Merit Medical Reports First Quarter 2025 Results and Updates Full-Year Guidance

Core Insights - Merit Medical Systems, Inc. reported a revenue of $355.4 million for Q1 2025, reflecting a 9.8% increase compared to Q1 2024 [4][6] - The company achieved a constant currency revenue growth of 10.9% and an organic constant currency revenue increase of 6.0% year-over-year [4][6] - Non-GAAP earnings per share (EPS) rose by 14.8% to$ 0.86, while GAAP EPS increased by 2.0% to $0.49 [6][9] Financial Performance - The GAAP operating margin improved to 11.5% from 11.1% in the prior year, while the non-GAAP operating margin increased to 19.3% from 17.0% [6][8] - Free cash flow generation was reported at$ 19.5 million, down 20.5% compared to the previous year [6] - The company’s GAAP net income for Q1 2025 was $30.1 million, compared to$ 28.2 million in Q1 2024 [9] Revenue Breakdown - Revenue by segment showed significant growth in the Cardiovascular segment, with a 10.6% increase in Cardiac Intervention and a 20.5% increase in OEM [5] - The Endoscopy segment also saw substantial growth, with revenue increasing by 64.2% [7] - Total revenue for the Cardiovascular segment was $338.7 million, up 8.1% year-over-year [5] Guidance and Outlook - The company reaffirmed its total revenue guidance for 2025, projecting revenues between$ 1.470 billion and $1.490 billion, representing an 8% to 10% year-over-year increase [11] - Non-GAAP EPS guidance was updated to reflect stronger-than-expected Q1 results, now projected between$ 3.29 and $3.42 [11] - The company anticipates continued stable constant currency growth despite potential impacts from trade policies [5][11] Balance Sheet Highlights - As of March 31, 2025, Merit had cash and cash equivalents of$ 395.5 million, an increase from $376.7 million at the end of 2024 [10] - Total debt obligations remained stable at$ 747.5 million [10] - The company had an available borrowing capacity of approximately $697 million [10]