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Merit Medical Systems (MMSI)

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; 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.

Company profile

Ticker
MMSI
Exchange
Website
CEO
Fred Lampropoulos
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
Merit Medical Australia Pty Ltd. • ITL Healthcare Pty Ltd. • Merit Medical Austria GmbH • Merit Medical Canada Ltd. • Merit Medical Colombia S.A.S. • Merit Medical Beijing Co. Ltd. • BioSphere Medical Japan, Inc. • BioSphere Medical, Inc. • Brightwater Medical, Inc. • BSMD Ventures, Inc. ...
IRS number
870447695

MMSI stock data

Analyst ratings and price targets

Last 3 months

Calendar

5 Aug 22
12 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 65.24M 65.24M 65.24M 65.24M 65.24M 65.24M
Cash burn (monthly) (no burn) 369.58K (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) n/a 535.47K n/a n/a n/a n/a
Cash remaining n/a 64.7M n/a n/a n/a n/a
Runway (months of cash) n/a 175.1 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
10 Aug 22 Ronald Frost Common Stock, No Par Value Sell Dispose S No No 62.1 20,000 1.24M 15,144
10 Aug 22 Ronald Frost Common Stock, No Par Value Option exercise Acquire M No No 16.05 20,000 321K 35,144
10 Aug 22 Ronald Frost NQSO Common stock Option exercise Dispose M No No 16.05 20,000 321K 0
1 Aug 22 Neil Peterson Common Stock Sell Dispose S No No 58.1 4,000 232.4K 0
1 Aug 22 Neil Peterson Common Stock Option exercise Acquire M No No 16.05 4,000 64.2K 4,000
1 Aug 22 Neil Peterson NQSO Common Stock Option exercise Dispose M No No 16.05 4,000 64.2K 0
3 Jun 22 Millner F. Ann Common Stock, No Par Value Sell Dispose S No No 61.92 6,378 394.93K 27,698
3 Jun 22 Millner F. Ann Common Stock, No Par Value Option exercise Acquire M No No 18.8 10,000 188K 34,076
3 Jun 22 Millner F. Ann NQSO Common Stock Option exercise Dispose M No No 18.8 10,000 188K 0
24 May 22 Mcdonnell Michael R Common Stock, No Par Value Grant Acquire A No No 0 3,050 0 3,050
93.6% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 264 263 +0.4%
Opened positions 36 46 -21.7%
Closed positions 35 36 -2.8%
Increased positions 105 103 +1.9%
Reduced positions 95 78 +21.8%
13F shares Current Prev Q Change
Total value 3.53B 3.36B +5.0%
Total shares 53.07M 53.95M -1.6%
Total puts 50K 9.4K +431.9%
Total calls 30K 36K -16.7%
Total put/call ratio 1.7 0.3 +538.3%
Largest owners Shares Value Change
BLK Blackrock 8.4M $558.65M +0.8%
Vanguard 5.8M $385.94M +1.1%
William Blair Investment Management 3.35M $222.95M -0.2%
ArrowMark Colorado 2.96M $197.05M -4.8%
Conestoga Capital Advisors 2.54M $168.69M +1.0%
STT State Street 1.88M $125.27M -1.6%
Dimensional Fund Advisors 1.6M $106.74M -0.5%
MCQEF Macquarie 1.34M $88.88M -8.7%
Aristotle Capital Boston 1.24M $82.61M -1.8%
WHG Westwood 1.2M $79.51M +1.1%
Largest transactions Shares Bought/sold Change
Starboard Value 867.64K -434.51K -33.4%
Norges Bank 0 -415.48K EXIT
GS Goldman Sachs 603.67K -402K -40.0%
Millennium Management 352.39K +339.45K +2624.1%
Citadel Advisors 134.64K -185.97K -58.0%
Nuveen Asset Management 551.09K +177.97K +47.7%
IVZ Invesco 273.26K -149.82K -35.4%
ArrowMark Colorado 2.96M -148.78K -4.8%
Channing Capital Management 989.51K +135.73K +15.9%
MCQEF Macquarie 1.34M -127.63K -8.7%

Financial report summary

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Risks
  • Changes in general economic conditions, geopolitical conditions, domestic and foreign trade policies, monetary policies and other factors beyond our control may adversely impact our business and operating results.
  • Consolidation in the healthcare industry, group purchasing organizations and public procurement policies have lead to demands for price concessions, which reduces our revenues and may harm our ability to sell our products at prices necessary to support our current business strategies.
  • We may be unable to compete in our markets, particularly if there is a significant change in relevant practices or technology.
  • We may be unable to successfully manage growth and maintain operational efficiencies.
  • Substantial costs are incurred when identifying, evaluating, negotiating and closing acquisitions, and failure to integrate acquired businesses may adversely impact our business and financial results.
  • We may be unable to accurately forecast customer demand for our products and manage our inventory.
  • Regulations and trade policies implemented by foreign governments to reduce the costs of healthcare or promote business in their countries have caused, and are likely to continue to cause our sales to decline in such countries.
  • Limits on reimbursement imposed by governmental and other programs may adversely affect our business and results of operation.
  • Our failure to comply with applicable environmental, health and safety laws and regulations could affect our business, operations or financial condition.
  • Our employees, independent contractors, consultants, manufacturers and distributors may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements.
  • We depend on generating sufficient cash flow to fund our debt obligations, capital expenditures, and ongoing operations.
  • The market price of our common stock has been and may continue to be volatile.
  • Fluctuations in foreign currency exchange rates may negatively impact our financial results.
  • Fluctuations in our effective tax rate may adversely affect our business, financial condition or results of operation.
Management Discussion
  • ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
  • We design, develop, manufacture, market and sell medical products for interventional and diagnostic procedures. For financial reporting purposes, we report our operations in two operating segments: cardiovascular and endoscopy. Our cardiovascular segment consists of four product categories: peripheral intervention, cardiac intervention, custom procedural solutions, and OEM. Within these product categories, we sell a variety of products, including cardiology and radiology devices (which assist in diagnosing and treating coronary arterial disease, peripheral vascular disease and other non-vascular diseases), as well as embolotherapeutic, cardiac rhythm management, electrophysiology, critical care, breast cancer localization and guidance, biopsy, and interventional oncology and spine devices. Our endoscopy segment consists of gastroenterology and pulmonology devices which assist in the palliative treatment of expanding esophageal, tracheobronchial and biliary strictures caused by malignant tumors.
  • For the three-month period ended June 30, 2022, we reported sales of $295.0 million, up $14.7 million or 5.2%, compared to sales for the three-month period ended June 30, 2021 of $280.3 million. For the six-month period ended June 30, 2022, we reported sales of $570.4 million, up $41.2 million or 7.8%, compared to sales for the six-month period ended June 30, 2021 of $529.2 million. For the three and six-month periods ended June 30, 2022, foreign currency fluctuations (net of hedging) decreased our net sales by $6.1 million and $7.8 million, respectively, assuming applicable foreign exchange rates in effect during the comparable prior-year periods.

Content analysis

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Negative
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Legalese
Litigous
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