remain confident in our team s ability to deliver strong execution, stable constant currency growth, improving profitability and solid cash flow generation this year.”

Company outlook — Initiated (“introduced”)
“(2) Prior Guidance reflects Merit s full-year 2025 financial guidance, previously introduced on July 30, 2025.”

Revenue — Initiated (“introduced”)
“2025 Net Sales Guidance - % Change from Prior Year (Constant Currency) Reconciliation* Updated Guidance Prior Guidance (1) Low High Low High 2025 Net Sales Guidance - % Change from Prior Year (GAAP) 10.7% 11.7% 10.2% 11.1% Estimated impact of foreign currency exchange rate fluctuations (0.5%) (0.5%) (0.5%) (0.5%) 2025 Net Sales Guidance - % Change from Prior Year (Constant Currency) 10.3% 11.2% 9.7% 10.6% *Percentage figures approximated and may not foot due to rounding (1) Prior Guidance reflects Merit s full-year 2025 financial guidance, previously introduced on July 30, 2025.”

Classified from the release's primary full-year outlook statement.

Capital allocation

SEC original ↗Merit Medical Systems Inc. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Merit had available borrowing capacity of approximately $697 million as of September 30, 2025.

SEC original ↗Merit Medical Systems Inc. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Non-GAAP Net Income Non-GAAP net income is calculated by adjusting GAAP net income for the items set forth in the definition of non-GAAP operating income above, as well as for expenses related to debt issuance costs, gains or losses on disposal of certain assets, equity method investment loss (income) from equity investees, and other items set forth in the tables below.

SEC original ↗Merit Medical Systems Inc. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Free Cash Flow Free cash flow is defined as cash flow from operations calculated in accordance with GAAP, less capital expenditures for property and equipment calculated in accordance with GAAP, as set forth in the consolidated statement of cash flows.

SEC original ↗Merit Medical Systems Inc. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

) Non-GAAP Net Income Non-GAAP net income is calculated by adjusting GAAP net income for the items set forth in the definition of non-GAAP operating income above, as well as for expenses related to debt issuance costs, gains or losses on disposal of certain assets, equity method investment loss (income) from equity investees, and other items set forth in the tables below.

SEC original ↗Merit Medical Systems Inc. — Presentation / slide deck (8-K exhibit)EX-99Oct 30, 2025

The Fourth A&R Credit Agreement provides for a term loan of $ 150 million and a revolving credit commitment of up to an aggregate amount of $ 700 million, inclusive of sub-facilities for multicurrency borrowings, standby letters of credit and swingline loans.

SEC original ↗Merit Medical Systems Inc. — 10-Q Quarterly report10-QOct 29, 2026

Strategy & priorities

Aronson continued: I am proud to join the Merit Medical team and am committed to working closely with the executive leadership team, Fred and the rest of Merit s Board of Directors to achieve a smooth transition and continued strong execution towards our Continued Growth Initiatives Program and related financial targets for the three-year period ending December 31, 2026.

SEC original ↗Merit Medical Systems Inc. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

(b) Includes employee termination benefits associated with activities related to corporate restructuring initiatives and costs to terminate certain distribution contracts from our Biolife Merger.

SEC original ↗Merit Medical Systems Inc. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

b) Includes employee termination benefits associated with activities related to corporate restructuring initiatives and costs to terminate certain distribution contracts from our Biolife Merger.

SEC original ↗Merit Medical Systems Inc. — Presentation / slide deck (8-K exhibit)EX-99Oct 30, 2025

Restructuring charges consist primarily of termination benefits for employees affected by initiatives aimed at streamlining our operations, improving efficiencies and more effectively aligning teams to our strategic goals.

SEC original ↗Merit Medical Systems Inc. — 10-Q Quarterly report10-QOct 29, 2026

The estimates are based on consultation with legal counsel, previous settlement experience and settlement strategies.

SEC original ↗Merit Medical Systems Inc. — 10-Q Quarterly report10-QOct 29, 2026

Risks & headwinds

3 Merit s financial guidance for the year ending December 31, 2025 is subject to risks and uncertainties identified in this release and Merit s filings with the U.

SEC original ↗Merit Medical Systems Inc. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Should known or unknown risks or uncertainties materialize or should underlying assumptions prove inaccurate, actual results will likely vary, and could vary materially, from past results and those anticipated, estimated or projected.

SEC original ↗Merit Medical Systems Inc. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

If underlying expectations or assumptions prove inaccurate, or risks or uncertainties materialize, actual results will likely differ, and could differ materially, from Merit s expectations reflected in any forward-looking statements.

SEC original ↗Merit Medical Systems Inc. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

The following are some of the important risks and uncertainties that could cause Merit s actual results to differ from management s expectations in any forward-looking statements: risks and uncertainties associated with consequences of Merit s executive succession planning activities and leadership transition; risks and uncertainties regarding trade policies or related actions implemented by the U.

SEC original ↗Merit Medical Systems Inc. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

or other countries, including existing, proposed or prospective tariffs, duties or other measures; risks and uncertainties associated with Merit s proposed acquisition of the C2 CryoBalloon device and related assets from Pentax of America, Inc.

SEC original ↗Merit Medical Systems Inc. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

For a further discussion of the risks and uncertainties which may affect Merit s business, operations and financial condition, see Part I, Item 1A.

SEC original ↗Merit Medical Systems Inc. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

What changed vs prior quarter

Guidance direction — prior quarter: Initiated; this quarter: Initiated

SEC original ↗Merit Medical Systems Inc. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Reported revenue — prior quarter passage and this quarter's passage are both cited.

SEC original ↗Merit Medical Systems Inc. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

GAAP operating margin — prior quarter passage and this quarter's passage are both cited.

SEC original ↗Merit Medical Systems Inc. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Documents

Earnings deck slides

0 decks with slide view

Merit Medical Systems Inc. — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Competitors