Merit Medical(MMSI) - 2025 Q2 - Quarterly Results

Executive Leadership Transition 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 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] - Fred P. Lampropoulos will step down as President and CEO but will continue to serve as the Chairman of the Board of Directors[1] Background of Martha Aronson 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] - 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] - She holds a Bachelor of Arts in Economics from Wellesley College and a Master of Business Administration from Harvard Business School[3] Statements on the Leadership Transition 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] - 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] - 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] Preliminary Second Quarter 2025 Financial Results Merit Medical announced preliminary unaudited revenue for Q2 2025 and scheduled an investor conference call for full results Q2 2025 Preliminary Revenue 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 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] - An investor conference call will be held on the same day, July 30, 2025, at 5:00 p.m. Eastern Time[6] Non-GAAP Financial Measures 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 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] - Management uses this measure internally to evaluate financial performance, compare results to prior periods, and allocate financial resources[8] - 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] Reconciliation of Non-GAAP to GAAP Revenue 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 This section provides an overview of Merit Medical Systems, Inc. and includes cautionary statements regarding forward-looking information About Merit Medical Systems, Inc. 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] - The company's products are used in interventional, diagnostic, and therapeutic procedures, particularly in cardiology, radiology, and oncology[13] - Merit employs approximately 7,300 people worldwide and has a global sales and clinical support team of over 800 individuals[13] Cautionary Statement Regarding Forward-Looking Statements 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] - Key risks include consequences of the executive succession, supply chain disruptions, global economic conditions, regulatory changes, and integration of acquisitions[14] - 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]