Merit Medical Systems, Inc. · NASDAQ:MMSI
Merit Medical Systems — Q1 2025 Earnings Presentation
17 slides from Merit Medical Systems's earnings presentation, Apr 24, 2025
Slide 1: First Quarter 2025 Results
First Quarter 2025 Results Merit Medical Investor Call April 24, 2025 Fred Lampropoulos Chairman, CEO and President 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
Financial Summary In millions, except per share amounts and percentages GAAP NON-GAAP* Q1 2025 Q1 2024 % Change Q1 2025 Q1 2024 % Change Revenue $355.4M $323.5M 9.8% $343.0M† $323.5M 6.0% Gross Margin 48.4% 46.9% 3.2% 53.4% 50.9% 4.9% Operating Margin 11.5% 11.1% 4.0% 19.3% 17.0%# 13.5% Net Income $
Slide 5: Revenue Breakdown
Revenue Breakdown In thousands, except percentages Region Q1 2025 Q1 2024 $ Change % Change CC % Change* U.S. $213,564 $186,094 $27,470 14.8% 14.4% APAC 62,562 62,865 (303) (0.5)% 1.6% EMEA 63,285 61,006 2,279 3.7% 5.6% Rest of World 15,940 13,543 2,397 17.7% 29.3% Total International 141,787 137,41
Slide 6: Financial Metrics
Financial Metrics In millions Metric Q1 2025 Q1 2024 Depreciation & Amortization $29.3M $23.6M Stock Comp (performance-based) 4.8M 2.1M Stock Comp (not performance-based) 4.3M 3.1M Operating Cash Flow 40.6M 36.2M Capital Expenditures-Property and Equipment 21.1M 11.7M 6
Slide 7: Fiscal Year 2025 Financial Guidance
Fiscal Year 2025 Financial Guidance Updated Guidance Prior Guidance (2) Financial Measure Year Ending % Change Year Ending % Change December 31, 2025 Y/Y December 31, 2025 Y/Y Net S ales $1.470 - $1.490 billion 8% - 10% $1.470 - $1.490 billion 8% - 10% Cardiovascular Segment $1.397 - $1.415 billion
Slide 8: Appendix
Appendix 8
Slide 9: 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 10: 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 11: 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 and other items set forth in the tables
Slide 12: 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 M onths Ended M arch 31, 2025 M arch 31, 2024 (a) Pre-Tax Tax Impact After-Tax Per Share Impact Pre-Tax Tax Impact After-Tax Per Share Impact GAAP net income $ 37,958
Slide 13: 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 M onths Ended Three M onths Ended M arch 31, 2025 M arch 31, 2024 (a) Amounts % Sales Amounts % Sales Net Sales as Reported $ 355,351 $ 323,508 GAAP Operating Income 41,033 11.5 %
Slide 14: 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) Beginning in the second quarter of 2024, consulting expenses associated with initiatives conducted under Merit’s FFG Program have not been adjusted as part of its non-GAAP
Slide 15: 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 March 31, % Change 2025 2024 Reported Revenue 9.8 % $ 355,351 $ 323,508 Add: Impact of foreign exchange 3,405
Slide 16: Reconciliation of GAAP Gross Margin to Non-GAAP Gross Margin
Reconciliation of GAAP Gross Margin to Non-GAAP Gross Margin (Unaudited; as a percentage of reported revenue) T hree Months Ended March 31, 2025 2024 Reported Gross Margin 48.4 % 46.9 % Add back impact of: Amortization of intangibles 5.0 % 4.0 % Non-GAAP Gross Margin 53.4 % 50.9 % Note: Certain perc
Slide 17: Slide 17
Merit Medical Systems — Q1 2025 Earnings Presentation on 6ix