Merit Medical Systems, Inc. · NASDAQ:MMSI
Merit Medical Systems — Q4 2025 Earnings Presentation
21 slides from Merit Medical Systems's earnings presentation, Feb 24, 2026
Slide 1: Fourth Quarter 2025 Results
Fourth Quarter 2025 Results Merit Medical Investor Call February 24, 2026 Martha Aronson President and CEO Raul Parra CFO 1
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among o
Slide 3: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES Although Merit’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), Merit’s management believes that certain non-GAAP financial measures provide investors with useful information regardin
Slide 4: Financial Summary: GAAP
Financial Summary: GAAP In millions, except per share amounts and percentages Q4 2025 Q4 2024 % Change FY 2025 FY 2024 % Change Revenue $393.9M $355.2M 10.9% $1,515.9M $1,356.5M 11.8% Gross Margin 49.6% 48.7% 1.8% 48.7% 47.4% 2.7% Operating Margin 13.8% 10.3% 33.6% 12.2% 11.5% 6.2% Net Income $38.0M
Slide 5: Financial Summary: Non-GAAP
Financial Summary: Non-GAAP* In millions, except per share amounts and percentages Q4 2025 Q4 2024 % Change FY 2025 FY 2024 % Change Revenue $378.7M† $355.2M 6.6% $1,448.4M† $1,356.5M 6.8% Gross Margin 54.5% 53.5% 1.9% 53.7% 51.7% 3.8% Operating Margin 21.0% 19.6% 7.0% 20.3% 19.0% 6.9% Net Income $6
Slide 6: Revenue Breakdown – Q4
Revenue Breakdown – Q4 In thousands, except percentages Region Q4 2025 Q4 2024 $ Change % Change CC % Change* U.S. $238,223 $213,530 $24,693 11.6% 12.0% APAC 62,722 60,862 1,860 3.1% 2.6% EMEA 77,370 65,118 12,252 18.8% 12.3% Rest of World 15,621 15,648 (27) (0.2)% (4.5)% Total International 155,713
Slide 7: Revenue Breakdown - FY
Revenue Breakdown - FY In thousands, except percentages Region FY 2025 FY 2024 $ Change % Change CC % Change* U.S. $909,466 $800,780 $108,686 13.6% 13.7% APAC 256,705 250,915 5,790 2.3% 2.7% EMEA 284,801 246,920 37,881 15.3% 11.8% Rest of World 64,934 57,899 7,035 12.2% 14.8% Total International 606
Slide 8: Financial Metrics
Financial Metrics In millions Metric Q4 2025 Q4 2024 FY 2025 FY 2024 Depreciation & Amortization $31.5M $28.6M $123.2M $102.7M Stock Comp (performance-based) 5.5M 5.8M 25.3M 15.3M Stock Comp (not performance-based) 4.4M 3.7M 18.2M 13.2M Operating Cash Flow 98.5M 68.7M 297.4M 220.8M Capital Expenditu
Slide 9: Fiscal Year 2026 Financial Guidance
Fiscal Year 2026 Financial Guidance Revenue and Earnings Guidance* Year Ended Year Ending % Change Financial Measure December 31, 2025 December 31, 2026 Y/Y Total Revenue $1.516 billion $1.610 - $1.630 billion 6% - 8% (1) Non-GAAP Earnings Per S hare $3.83 $4.01 - $4.15 5% - 8% (1) Merit’s non-GAAP
Slide 10: Appendix
Appendix 10
Slide 11: Notes to Non-GAAP Financial Measures
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 measures,
Slide 12: Notes to Non-GAAP Financial Measures (cont.)
Notes to Non-GAAP Financial Measures (cont.) Constant Currency Revenue Merit’s constant currency revenue is prepared by converting the current-period reported revenue of subsidiaries whose functional currency is a currency other than the U.S. dollar at the applicable foreign exchange rates in effect
Slide 13: Notes to Non-GAAP Financial Measures (cont.)
Notes to Non-GAAP Financial Measures (cont.) Non-GAAP Net Income Non-GAAP net income is calculated by adjusting GAAP net income for the items set forth in the definition of non-GAAP operating income above, as well as for expenses related to debt issuance costs, gains or losses on disposal of certain
Slide 14: Reconciliation of GAAP Net Income to Non-GAAP Net Income
Reconciliation of GAAP Net Income to Non-GAAP Net Income (Unaudited; in thousands except per share amounts) Three M onths Ended Three Months Ended December 31, 2025 December 31, 2024 Pre-Tax Tax Impact After-Tax Per Share Impact Pre-Tax Tax Impact After-Tax Per Share Impact GAAP net income $ 51,060
Slide 15: Reconciliation of GAAP Net Income to Non-GAAP Net Income
Reconciliation of GAAP Net Income to Non-GAAP Net Income (Unaudited; in thousands except per share amounts) Year Ended Year Ended December 31, 2025 December 31, 2024 Pre-Tax Tax Impact After-Tax Per Share Impact Pre-Tax Tax Impact After-Tax Per Share Imp act GAAP net income $ 170,937 $ (42,448) $ 12
Slide 16: Reconciliation of GAAP Operating Income to Non-GAAP Operating Income
Reconciliation of GAAP Operating Income to Non-GAAP Operating Income (Unaudited; in thousands except percentages) Three Months Ended Three M onths Ended Year Ended Year Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Amounts % Sales Amounts % Sales Amounts % Sales Amoun
Slide 17: Footnotes to Reconciliations of GAAP Net Income and Operating Income
Footnotes to Reconciliations of GAAP Net Income to Non-GAAP Net Income and GAAP Operating Income to Non-GAAP Operating Income a) Represents performance-based share-based compensation expense, including stock-settled and cash-settled awards. b) Includes employee termination benefits associated with a
Slide 18: Reconciliation of Reported Revenue to Constant Currency Revenue
Reconciliation of Reported Revenue to Constant Currency Revenue (Non-GAAP), and Constant Currency Revenue, Organic (Non-GAAP) (Unaudited; in thousands except percentages) T hree Months Ended Year Ended December 31, December 31, % Change 2025 2024 % Change 2025 2024 Reported Revenue 10.9 % $ 393,936
Slide 19: Reconciliation of Reported Gross Margin to Non-GAAP Gross Margin
Reconciliation of Reported Gross Margin to Non-GAAP Gross Margin (Unaudited; as a percentage of reported revenue) T hree Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 Reported Gross Margin 49.6 % 48.7 % 48.7 % 47.4 % Add back impact of: Amortization of intangibles 4.9 % 4.7 %
Slide 20: Reconciliation of Reported Cash Flow from Operations to Free Cash Flow
Reconciliation of Reported Cash Flow from Operations to Free Cash Flow (Unaudited; in thousands) T hree Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 Reported Cash Flow from Operations $ 98,510 $ 68,745 $ 297,371 $ 220,799 Less: Capital Expenditures (24,464) (3,472) (81,716)
Slide 21: Slide 21
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