Merit Medical Systems, Inc. · NASDAQ:MMSI
Merit Medical Systems — Q1 2026 Earnings Presentation
18 slides from Merit Medical Systems's earnings presentation, Apr 30, 2026
Slide 1: Merit Medical Investor Call First Quarter 2026 Results
1 Merit Medical Investor Call April 30, 2026 First Quarter 2026 Results Martha Aronson President and CEO Raul Parra CFO
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
2 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
Slide 3: Non-GAAP Financial Measures
3 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 regard
Slide 4: Financial Summary
4 GAAP NON-GAAP* Q1 2026 Q1 2025 % Change Q1 2026 Q1 2025 % Change Revenue $381.9M $355.4M 7.5% $364.9M† $355.4M 2.7% Gross Margin 48.4% 48.4% — 53.2% 53.4% (0.4)% Operating Margin 11.6% 11.5% 0.1% 19.7% 19.3% 2.5% Net Income $41.0M $30.1M 36.0% $56.7M $52.9M 7.0% Earnings per Share $0.68 $0.49 38.8
Slide 5: Revenue Breakdown
5 Revenue Breakdown Region Q1 2026 Q1 2025 $ Change % Change CC % Change* Domestic $226,516 $213,564 $12,952 6.1% 6.8% International 155,361 141,787 13,574 9.6% 2.9% Total $381,877 $355,351 $26,526 7.5% 5.2% 5 * A non-GAAP financial measure, representing revenue growth on a constant currency (“CC”)
Slide 6: Financial Metrics
6 Financial Metrics Metric Q1 2026 Q1 2025 Depreciation & Amortization $30.5M $29.3M Stock Comp (performance-based) 5.8M 4.8M Stock Comp (not performance-based) 3.2M 4.3M Operating Cash Flow 40.7M 40.6M Capital Expenditures-Property and Equipment 16.0M 21.1M 6 In millions
Slide 7: Fiscal Year 2026 Financial Guidance
7 Fiscal Year 2026 Financial Guidance Merit does not provide guidance for GAAP reported financial measures (other than revenue) or a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP reported financial measures (other than revenue) because Merit is un
Slide 8: Appendix
8 Appendix
Slide 9: Notes to Non-GAAP Financial Measures
9 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 measure
Slide 10: Notes to Non-GAAP Financial Measures (cont.)
10 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 eff
Slide 11: Notes to Non-GAAP Financial Measures (cont.)
11 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 cert
Slide 12: Reconciliation of GAAP Net Income to Non-GAAP Net Income
12 Reconciliation of GAAP Net Income to Non-GAAP Net Income (Unaudited; in thousands except per share amounts) Note: Certain per-share impacts may not sum to totals due to rounding. GAAP net income $ 53,546 $ (12,551) $ 40,995 $ 0.68 $ 37,958 $ (7,811) $ 30,147 $ 0.49 Non-GAAP adjustments: Cost of S
Slide 13: Reconciliation of GAAP Operating Income to Non-GAAP Operating Income
13 Reconciliation of GAAP Operating Income to Non-GAAP Operating Income (Unaudited; in thousands except percentages) Note: Certain percentages may not sum to totals due to rounding. Net Sales as Reported $ 381,877 $ 355,351 GAAP Operating Income 44,157 11.6 % 41,033 11.5 % Cost of Sales Amortization
Slide 14: Footnotes to Reconciliations
14 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) Represents incremental expenses incurred to comply wi
Slide 15: Reconciliation of Reported Revenue to Constant Currency Revenue
15 Reconciliation of Reported Revenue to Constant Currency Revenue (Non-GAAP), and Constant Currency Revenue, Organic (Non-GAAP) (Unaudited; in thousands except percentages) (a) A non-GAAP financial measure. For a definition of this and other non-GAAP financial measures, see the section of this pres
Slide 16: Reconciliation of GAAP Gross Margin to Non-GAAP Gross Margin
16 Reconciliation of GAAP Gross Margin to Non-GAAP Gross Margin (Unaudited; as a percentage of reported revenue) Note: Certain percentages may not sum to totals due to rounding. 2026 2025 Reported Gross Margin 48.4 % 48.4 % Add back impact of: Amortization of intangibles 4.8 % 5.0 % Non-GAAP Gross M
Slide 17: Reconciliation of Reported Cash Flow from Operations to Free Cash Flow
17 Reconciliation of Reported Cash Flow from Operations to Free Cash Flow (Unaudited; in thousands) Reported Cash Flow from Operations $ 40,681 $ 40,572 Less: Capital Expenditures (21,061) (16,009) Free Cash Flow $ 24,672 $ 19,511 Three Months Ended March 31, 2026 2025
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