Merit Medical Systems, Inc. designs, develops, manufactures, and markets single-use medical products for interventional, diagnostic, and therapeutic procedures in the United States, China, Japan, Germany, France, the United Kingdom, and internationally. It operates through two segments, Cardiovascular and Endoscopy. The company offers micropuncture kits, angiographic needles, sheaths, guide wires, and safety products; peripheral intervention products comprising angiography, drainage, delivery systems, and embolotherapy products; oncology products, such as soft tissue biopsy products and accessories; cardiac intervention products consisting of cardiac access, angiography, electrophysiology and cardiac rhythm management, fluid management, hemodynamic monitoring, hemostasis, and intervention products; and spine products, including vertebral augmentation, radiofrequency ablation, and bone biopsy systems. It also provides custom procedural solutions, including critical care products, syringes, manifold kits, and trays and packs; coating services for medical tubes and wires; and sensor components for microelectromechanical systems. In addition, the company offers gastroenterology products, such as esophageal stents, cryoballoon and inflation devices, gauges, and balloon dilators; pulmonary products consisting of laser-cut tracheobronchial stents, and over-the-wire and direct visualization delivery systems; and kits and accessories for endoscopy and bronchoscopy procedures. It sells its products to hospitals, alternate site-based physicians, technicians, and nurses through direct sales force, independent distributors, original equipment manufacturer partners, and custom procedure tray manufacturers. The company exports its products to Canada, Western Europe, Australia, Brazil, Malaysia, South Korea, the United Arab Emirates, India, New Zealand, and South Africa. Merit Medical Systems, Inc. was incorporated in 1987 and is headquartered in South Jordan, Utah.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.5B | $332M | $128M | $213M | 8.1% | 11.8% | 6.8% |
| 2024 | $1.4B | $296M | $120M | $183M | 8.7% | 7.9% | 27.5% |
| 2023 | $1.3B | $229M | $94M | $108M | 7.9% | 9.2% | 26.7% |
| 2022 | $1.2B | $181M | $75M | $66M | 6.5% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 1,150.98 | 1,257.37 | 1,356.51 | 1,515.91 |
| Operating Revenue | - | 1,150.98 | 1,257.37 | 1,356.51 | 1,515.91 |
| Cost Of Revenue | - | 631.88 | 673.49 | 713.18 | 777.64 |
| Gross Profit | - | 519.10 | 583.87 | 643.33 | 738.27 |
| Operating Expense | - | 418.04 | 456.40 | 487.20 | 552.57 |
| Research And Development | - | 75.51 | 82.73 | 87.47 | 97.35 |
| Selling General And Administration | - | 342.52 | 373.68 | 399.73 | 455.21 |
| Total Expenses | - | 1,049.92 | 1,129.90 | 1,200.38 | 1,330.20 |
| Operating Income | - | 101.06 | 127.47 | 156.14 | 185.70 |
| Total Operating Income As Reported | - | 87.56 | 123.94 | 155.69 | 184.72 |
| EBITDA | - | 181.17 | 228.89 | 295.94 | 332.05 |
| Normalized EBITDA | - | 194.67 | 232.42 | 296.39 | 333.03 |
| EBIT | - | 88.97 | 127.60 | 181.21 | 197.40 |
| Interest Income | - | 0.44 | 2.46 | 26.23 | 15.07 |
| Interest Expense | - | 6.34 | 15.51 | 31.22 | 26.46 |
| Net Interest Income | - | -5.90 | -13.06 | -4.99 | -11.39 |
| Other Non Operating Income Expenses | - | 0.97 | 1.20 | -0.71 | -2.39 |
| Other Income Expense | - | -12.54 | -2.32 | -1.15 | -3.38 |
| Interest Income Non Operating | - | 0.44 | 2.46 | 26.23 | 15.07 |
| Interest Expense Non Operating | - | 6.34 | 15.51 | 31.22 | 26.46 |
| Net Non Operating Interest Income Expense | - | -5.90 | -13.06 | -4.99 | -11.39 |
| Pretax Income | - | 82.63 | 112.09 | 149.99 | 170.94 |
| Tax Provision | - | 8.11 | 17.68 | 29.64 | 42.45 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -1.32 | -0.56 | -0.09 | -0.24 |
| Net Income Continuous Operations | - | 74.52 | 94.41 | 120.36 | 128.49 |
| Net Income From Continuing And Discontinued Operation | - | 74.52 | 94.41 | 120.36 | 128.49 |
| Net Income From Continuing Operation Net Minority Interest | - | 74.52 | 94.41 | 120.36 | 128.49 |
| Net Income | - | 74.52 | 94.41 | 120.36 | 128.49 |
| Net Income Common Stockholders | - | 74.52 | 94.41 | 120.36 | 128.49 |
| Net Income Including Noncontrolling Interests | - | 74.52 | 94.41 | 120.36 | 128.49 |
| Normalized Income | - | 86.69 | 97.38 | 120.71 | 129.23 |
| Diluted NI Availto Com Stockholders | - | 74.52 | 94.41 | 120.36 | 128.49 |
| Basic Average Shares | - | 56.81 | 57.59 | 58.22 | 59.16 |
| Diluted Average Shares | - | 57.67 | 58.36 | 59.36 | 60.46 |
| Reconciled Depreciation | - | 92.20 | 101.29 | 114.73 | 134.65 |
| Reconciled Cost Of Revenue | - | 631.88 | 673.49 | 713.18 | 777.64 |
| Total Unusual Items | - | -13.50 | -3.52 | -0.44 | -0.98 |
| Total Unusual Items Excluding Goodwill | - | -13.50 | -3.52 | -0.44 | -0.98 |
| Special Income Charges | - | -13.50 | -3.52 | -0.44 | -0.98 |
| Other Special Charges | 10.04 | 6.67 | 1.55 | - | - |
| Impairment Of Capital Assets | - | 2.22 | 0.27 | 0 | 0 |
| Restructuring And Mergern Acquisition | - | 4.61 | 1.70 | 0.44 | 0.98 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Merit Medical Systems, Inc.this co. | MMSI | $3.8B | 29.27 | 2.37 | 8.1% | 12.46 |
| Amneal Pharmaceuticals, Inc. | AMRX | $4.3B | 59.86 | -60.93 | -101.8% | 11.13 |
| RadNet, Inc. | RDNT | $4.2B | -222.64 | 3.81 | -1.7% | 16.71 |
| Veracyte, Inc. | VCYT | $4.0B | 60.06 | 3.04 | 5.1% | 40.86 |
| Waystar Holding Corp. | WAY | $3.9B |
| - |
| - |
| - |
| - |
| - |
| - |
| 34.60 |
| 1.00 |
| 2.9% |
| 13.55 |
| Catalyst Pharmaceuticals, Inc. | CPRX | $3.8B | 17.87 | 4.01 | 22.5% | 10.56 |
| ACADIA Pharmaceuticals Inc. | ACAD | $3.7B | 9.51 | 3.03 | 31.9% | 30.83 |
| Organon & Co. | OGN | $3.5B | 18.82 | 4.68 | 24.9% | 8.98 |
| ICU Medical, Inc. | ICUI | $3.4B | 4607.08 | 1.59 | 0.0% | 14.73 |
| Peer Median | - | 26.71 | 3.04 | 4.0% | 14.14 | |