Merit Medical Systems, Inc. · NASDAQ:MMSI
Merit Medical Systems — Q3 2018 Earnings Presentation
15 slides from Merit Medical Systems's earnings presentation, Oct 25, 2018
Slide 1: Third Quarter 2018 Results
Exhibit 99.2 Third Quarter 2018 Results FRED LAMPROPOULOS Chairman & CEO Raul Parra CFO
Slide 2: Disclosure Regarding Forward-Looking Statements
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 “forward
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 Q3 2018 Q3 2017 YTD 2018 YTD 2017 Revenue $221.7M $179.3M $649.5M $537.0M Gross Margin 46.0% 44.9% 44.7% 44.8% Net Income $16.6M $(3.6)M $32.8M $20.7M EPS $0.30 $(0.07) $0.62 $0.42 4
Slide 5: Financial Summary Non-GAAP
Financial Summary Non-GAAP Q3 2018 Q3 2017 YTD 2018 YTD 2017 Revenue (Constant Currency) $223.1M $179.3M $642.1M $537.0M Non-GAAP Gross Margin 49.8% 48.1% 48.7% 48.2% Non-GAAP Net Income $26.0M $16.5M $64.3M $47.4M Non-GAAP EPS $0.47 $0.32 $1.21 $0.96 5
Slide 6: Q3 2018 Revenue by Market
Q3 2018 Revenue by Market (Non-GAAP 18.7%) (Non-GAAP 24.8%) (Non-GAAP 56.5%) 6
Slide 7: YTD 2018 Revenue by Market
YTD 2018 Revenue by Market (Non-GAAP 18.5%) (Non-GAAP 25.3%) (Non-GAAP 56.2%) 7
Slide 8: New Products in 2018
New Products in 2018 – AEROmini® Tracheobronchial Stent – EmboCube™ Embolization Gelatin – basixTAU™ Inflation Device – Merit Pursue™ Microcatheter – Prelude Prestige™ Splittable Sheath Introducer 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 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 rates in effect
Slide 11: 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 Months Ended Three Months Ended September 30, 2018 September 30, 2017 Pre-Tax Tax Impact (a) After-Tax Per Share Impact Pre-Tax Tax Impact (a) After-Tax Per Share Impact GAAP net income
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) Nine Months Ended Nine Months Ended September 30, 2018 September 30, 2017 Pre-Tax Tax Impact (a) After-Tax Per Share Impact Pre-Tax Tax Impact (a) After-Tax Per Share Impact GAAP net income $
Slide 13: Reconciliation of Reported Revenue to Core Revenue and Constant Currency Revenue
Reconciliation of Reported Revenue to Core Revenue (Non-GAAP), Constant Currency Revenue (Non-GAAP), and Core Revenue on a Constant Currency Basis (Non-GAAP) (Unaudited; in thousands, except percentages) Three Months Ended Nine Months Ended September 30, September 30, % Change 2018 2017 % Change 201
Slide 14: Reconciliation of Reported Gross Margin to Non-GAAP Gross Margin
Reconciliation of Reported Gross Margin to Non-GAAP Gross Margin (Non-GAAP) (Unaudited, as a percentage of reported revenue) Three Months Ended Nine Months Ended Three Months Ended September 30, September 30, June 30, 2018 2017 2018 2017 2018 Reported Gross Margin 46.0% 44.9% 44.7% 44.8% 44.5% Add b
Slide 15: Merit Medical. Understand. Innovate. Deliver.
MERIT. DIC Understand. Innovate. Deliver.”
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