Business
Merit Medical Reports Results for Quarter Ended June 30, 2022
Q2 2022 reported revenue of $295.0 million, up 5.2% compared to Q2 2021Q2 2022 constant currency revenue, organic* up 7.4% compared to Q2 2021Q2 2022 GAAP
About this update from Merit Medical Systems, Inc.
[{"type":"text","content":"Q2 2022 reported revenue of $295.0 million, up 5.2% compared to Q2 2021Q2 2022 constant currency revenue, organic* up 7.4% compared to Q2 2021Q2 2022 GAAP operating margin of 7.9%, compared to 3.2% in Q2 2021Q2 2022 non-GAAP operating margin of 19.1%, compared to 16.3% in Q2 2021Q2 2022 GAAP EPS $0.27, compared to $0.09 in Q2 2021Q2 2022 non-GAAP EPS* of $0.73, compared to $0.62 in Q2 2021 * Constant currency revenue; constant currency revenue, organic; non-GAAP EPS; non-GAAP net income; non-GAAP operating income and margin; non-GAAP gross margin; and free cash flow are non-GAAP financial measures. A reconciliation of these financial measures to their most directly comparable GAAP financial measures is included under the heading “Non-GAAP Financial Measures” below. SOUTH JORDAN, Utah, July 27, 2022 (GLOBE NEWSWIRE) -- Merit Medical Systems, Inc. (NASDAQ: MMSI), a leading global manufacturer and marketer of healthcare technology, today announced revenue of $295.0 million for the quarter ended June 30, 2022, an increase of 5.2% compared to the quarter ended June 30, 2021. Constant currency revenue, organic, for the second quarter of 2022 increased 7.4% compared to the prior year period. Merit’s revenue by operating segment and product category for the three and six-month periods ended June 30, 2022 and 2021 was as follows (unaudited; in thousands, except for percentages): Three Months Ended Six Months Ended June 30, June 30, % Change 2022 2021 % Change 2022 2021Cardiovascular Peripheral Intervention5.1% $110,955 $105,600 9.2% $216,728 $198,514 Cardiac Intervention4.6% 89,574 85,653 6.7% 171,061 160,390 Custom Procedural Solutions0.9% 49,093 48,636 1.4% 95,355 94,057 OEM14.3% 37,048 32,403 16.8% 70,462 60,337 Total5.3% 286,670 272,292 7.9% 553,606 513,298 Endoscopy Endoscopy Devices3.4% 8,306 8,033 5.3% 16,785 15,940 Total5.2% $294,976 $280,325 7.8% $570,391 $529,238 Merit’s GAAP gross margin for the second quarter of 2022 was 45.8%, compared to GAAP gross margin of 44.3% for the prior year period. Merit’s non-GAAP gross margin* for the second quarter of 2022 was 49.3%, compared to non-GAAP gross margin of 48.7% for the prior year period. Merit’s GAAP net income for the second quarter of 2022 was $15.3 million, or $0.27 per share, compared to GAAP net income of $4.9 million, or $0.09 per share, for the second quarter of 2021. Merit...