Merit Medical Systems, Inc. · NASDAQ:MMSI
Merit Medical Systems — Q2 2025 Earnings Presentation
20 slides from Merit Medical Systems's earnings presentation, Jul 30, 2025
Slide 1: Second Quarter 2025 Results
Second Quarter 2025 Results Merit Medical Investor Call July 30, 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: GAAP
Financial Summary: GAAP In millions, except per share amounts and percentages Q2 2025 Q2 2024 % Change YTD 2025 YTD 2024 % Change Revenue $382.5 $338.0 13.2% $737.8 $661.5 11.5% Gross Margin 48.2% 47.7% 1.2% 48.3% 47.3% 2.2% Operating Margin 12.3% 13.6% (9.8)% 11.9% 12.4% (3.7)% Net Income $32.6 $35
Slide 5: Financial Summary: Non-GAAP
Financial Summary: Non-GAAP* In millions, except per share amounts and percentages Q2 2025 Q2 2024 % Change YTD 2025 YTD 2024 % Change Revenue $360.6† $338.0 6.7% $703.5† $661.5 6.4% Gross Margin 53.2% 51.5% 3.2% 53.3% 51.2% 4.1% Operating Margin 21.2% 20.1% 5.4% 20.2% 18.5% 9.1% Net Income $61.0 $5
Slide 6: Revenue Breakdown – Q2
Revenue Breakdown – Q2 In thousands, except percentages Region Q2 2025 Q2 2024 $ Change % Change CC % Change* U.S. $227,082 $194,664 $32,418 16.7% 16.6% APAC 66,566 66,806 (240) (0.4)% (0.6)% EMEA 72,615 62,322 10,293 16.5% 12.1% Rest of World 16,199 14,211 1,988 14.0% 19.3% Total International 155,
Slide 7: Revenue Breakdown - YTD
Revenue Breakdown - YTD In thousands, except percentages Region YTD 2025 YTD 2024 $ Change % Change CC % Change* U.S. $440,646 $380,758 $59,888 15.7% 15.5% APAC 129,128 129,671 (543) (0.4)% 0.4% EMEA 135,900 123,328 12,572 10.2% 8.9% Rest of World 32,139 27,754 4,385 15.8% 24.2% Total International
Slide 8: Financial Metrics
Financial Metrics In millions Metric Q2 2025 Q2 2024 YTD 2025 YTD 2024 Depreciation & Amortization $31.0 $24.1 $60.3 $47.7 Stock Comp (performance-based) 5.9 3.5 10.7 5.7 Stock Comp (not performance-based) 5.0 3.4 9.3 6.5 Operating Cash Flow 83.3 68.5 123.9 104.7 Capital Expenditures-Property and Eq
Slide 9: 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 $1.495 - $1.507 billion 10% - 11% $1.480 - $1.501 billion 9% - 11% Cardiovascular Segment $1.423 - $1.434 billion
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 M onths Ended June 30, 2025 June 30, 2024 Pre-Tax Tax Impact After-Tax Per Share Impact Pre-Tax Tax Impact After-Tax Per Share Impact GAAP net income $ 43,379 $ (10,7
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) Six M onths Ended Six M onths Ended June 30, 2025 June 30, 2024 Pre-Tax Tax Impact After-Tax Per Share Impact Pre-Tax Tax Impact After-Tax Per Share Impact GAAP net income $ 81,337 $ (18,609)
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 M onths Ended Three M onths Ended Six M onths Ended Six M onths Ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Amounts % Sales Amounts % Sales Amounts % Sales Amount
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 Six Months Ended June 30, June 30, % Change 2025 2024 % Change 2025 2024 Reported Revenue 13.2 % $ 382,462 $
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 Six Months Ended June 30, June 30, 2025 2024 2025 2024 Reported Gross Margin 48.2 % 47.7 % 48.3 % 47.3 % Add back impact of: Amortization of intangibles 5.0 % 3.9 % 5
Slide 20: Slide 20
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