Merit Medical Systems, Inc. (NASDAQ: MMSI), a leading manufacturer
and marketer of proprietary disposable medical devices used in
interventional, diagnostic and therapeutic procedures, particularly
in cardiology, radiology, oncology, critical care and endoscopy,
today announced revenue of $244.0 million for the quarter ended
September 30, 2020, an increase of 0.4% compared to
revenue of $243.0 million for the quarter ended
September 30, 2019. Core revenue on a constant currency
basis* for the third quarter of 2020 was down (0.1)% compared to
the third quarter of 2019.
Merit’s GAAP gross margin for the third quarter
of 2020 was 41.8%, compared to GAAP gross margin of 42.8% for the
third quarter of 2019. Merit’s non-GAAP gross margin* for the third
quarter of 2020 was 47.0%, compared to non-GAAP gross margin* of
48.1% for the third quarter of 2019.
Merit’s GAAP operating margin for the third
quarter of 2020 was 0.0%, compared to GAAP operating margin of
(1.2)% for the third quarter of 2019. Merit’s non-GAAP operating
margin* for the third quarter of 2020 was 15.0%, compared to
non-GAAP operating margin* of 9.2% for the third quarter of
2019.
Merit’s GAAP net loss for the third quarter of
2020 was $(3.0) million, or $(0.05) per share, compared to a GAAP
net loss of $(3.4) million, or $(0.06) per share, for the third
quarter of 2019. Merit’s non-GAAP net income* for the third quarter
of 2020 was $24.0 million, or $0.42 per share, compared to non-GAAP
net income* of $15.7 million, or $0.28 per share, for the third
quarter of 2019.
Merit’s revenue by category for the three and
nine-month periods ended September 30, 2020, compared to the
corresponding periods in 2019, was as follows (unaudited, in
thousands, except for percentages):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
|
|
Nine Months Ended
September 30, |
|
|
% Change |
|
2020 |
|
2019 |
|
% Change |
|
2020 |
|
2019 |
Cardiovascular |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Peripheral Intervention |
|
3.0 |
% |
|
$ |
86,778 |
|
$ |
84,265 |
|
(4.4 |
)% |
|
$ |
246,488 |
|
$ |
257,744 |
Cardiac Intervention |
|
(7.7 |
)% |
|
|
69,089 |
|
|
74,859 |
|
(8.5 |
)% |
|
|
207,685 |
|
|
227,042 |
Custom Procedural Solutions |
|
22.0 |
% |
|
|
56,429 |
|
|
46,258 |
|
7.2 |
% |
|
|
149,369 |
|
|
139,335 |
OEM |
|
(17.0 |
)% |
|
|
24,117 |
|
|
29,044 |
|
(7.8 |
)% |
|
|
80,592 |
|
|
87,449 |
Total |
|
0.8 |
% |
|
|
236,413 |
|
|
234,426 |
|
(3.9 |
)% |
|
|
684,134 |
|
|
711,570 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Endoscopy |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Endoscopy devices |
|
(12.3 |
)% |
|
|
7,562 |
|
|
8,623 |
|
(14.3 |
)% |
|
|
21,737 |
|
|
25,360 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
0.4 |
% |
|
$ |
243,975 |
|
$ |
243,049 |
|
(4.2 |
)% |
|
$ |
705,871 |
|
$ |
736,930 |
“Our third quarter revenue results reflect
better than expected performance driven by strong execution and
discipline despite a fluctuating global recovery,” said Fred P.
Lampropoulos, Merit’s Chairman and Chief Executive Officer. “We are
particularly proud of our profitability performance in the third
quarter as we leveraged strong operating expense control to drive
impressive growth in our non-GAAP operating profit and our non-GAAP
EPS, which increased 65% and 50%, respectively, year over
year.”
“We remain focused on executing our plan to
enhance the efficiency of our business in order to be better
positioned for profitable growth going forward,” Lampropoulos said.
“We are encouraged by the success we have achieved early in this
process as evidenced by the notable improvement in our free cash
flow generation this year, which has nearly doubled over our free
cash flow generation in the two prior years combined. As promised,
we are on track to complete the movement of more than 14 production
lines and consolidate several facilities before year end.”
“We look forward to sharing more about our plans
for growth and profitability in the coming years at our Foundations
for Growth virtual investor event scheduled on November 10,”
Lampropoulos added.
As of September 30, 2020, Merit had cash on hand
of approximately $44.6 million, long term debt obligations of
approximately $358 million, and available borrowing capacity of
$327 million, compared to cash on hand of approximately $44.3
million, long term debt obligations of approximately $440 million,
and available borrowing capacity of $134 million as of December 31,
2019.
Fiscal Year 2020 Financial Guidance:
The Company is updating its fiscal year 2020
revenue guidance, originally issued on February 24, 2020.
Based upon information currently available to
Merit’s management, Merit estimates for the year ending
December 31, 2020, absent material acquisitions, non-recurring
transactions or other factors beyond Merit’s control, the
following:
- Net revenue in the range of $950.0 million to $959.0 million,
representing a decrease of approximately 3.5% to 4.5% year over
year, as compared to net revenue of $994.9 million for the twelve
months ended December 31, 2019. The fiscal year 2020 revenue
guidance range assumes:
- Net revenue from the cardiovascular segment of between $921.0
million and $930.0 million, representing a decrease of
approximately 3% to 4% year-over-year as compared to net revenue of
$961.0 million for the twelve months ended December 31, 2019.
- Net revenue from the endoscopy segment of between $28.6 million
and $28.9 million, representing a decrease of approximately 14.5%
to 15.5% year-over-year as compared to net revenue of $33.9 million
for the twelve months ended December 31, 2019.
- GAAP net loss in the range of $(11.8) million to $(15.0)
million, or $(0.21) to $(0.27) per diluted share, compared to GAAP
net income of $5.5 million, or $0.10 per diluted share, for the
twelve months ended December 31, 2019.
- Non-GAAP net income in the range of $85.5 million to $88.5
million, or $1.52 to $1.57 per diluted share, compared to non-GAAP
net income of $82.1 million, or $1.46 per diluted share, for the
twelve months ended December 31, 2019.
Merit’s financial guidance for the year ending
December 31, 2020 is subject to risks and uncertainties
identified in this release and Merit’s public filings.
CONFERENCE CALL
Merit will hold its investor conference call
(conference ID 3195654) today, Wednesday, October 28, 2020, at
5:00 p.m. Eastern (4:00 p.m. Central, 3:00 p.m.
Mountain, and 2:00 p.m. Pacific). The domestic telephone
number is (844) 578‑9672 and the international number is (508)
637‑5656. A live webcast and slide deck will also be available at
merit.com. CONSOLIDATED BALANCE
SHEETS
|
|
|
|
|
|
|
|
|
September 30, |
|
|
|
|
2020 |
|
December 31, |
|
|
(unaudited) |
|
2019 |
ASSETS |
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
44,551 |
|
|
$ |
44,320 |
|
Trade receivables, net |
|
|
141,957 |
|
|
|
155,365 |
|
Other receivables |
|
|
8,073 |
|
|
|
10,016 |
|
Inventories |
|
|
209,109 |
|
|
|
225,698 |
|
Prepaid expenses and other current assets |
|
|
15,579 |
|
|
|
12,497 |
|
Prepaid income taxes |
|
|
3,545 |
|
|
|
3,491 |
|
Income tax refund receivables |
|
|
11,812 |
|
|
|
3,151 |
|
Total current assets |
|
|
434,626 |
|
|
|
454,538 |
|
|
|
|
|
|
|
|
Property and equipment,
net |
|
|
383,804 |
|
|
|
378,785 |
|
Intangible assets, net |
|
|
382,815 |
|
|
|
445,312 |
|
Goodwill |
|
|
353,622 |
|
|
|
353,193 |
|
Deferred income tax
assets |
|
|
3,857 |
|
|
|
3,788 |
|
Right-of-use operating lease
assets |
|
|
76,775 |
|
|
|
80,244 |
|
Other assets |
|
|
35,011 |
|
|
|
41,461 |
|
Total Assets |
|
|
1,670,510 |
|
|
|
1,757,321 |
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
Trade payables |
|
$ |
46,634 |
|
|
$ |
54,623 |
|
Accrued expenses |
|
|
116,927 |
|
|
|
105,184 |
|
Current portion of long-term debt |
|
|
7,500 |
|
|
|
7,500 |
|
Short-term operating lease liabilities |
|
|
12,981 |
|
|
|
11,550 |
|
Income taxes payable |
|
|
2,005 |
|
|
|
2,799 |
|
Total current liabilities |
|
|
186,047 |
|
|
|
181,656 |
|
|
|
|
|
|
|
|
Long-term debt |
|
|
349,813 |
|
|
|
431,984 |
|
Deferred income tax
liabilities |
|
|
45,439 |
|
|
|
45,236 |
|
Long-term income taxes
payable |
|
|
347 |
|
|
|
347 |
|
Liabilities related to
unrecognized tax benefits |
|
|
1,990 |
|
|
|
1,990 |
|
Deferred compensation
payable |
|
|
15,396 |
|
|
|
14,855 |
|
Deferred credits |
|
|
1,948 |
|
|
|
2,122 |
|
Long-term operating lease
liabilities |
|
|
69,407 |
|
|
|
72,714 |
|
Other long-term
obligations |
|
|
66,286 |
|
|
|
56,473 |
|
Total Liabilities |
|
|
736,673 |
|
|
|
807,377 |
|
|
|
|
|
|
|
|
Stockholders' Equity |
|
|
|
|
|
|
Common stock |
|
|
600,737 |
|
|
|
587,017 |
|
Retained earnings |
|
|
342,425 |
|
|
|
368,221 |
|
Accumulated other comprehensive loss |
|
|
(9,325 |
) |
|
|
(5,294 |
) |
Total Stockholders' Equity |
|
|
933,837 |
|
|
|
949,944 |
|
Total Liabilities and
Stockholders' Equity |
|
$ |
1,670,510 |
|
|
$ |
1,757,321 |
|
CONSOLIDATED STATEMENTS OF INCOME
(LOSS)(Unaudited, in thousands except
per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
NET SALES |
|
$ |
243,975 |
|
|
$ |
243,049 |
|
|
$ |
705,871 |
|
|
$ |
736,930 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COST OF SALES |
|
|
141,961 |
|
|
|
138,913 |
|
|
|
415,857 |
|
|
|
416,194 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT |
|
|
102,014 |
|
|
|
104,136 |
|
|
|
290,014 |
|
|
|
320,736 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
|
72,215 |
|
|
|
86,936 |
|
|
|
217,790 |
|
|
|
245,183 |
|
Research and development |
|
|
13,506 |
|
|
|
16,987 |
|
|
|
42,404 |
|
|
|
49,361 |
|
Legal settlement |
|
|
— |
|
|
|
— |
|
|
|
18,200 |
|
|
|
— |
|
Impairment charges |
|
|
20,585 |
|
|
|
2,702 |
|
|
|
28,305 |
|
|
|
3,250 |
|
Contingent consideration expense (benefit) |
|
|
(4,356 |
) |
|
|
392 |
|
|
|
884 |
|
|
|
3,573 |
|
Acquired in-process research and development |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
525 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
101,950 |
|
|
|
107,017 |
|
|
|
307,583 |
|
|
|
301,892 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM
OPERATIONS |
|
|
64 |
|
|
|
(2,881 |
) |
|
|
(17,569 |
) |
|
|
18,844 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME (EXPENSE): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
67 |
|
|
|
328 |
|
|
|
234 |
|
|
|
1,027 |
|
Interest expense |
|
|
(2,197 |
) |
|
|
(3,415 |
) |
|
|
(8,056 |
) |
|
|
(9,295 |
) |
Other income (expense) - net |
|
|
(118 |
) |
|
|
278 |
|
|
|
(1,085 |
) |
|
|
(421 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other expense — net |
|
|
(2,248 |
) |
|
|
(2,809 |
) |
|
|
(8,907 |
) |
|
|
(8,689 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE INCOME
TAXES |
|
|
(2,184 |
) |
|
|
(5,690 |
) |
|
|
(26,476 |
) |
|
|
10,155 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME TAX (BENEFIT)
EXPENSE |
|
|
825 |
|
|
|
(2,292 |
) |
|
|
(1,255 |
) |
|
|
499 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) |
|
$ |
(3,009 |
) |
|
$ |
(3,398 |
) |
|
$ |
(25,221 |
) |
|
$ |
9,656 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS (LOSS) PER COMMON
SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.05 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.46 |
) |
|
$ |
0.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
$ |
(0.05 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.46 |
) |
|
$ |
0.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE COMMON SHARES: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
55,505 |
|
|
|
55,152 |
|
|
|
55,386 |
|
|
|
55,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
55,505 |
|
|
|
55,152 |
|
|
|
55,386 |
|
|
|
56,393 |
|
Non-GAAP Financial Measures
Although Merit’s financial statements are
prepared in accordance with accounting principles generally
accepted in the United States of America (“GAAP”), Merit’s
management believes that certain non-GAAP financial measures
referenced in this release provide investors with useful
information regarding the underlying business trends and
performance of Merit’s ongoing operations and can be useful for
period-over-period comparisons of such operations. Non-GAAP
financial measures used in this release include:
- constant currency revenue,
- core revenue,
- core revenue on a constant currency basis,
- non-GAAP gross margin,
- non-GAAP operating margin,
- non-GAAP net income,
- non-GAAP earnings per share, and
- free cash flow.
Merit’s management team uses these non-GAAP
financial measures to evaluate Merit’s profitability and
efficiency, to compare operating results to prior periods, to
evaluate changes in the operating results of its operating
segments, and to measure and allocate financial resources
internally. However, Merit’s management does not consider such
non-GAAP measures in isolation or as an alternative to measures
determined in accordance with GAAP.
Readers should consider non-GAAP measures used
in this release in addition to, not as a substitute for, financial
reporting measures prepared in accordance with GAAP. These non-GAAP
financial measures generally exclude some, but not all, items that
may affect Merit’s net income. In addition, they are subject to
inherent limitations as they reflect the exercise of judgment by
management about which items are excluded. Merit believes it is
useful to exclude such items in the calculation of non-GAAP
earnings per share, non-GAAP gross margin, non-GAAP operating
margin, and non-GAAP net income (in each case, as further
illustrated in the reconciliation tables below) because such
amounts in any specific period may not directly correlate to the
underlying performance of Merit’s business operations and can vary
significantly between periods as a result of factors such as
acquisition transactions, non-cash expenses related to amortization
or write-off of previously acquired tangible and intangible assets,
severance expenses, expenses resulting from non-ordinary course
litigation or administrative proceedings and resulting settlements,
corporate transformation expenses, governmental proceedings or
changes in tax or industry regulations, gains or losses on disposal
of certain assets, and debt issuance costs. Merit may incur similar
types of expenses in the future, and the non-GAAP financial
information included in this release should not be viewed as a
statement or indication that these types of expenses will not
recur. Additionally, the non-GAAP financial measures used in this
release may not be comparable with similarly titled measures of
other companies. Merit urges investors and potential investors to
review the reconciliations of its non-GAAP financial measures to
the comparable GAAP financial measures, and not to rely on any
single financial measure to evaluate Merit’s business or results of
operations.
Constant Currency Revenue
Merit’s revenue on a constant currency basis is
prepared by translating the current-period reported revenue of
subsidiaries whose functional currency is a currency other than the
U.S. dollar at the applicable foreign exchange rates in effect
during the comparable prior-year period. The constant currency
revenue adjustments of $(1.2) million and $4.3 million to reported
revenue and to core revenue for the three and nine-month periods
ended September 30, 2020, respectively, were calculated
using the applicable average foreign exchange rates for the three
and nine-month periods ended September 30, 2019,
respectively.
Core Revenue and Core Revenue on a Constant Currency Basis
Merit’s core revenue is defined, with respect to
prior fiscal year periods, as GAAP revenue less revenue from
certain dispositions. For the three and nine-month periods ended
September 30, 2019, Merit’s core revenue excludes revenues
attributable to the disposition of the assets related to the
manufacturing of Merit’s Hypotube product in August 2020 (excluded
September 2019 only).
With respect to current fiscal year periods,
core revenue is defined as GAAP revenue, less revenue from certain
acquisitions. For the three and nine-month periods ended
September 30, 2020, Merit’s core revenue excludes
revenues attributable to the acquisition of (1) Brightwater
Medical, Inc. in June 2019 (excluded through May 2020 only) and (2)
Fibrovein Holdings Limited in August 2019 (excluded through July
2020 only). Core revenue on a constant currency basis is defined as
core revenue (as described above) adjusted to eliminate the foreign
exchange impact related to that core revenue for the relevant
period, using the applicable average foreign exchange rates in
effect for the comparable prior-year periods presented.
Non-GAAP Gross Margin
Non-GAAP gross margin is calculated by reducing
GAAP cost of sales by amounts recorded for amortization of
intangible assets, certain inventory write-offs and inventory
mark-up related to acquisitions.
Non-GAAP Operating Margin
Non-GAAP operating margin is calculated by
adjusting GAAP operating income (loss) for certain items which are
deemed by Merit’s management to be outside of core operations and
vary in amount and frequency among periods, such as expenses
related to new acquisitions, non-cash expenses related to
amortization or write-off of previously acquired tangible and
intangible assets, severance expenses, performance-based stock
compensation expenses, corporate transformation expenses, expenses
resulting from non-ordinary course litigation or administrative
proceedings and resulting settlements, governmental proceedings or
changes in industry regulations, as well as other items set forth
in the tables below.
Non-GAAP Net Income
Non-GAAP net income is calculated by adjusting
GAAP net income (loss) for the items set forth in the definition of
non-GAAP operating margin above, as well as for expenses related to
debt issuance costs, gains or losses on disposal of certain assets,
changes in tax regulations, and other items set forth in the tables
below.
Non-GAAP EPS
Non-GAAP EPS is defined as non-GAAP net income
divided by the diluted shares outstanding for the corresponding
period.
Free Cash Flow
Free cash flow is defined as cash flow from
operations calculated in accordance with GAAP less capital
expenditures calculated in accordance with GAAP, as set forth in
the consolidated statement of cash flows.
Other Non-GAAP Financial Measure Reconciliation
The following tables set forth supplemental
financial data and corresponding reconciliations of non-GAAP net
income and non-GAAP earnings per share to Merit’s net income and
earnings per share prepared in accordance with GAAP, in each case,
for the three and nine-month periods ended
September 30, 2020 and 2019. The non-GAAP income
adjustments referenced in the following tables do not reflect
non-performance-based stock compensation expense of approximately
$3.0 million and $2.6 million for the three-month periods ended
September 30, 2020 and 2019, respectively, and
approximately $7.6 million and $6.9 million for the nine-month
periods ended September 30, 2020 and 2019, respectively.
Reconciliation of GAAP Net Income
(Loss) to Non-GAAP Net Income(Unaudited, in
thousands except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2020 |
|
|
Pre-Tax |
|
Tax Impact |
|
After-Tax |
|
Per Share Impact |
GAAP net loss |
|
$ |
(2,184 |
) |
|
$ |
(825 |
) |
|
$ |
(3,009 |
) |
|
$ |
(0.05 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Sales |
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangibles |
|
|
12,529 |
|
|
|
(3,229 |
) |
|
|
9,300 |
|
|
|
0.16 |
|
Inventory mark-up related to acquisitions |
|
|
41 |
|
|
|
(11 |
) |
|
|
30 |
|
|
|
0.00 |
|
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Contingent consideration benefit |
|
|
(4,356 |
) |
|
|
492 |
|
|
|
(3,864 |
) |
|
|
(0.07 |
) |
Impairment charges |
|
|
20,585 |
|
|
|
(3,170 |
) |
|
|
17,415 |
|
|
|
0.31 |
|
Amortization of intangibles |
|
|
1,893 |
|
|
|
(508 |
) |
|
|
1,385 |
|
|
|
0.02 |
|
Performance-based share-based compensation (a) |
|
|
1,112 |
|
|
|
(141 |
) |
|
|
971 |
|
|
|
0.02 |
|
Corporate transformation and restructuring (b) |
|
|
2,833 |
|
|
|
(743 |
) |
|
|
2,090 |
|
|
|
0.04 |
|
Acquisition-related |
|
|
189 |
|
|
|
(49 |
) |
|
|
140 |
|
|
|
0.00 |
|
Medical Device Regulation expenses (c) |
|
|
411 |
|
|
|
(106 |
) |
|
|
305 |
|
|
|
0.01 |
|
Other (d) |
|
|
1,401 |
|
|
|
(1,933 |
) |
|
|
(532 |
) |
|
|
(0.01 |
) |
Other (Income) Expense |
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of long-term debt issuance costs |
|
|
151 |
|
|
|
(39 |
) |
|
|
112 |
|
|
|
0.00 |
|
(Gain) loss on disposal of business unit |
|
|
(508 |
) |
|
|
131 |
|
|
|
(377 |
) |
|
|
(0.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income |
|
$ |
34,097 |
|
|
$ |
(10,131 |
) |
|
$ |
23,966 |
|
|
$ |
0.42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted shares (e) |
|
|
|
|
|
|
|
|
|
|
|
56,456 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2019 |
|
|
Pre-Tax |
|
Tax Impact |
|
After-Tax |
|
Per Share Impact |
GAAP net loss |
|
$ |
(5,690 |
) |
|
$ |
2,292 |
|
|
$ |
(3,398 |
) |
|
$ |
(0.06 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Sales |
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangibles |
|
|
12,725 |
|
|
|
(3,259 |
) |
|
|
9,466 |
|
|
|
0.17 |
|
Inventory mark-up related to acquisitions |
|
|
55 |
|
|
|
(14 |
) |
|
|
41 |
|
|
|
0.00 |
|
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Contingent consideration expense |
|
|
392 |
|
|
|
(91 |
) |
|
|
301 |
|
|
|
0.01 |
|
Impairment charges |
|
|
2,702 |
|
|
|
(696 |
) |
|
|
2,006 |
|
|
|
0.04 |
|
Amortization of intangibles |
|
|
2,783 |
|
|
|
(732 |
) |
|
|
2,051 |
|
|
|
0.04 |
|
Corporate transformation and restructuring (b) |
|
|
2,721 |
|
|
|
(700 |
) |
|
|
2,021 |
|
|
|
0.03 |
|
Acquisition-related |
|
|
1,156 |
|
|
|
(154 |
) |
|
|
1,002 |
|
|
|
0.02 |
|
Medical Device Regulation expenses (c) |
|
|
83 |
|
|
|
(21 |
) |
|
|
62 |
|
|
|
0.00 |
|
Other (d) |
|
|
2,558 |
|
|
|
(658 |
) |
|
|
1,900 |
|
|
|
0.03 |
|
Other (Income) Expense |
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of long-term debt issuance costs |
|
|
268 |
|
|
|
(69 |
) |
|
|
199 |
|
|
|
0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income |
|
$ |
19,753 |
|
|
$ |
(4,102 |
) |
|
$ |
15,651 |
|
|
$ |
0.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted shares |
|
|
|
|
|
|
|
|
|
|
|
55,152 |
|
_____________________________
Note: Certain per share impacts may not sum to totals due to
rounding
Reconciliation of GAAP Net Income (Loss) to
Non-GAAP Net Income(Unaudited, in thousands
except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2020 |
|
|
Pre-Tax |
|
Tax Impact |
|
After-Tax |
|
Per Share Impact |
GAAP net loss |
|
$ |
(26,476 |
) |
|
$ |
1,255 |
|
|
$ |
(25,221 |
) |
|
$ |
(0.45 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Sales |
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangibles |
|
|
38,154 |
|
|
|
(9,833 |
) |
|
|
28,321 |
|
|
|
0.50 |
|
Inventory write-off (f) |
|
|
1,776 |
|
|
|
(472 |
) |
|
|
1,304 |
|
|
|
0.02 |
|
Inventory mark-up related to acquisitions |
|
|
187 |
|
|
|
(48 |
) |
|
|
139 |
|
|
|
0.00 |
|
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Contingent consideration expense |
|
|
884 |
|
|
|
559 |
|
|
|
1,443 |
|
|
|
0.03 |
|
Impairment charges |
|
|
28,305 |
|
|
|
(4,363 |
) |
|
|
23,942 |
|
|
|
0.43 |
|
Amortization of intangibles |
|
|
6,049 |
|
|
|
(1,632 |
) |
|
|
4,417 |
|
|
|
0.08 |
|
Performance-based share-based compensation (a) |
|
|
2,623 |
|
|
|
(334 |
) |
|
|
2,289 |
|
|
|
0.04 |
|
Corporate transformation and restructuring (b) |
|
|
6,215 |
|
|
|
(1,642 |
) |
|
|
4,573 |
|
|
|
0.08 |
|
Acquisition-related |
|
|
906 |
|
|
|
(233 |
) |
|
|
673 |
|
|
|
0.01 |
|
Medical Device Regulation expenses (c) |
|
|
1,013 |
|
|
|
(261 |
) |
|
|
752 |
|
|
|
0.01 |
|
Other (d) |
|
|
23,477 |
|
|
|
(3,567 |
) |
|
|
19,910 |
|
|
|
0.35 |
|
Other (Income) Expense |
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of long-term debt issuance costs |
|
|
453 |
|
|
|
(117 |
) |
|
|
336 |
|
|
|
0.01 |
|
(Gain) loss on disposal of business unit |
|
|
(508 |
) |
|
|
131 |
|
|
|
(377 |
) |
|
|
(0.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income |
|
$ |
83,058 |
|
|
$ |
(20,557 |
) |
|
$ |
62,501 |
|
|
$ |
1.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted shares (e) |
|
|
|
|
|
|
|
|
|
|
|
56,241 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2019 |
|
|
Pre-Tax |
|
Tax Impact |
|
After-Tax |
|
Per Share Impact |
GAAP net income |
|
$ |
10,155 |
|
$ |
(499 |
) |
|
$ |
9,656 |
|
$ |
0.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Sales |
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangibles |
|
|
36,882 |
|
|
(9,444 |
) |
|
|
27,438 |
|
|
0.48 |
Inventory mark-up related to acquisitions |
|
|
939 |
|
|
(241 |
) |
|
|
698 |
|
|
0.01 |
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Contingent consideration expense |
|
|
3,573 |
|
|
(275 |
) |
|
|
3,298 |
|
|
0.06 |
Impairment charges |
|
|
3,250 |
|
|
(837 |
) |
|
|
2,413 |
|
|
0.04 |
Amortization of intangibles |
|
|
8,289 |
|
|
(2,182 |
) |
|
|
6,107 |
|
|
0.11 |
Corporate transformation and restructuring (b) |
|
|
4,131 |
|
|
(1,063 |
) |
|
|
3,068 |
|
|
0.05 |
Acquisition-related |
|
|
2,897 |
|
|
(589 |
) |
|
|
2,308 |
|
|
0.04 |
Medical Device Regulation expenses (c) |
|
|
196 |
|
|
(50 |
) |
|
|
146 |
|
|
0.00 |
Other (d) |
|
|
5,806 |
|
|
(1,494 |
) |
|
|
4,312 |
|
|
0.09 |
Other (Income) Expense |
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of long-term debt issuance costs |
|
|
670 |
|
|
(172 |
) |
|
|
498 |
|
|
0.01 |
Tax expense related to restructuring (g) |
|
|
— |
|
|
92 |
|
|
|
92 |
|
|
0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income |
|
$ |
76,788 |
|
$ |
(16,754 |
) |
|
$ |
60,034 |
|
$ |
1.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted shares |
|
|
|
|
|
|
|
|
|
|
|
56,393 |
_____________________________
Note: Certain per share impacts may not sum to totals due to
rounding
Reconciliation of Reported Operating
Income (Loss) to Non-GAAP Operating
Income(Unaudited, in thousands except
percentages)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Three Months Ended |
|
Nine Months Ended |
|
Nine Months Ended |
|
|
September 30, 2020 |
|
September 30, 2019 |
|
September 30, 2020 |
|
September 30, 2019 |
|
|
Amounts |
|
% Sales |
|
Amounts |
|
% Sales |
|
Amounts |
|
% Sales |
|
Amounts |
|
% Sales |
Net Sales as Reported |
|
$ |
243,975 |
|
|
|
|
$ |
243,049 |
|
|
|
|
$ |
705,871 |
|
|
|
|
$ |
736,930 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating Income (Loss) |
|
|
64 |
|
|
0.0 |
% |
|
|
(2,881 |
) |
|
(1.2 |
)% |
|
|
(17,569 |
) |
|
(2.5 |
)% |
|
|
18,844 |
|
2.6 |
% |
Cost of Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangibles |
|
|
12,529 |
|
|
5.1 |
% |
|
|
12,725 |
|
|
5.2 |
% |
|
|
38,154 |
|
|
5.4 |
% |
|
|
36,882 |
|
5.0 |
% |
Inventory write-off (f) |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
1,776 |
|
|
0.3 |
% |
|
|
— |
|
— |
|
Inventory mark-up related to acquisitions |
|
|
41 |
|
|
0.0 |
% |
|
|
55 |
|
|
0.0 |
% |
|
|
187 |
|
|
0.0 |
% |
|
|
939 |
|
0.1 |
% |
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent consideration expense (benefit) |
|
|
(4,356 |
) |
|
(1.8 |
)% |
|
|
392 |
|
|
0.2 |
% |
|
|
884 |
|
|
0.1 |
% |
|
|
3,573 |
|
0.5 |
% |
Impairment charges |
|
|
20,585 |
|
|
8.4 |
% |
|
|
2,702 |
|
|
1.1 |
% |
|
|
28,305 |
|
|
4.0 |
% |
|
|
3,250 |
|
0.4 |
% |
Amortization of intangibles |
|
|
1,893 |
|
|
0.8 |
% |
|
|
2,783 |
|
|
1.1 |
% |
|
|
6,049 |
|
|
0.9 |
% |
|
|
8,289 |
|
1.1 |
% |
Performance-based share-based compensation (a) |
|
|
1,112 |
|
|
0.5 |
% |
|
|
— |
|
|
— |
|
|
|
2,623 |
|
|
0.4 |
% |
|
|
— |
|
— |
|
Corporate transformation and restructuring (b) |
|
|
2,833 |
|
|
1.2 |
% |
|
|
2,721 |
|
|
1.1 |
% |
|
|
6,215 |
|
|
0.9 |
% |
|
|
4,131 |
|
0.6 |
% |
Acquisition-related |
|
|
189 |
|
|
0.1 |
% |
|
|
1,156 |
|
|
0.5 |
% |
|
|
906 |
|
|
0.1 |
% |
|
|
2,897 |
|
0.4 |
% |
Medical Device Regulation expenses (c) |
|
|
411 |
|
|
0.2 |
% |
|
|
83 |
|
|
0.0 |
% |
|
|
1,013 |
|
|
0.1 |
% |
|
|
196 |
|
0.0 |
% |
Other (d) |
|
|
1,401 |
|
|
0.6 |
% |
|
|
2,558 |
|
|
1.1 |
% |
|
|
23,477 |
|
|
3.3 |
% |
|
|
5,806 |
|
0.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Operating Income |
|
$ |
36,702 |
|
|
15.0 |
% |
|
$ |
22,294 |
|
|
9.2 |
% |
|
$ |
92,020 |
|
|
13.0 |
% |
|
$ |
84,807 |
|
11.5 |
% |
_____________________________
Note: Certain percentages may not sum to totals due to
rounding
a) Represents performance-based share-based
compensation expense, including stock-settled and cash-settled
awards. b) Includes severance related to corporate initiatives,
write-offs and valuation adjustments of other long-term assets
associated with restructuring activities, and other transformation
costs.c) Represents incremental expenses incurred to comply with
the Medical Device Regulation (MDR) in Europe.d) Represents costs
incurred in responding to an inquiry from the U.S. Department of
Justice, amounts to be paid in settlement of that inquiry of $18.2
million accrued in the nine-month period ended September 30, 2020,
fees associated with settlement of a shareholder dispute, acquired
in-process research and development, and charges related to
abandoned patents.e) For the three and nine-month periods ended
September 30, 2020 the non-GAAP net income per diluted share
calculation includes approximately 951,000 and 855,000 shares,
respectively, that were excluded from the GAAP net income (loss)
per diluted share calculation.f) Represents write-off of inventory
related to the closure of the ITL Healthcare Pty Ltd. (“ITL”)
procedure pack operations in Australia in Q2 2020 and suspension of
Merit’s distribution agreement with NinePoint Medical, Inc. in Q1
2020.g) Net tax expense related to non-recurring tax withholdings
in connection with restructuring of certain international
subsidiaries.
Reconciliation of Reported Revenue to
Core Revenue (Non-GAAP), Constant Currency Revenue (Non-GAAP), and
Core Revenue on a Constant Currency Basis
(Non-GAAP)(Unaudited; in thousands
except percentages)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
Nine Months Ended |
|
|
|
|
September 30, |
|
|
|
September 30, |
|
|
% Change |
|
2020 |
|
2019 |
|
% Change |
|
2020 |
|
2019 |
Reported Revenue |
|
0.4 |
% |
|
$ |
243,975 |
|
|
$ |
243,049 |
|
(4.2 |
)% |
|
$ |
705,871 |
|
$ |
736,930 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Impact of foreign
exchange (a) |
|
|
|
|
(1,207 |
) |
|
|
— |
|
|
|
|
4,289 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Constant
Currency Revenue |
|
(0.1 |
)% |
|
$ |
242,768 |
|
|
$ |
243,049 |
|
(3.6 |
)% |
|
$ |
710,160 |
|
$ |
736,930 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
Nine Months Ended |
|
|
|
|
September 30, |
|
|
|
September 30, |
|
|
% Change |
|
2020 |
|
2019 |
|
% Change |
|
2020 |
|
2019 |
Reported Revenue |
|
0.4 |
% |
|
$ |
243,975 |
|
|
$ |
243,049 |
|
|
(4.2 |
)% |
|
$ |
705,871 |
|
|
$ |
736,930 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Revenue from certain
acquisitions and dispositions (b) |
|
|
|
|
(45 |
) |
|
|
(135 |
) |
|
|
|
|
(1,216 |
) |
|
|
(135 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core
Revenue |
|
0.4 |
% |
|
$ |
243,930 |
|
|
$ |
242,914 |
|
|
(4.4 |
)% |
|
$ |
704,655 |
|
|
$ |
736,795 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Impact of foreign
exchange (a) |
|
|
|
|
(1,207 |
) |
|
|
— |
|
|
|
|
|
4,289 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core Revenue
on a Constant Currency Basis |
|
(0.1 |
)% |
|
$ |
242,723 |
|
|
$ |
242,914 |
|
|
(3.8 |
)% |
|
$ |
708,944 |
|
|
$ |
736,795 |
|
_____________________________
(a) The constant currency revenue adjustments of
$(1.2) million and $4.3 million to reported revenue and to core
revenue for the three and nine months ended September 30, 2020,
respectively, were calculated using the applicable average foreign
exchange rates for the three and nine months ended
September 30, 2019, respectively.
(b) Merit’s core revenue is defined with respect
to prior fiscal year periods, as GAAP revenue, less revenue from
certain dispositions. For the three and nine-month period ended
September 30, 2019, Merit’s core revenue excludes revenues
attributable to the disposition of assets related to the
manufacturing of Merit’s Hypotube products in August 2020 (excluded
September 2019 only). With respect to current fiscal year periods,
core revenue is defined as GAAP revenue, less revenue from certain
acquisitions. For the three and nine-month periods ended September
30, 2020, Merit’s core revenue excludes revenues attributable to
the acquisition of (1) Brightwater Medical, Inc. in June 2019
(excluded through May 2020 only) and (2) Fibrovein Holdings Limited
in August 2019 (excluded through July 2020 only). Core revenue on a
constant currency basis is defined as core revenue (as described
above) adjusted to eliminate the foreign exchange impact related to
that core revenue for the relevant period, using the applicable
average foreign exchange rates in effect for the comparable
prior-year periods presented.
Reconciliation of Reported Gross Margin
to Non-GAAP Gross Margin
(Non-GAAP)(Unaudited, as
a percentage of reported revenue)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
September 30, |
|
September 30, |
|
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
Reported Gross Margin |
|
41.8 |
% |
42.8 |
% |
41.1 |
% |
43.5 |
% |
|
|
|
|
|
|
|
|
|
|
Add back impact of: |
|
|
|
|
|
|
|
|
|
Amortization of intangibles |
|
5.1 |
% |
5.2 |
% |
5.4 |
% |
5.0 |
% |
Inventory write-off (a) |
|
— |
% |
— |
|
0.3 |
% |
— |
|
Inventory mark-up related to acquisitions |
|
0.0 |
% |
0.1 |
% |
0.0 |
% |
0.2 |
% |
|
|
|
|
|
|
|
|
|
|
Non-GAAP Gross Margin |
|
47.0 |
% |
48.1 |
% |
46.8 |
% |
48.7 |
% |
_____________________________
Note: Certain percentages may not sum to totals due to
rounding
(a) Represents write-off of inventory related to
the closure of the ITL procedure pack operations in Australia
in Q2 2020 and suspension of Merit’s distribution agreement with
NinePoint Medical, Inc in Q1 2020.
ABOUT MERIT
Founded in 1987, Merit Medical
Systems, Inc. is a leading manufacturer and marketer of
proprietary disposable medical devices used in interventional,
diagnostic and therapeutic procedures, particularly in cardiology,
radiology, oncology, critical care and endoscopy. Merit serves
client hospitals worldwide with a domestic and international sales
force and clinical support team totaling in excess of 500
individuals. Merit employs approximately 6,000 people
worldwide with facilities in South Jordan, Utah; Pearland, Texas;
Richmond, Virginia; Malvern, Pennsylvania; Rockland, Massachusetts;
Aliso Viejo, California; Maastricht and Venlo, The Netherlands;
Paris, France; Galway, Ireland; Beijing, China; Tijuana, Mexico;
Joinville, Brazil; Ontario, Canada; Melbourne, Australia; Tokyo,
Japan; Reading, United Kingdom; Johannesburg, South Africa; and
Singapore.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Statements contained in this release which are
not purely historical, including, without limitation, statements
regarding Merit’s forecasted plans, net sales, net income or loss
(GAAP and non-GAAP), gross and operating margins (GAAP and
non-GAAP), earnings per share (GAAP and non-GAAP), free cash flow,
effective tax rate and other financial results, the potential
impact, scope and duration of, and Merit’s response to, the
coronavirus (COVID-19) pandemic and the potential for recovery from
that pandemic, consolidation of Merit’s facilities or other expense
reduction initiatives, future growth and profit expectations, or
improvements in economic conditions, are forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and are subject to risks and uncertainties such as those
described in Merit’s Annual Report on Form 10-K for the year ended
December 31, 2019 (as amended by Amendment No. 1 to Annual Report
on Form 10-K/A, the “2019 Annual Report”), Merit’s subsequent
Quarterly Reports on Form 10-Q and other filings with the
Securities and Exchange Commission (the “SEC”). Such risks and
uncertainties include inherent risks and uncertainties relating to
Merit’s internal models or the projections in this release; risks
and uncertainties associated with the COVID-19 pandemic and Merit’s
response thereto; risks relating to Merit’s potential inability to
successfully manage growth through acquisitions generally,
including the inability to effectively integrate acquired
operations or products or commercialize technology developed
internally or acquired through completed, proposed or future
transactions; negative changes in economic and industry conditions
in the United States or other countries; expenditures relating to
research, development, testing and regulatory approval or clearance
of Merit’s products and risks that such products may not be
developed successfully or approved for commercial use; governmental
scrutiny and regulation of the medical device industry, including
governmental inquiries, investigations and proceedings involving
Merit; litigation and other judicial proceedings affecting Merit;
restrictions on Merit’s liquidity or business operations resulting
from its debt agreements; infringement of Merit’s technology or the
assertion that Merit’s technology infringes the rights of other
parties; actions of activist shareholders; product recalls and
product liability claims; changes in customer purchasing patterns
or the mix of products Merit sells; risks and uncertainties
associated with Merit’s information technology systems, including
the potential for breaches of security and evolving regulations
regarding privacy and data protection; increases in the prices of
commodity components; the potential of fines, penalties or other
adverse consequences if Merit’s employees or agents violate the
U.S. Foreign Corrupt Practices Act or other laws or regulations;
laws and regulations targeting fraud and abuse in the healthcare
industry; potential for significant adverse changes in governing
regulations, including reforms to the procedures for approval or
clearance of Merit’s products by the U.S. Food & Drug
Administration or comparable regulatory authorities in other
jurisdictions; changes in tax laws and regulations in the United
States or other countries; termination or interruption of
relationships with Merit’s suppliers, or failure of such suppliers
to perform; fluctuations in exchange rates; concentration of a
substantial portion of Merit’s revenues among a few products and
procedures; development of new products and technology that could
render Merit’s existing or future products obsolete; market
acceptance of new products; volatility in the market price of
Merit’s common stock; modification or limitation of governmental or
private insurance reimbursement policies; changes in healthcare
policies or markets related to healthcare reform initiatives;
failure to comply with applicable environmental laws; changes in
key personnel; work stoppage or transportation risks; introduction
of products in a timely fashion; price and product competition;
availability of labor and materials; fluctuations in and
obsolescence of inventory; and other factors referenced in the 2019
Annual Report and other materials filed with the SEC. All
subsequent forward-looking statements attributable to Merit or
persons acting on its behalf are expressly qualified in their
entirety by these cautionary statements. Actual results will likely
differ, and may differ materially, from anticipated results.
Financial estimates are subject to change and are not intended to
be relied upon as predictions of future operating results. Those
estimates and all other forward-looking statements included in this
document are made only as of the date of this document, and except
as otherwise required by applicable law, Merit assumes no
obligation to update or disclose revisions to estimates and all
other forward-looking statements.
TRADEMARKS
Unless noted otherwise, trademarks and
registered trademarks used in this release are the property of
Merit Medical Systems, Inc. and its subsidiaries in the United
States and other jurisdictions.
|
|
Contacts: |
|
PR/Media Inquiries:Teresa Johnson
Merit Medical |
Investor Inquiries:Mike
Piccinino, CFA, IRCWestwicke - ICR |
+1-801-208-4295 |
+1-443-213-0509 |
tjohnson@merit.com |
Mike.piccinino@westwicke.com |
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