Business
Merit Medical Reports Results for Quarter Ended March 31, 2022
Q1 2022 reported revenue of $275.4 million, up 10.6% compared to Q1 2021Q1 2022 constant currency revenue, organic* up 11.3% compared to Q1 2021Q1 2022 GAAP
About this update from Merit Medical Systems, Inc.
[{"type":"text","content":"Q1 2022 reported revenue of $275.4 million, up 10.6% compared to Q1 2021Q1 2022 constant currency revenue, organic* up 11.3% compared to Q1 2021Q1 2022 GAAP EPS $0.18, compared to $0.19 in Q1 2021Q1 2022 non-GAAP EPS* of $0.53, compared to $0.52 in Q1 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, April 27, 2022 (GLOBE NEWSWIRE) -- Merit Medical Systems, Inc. (NASDAQ: MMSI), a leading manufacturer and marketer of proprietary medical devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care and endoscopy, today announced revenue of $275.4 million for the quarter ended March 31, 2022, an increase of 10.6% compared to the quarter ended March 31, 2021. Constant currency revenue, organic, for the first quarter of 2022 increased 11.3% compared to the prior year period. Merit’s revenue by operating segment and product category for the three-month periods ended March 31, 2022 and 2021 was as follows (unaudited; in thousands, except for percentages): Three Months Ended March 31, % Change 2022 2021Cardiovascular Peripheral Intervention 13.8% $105,773 $92,914Cardiac Intervention 9.0% 81,487 74,737Custom Procedural Solutions 1.9% 46,262 45,421OEM 19.6% 33,414 27,934Total 10.8% 266,936 241,006 Endoscopy Endoscopy devices 7.2% 8,479 7,907 Total 10.6% $275,415 $248,913 Merit’s GAAP gross margin for the first quarter of 2022 was 43.9%, compared to GAAP gross margin of 45.0% for the prior year period. Merit’s non-GAAP gross margin* for the first quarter of 2022 was 47.7%, compared to non-GAAP gross margin of 49.2% for the prior year period. Merit’s GAAP net income for the first quarter of 2022 was $10.5 million, or $0.18 per share, compared to GAAP net income of $11.0 million, or $0.19 per share, for the first quarter of 2021. Merit’s non-GAAP net income* for the first quarter of 2022 was $30.4 million, or $0.53 per share, compared to non-GAAP net income of $29.9 million, or $0.52 per share, for the prior year period...