Merit Medical Systems, Inc. · NASDAQ:MMSI
Merit Medical Systems — Q1 2017 Earnings Presentation
17 slides from Merit Medical Systems's earnings presentation, Apr 27, 2017
Slide 1: First Quarter FY2017 Results
1 First Quarter FY2017 Results FRED LAMPROPOULOS Chairman & CEO BERNARD BIRKETT CFO Exhibit 99.2
Slide 2: Disclosure Regarding Forward-Looking Statements
2 DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS This presentation and any accompanying management commentary include “forward-looking statements,” as defined within applicable securities laws and regulations. All statements in this presentation, other than statements of historical fact, are “forwa
Slide 3: Non-GAAP Financial Measures
3 NON-GAAP FINANCIAL MEASURES Although Merit’s financial statements are prepared in accordance with accounting principles which are generally accepted in the United States of America (“GAAP”), Merit’s management believes that certain non-GAAP financial measures provide investors with useful informat
Slide 4: Financial Summary GAAP
4 Financial Summary GAAP Q1 2017 Q1 2016 Revenue $171.1M $138.1M Gross Margin 44.4% 43.5% Net Income $14.8M $4.4M EPS $0.32 $0.10
Slide 5: Financial Summary Non-GAAP
5 Financial Summary Non-GAAP Q1 2017 Q1 2016 Revenue (Constant Currency) $172.3M $138.1M Revenue (Reported) $171.1M $138.1M Gross Margin 48.3% 45.9% Net Income $12.7M $8.3M EPS $0.28 $0.19
Slide 6: Q1 2017 Revenue by Market
6 Q1 2017 Revenue by Market United States 59.0% Other International 23.3% EMEA 17.8% Revenue by Market in Constant Currency United States Other International EMEA 18.6% 36.5% 27.5% 18.6% 37.8% 31.2% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% United States Other International EMEA Revenue Gr
Slide 7: Global Reach
Global Reach Moastricht, Moscow, RUSH Bating, China
Slide 8: Growth Drivers for 2017
8 Growth Drivers for 2017 • New Products - CorVocet™ Biopsy System - SwiftNINJA® Steerable Microcatheter - Elation® GI & Pulmonary Balloons - TWISTER® PLUS Rotatable Retrieval Device - PreludeEASE™ Hydrophilic Sheath Introducer - PreludeSync™ Radial Compression Device
Slide 9: Growth Drivers for 2017
9 Growth Drivers for 2017 • New Products - HeRO® Graft - Super HeRO® - True Form™ Reshapeable Guide Wire - Heartspan® Transseptal Sheath - InQwire® Amplatz Guide Wires - Merit PAK™ Pedal Access • Wholesale to Retail - Japan
Slide 10: Growth Drivers for 2017
10 Growth Drivers for 2017 • New Products - Critical Care Products from Argon® - DualCap® Disinfection & Protection
Slide 11: 2017 Guidance
11 2017 Guidance Revenues $713M - $723M Gross Margin GAAP 45.0% - 45.5% Gross Margin Non-GAAP 48.0% - 48.5% EPS GAAP $0.80 - $0.86 EPS Non-GAAP $1.15 - $1.20
Slide 12: Disciplined, customer-focused enterprise
12 1 2 3 4 Disciplined, customer-focused enterprise Guided by strong core values to globally address unmet or underserved healthcare needs Target high-growth, high-return opportunities Through understanding, innovating, and delivering in peripheral, cardiac, OEM, and endoscopy business lines Optimiz
Slide 13: Notes to Non-GAAP Financial Measures
13 NOTES TO NON-GAAP FINANCIAL MEASURES For additional details, please see the accompanying press release and forward-looking statement disclosure. These presentation materials and associated commentary from Merit’s management, as well as the press release issued today, use non-GAAP financial measur
Slide 14: Notes to Non-GAAP Financial Measures (continued)
14 NOTES TO NON-GAAP FINANCIAL MEASURES (continued) Constant Currency Reconciliation Merit’s revenue on a constant currency basis is prepared by translating the current-period reported sales of subsidiaries whose functional currency is other than the U.S. dollar at the applicable foreign exchange ra
Slide 15: Consolidated Statements of Operations - Non-GAAP
15 CONSOLIDATED STATEMENTS OF OPERATIONS - NON-GAAP FOR THE THREE MONTHS ENDED MARCH 31, 2017 AND 2016 (Unaudited) In thousands, except per share data Pre-Tax Tax Impact (a) After-Tax Per Share Impact GAAP net income 15,493$ (690)$ 14,803$ 0.32$ Non-GAAP adjustments: Cost of Sales Amortization of in
Slide 16: Reconciliation of Reported Revenue to Core and Constant Currency Revenue
16 Reconciliation of Reported Revenue to Core Revenue (Non-GAAP), Constant Currency Revenue (Non-GAAP) For the three months ended March 31, 2017 (Unaudited, in thousands) % Change 2017 2016 Reported Revenue 23.9% 171,069$ 138,077$ LESS Sales from: Certain acquisitions* 16,773 - Core Revenue 11.7% 15
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