Merit Medical Systems Inc. develops, manufactures and distributes proprietary medical devices used in interventional, diagnostic and therapeutic procedures, with product activity concentrated in cardiology, radiology, oncology, critical care and endoscopy. Company news commonly covers operating results, annual guidance, revenue presentation by Foundational and Therapeutic product categories, and portfolio actions involving acquired or divested device lines.
Recurring updates also include commercial launches and distribution arrangements for products such as the Resilience Through-the-Scope Esophageal Stent, ViaVerte basivertebral nerve ablation system, OneMark Detection Imaging System and OneMark Tissue Markers. Governance announcements and healthcare conference participation appear alongside financial and product disclosures.
Merit Medical Systems (NASDAQ: MMSI) reported strong Q2 2024 results, with revenue of $338.0 million, up 5.6% year-over-year. Constant currency revenue increased 6.6%, while organic constant currency revenue grew 5.0%. The company's GAAP EPS rose 75.7% to $0.61, and non-GAAP EPS increased 16.8% to $0.92. Merit's GAAP operating margin improved to 13.6% from 9.0% in the prior year period, while non-GAAP operating margin expanded to 20.1% from 19.1%.
Based on these results, Merit has raised its full-year 2024 guidance. The company now expects net sales of $1,335 - $1,345 million, representing 6-7% growth, and non-GAAP EPS of $3.27 - $3.35, a 15-17% increase year-over-year. This updated guidance includes the impact of the EndoGastric Solutions acquisition completed on July 1, 2024.
Merit Medical Systems (NASDAQ: MMSI) announced plans to release findings from its WAVE study, examining the safety and efficacy of the WRAPSODY Cell-Impermeable Endoprosthesis for treating stenosis in the venous outflow circuit. The study enrolled 245 patients with arteriovenous fistula (AVF) stenosis and 113 with arteriovenous graft (AVG) stenosis.
Six-month safety and efficacy findings for the AVF cohort will be presented at the Cardiovascular and Interventional Radiological Society of Europe (CIRSE) on September 14, 2024, in Lisbon. Additional presentations are scheduled at CIRSE and the Controversies in Dialysis Access (CiDA) Symposium in October.
The WRAPSODY device is not yet approved in the US but has received CE Mark for use in the European Union and is available in Brazil. Results from the WAVE study are expected to support Merit's Premarket Approval application to the FDA for commercial use in the United States.
Merit Medical has announced the acquisition of EndoGastric Solutions’ assets for $105 million, integrating the EsophyX Z+ device into its endoscopy portfolio. This device offers a minimally invasive treatment for chronic GERD. The acquisition is expected to add approximately $30 million in annual revenue, focusing on the gastrointestinal endoscopy market. Updated financial guidance for 2024 includes the partial-year impact, projecting revenue between $1.324 and $1.340 billion and diluted non-GAAP EPS between $3.22 and $3.31. Though initially dilutive to 2024 GAAP net income, the acquisition is expected to be accretive in the first full year post-closing.
Merit Medical Systems (NASDAQ: MMSI) will release its Q2 2024 financial results on August 1, 2024, after market close. The company will also host an investor conference call at 5:00 p.m. Eastern on the same day. Stakeholders can pre-register for the call and access a live webcast via links provided on merit.com.
Founded in 1987, Merit Medical Systems is a global leader in healthcare technology, specializing in disposable medical devices used in various medical procedures. The company employs around 7,000 people globally and serves hospitals worldwide with a robust sales and clinical support team.
Merit Medical Systems (NASDAQ: MMSI) has announced the US launch of the basixSKY Inflation Device, expanding its portfolio of inflation devices. The device, designed for ease of use and efficiency, is available as a standalone product or in kits with Merit Angioplasty Packs. It is intended for procedures like balloon angioplasty and stent placement, which restore blood flow through blocked arteries. Merit Medical aims to enhance its leadership in the inflation device market with this new offering.
Merit Medical Systems (NASDAQ: MMSI) announced the election of Silvia M. Perez to its Board of Directors during the Annual Meeting of Shareholders on May 15, 2024. Perez, who is currently the President of the Commercial Branding and Transportation Division at 3M Company, brings over two decades of healthcare industry experience, covering clinical, regulatory, operations, marketing, and business leadership. Perez, along with re-elected directors Fred P. Lampropoulos and Stephen C. Evans, will serve three-year terms. Perez's varied background includes roles such as President of Commercial Solutions Division and Vice President of Acelity at 3M, the company's largest acquisition. She holds a pharmaceutical chemist degree and Six Sigma certifications. Merit Medical emphasizes her potential to contribute valuable industry and organizational insights to support its growth initiatives.
Merit Medical Systems announced the appointment of Joe Wright as President, effective immediately. Wright, who has been with the company for 19 years, previously served as Chief Commercial Officer and President of the International Division. He will oversee global commercial, marketing, and manufacturing operations. The appointment is part of Merit’s Continued Growth Initiatives Program, which emphasizes investment in talent to drive growth and profitability. The company is also in the process of identifying a successor for CEO Fred P. Lampropoulos, who will retire at the end of 2025.
Merit Medical (NASDAQ: MMSI) has expanded its embolics portfolio with the FDA-cleared Siege Vascular Plug and the launch of Bearing nsPVA Express Prefilled Syringe in the US and Australia. These products complement existing microsphere, particle, and foam offerings. The Siege Vascular Plug, available in three sizes, offers rapid vessel occlusion within 1.3 minutes, enhancing precision in peripheral artery treatments. The Bearing nsPVA Express, a 20-mL prefilled syringe, simplifies procedures by saving time and reducing waste. Both products will be showcased at the 18th Annual GEST Meeting (May 16-19, 2024) in New York, where Merit will also exhibit other embolic solutions and delivery systems.
Merit Medical Systems, Inc. reported strong financial performance for Q1 2024 with a revenue increase of 8.7% to $323.5 million compared to Q1 2023. The company's GAAP operating margin improved to 11.1%, GAAP EPS rose to $0.48, and non-GAAP EPS increased to $0.77. Merit reaffirmed its fiscal year 2024 guidance with expectations of continued growth and profitability.
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