Merit Medical Systems, Inc. (MMSI) 10-Year Financial Performance & Capital Metrics

MMSI • • Industrial / General

HealthcareMedical InstrumentsSurgical & Interventional DevicesCardiac & Vascular Intervention

AboutMerit Medical Systems, Inc. designs, develops, manufactures, and markets single-use medical products for interventional, diagnostic, and therapeutic procedures, primarily in cardiology, radiology, oncology, critical care, and endoscopy. The company operates in two segments, Cardiovascular and Endoscopy. It provides peripheral intervention products for the diagnosis and treatment of diseases in peripheral vessels and organs; and cardiac intervention products, such as access, angiography, electrophysiology and cardiac rhythm management, fluid management, hemodynamic monitoring, hemostasis, and intervention to treat various heart conditions. The company also offers custom procedural solutions that include critical care products, disinfection protection systems, syringes, manifold kits, and trays and packs; coated tubes and wires; and sensor components for microelectromechanical systems. In addition, it provides pulmonary products that consist of laser-cut tracheobronchial stents, over-the-wire and direct visualization delivery systems, and dilation balloons to endoscopically dilate strictures; gastroenterology products; and kits and accessories for endoscopy and bronchoscopy procedures. The company sells its products to hospitals and alternate site-based physicians, technicians, and nurses through direct sales force, distributors, original equipment manufacturer partners, or custom procedure tray manufacturers in the United States and internationally. Merit Medical Systems, Inc. was incorporated in 1987 and is headquartered in South Jordan, Utah.Show more

Revenue $1.36B +7.9%
EBITDA $270M +20.1%
Net Income $120M +27.5%
EPS (Diluted) 2.03 +25.3%
Gross Margin 47.43% +2.1%
EBITDA Margin 19.94% +11.3%
Operating Margin 11.48% +16.4%
Net Margin 8.87% +18.2%
ROE 9.33% +15.9%
ROIC 7.07% +9.2%
Debt/Equity 0.58 -22.3%
Interest Coverage 4.99 -37.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 85.7%
✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y10.28%

5Y6.4%

3Y8.07%

TTM11.51%

Profit (Net Income) CAGR

10Y18.01%

5Y85.69%

3Y35.43%

TTM-1.34%

EPS CAGR

10Y14.37%

5Y83.75%

3Y34.2%

TTM-4.41%

ROCE

10Y Avg4.38%

5Y Avg4.88%

3Y Avg6.76%

Latest7.2%

Peer Comparison

Cardiac & Vascular Intervention

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LMATLeMaitre Vascular, Inc.	1.96B	86.50	44.82	13.63%	22.14%	14.08%	1.89%	0.55
MMSIMerit Medical Systems, Inc.	4.76B	80.35	39.58	7.89%	8.02%	7.74%	3.84%	0.58
ANGOAngioDynamics, Inc.	453.8M	11.01	-13.27	-3.76%	-9.02%	-15.71%
ATRCAtriCure, Inc.	2.06B	41.46	-43.64	16.55%	-5.55%	-6.04%		0.17

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	542.15M	603.84M	727.85M	882.75M	994.85M	963.88M	1.07B	1.15B	1.26B	1.36B
Revenue Growth %	0.06%	0.11%	0.21%	0.21%	0.13%	-0.03%	0.12%	0.07%	0.09%	0.08%
Cost of Goods Sold+	306.37M	338.81M	401.6M	487.98M	562.49M	562.7M	589.42M	631.88M	673.49M	713.18M
COGS % of Revenue	0.57%	0.56%	0.55%	0.55%	0.57%	0.58%	0.55%	0.55%	0.54%	0.53%
Gross Profit+	235.78M	265.02M	326.25M	394.77M	432.37M	401.18M	485.33M	519.1M	583.87M	643.33M
Gross Margin %	0.43%	0.44%	0.45%	0.45%	0.43%	0.42%	0.45%	0.45%	0.46%	0.47%
Gross Profit Growth %	0.05%	0.12%	0.23%	0.21%	0.1%	-0.07%	0.21%	0.07%	0.12%	0.1%
Operating Expenses+	197.16M	229.63M	280.54M	335.55M	416.93M	402.74M	424.42M	431.54M	458.73M	487.64M
OpEx % of Revenue	0.36%	0.38%	0.39%	0.38%	0.42%	0.42%	0.39%	0.37%	0.36%	0.36%
Selling, General & Admin	156.35M	184.4M	229.13M	276.02M	327.27M	297.72M	335.69M	342.52M	373.68M	376.73M
SG&A % of Revenue	0.29%	0.31%	0.31%	0.31%	0.33%	0.31%	0.31%	0.3%	0.3%	0.28%
Research & Development	40.81M	45.23M	51.4M	59.53M	65.61M	57.54M	71.25M	75.51M	82.73M	83.81M
R&D % of Revenue	0.08%	0.07%	0.07%	0.07%	0.07%	0.06%	0.07%	0.07%	0.07%	0.06%
Other Operating Expenses	-386K	-773K	-872K	63K	24.04M	47.48M	17.48M	13.5M	3.52M	27.09M
Operating Income+	37.54M	34.88M	33.07M	58.62M	15.43M	-1.56M	60.92M	87.56M	123.94M	155.69M
Operating Margin %	0.07%	0.06%	0.05%	0.07%	0.02%	-0%	0.06%	0.08%	0.1%	0.11%
Operating Income Growth %	-0.07%	-0.07%	-0.05%	0.77%	-0.74%	-1.1%	40%	0.44%	0.42%	0.26%
EBITDA+	74.97M	78.63M	86.65M	128.16M	119.79M	105.25M	156.7M	179.76M	225.24M	270.43M
EBITDA Margin %	0.14%	0.13%	0.12%	0.15%	0.12%	0.11%	0.15%	0.16%	0.18%	0.2%
EBITDA Growth %	-0.01%	0.05%	0.1%	0.48%	-0.07%	-0.12%	0.49%	0.15%	0.25%	0.2%
D&A (Non-Cash Add-back)	37.42M	43.76M	53.58M	69.55M	104.36M	106.82M	95.78M	92.2M	101.29M	114.73M
EBIT	37.43M	34.18M	43.62M	59.88M	14.9M	-3.24M	59.18M	88.97M	127.6M	159.24M
Net Interest Income+	-5.96M	-8.72M	-7.36M	-9.16M	-12.7M	-9.39M	-4.49M	-5.9M	-13.05M	-4.99M
Interest Income	272K	81K	381K	1.2M	0	604K	769K	439K	2.46M	26.23M
Interest Expense	6.23M	8.8M	7.74M	10.36M	12.7M	9.99M	5.26M	6.34M	15.51M	31.22M
Other Income/Expense	-6.34M	-9.49M	2.81M	-9.1M	-13.24M	-11.67M	-7M	-4.93M	-11.86M	-5.7M
Pretax Income+	31.2M	25.39M	35.88M	49.52M	2.19M	-13.23M	53.92M	82.63M	112.09M	149.99M
Pretax Margin %	0.06%	0.04%	0.05%	0.06%	0%	-0.01%	0.05%	0.07%	0.09%	0.11%
Income Tax+	7.4M	5.26M	8.36M	7.5M	-3.26M	-3.39M	5.46M	8.11M	17.68M	29.64M
Effective Tax Rate %	0.76%	0.79%	0.77%	0.85%	2.49%	0.74%	0.9%	0.9%	0.84%	0.8%
Net Income+	23.8M	20.12M	27.52M	42.02M	5.45M	-9.84M	48.45M	74.52M	94.41M	120.36M
Net Margin %	0.04%	0.03%	0.04%	0.05%	0.01%	-0.01%	0.05%	0.06%	0.08%	0.09%
Net Income Growth %	0.04%	-0.15%	0.37%	0.53%	-0.87%	-2.81%	5.92%	0.54%	0.27%	0.27%
Net Income (Continuing)	23.8M	20.12M	27.52M	42.02M	5.45M	-9.84M	48.45M	74.52M	94.41M	120.36M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.53	0.45	0.55	0.78	0.10	-0.18	0.84	1.29	1.62	2.03
EPS Growth %	0%	-0.15%	0.22%	0.42%	-0.88%	-2.86%	5.67%	0.54%	0.26%	0.25%
EPS (Basic)	0.54	0.45	0.56	0.80	0.10	-0.18	0.86	1.31	1.64	2.07
Diluted Shares Outstanding	44.51M	44.86M	50.1M	53.93M	56.23M	55.43M	57.36M	57.67M	58.36M	59.37M
Basic Shares Outstanding	44.04M	44.41M	48.8M	52.27M	55.08M	55.43M	56.15M	56.81M	57.59M	58.22M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	204M	243.42M	316.12M	429.83M	454.54M	429.71M	482.21M	529.08M	1.11B	923.77M
Cash & Short-Term Investments	4.18M	19.17M	32.34M	67.36M	44.32M	56.92M	67.75M	58.41M	589.14M	376.71M
Cash Only	4.18M	19.17M	32.34M	67.36M	44.32M	56.92M	67.75M	58.41M	587.04M	376.71M
Short-Term Investments	0	0	0	0	0	0	0	0	2.1M	0
Accounts Receivable	78.21M	86.59M	116.18M	149.99M	168.53M	157.96M	172.84M	178.45M	189.26M	209.17M
Days Sales Outstanding	52.66	52.34	58.26	62.02	61.83	59.82	58.7	56.59	54.94	56.28
Inventory	106M	120.69M	155.29M	197.54M	225.7M	198.02M	221.92M	265.99M	303.87M	306.06M
Days Inventory Outstanding	126.28	130.02	141.14	147.75	146.46	128.45	137.43	153.65	164.68	156.64
Other Current Assets	7.03M	14.45M	0	11.33M	12.5M	13.12M	16.15M	22.32M	22.19M	28.54M
Total Non-Current Assets+	574.73M	699.38M	795.69M	1.19B	1.3B	1.23B	1.17B	1.13B	1.22B	1.49B
Property, Plant & Equipment	267.78M	276.57M	292.82M	331.45M	459.03M	460.97M	437.57M	448.24M	446.57M	451.67M
Fixed Asset Turnover	2.02x	2.18x	2.49x	2.66x	2.17x	2.09x	2.46x	2.57x	2.82x	3.00x
Goodwill	184.47M	211.93M	238.15M	335.43M	353.19M	363.53M	361.74M	359.82M	382.24M	463.51M
Intangible Assets	109.35M	181.7M	227.32M	462.71M	445.31M	367.92M	319.27M	275.87M	325.88M	498.26M
Long-Term Investments	-10.98M	4.99M	5.75M	5.92M	17.13M	12.04M	14.71M	15.58M	19.06M	22.83M
Other Non-Current Assets	13.12M	24.02M	29.29M	51.66M	24.33M	25.63M	26.71M	28.78M	35.73M	42.5M
Total Assets+	778.73M	942.8M	1.11B	1.62B	1.76B	1.66B	1.65B	1.66B	2.33B	2.42B
Asset Turnover	0.70x	0.64x	0.65x	0.54x	0.57x	0.58x	0.65x	0.69x	0.54x	0.56x
Asset Growth %	0.04%	0.21%	0.18%	0.46%	0.08%	-0.05%	-0.01%	0.01%	0.4%	0.04%
Total Current Liabilities+	87.91M	88.33M	115.62M	175.34M	181.66M	185M	236.28M	220.65M	203.56M	216.4M
Accounts Payable	37.98M	30.62M	34.93M	54.02M	54.62M	49.84M	55.62M	68.5M	65.94M	68.5M
Days Payables Outstanding	45.24	32.99	31.75	40.41	35.45	32.33	34.45	39.57	35.74	35.06
Short-Term Debt	10M	10M	19.46M	22M	19.05M	20.4M	19.11M	22.25M	0	0
Deferred Revenue (Current)	589K	572K	0	0	0	0	0	0	0	0
Other Current Liabilities	19.05M	0	27.91M	58.24M	44.37M	48.23M	77.44M	42.47M	53.23M	134.08M
Current Ratio	2.32x	2.76x	2.73x	2.45x	2.50x	2.32x	2.04x	2.40x	5.45x	4.27x
Quick Ratio	1.11x	1.39x	1.39x	1.32x	1.26x	1.25x	1.10x	1.19x	3.95x	2.85x
Cash Conversion Cycle	133.7	149.38	167.65	169.36	172.84	155.94	161.68	170.67	183.88	177.86
Total Non-Current Liabilities+	224.72M	356.28M	319.86M	511.89M	625.72M	520.82M	372.21M	298.92M	919.68M	822.84M
Long-Term Debt	197.59M	314.37M	259.01M	373.15M	431.98M	343.72M	234.4M	186.76M	823.01M	729.55M
Capital Lease Obligations	0	0	0	0	72.71M	70.94M	61.53M	59.74M	56.26M	54.78M
Deferred Tax Liabilities	10.98M	25.98M	23.29M	56.36M	45.24M	33.31M	31.5M	18.46M	5.55M	240K
Other Non-Current Liabilities	13.42M	13.38M	35.15M	80.12M	73.67M	70.92M	42.97M	32.26M	33.26M	36.77M
Total Liabilities	312.63M	444.61M	435.48M	687.24M	807.38M	705.82M	608.5M	519.57M	1.12B	1.04B
Total Debt+	207.59M	324.37M	278.47M	395.15M	535.3M	447.97M	325.7M	279.75M	891.36M	794.66M
Net Debt	203.42M	305.2M	246.14M	327.79M	490.98M	391.05M	257.95M	221.35M	304.32M	417.95M
Debt / Equity	0.45x	0.65x	0.41x	0.42x	0.56x	0.47x	0.31x	0.24x	0.74x	0.58x
Debt / EBITDA	2.77x	4.13x	3.21x	3.08x	4.47x	4.26x	2.08x	1.56x	3.96x	2.94x
Net Debt / EBITDA	2.71x	3.88x	2.84x	2.56x	4.10x	3.72x	1.65x	1.23x	1.35x	1.55x
Interest Coverage	6.03x	3.96x	4.27x	5.66x	1.21x	-0.16x	11.58x	13.81x	7.99x	4.99x
Total Equity+	466.1M	498.19M	676.33M	932.77M	949.94M	958.58M	1.04B	1.14B	1.2B	1.38B
Equity Growth %	0.07%	0.07%	0.36%	0.38%	0.02%	0.01%	0.08%	0.1%	0.05%	0.15%
Book Value per Share	10.47	11.10	13.50	17.30	16.89	17.29	18.13	19.84	20.60	23.24
Total Shareholders' Equity	466.1M	498.19M	676.33M	932.77M	949.94M	958.58M	1.04B	1.14B	1.2B	1.38B
Common Stock	197.83M	206.19M	353.39M	571.38M	587.02M	606.22M	641.53M	675.17M	638.15M	703.22M
Retained Earnings	273.76M	293.88M	321.41M	363.43M	368.22M	357.8M	406.26M	480.77M	575.18M	695.54M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-5.49M	-1.88M	1.53M	-2.03M	-5.29M	-5.45M	-7.99M	-11.55M	-11.33M	-19.4M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	69.46M	53.6M	62.73M	86.53M	77.81M	165.27M	147.23M	114.29M	145.15M	220.8M
Operating CF Margin %	0.13%	0.09%	0.09%	0.1%	0.08%	0.17%	0.14%	0.1%	0.12%	0.16%
Operating CF Growth %	0.3%	-0.23%	0.17%	0.38%	-0.1%	1.12%	-0.11%	-0.22%	0.27%	0.52%
Net Income	23.8M	20.12M	27.52M	42.02M	5.45M	-9.84M	48.45M	74.52M	94.41M	120.36M
Depreciation & Amortization	37.42M	43.76M	53.58M	69.55M	104.36M	106.82M	95.78M	92.2M	101.29M	114.73M
Stock-Based Compensation	2.24M	2.51M	4.08M	6.12M	9.38M	14.34M	16.09M	18.04M	21.33M	28.47M
Deferred Taxes	3.45M	-962K	-1.3M	2.05M	-12.44M	-11.29M	-4.63M	-14.92M	-12.64M	-14.87M
Other Non-Cash Items	-190K	1.21M	3.05M	2.75M	26.79M	31.02M	9.37M	15.86M	10.78M	9.05M
Working Capital Changes	2.73M	-13.03M	-24.2M	-35.94M	-55.73M	34.24M	-17.84M	-71.4M	-70.02M	-36.95M
Change in Receivables	-5.87M	-6.82M	-12.84M	-27.52M	-17.9M	10.43M	-8.62M	-15.12M	0	-21.7M
Change in Inventory	-13.11M	-3.66M	-17.83M	-28.17M	-27.04M	29.43M	-25.18M	-47.93M	0	-2.29M
Change in Payables	14.77M	-6.83M	417K	15.73M	-2.29M	333K	6.05M	12.66M	-7.3M	-2.31M
Cash from Investing+	-62.02M	-159.11M	-146.76M	-378.82M	-134.48M	-58.65M	-37.16M	-57.4M	-175.35M	-368.65M
Capital Expenditures	-52.91M	-35.05M	-41.2M	-66.34M	-81.5M	-49.28M	-27.94M	-45.03M	-36.7M	0
CapEx % of Revenue	0.1%	0.06%	0.06%	0.08%	0.08%	0.05%	0.03%	0.04%	0.03%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	3.26M	-35.03M	21K	-10.7M	920K	292K	-2.05M	-4.08M	-799K	-48.47M
Cash from Financing+	-10.23M	121.09M	96.52M	328.28M	33.53M	-95.71M	-98.44M	-60.26M	559.27M	-60.01M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-6K	-1.58M	-877K	-3.21M	-17.22M	-13.97M	-11.24M	-35.39M	-75.9M	-1.85M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	16.54M	18.55M	21.53M	20.2M	-3.68M	115.99M	119.29M	69.26M	108.45M	182.76M
FCF Margin %	0.03%	0.03%	0.03%	0.02%	-0%	0.12%	0.11%	0.06%	0.09%	0.13%
FCF Growth %	-0.05%	0.12%	0.16%	-0.06%	-1.18%	32.49%	0.03%	-0.42%	0.57%	0.69%
FCF per Share	0.37	0.41	0.43	0.37	-0.07	2.09	2.08	1.20	1.86	3.08
FCF Conversion (FCF/Net Income)	2.92x	2.66x	2.28x	2.06x	14.27x	-16.79x	3.04x	1.53x	1.54x	1.83x
Interest Paid	6.27M	8.87M	7.71M	10.32M	12.43M	10.08M	5.26M	6.26M	14.05M	23.24M
Taxes Paid	3.41M	2.32M	6.05M	8.69M	12.07M	8.92M	8.83M	17.09M	31.53M	45.05M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	5.28%	4.17%	4.69%	5.22%	0.58%	-1.03%	4.85%	6.82%	8.05%	9.33%
Return on Invested Capital (ROIC)	4.26%	3.55%	2.87%	4.03%	0.86%	-0.08%	3.45%	4.93%	6.47%	7.07%
Gross Margin	43.49%	43.89%	44.82%	44.72%	43.46%	41.62%	45.16%	45.1%	46.44%	47.43%
Net Margin	4.39%	3.33%	3.78%	4.76%	0.55%	-1.02%	4.51%	6.47%	7.51%	8.87%
Debt / Equity	0.45x	0.65x	0.41x	0.42x	0.56x	0.47x	0.31x	0.24x	0.74x	0.58x
Interest Coverage	6.03x	3.96x	4.27x	5.66x	1.21x	-0.16x	11.58x	13.81x	7.99x	4.99x
FCF Conversion	2.92x	2.66x	2.28x	2.06x	14.27x	-16.79x	3.04x	1.53x	1.54x	1.83x
Revenue Growth	6.37%	11.38%	20.54%	21.28%	12.7%	-3.11%	11.5%	7.09%	9.24%	7.89%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Cardiovascular	-	-	-	-	-	-	1.04B	1.12B	1.22B	1.3B
Cardiovascular Growth	-	-	-	-	-	-	-	7.19%	9.15%	6.65%
Endoscopy	-	-	-	-	-	-	31.52M	32.76M	36.81M	54.77M
Endoscopy Growth	-	-	-	-	-	-	-	3.91%	12.36%	48.81%
Cardiovascular	520.91M	580.25M	700.61M	849.48M	960.98M	934.2M	-	-	-	-
Cardiovascular Growth	-	11.39%	20.74%	21.25%	13.13%	-2.79%	-	-	-	-
Endoscopy	21.23M	23.59M	27.24M	33.28M	33.87M	29.67M	-	-	-	-
Endoscopy Growth	-	11.10%	15.47%	22.16%	1.79%	-12.39%	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	-	-	-	575.71M	550.06M	608.88M	650.56M	726.99M	800.78M
UNITED STATES Growth	-	-	-	-	-	-4.46%	10.69%	6.85%	11.75%	10.15%
Non-US	214M	233.5M	307.1M	-	419.14M	413.81M	465.87M	500.42M	530.38M	555.73M
Non-US Growth	-	9.11%	31.52%	-	-	-1.27%	12.58%	7.42%	5.99%	4.78%

Frequently Asked Questions

Valuation & Price

Merit Medical Systems, Inc. (MMSI) has a price-to-earnings (P/E) ratio of 39.6x. This suggests investors expect higher future growth.

Growth & Financials

Merit Medical Systems, Inc. (MMSI) reported $1.48B in revenue for fiscal year 2024. This represents a 311% increase from $359.4M in 2011.

Merit Medical Systems, Inc. (MMSI) grew revenue by 7.9% over the past year. This is steady growth.

Yes, Merit Medical Systems, Inc. (MMSI) is profitable, generating $118.4M in net income for fiscal year 2024 (8.9% net margin).

Dividend & Returns

Merit Medical Systems, Inc. (MMSI) has a return on equity (ROE) of 9.3%. This is below average, suggesting room for improvement.

Merit Medical Systems, Inc. (MMSI) generated $239.9M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

...