Merit Medical Systems, Inc. · NASDAQ:MMSI
Merit Medical Systems — Q1 2019 Earnings Presentation
17 slides from Merit Medical Systems's earnings presentation, Apr 23, 2019
Slide 1: First Quarter 2019 Results
Exhibit 99.2 First Quarter 2019 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 Q1 2019 Q1 2018 Revenue $238.3M $203.0M Gross Margin 43.9% 43.4% Net Income $6.2M $5.3M EPS $0.11 $0.10 4
Slide 5: Financial Summary Non-GAAP
Financial Summary Non-GAAP* Q1 2019 Q1 2018 Revenue (Core, Constant Currency)† $223.3M $203.0M Non-GAAP Gross Margin 49.2% 47.5% Non-GAAP Net Income $20.6M $15.9M Non-GAAP EPS $0.37 $0.31 * See "Notes to Non-GAAP Financial Measures" below for full definition of all Non-GAAP measures. † Non-GAAP meas
Slide 6: Q1 2019 Revenue by Region
Q1 2019 Revenue by Region (Non-GAAP 20.2%) (Non-GAAP 26.3%) (Non-GAAP 53.5%) * Non-GAAP measure, representing net organic sales on a constant currency basis. See "Notes to Non- GAAP Financial Measures" below for full definition of all Non-GAAP measures. 6
Slide 7: Newly Acquired Products
Newly Acquired Products – SAVI SCOUT® Wire-Free Radar Localization with SCOUT® Reflector – SAVI® Brachytherapy Breast Radiation – ClariVein® Infusion Catheter 7
Slide 8: Newly Developed Products
Newly Developed Products – TEMNO Elite™ Biopsy Device – Next Generation Heartspan® Transseptal Needle – RadialFLO™ Arterial Catheter – Nu-STAR™ Tumor Ablation System 8
Slide 9: Newly Developed Products
Newly Developed Products – PreludeSYNC DISTAL™ Hemostasis Device – EmboCube™ Embolization Gelatin 9
Slide 10: Newly Developed Products
Newly Developed Products – Next Generation Fountain® Infusion Catheter – DualCap® Arterial Line Disinfecting Cap System 10
Slide 11: Newly Developed Products
Newly Developed Products – HeRO® Arterial Graft Component – BlueFIRE™ Inflation Device with Wireless Technology – Kyphoplasty Balloons 11
Slide 12: 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 13: 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 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 Months Ended Three Months Ended March 31, 2019 March 31, 2018 Tax Impact Per Share Tax Impact Per Share Pre-Tax (a) After-Tax Impact Pre-Tax (a) After-Tax Impact GAAP net income $ 6,846
Slide 15: Reconciliation of Reported Revenue to Core 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 March 31, % Change 2019 2018 Reported Revenue 17.4% $ 238,349 $ 203,035 Add: I
Slide 16: 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 March 31, 2019 2018 Reported Gross Margin 43.9% 43.4% Add back impact of: Amortization of intangibles 5.0% 3.2% Inventory mark-up related to acquisitions 0.
Slide 17: Slide 17
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