Core Insights - Merit Medical Systems reported strong Q2 2025 results with GAAP revenue of $382.5 million, a 13.2% increase year-over-year, surpassing analyst expectations of $374.2 million [1][2] - Non-GAAP EPS reached $1.01, exceeding the estimate of $0.85, while GAAP EPS declined 11.6% to $0.54 [1][2] - The company experienced broad-based growth, particularly in the Cardiac Intervention and Endoscopy device lines, and raised its full-year revenue and non-GAAP earnings outlook [1][10] Financial Performance - Q2 2025 Non-GAAP EPS was $1.01, up 9.8% from $0.92 in Q2 2024 [2] - GAAP revenue was $382.5 million, compared to $338.0 million in Q2 2024, reflecting a 13.2% year-over-year increase [2] - Non-GAAP gross margin improved to 53.2%, and operating margin rose to 21.2% [2][7] Product Segment Performance - Cardiovascular devices generated $364.0 million, an 11.0% increase, with Cardiac Intervention products up 23.5% year-over-year [5] - The Endoscopy segment saw an 81.0% rise to $18.4 million, driven by acquisitions [6] Strategic Focus and Investments - The company emphasizes continuous product development, international market expansion, and regulatory compliance [3][4] - R&D investment for the quarter was $24.4 million, indicating a commitment to innovation [7] Acquisition and Compliance Costs - The quarter included significant acquisition and compliance expenses, with $21.5 million in amortization of acquired intangible assets and $1.6 million in MDR compliance costs [8] - Integration costs from recent acquisitions were recognized in non-GAAP adjustments, reflecting the company's growth strategy [8] Cash Flow and Capital Expenditures - Merit generated $89.1 million in free cash flow (non-GAAP) in the first half of 2025, an 8.1% increase year-over-year [9] - Capital expenditures rose to $34.8 million as the company invested in new products and expanded capacity [9] Future Outlook - Management raised FY2025 revenue guidance to $1.495–$1.507 billion and non-GAAP EPS to $3.52–$3.72 [10] - Cardiovascular segment revenue is projected to be $1.423–$1.434 billion, while the Endoscopy segment is expected to reach $72–$73 million [10]

Core Insights - Merit Medical Systems, Inc. (MMSI) reported second-quarter 2025 adjusted earnings per share (EPS) of $1.01, reflecting a 9.8% increase year over year and surpassing the Zacks Consensus Estimate by 17.4% [1][9] - The company's total revenues reached $382.5 million, marking a 13.2% year-over-year increase [2][9] Revenue Details - Revenues increased by 12.5% year over year at constant exchange rates (CER), with organic revenues rising 6.7% [2] - U.S. sales were $227.1 million, up 16.7% year over year, while international sales reached $155.4 million, up 8.4% [3][4] Geographic Results - Asia-Pacific (APAC) revenues were $66.6 million, down 0.4% year over year, while revenues from Europe, the Middle East, and Africa were $72.6 million, up 16.5% [4] - Revenues from the Rest of World region were $16.2 million, up 13.9% year over year [5] Segmental Details - The Cardiovascular segment reported revenues of $364 million, up 11% year over year [6] - Within the Cardiovascular unit, Cardiac Intervention (CI) revenues rose 23.5% to $115.3 million, while Peripheral Intervention (PI) revenues increased 6.3% to $142.8 million [7][8] Margin Analysis - Gross profit increased 14.5% year over year to $184.5 million, with a gross margin of 48.2% [11] - Adjusted operating profit totaled $47 million, reflecting a 1.7% increase from the prior year, although the adjusted operating margin contracted to 12.3% [12] Financial Position - At the end of the second quarter, cash and cash equivalents were $341.8 million, down from $395.5 million at the end of the first quarter [13] - Total long-term debt was $731.8 million, slightly up from $730.7 million in the previous quarter [13] Guidance - The company revised its 2025 revenue outlook to between $1.495 billion and $1.507 billion, reflecting a year-over-year increase of 10.2-11.1% [14] - Adjusted EPS for 2025 is now projected to be in the range of $3.52-$3.72, an increase from the previous outlook [17] Strategic Developments - In May, the company acquired Biolife Delaware, L.L.C., enhancing its portfolio [20] - The approval of the Wrapsody Cell-Impermeable Endoprosthesis by Health Canada is expected to positively impact the company [20]

Core Insights - Merit Medical reported revenue of $382.46 million for the quarter ended June 2025, reflecting a 13.2% increase year-over-year, with EPS at $1.01 compared to $0.92 in the previous year [1] - The reported revenue met the Zacks Consensus Estimate, while the EPS exceeded the consensus estimate by 17.44% [1] Financial Performance Metrics - U.S. sales reached $227.08 million, surpassing the estimated $220.3 million, marking a 16.7% increase from the same quarter last year [4] - International sales amounted to $155.38 million, exceeding the estimated $151.04 million, representing an 8.4% year-over-year growth [4] - Revenue from Cardiovascular-Peripheral Intervention was $142.85 million, slightly below the estimated $144.62 million, with a year-over-year increase of 2.6% [4] - Cardiovascular-Cardiac Intervention revenue was $115.25 million, exceeding the estimated $104.93 million, showing a significant 22.8% increase year-over-year [4] - Endoscopy revenue reached $18.44 million, slightly below the estimated $18.66 million, but reflecting an impressive 81% increase from the previous year [4] - Cardiovascular-OEM revenue was $52.29 million, close to the estimated $52.65 million, with an 18.1% year-over-year increase [4] - Total Cardiovascular revenue was $364.03 million, surpassing the estimated $353.56 million, indicating an 11.1% increase year-over-year [4] - Revenue from Cardiovascular-Custom Procedural Solutions was $53.63 million, exceeding the estimated $51.05 million, with a year-over-year growth of 6.4% [4] Stock Performance - Merit Medical's shares have declined by 11.8% over the past month, contrasting with a 3.4% increase in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - The company reported total revenue of $382.5 million, up 13% year over year on a GAAP basis and up 12.5% year over year on a constant currency basis, exceeding growth expectations [8][9] - Non-GAAP operating margin increased nearly 109 basis points year over year to 21.2%, representing the highest performance in the company's history as a public company [9] - Non-GAAP EPS grew by 10%, exceeding expectations, and free cash flow increased by 20% year over year to $70 million [9][32] Business Line Data and Key Metrics Changes - Cardiovascular segment sales grew by 10% and endoscopy segment sales increased by 81% [24] - Cardiac intervention product sales rose by 23%, with organic growth of approximately 10% [25] - Peripheral intervention products and custom procedure solutions saw sales increases of 6% and above expectations, respectively [25] Market Data and Key Metrics Changes - U.S. sales increased by 17% on a constant currency basis and 10% on an organic constant currency basis [28] - International sales grew by 7% year over year, with a 2% increase on an organic constant currency basis [28] - Sales in China decreased by 6%, attributed to the broader macro environment [29][80] Company Strategy and Development Direction - The company announced the acquisition of BioLife Delaware LLC for $120 million, aimed at enhancing its product offerings in hemostatic solutions [10][11] - A comprehensive marketing plan for the Rhapsody CIE was launched, focusing on expanding physician relationships and securing reimbursement coverage [15][16] - The company is targeting a premium pricing strategy for the Rhapsody CIE, emphasizing its unique treatment options and clinical benefits [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver strong execution and revenue growth despite a challenging global macro environment [10] - The company acknowledged a two-quarter delay in securing add-on reimbursement for the Rhapsody CIE in the outpatient setting but maintained long-term growth expectations [22][37] - Management emphasized the importance of their reimbursement strategy and ongoing engagement with CMS to secure necessary approvals [21][56] Other Important Information - The company updated its 2025 financial guidance, expecting GAAP net revenue growth of 10% to 11% and non-GAAP diluted EPS in the range of $3.52 to $3.72 [34][39] - The anticipated impact of tariffs on cost of goods was revised down to approximately $7 million, reflecting better-than-expected performance [38] Q&A Session Summary Question: Clarification on Rhapsody reimbursement process - Management clarified that they applied for a new technology APC assignment but did not receive it, and they plan to submit for TPT by September 1 [46][48] Question: Confidence in securing TPT - Management expressed high confidence in meeting TPT guidelines and emphasized the strength of their product data [55][60] Question: Sales performance in cardiac intervention - Management attributed the sales uplift to internal product development and the strategic acquisition of Cook Medical [100][106]

Financial Data and Key Metrics Changes - The company reported total revenue of $382.5 million, up 13% year over year on a GAAP basis and up 12.5% year over year on a constant currency basis [7][9] - Non-GAAP operating margin increased nearly 109 basis points year over year to 21.2%, representing the highest performance in the company's history as a public company [9] - Non-GAAP EPS grew by 10%, exceeding expectations, and free cash flow increased by 20% year over year to $70 million [9][34] Business Line Data and Key Metrics Changes - Cardiovascular segment sales grew by 10% and endoscopy segment sales increased by 81% [26] - Cardiac intervention product sales rose by 23%, with organic growth of approximately 10% [27] - Peripheral intervention products and custom procedure solutions saw sales increases of 6% and 4%, respectively [28] Market Data and Key Metrics Changes - U.S. sales increased by 17% on a constant currency basis, while international sales grew by 7% year over year [30] - Sales in China decreased by 6%, attributed to the broader macro environment [31][75] - The company expects low double-digit growth in EMEA and mid-teens growth in the Rest of the World region, with approximately 2% growth in the APAC region [37] Company Strategy and Development Direction - The company announced the acquisition of BioLife Delaware LLC for $120 million, aimed at enhancing its product offerings in hemostatic solutions [10][11] - A comprehensive marketing plan for the Rhapsody CIE was launched, focusing on raising awareness and expanding physician relationships [14] - The pricing strategy for Rhapsody CIE is based on a premium price relative to competitors, supported by clinical evidence demonstrating its efficacy [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver strong execution and revenue growth despite a dynamic global macro environment [10] - The company acknowledged a two-quarter delay in securing add-on reimbursement for the outpatient setting but maintained long-term growth expectations for Rhapsody CIE [24][39] - Management emphasized the importance of their reimbursement strategy and ongoing engagement with CMS to secure necessary approvals [23][49] Other Important Information - The company updated its 2025 financial guidance, expecting GAAP net revenue growth of 10% to 11% and non-GAAP diluted EPS in the range of $3.52 to $3.72 [36][40] - The anticipated impact of tariffs on the cost of goods is expected to be significantly lower than previously forecasted [41][42] Q&A Session Summary Question: Clarification on Rhapsody reimbursement process - Management clarified that they applied for a new technology APC assignment but did not receive it, and they plan to submit for TPT by September 1 [49][50] Question: Confidence in securing TPT - Management expressed high confidence in meeting TPT guidelines and emphasized the strength of their product and data [62] Question: Sales performance in cardiac intervention - Management attributed the growth to internal product development and the strategic acquisition of Cook Medical, expecting continued strong performance [94][96]

Q2 2025 Financial Performance (GAAP) - Revenue increased by 132% to $3825 million in Q2 2025 compared to $3380 million in Q2 2024[8] - Net income decreased by 88% to $326 million in Q2 2025 from $357 million in Q2 2024[8] - Earnings per share decreased by 116% to $054 in Q2 2025 compared to $061 in Q2 2024[8] Q2 2025 Financial Performance (Non-GAAP) - Revenue increased by 67% to $3606 million in Q2 2025 compared to $3380 million in Q2 2024[9] - Net income increased by 133% to $610 million in Q2 2025 from $538 million in Q2 2024[9] - Earnings per share increased by 98% to $101 in Q2 2025 compared to $092 in Q2 2024[9] Revenue Breakdown (Q2 2025) - US revenue increased by 167% to $227082 thousand in Q2 2025[11] - APAC revenue decreased by 04% to $66566 thousand in Q2 2025[11] - EMEA revenue increased by 165% to $72615 thousand in Q2 2025[11] Fiscal Year 2025 Financial Guidance - Sales Net are projected to be between $1495 billion and $1507 billion, representing a 10%-11% year-over-year change[14] - Non-GAAP earnings per share are expected to be between $352 and $372, representing a 2%-8% year-over-year change[14]

PART I. FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Unaudited H1 2025 financials show asset growth, increased sales, and positive operating cash flow, with significant cash used for acquisitions [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) The balance sheet as of June 30, 2025, reflects growth in total assets, liabilities, and stockholders' equity, primarily due to acquisitions Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$2,586,045** | **$2,418,603** | | Total Current Assets | $923,072 | $923,774 | | Goodwill | $504,555 | $463,511 | | **Total Liabilities** | **$1,097,997** | **$1,039,244** | | Long-term debt | $731,795 | $729,551 | | **Total Stockholders' Equity** | **$1,488,048** | **$1,379,359** | [Consolidated Statements of Income](index=6&type=section&id=Consolidated%20Statements%20of%20Income) Net sales increased for both Q2 and H1 2025, while net income and diluted EPS experienced slight declines Six Months Ended June 30, (in thousands, except per share data) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Net sales | $737,813 | $661,511 | | Gross profit | $356,507 | $312,815 | | Income from operations | $87,913 | $81,868 | | Net income | $62,728 | $63,966 | | Diluted EPS | $1.03 | $1.09 | Three Months Ended June 30, (in thousands, except per share data) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Net sales | $382,462 | $338,003 | | Gross profit | $184,487 | $161,100 | | Income from operations | $46,880 | $45,946 | | Net income | $32,581 | $35,726 | | Diluted EPS | $0.54 | $0.61 | [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow increased, but significant cash was used in investing activities, primarily for acquisitions, resulting in a net decrease in cash Cash Flow Summary for Six Months Ended June 30, (in thousands) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash from operating activities | $123,879 | $104,722 | | Net cash used in investing activities | $(172,986) | $(38,538) | | Net cash from (used in) financing activities | $11,302 | $(14,866) | | **Net (decrease) increase in cash** | **$(34,852)** | **$49,568** | | Cash at end of period | $343,915 | $638,712 | - Cash paid for acquisitions, net of cash acquired, was **$122.6 million** in the first six months of 2025, compared to only **$4.9 million** in the same period of 2024[19](index=19&type=chunk) [Condensed Notes to Consolidated Financial Statements](index=12&type=section&id=Condensed%20Notes%20to%20Consolidated%20Financial%20Statements) Notes detail accounting policies, segment revenue growth driven by acquisitions, increased goodwill, a higher tax rate, and significant debt with available borrowing capacity - On May 20, 2025, Merit acquired Biolife for an upfront payment of **$120 million** plus **$6.3 million** in adjustments. The acquisition added **$92.7 million** in developed technology and **$38.3 million** in goodwill[30](index=30&type=chunk) Revenue by Segment - Six Months Ended June 30, (in thousands) | Segment | 2025 | 2024 | % Change | | :--- | :--- | :--- | :--- | | Cardiovascular | $702,738 | $641,189 | +9.6% | | Endoscopy | $35,075 | $20,322 | +72.6% | | **Total** | **$737,813** | **$661,511** | **+11.5%** | - The company is cooperating with an SEC inquiry that began in January 2022 regarding its subsidiary's business activities in China. The outcome and potential loss cannot be reasonably estimated at this time[69](index=69&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=42&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses sales growth driven by segment and market demand, improved gross margin, increased operating expenses, a slight net income decline, and strong liquidity [Results of Operations](index=44&type=section&id=Results%20of%20Operations) H1 2025 sales growth was driven by acquisitions and segment performance, with improved gross margin, but increased operating expenses led to a net income decline Sales Growth by Segment - Six Months Ended June 30, 2025 vs 2024 | Segment | % Change | | :--- | :--- | | Cardiovascular | +9.6% | | Endoscopy | +72.6% | | **Total** | **+11.5%** | - The **17.2%** growth in Cardiac Intervention sales for H1 2025 was primarily driven by **$19.4 million** in sales from products acquired from Cook in November 2024[117](index=117&type=chunk) - The **72.6%** growth in Endoscopy sales for H1 2025 was favorably affected by **$14.7 million** in sales of the EsophyX® Z+ device acquired from EGS in July 2024[116](index=116&type=chunk) - SG&A expenses for H1 2025 increased by **16.7%** primarily due to higher labor-related costs from headcount additions, including those from the EGS, Cook, and Biolife acquisitions[124](index=124&type=chunk) [Liquidity and Capital Resources](index=50&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) The company maintains strong liquidity with substantial cash and available credit, despite significant cash usage for acquisitions and capital expenditures - The company holds **$343.9 million** in cash, cash equivalents, and restricted cash as of June 30, 2025, with **$69.7 million** held by foreign subsidiaries[134](index=134&type=chunk) - Capital expenditures are expected to be approximately **$90 million to $100 million** in 2025, partly for the construction of a new distribution facility in South Jordan, Utah[135](index=135&type=chunk) - As of June 30, 2025, the company had no outstanding borrowings under its revolving credit facility and had additional available borrowings of approximately **$697 million**[49](index=49&type=chunk)[138](index=138&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=56&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes were reported in market risk disclosures concerning currency exchange rates and interest rates - No material changes to market risk disclosures regarding currency exchange and interest rates were reported for the first six months of 2025[148](index=148&type=chunk) [Controls and Procedures](index=57&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls are effective, with ongoing integration of Biolife's internal controls not expected to cause material changes - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[149](index=149&type=chunk) - The company is in the process of integrating the internal controls of Biolife, acquired on May 20, 2025[151](index=151&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=58&type=section&id=Item%201.%20Legal%20Proceedings) An ongoing SEC inquiry regarding a China subsidiary is noted, with no other material legal proceedings expected - The company is involved in an ongoing SEC inquiry related to its subsidiary in China, as detailed in Note 10 of the financial statements[154](index=154&type=chunk)[69](index=69&type=chunk) [Risk Factors](index=58&type=section&id=Item%201A.%20Risk%20Factors) Updated risk factors include adverse impacts from changing trade policies and tariffs, alongside challenges associated with leadership succession - The company identifies significant risks from changes in U.S. trade policies, including increased tariffs on raw materials and finished products imported from Mexico, Ireland, and China, which could increase manufacturing costs[157](index=157&type=chunk) - A new President and CEO, Martha Aronson, has been appointed effective October 3, 2025. The company acknowledges that this leadership transition is inherently difficult and could negatively impact relationships with stakeholders or cause operational disruptions[162](index=162&type=chunk) [Other Information](index=60&type=section&id=Item%205.%20Other%20information) No directors or officers reported adopting or terminating Rule 10b5-1 trading arrangements in Q2 2025 - No directors or officers adopted or terminated a Rule 10b5-1 trading plan in the second quarter of 2025[165](index=165&type=chunk) [Exhibits](index=61&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including the Biolife merger agreement and CEO/CFO certifications - Key exhibits filed include the merger agreement for the Biolife acquisition and CEO/CFO certifications under Sarbanes-Oxley Sections 302 and 906[167](index=167&type=chunk)

Core Insights - Merit Medical Systems, Inc. reported revenue of $382.5 million for Q2 2025, reflecting a 13.2% increase compared to Q2 2024, with constant currency revenue up 12.5% and organic constant currency revenue up 6.7% [4][6][9] - The company has raised its 2025 revenue and non-GAAP earnings per share guidance due to stronger-than-expected financial performance in the first half of the year [5][11] - Non-GAAP EPS for Q2 2025 was $1.01, a 9.8% increase year-over-year, while GAAP EPS decreased by 11.6% to $0.54 [6][9] Financial Performance - For the first six months of 2025, Merit generated free cash flow of $89.1 million, an increase of 8.1% year-over-year [6] - The GAAP operating margin for Q2 2025 was 12.3%, down from 13.6% in the prior year, while the non-GAAP operating margin improved to 21.2% from 20.1% [6][8] - The company’s GAAP net income for Q2 2025 was $32.6 million, compared to $35.7 million in Q2 2024, while non-GAAP net income rose to $61.0 million from $53.8 million [9] Segment Performance - Revenue from the Cardiovascular segment for Q2 2025 was $258.1 million, with a 10.4% increase in constant currency terms [7] - The Endoscopy segment saw significant growth, with revenue reaching $18.4 million, an 80.8% increase in constant currency [7] Guidance and Outlook - The updated guidance for 2025 anticipates net sales between $1.495 billion and $1.507 billion, representing a year-over-year growth of 10% to 11% [11] - Non-GAAP EPS guidance for 2025 is projected to be between $3.52 and $3.72, reflecting a 2% to 8% increase [11] Balance Sheet Highlights - As of June 30, 2025, Merit had cash and cash equivalents of $341.8 million and total debt obligations of $747.5 million, with available borrowing capacity of approximately $697 million [10]

[Executive Leadership Transition](index=1&type=section&id=Executive%20Leadership%20Transition) Merit Medical announces Martha Aronson as the new President and CEO, with current CEO Fred Lampropoulos transitioning to Chairman of the Board [Appointment of New President and CEO](index=1&type=section&id=Appointment%20of%20New%20President%20and%20CEO) Merit Medical has appointed Martha Aronson as the new President and Chief Executive Officer, effective October 3, 2025, while current President and CEO Fred P. Lampropoulos will transition to Chairman of the Board - Martha Aronson has been named the new President and Chief Executive Officer, with the appointment becoming effective on October 3, 2025[1](index=1&type=chunk) - Fred P. Lampropoulos will step down as President and CEO but will continue to serve as the Chairman of the Board of Directors[1](index=1&type=chunk) [Background of Martha Aronson](index=1&type=section&id=Background%20of%20Martha%20Aronson) Martha Aronson brings extensive global healthcare experience, having held senior leadership positions at Ecolab, Hill-Rom Holdings, and Medtronic, along with a strong background in board governance - Ms. Aronson has significant executive experience, including roles as Executive Vice President at Ecolab, Senior Vice President at Hill-Rom Holdings, and nearly 20 years in various leadership roles at Medtronic[2](index=2&type=chunk) - She has extensive board experience, having served as a director for companies such as CONMED Corporation (where she was formerly Chair), Methode Electronics, Inc., and Cardiovascular Systems, Inc[2](index=2&type=chunk) - She holds a Bachelor of Arts in Economics from Wellesley College and a Master of Business Administration from Harvard Business School[3](index=3&type=chunk) [Statements on the Leadership Transition](index=1&type=section&id=Statements%20on%20the%20Leadership%20Transition) The transition is presented positively by all parties, with expressions of confidence in the new leadership and appreciation for the outgoing CEO's contributions - Outgoing CEO Fred Lampropoulos stated that Martha Aronson is "uniquely qualified to lead Merit into the future and drive its continued success"[2](index=2&type=chunk) - Incoming CEO Martha Aronson expressed her excitement to "look forward to building upon his remarkable legacy and leading the company into a future of continued excellence and innovation"[4](index=4&type=chunk) - Lead Independent Director Dr. F. Ann Millner, on behalf of the Board, thanked Fred Lampropoulos for his **38 years of leadership** and dedication, highlighting his commitment to medical innovation and employee well-being[4](index=4&type=chunk) [Preliminary Second Quarter 2025 Financial Results](index=2&type=section&id=Preliminary%20Second%20Quarter%202025%20Financial%20Results) Merit Medical announced preliminary unaudited revenue for Q2 2025 and scheduled an investor conference call for full results [Q2 2025 Preliminary Revenue](index=2&type=section&id=Q2%202025%20Preliminary%20Revenue) Merit Medical announced preliminary unaudited revenue for the second quarter ending June 30, 2025, to be in the range of $380 to $384 million Q2 2025 Preliminary Unaudited Revenue Results | Metric | Value Range | YoY Growth (Reported) | YoY Growth (Constant Currency) | | :--- | :--- | :--- | :--- | | Preliminary Revenue | $380 - $384 million | 12% - 14% | 11% - 13% | [Upcoming Investor Conference Call](index=2&type=section&id=Upcoming%20Investor%20Conference%20Call) The company plans to release its full financial results for Q2 2025 after the market closes on Wednesday, July 30, 2025, followed by an investor conference call - Full financial results for the quarter ended June 30, 2025, are scheduled for release after the stock market closes on Wednesday, July 30, 2025[6](index=6&type=chunk) - An investor conference call will be held on the same day, July 30, 2025, at 5:00 p.m. Eastern Time[6](index=6&type=chunk) [Non-GAAP Financial Measures](index=2&type=section&id=Non-GAAP%20Financial%20Measures) The company explains the use of constant currency revenue as a non-GAAP measure and provides its reconciliation to GAAP revenue [Explanation of Constant Currency Revenue](index=2&type=section&id=Explanation%20of%20Constant%20Currency%20Revenue) The company uses constant currency revenue as a non-GAAP measure to provide investors with insight into underlying business trends by removing foreign currency fluctuations - Constant currency revenue is a non-GAAP measure used to provide investors with useful information regarding underlying business trends by isolating the impact of foreign exchange rate fluctuations[7](index=7&type=chunk) - Management uses this measure internally to evaluate financial performance, compare results to prior periods, and allocate financial resources[8](index=8&type=chunk) - The measure is calculated by converting current-period revenue from foreign subsidiaries using the exchange rates from the comparable prior-year period and adjusting for hedging effects[10](index=10&type=chunk) [Reconciliation of Non-GAAP to GAAP Revenue](index=3&type=section&id=Reconciliation%20of%20Non-GAAP%20to%20GAAP%20Revenue) The company provides a reconciliation table detailing the adjustment from preliminary unaudited GAAP revenue to preliminary constant currency revenue for Q2 2025 Reconciliation of Preliminary Unaudited Revenue to Constant Currency Revenue (Q2 2025) | Description | % Change (YoY) | Q2 2025 (in thousands) | Q2 2024 (in thousands) | | :--- | :--- | :--- | :--- | | Preliminary Unaudited Revenue Range | 12.4 – 13.6% | $380,000 - $384,000 | $338,003 | | Add: Impact of foreign exchange | | ($2,300) | — | | **Preliminary Constant Currency Revenue (Non-GAAP)** | **11.7 – 12.9%** | **$377,700 - $381,700** | **$338,003** | [Company and Legal Information](index=4&type=section&id=Company%20and%20Legal%20Information) This section provides an overview of Merit Medical Systems, Inc. and includes cautionary statements regarding forward-looking information [About Merit Medical Systems, Inc.](index=4&type=section&id=About%20Merit%20Medical%20Systems,%20Inc.) Founded in 1987, Merit Medical develops, manufactures, and distributes proprietary disposable medical devices globally, employing approximately 7,300 people - Founded in 1987, Merit Medical is engaged in the development, manufacture, and distribution of proprietary disposable medical devices[13](index=13&type=chunk) - The company's products are used in interventional, diagnostic, and therapeutic procedures, particularly in cardiology, radiology, and oncology[13](index=13&type=chunk) - Merit employs approximately **7,300 people worldwide** and has a global sales and clinical support team of over **800 individuals**[13](index=13&type=chunk) [Cautionary Statement Regarding Forward-Looking Statements](index=4&type=section&id=Cautionary%20Statement%20Regarding%20Forward-Looking%20Statements) This section outlines the risks and uncertainties that could cause actual results to differ from forward-looking statements, including preliminary financial data - The release contains forward-looking statements, including preliminary unaudited revenue, which are subject to numerous risks and uncertainties detailed in the company's SEC filings[14](index=14&type=chunk) - Key risks include consequences of the executive succession, supply chain disruptions, global economic conditions, regulatory changes, and integration of acquisitions[14](index=14&type=chunk) - The preliminary financial information is subject to change upon completion of financial closing procedures and has not been audited or reviewed by an independent accounting firm[17](index=17&type=chunk)

Leadership Transition - Merit Medical Systems, Inc. has appointed Martha Aronson as the new President and CEO, effective October 3, 2025, while Fred P. Lampropoulos will continue as Chairman of the Board until that date [1][2] - Lampropoulos expressed confidence in Aronson's ability to lead the company, highlighting her qualifications and experience in global healthcare [2] - Aronson has a strong background, having held leadership roles at Ecolab, Hill-Rom, and Medtronic, and has served on various boards [2][3] Financial Performance - Merit announced preliminary unaudited revenue for Q2 2025 in the range of approximately $380 to $384 million, representing a projected increase of about 12% to 14% compared to Q2 2024 [5] - The preliminary constant currency revenue for the same period increased by approximately 11% to 13% year-over-year [5] - The impact of foreign exchange on preliminary revenue was a decrease of $2.3 million [12] Company Overview - Founded in 1987, Merit Medical specializes in developing, manufacturing, and distributing proprietary disposable medical devices for various medical procedures [13] - The company serves hospitals globally with a workforce of approximately 7,300 employees [13]