Merit Medical Systems (NASDAQ:MMSI) Releases FY 2024 Earnings Guidance

Merit Medical Systems (NASDAQ:MMSI - Get Free Report) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 3.280-3.350 for the period, compared to the consensus estimate of 3.320. The company issued revenue guidance of $1.3 billion-$1.3 billion, compared to the consensus revenue estimate of $1.3 billion. Merit Medical Systems also updated its FY24 guidance to $3.28 to $3.35 EPS.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Barrington Research reiterated an outperform rating and set a $98.00 price objective on shares of Merit Medical Systems in a report on Tuesday, April 16th. Bank of America initiated coverage on shares of Merit Medical Systems in a research report on Wednesday, February 7th. They set a neutral rating and a $87.00 price target on the stock. CL King initiated 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 on the stock. Raymond James raised their price target on shares of Merit Medical Systems from $84.00 to $89.00 and gave the company an outperform rating in a research report on Tuesday, January 30th. Finally, Piper Sandler raised their price target on shares of Merit Medical Systems from $88.00 to $95.00 and gave the company an overweight rating in a research report on Friday, January 12th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $93.78.

Merit Medical Systems Price Performance

NASDAQ:MMSI traded down $0.99 during mid-day trading on Tuesday, hitting $74.10. 592,592 shares of the stock traded hands, compared to its average volume of 487,323. The business's 50-day moving average price is $74.43 and its 200 day moving average price is $73.90. The company has a market cap of $4.30 billion, a PE ratio of 46.35, a price-to-earnings-growth ratio of 2.06 and a beta of 0.89. Merit Medical Systems has a 12-month low of $62.58 and a 12-month high of $85.62. 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 (NASDAQ:MMSI - Get Free Report) last issued its quarterly earnings data on Wednesday, February 28th. The medical instruments supplier reported $0.81 EPS for the quarter, beating the consensus estimate of $0.77 by $0.04. Merit Medical Systems had a net margin of 7.51% and a return on equity of 14.63%. The company had revenue of $324.52 million during the quarter, compared to analysts' expectations of $320.66 million. During the same quarter in the previous year, the company earned $0.79 earnings per share. Merit Medical Systems's revenue for the quarter was up 10.6% on a year-over-year basis. On average, analysts expect that Merit Medical Systems will post 3.31 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Raul Jr. Parra sold 6,480 shares of the business's 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 completion of the sale, the chief financial officer now directly owns 12,007 shares in the company, valued at approximately $887,917.65. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CFO Raul Jr. Parra sold 6,480 shares of the business's 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 completion of the sale, the chief financial officer now directly owns 12,007 shares in the company, valued at approximately $887,917.65. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Thomas James Gunderson sold 18,157 shares of the business's stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $76.03, for a total transaction of $1,380,476.71. Following the completion of the sale, the director now owns 19,257 shares of the company's stock, valued at $1,464,109.71. The disclosure for this sale can be found here. Insiders sold a total of 49,637 shares of company stock valued at $3,751,673 in the last quarter. Corporate insiders own 3.70% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.