Business
Merit Medical Reports Second Quarter 2024 Results and Raises Full-Year Guidance
Second Quarter 2024 Highlights† Reported revenue of $338.0 million, up 5.6%Constant currency revenue* up 6.6%Constant currency revenue, organic,* up 5.0%GAAP
About this update from Merit Medical Systems, Inc.
[{"type":"text","content":"Second Quarter 2024 Highlights† Reported revenue of $338.0 million, up 5.6%Constant currency revenue* up 6.6%Constant currency revenue, organic,* up 5.0%GAAP operating margin of 13.6%, compared to 9.0% in prior year periodNon-GAAP operating margin* of 20.1%, compared to 19.1% in prior year periodGAAP EPS $0.61, up 75.7%Non-GAAP EPS* $0.92, up 16.8% † Comparisons noted in the bullet points are calculated for the current quarter compared with the same prior year period unless otherwise specified. * The constant currency revenue; constant currency revenue, organic; non-GAAP gross profit and margin; non-GAAP operating income and margin; non-GAAP net income; non-GAAP EPS; and free cash flow figures (used here and below) 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, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Merit Medical Systems, Inc. (NASDAQ: MMSI), a leading global manufacturer and marketer of healthcare technology, today announced revenue of $338.0 million for the quarter ended June 30, 2024, an increase of 5.6% compared to the quarter ended June 30, 2023. Constant currency revenue for the second quarter of 2024 increased 6.6% compared to the prior year period and increased 5.0% compared to the prior year period on a constant currency revenue, organic, basis. “We delivered better-than-expected revenue and financial results in the second quarter, reflecting continued strong momentum over the first half of fiscal year 2024,” said Fred P. Lampropoulos, Merit’s Chairman and Chief Executive Officer. “Our constant currency, organic, revenue and our constant currency total revenue exceeded the high-end of our expectations in the second quarter and we delivered year-over-year improvements in both our non-GAAP gross and operating margins and our non-GAAP earnings per share. Importantly, our strong growth and profitability performance fueled free cash flow generation of more than $80 million over the first half of fiscal year 2024. We are also pleased to announce that our application for premarket approval (PMA) of our Wrapsody™ Cell-Impermeable Endoprosthesis device was submitted to the FDA in the second quarter.” Mr. Lampropoulos continued: “We are confident in our team’s a...