Merit Medical Systems (NASDAQ:MMSI) Announces Quarterly Earnings Results

Merit Medical Systems (NASDAQ:MMSI - Get Free Report) released its earnings results on Tuesday. The medical instruments supplier reported $0.77 earnings per share for the quarter, topping analysts' consensus estimates of $0.71 by $0.06, Briefing.com reports. The company had revenue of $323.51 million during the quarter, compared to the consensus estimate of $315.57 million. Merit Medical Systems had a return on equity of 14.63% and a net margin of 7.51%. Merit Medical Systems's quarterly revenue was up 8.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.64 EPS. 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 MMSI traded up $2.53 during mid-day trading on Wednesday, hitting $76.63. 830,343 shares of the company's stock traded hands, compared to its average volume of 491,405. The company has a quick ratio of 3.95, a current ratio of 5.45 and a debt-to-equity ratio of 0.68. Merit Medical Systems has a 1 year low of $62.58 and a 1 year high of $85.62. The firm has a market capitalization of $4.45 billion, a P/E ratio of 47.30, a PEG ratio of 2.09 and a beta of 0.89. The business's 50-day moving average price is $74.26 and its 200-day moving average price is $73.99.

Insider Activity

In related news, Director Thomas James Gunderson sold 18,157 shares of the company's stock in a transaction on 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 sale, the director now directly owns 19,257 shares of the company's stock, valued at $1,464,109.71. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Merit Medical Systems news, insider Joseph Wright sold 25,000 shares of the business's stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $75.68, for a total value of $1,892,000.00. Following the sale, the insider now directly owns 42,223 shares of the company's stock, valued at $3,195,436.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Thomas James Gunderson sold 18,157 shares of the company's stock in a transaction on Monday, March 4th. The shares were sold at an average price of $76.03, for a total value of $1,380,476.71. Following the transaction, the director now directly owns 19,257 shares in the company, valued at $1,464,109.71. The disclosure for this sale can be found here. Over the last three months, insiders have sold 49,637 shares of company stock valued at $3,751,673. Company insiders own 3.70% of the company's stock.

Analyst Ratings Changes

Several brokerages have weighed in on MMSI. Oppenheimer boosted their price objective on Merit Medical Systems from $82.00 to $87.00 and gave the company an "outperform" rating in a research report on Thursday, February 29th. StockNews.com downgraded Merit Medical Systems from a "buy" rating to a "hold" rating in a research report on Wednesday, April 24th. Piper Sandler boosted their price objective on Merit Medical Systems from $95.00 to $97.00 and gave the company an "overweight" rating in a research report on Wednesday. CL King began coverage on Merit Medical Systems in a research report on Thursday, April 11th. They issued a "buy" rating and a $88.00 price objective for the company. Finally, Canaccord Genuity Group lowered 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. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average 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.