[Form 4] Equifax, Incorporated Insider Trading Activity

Rhea-AI Filing Summary

Merit Medical Systems (MMSI) – Q2 2025 10-Q highlights

• Revenue: $382.5 m, up 13.1 % YoY; six-month revenue $737.8 m, up 11.5 %.
• Mix: Cardiovascular +11 % to $364.0 m; Endoscopy devices +81 % to $18.4 m.
• Margins: Gross margin 48.3 % (+60 bp); SG&A +19 %, R&D +20 % drove operating margin down 130 bp to 12.3 %.
• Earnings: Net income $32.6 m (-8.8 %); diluted EPS $0.54 vs $0.61. 1H EPS $1.03 (-5.5 %).
• Cash flow: 1H operating cash flow $123.9 m (+18 %); capex $34.8 m; acquisitions $122.6 m.
• Balance sheet: Cash $341.8 m (-9 % YTD); long-term convertible notes $731.8 m; equity $1.49 bn (+7.9 %). Leverage covenants remain compliant.
• Acquisitions: Closed $126 m Biolife deal in May (hemostatic devices); prior Cook ($210 m) and EGS ($105 m) integrations ongoing. Goodwill now $504.6 m.
• Tax: Effective rate 24.9 % vs 22.1 %, pressuring earnings.

Overall, strong top-line growth and cash generation were offset by higher operating costs, acquisition spending and a rising tax rate, leading to lower YoY earnings.

Positive

• Revenue growth of 13 % YoY and broad-based segment gains signal strong demand.
• Gross margin expansion of 60 bp despite inflation indicates pricing/efficiency traction.
• Operating cash flow up 18 % to $124 m enhances internal funding capacity.
• Balance-sheet strength: $342 m cash and $697 m unused revolver provide liquidity for further R&D and M&A.

Negative

• Diluted EPS fell 11 % YoY due to higher SG&A, R&D and tax rate.
• Net margin compression: operating margin down 130 bp to 12.3 %.
• Cash balance down 46 % vs prior-year quarter following heavy acquisition spend.
• Interest expense remains elevated ($6.8 m in Q2) reflecting convertible-debt issuance.

Insights

Sell-side Financial Analyst

TL;DR – Solid revenue beat, but cost inflation and taxes eroded EPS; outlook hinges on acquisition synergies.

Double-digit sales growth, particularly in peripheral and endoscopy lines, confirms healthy procedure volumes and early contribution from recent tuck-ins. Gross margin expanded slightly, yet SG&A and R&D rose faster (partly Biolife/Cook integration), trimming operating leverage. Interest and tax headwinds compounded, driving an 11 % EPS decline. Cash generation remains robust and liquidity ample, though cash pile fell following $123 m Biolife payment. Net leverage is manageable (<2× EBITDA est.) under covenant limits. Investors will focus on realizing cost synergies to restore earnings momentum and on potential dilution from 2029 converts if the stock trades above the ~$86.83 strike.

Medical-device M&A Specialist

TL;DR – Biolife buy widens wound-closure portfolio and adds IP; integration risk appears contained.

Management paid ~4.2× projected 2025 sales for Biolife, securing patented StatSeal/WoundSeal technology with 12-year amortization life. Goodwill of $38 m signals expectation of cross-selling through Merit’s cardiovascular channel. Prior Cook and EGS assets are bedding in without material P&L disruption. Cumulative intangible amortization will step up (> $80 m in 2026), but cash tax impact is limited. No covenant stress post-deal: $697 m of revolver headroom and senior secured leverage at ~0×. Successful commercialization could lift organic growth above the current low-double-digit rate.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Begor Mark W

(Last) (First) (Middle)

1550 PEACHTREE STREET, N.W.

(Street)

ATLANTA GA 30309

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
EQUIFAX INC [ EFX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CEO

3. Date of Earliest Transaction (Month/Day/Year)
07/28/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/28/2025		M		27,960	A	$191.44	191,136	D
Common Stock	07/28/2025		S(1)		364	D	$244.9479(2)	190,772(3)	D
Common Stock	07/28/2025		S(1)		831	D	$243.9032(4)	189,941(3)	D
Common Stock	07/28/2025		S(1)		9,497	D	$242.7014(5)	180,444(3)	D
Common Stock	07/28/2025		S(1)		17,731	D	$241.8713(6)	162,713(3)	D
Common Stock	07/28/2025		S(1)		19,841	D	$240.9462(7)	142,872(3)	D
Common Stock								10,500	I	2-yr 2025 GRAT
Common Stock								9,525	I	2-yr Feb 2024 GRAT
Common Stock								11,380	I	2-yr Jul 2024 GRAT
Common Stock								43,431	I	2-yr Jun 2025 GRAT
Common Stock								12,333	I	2-yr May 2025 GRAT
Common Stock								16,287	I	3-yr Jul 2024 GRAT

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option/Right to Buy	$191.44	07/28/2025		M			27,960	(8)	02/21/2026	Common Stock	27,960	$0.0000	27,959	D

Explanation of Responses:

1. The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on 11/14/2024.

2. The price reported in column 4 is a weighted average price. The shares were sold at prices ranging from $244.72 to $245.33, inclusive. Upon request by the SEC staff, the issuer, or any security holder of the issuer, full information regarding the number of shares purchased or sold at each separate price will be provided.

3. Includes accrued dividend equivalent units for dividends reinvested in corresponding restricted stock units through the Company's last dividend payment date and 199 shares of common stock purchased pursuant to the Equifax Inc. 2020 Employee Stock Purchase Plan.

4. The price reported in column 4 is a weighted average price. The shares were sold at prices ranging from $243.47 to $244.44, inclusive. Upon request by the SEC staff, the issuer, or any security holder of the issuer, full information regarding the number of shares purchased or sold at each separate price will be provided.

5. The price reported in column 4 is a weighted average price. The shares were sold at prices ranging from $242.41 to $243.17, inclusive. Upon request by the SEC staff, the issuer, or any security holder of the issuer, full information regarding the number of shares purchased or sold at each separate price will be provided.

6. The price reported in column 4 is a weighted average price. The shares were sold at prices ranging from $241.41 to $242.40, inclusive. Upon request by the SEC staff, the issuer, or any security holder of the issuer, full information regarding the number of shares purchased or sold at each separate price will be provided.

7. The price reported in column 4 is a weighted average price. The shares were sold at prices ranging from $240.40 to $241.39, inclusive. Upon request by the SEC staff, the issuer, or any security holder of the issuer, full information regarding the number of shares purchased or sold at each separate price will be provided.

8. The option vested in three equal annual increments beginning 2/21/2021.

	/s/Lisa Stockard as Attorney-in-Fact	07/30/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How much did MMSI earn per share in Q2 2025?

Diluted EPS was $0.54, down from $0.61 a year earlier.

What drove Merit Medical Systems’ revenue growth in Q2 2025?

Cardiovascular products added $364 m (+11 %) and endoscopy devices rose 81 % to $18 m, boosted by portfolio realignment and acquisitions.

How large is MMSI’s cash position after the Biolife acquisition?

Cash and cash equivalents were $341.8 million at 30 Jun 2025.

What is the status of Merit’s convertible notes?

The $747.5 m 3.0 % notes mature Feb 1 2029 with an initial conversion price of about $86.83 per share.

Did Merit meet its credit-facility covenants in Q2 2025?

Yes. The company reported compliance with leverage and interest-coverage ratios and has about $697 m borrowing capacity remaining.

What was the effective tax rate for Q2 2025?

The rate increased to 24.9 % from 22.1 % in the prior year.