Merit Medical Systems (NASDAQ:MMSI) Releases Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Merit Medical Systems (NASDAQ:MMSI) posted its quarterly earnings data on Tuesday. The medical instruments supplier reported $0.77 EPS for the quarter, topping the consensus estimate of $0.71 by $0.06, Briefing.com reports. Merit Medical Systems had a net margin of 7.94% and a return on equity of 15.11%. The business had revenue of $323.51 million for the quarter, compared to analyst estimates of $315.57 million. During the same quarter in the previous year, the firm posted $0.64 earnings per share. Merit Medical Systems’s quarterly revenue was up 8.7% on a year-over-year basis. Merit Medical Systems updated its FY24 guidance to $3.28 to $3.35 EPS and its FY 2024 guidance to 3.280-3.350 EPS.

Merit Medical Systems Trading Up 3.4 %

Shares of NASDAQ:MMSI opened at $76.63 on Thursday. Merit Medical Systems has a 52-week low of $62.58 and a 52-week high of $85.62. The stock has a market capitalization of $4.45 billion, a price-to-earnings ratio of 44.04, a PEG ratio of 2.07 and a beta of 0.91. The company has a debt-to-equity ratio of 0.68, a quick ratio of 3.95 and a current ratio of 5.45. The stock’s 50-day simple moving average is $74.26 and its two-hundred day simple moving average is $73.99.

Insider Transactions at Merit Medical Systems

In other Merit Medical Systems news, CFO Raul Jr. Parra sold 6,480 shares of the stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $73.95, for a total value of $479,196.00. Following the transaction, the chief financial officer now directly owns 12,007 shares in the company, valued at $887,917.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Merit Medical Systems news, CFO Raul Jr. Parra sold 6,480 shares of the company’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $73.95, for a total value of $479,196.00. Following the completion of the sale, the chief financial officer now owns 12,007 shares in the company, valued at $887,917.65. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Thomas James Gunderson sold 18,157 shares of the firm’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $76.03, for a total value of $1,380,476.71. Following the completion of the transaction, the director now directly owns 19,257 shares in the company, valued at approximately $1,464,109.71. The disclosure for this sale can be found here. Insiders have sold 49,637 shares of company stock worth $3,751,673 in the last quarter. Company insiders own 3.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Canaccord Genuity Group reduced their price objective on Merit Medical Systems from $112.00 to $102.00 and set a “buy” rating for the company in a research report on Wednesday. Bank of America began coverage on shares of Merit Medical Systems in a research note on Wednesday, February 7th. They issued a “neutral” rating and a $87.00 price target on the stock. Needham & Company LLC reduced their price objective on shares of Merit Medical Systems from $88.00 to $85.00 and set a “buy” rating for the company in a research note on Wednesday. Raymond James upped their target price on shares of Merit Medical Systems from $84.00 to $89.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 30th. Finally, CL King began coverage on shares of Merit Medical Systems in a research report on Thursday, April 11th. They set a “buy” rating and a $88.00 price target for the company. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $92.78.

Merit Medical Systems Company Profile

Merit Medical Systems, Inc designs, develops, manufactures, and markets single-use medical products for interventional, diagnostic, and therapeutic procedures in the United States and internationally. It operates in two segments, Cardiovascular and Endoscopy. The company provides micropuncture kits, angiographic needles, sheaths, guide wires, and safety products; peripheral intervention, including angiography, drainage, delivery systems, and embolotherapy products; spine products, such as vertebral augmentation, radiofrequency ablation, and bone biopsy systems; oncology products; and cardiac intervention products, such as access, angiography, electrophysiology and cardiac rhythm management, fluid management, hemodynamic monitoring, hemostasis, and intervention to treat various heart conditions.