Merit Medical Systems, Inc. · NASDAQ:MMSI
Merit Medical Systems — Q4 2024 Earnings Presentation
20 slides from Merit Medical Systems's earnings presentation, Feb 25, 2025
Slide 1: Fourth Quarter 2024 Results
Fourth Quarter 2024 Results Merit Medical Investor Call February 25, 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 release contains forward-looking statements within the meaning of the 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 ot
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 Q4 2024 Q4 2023 % Change FY 2024 FY 2023 % Change Revenue $355.2M $324.5M 9.4% $1,356.5M $1,257.4M 7.9% Gross Margin 48.7% 46.4% 5.0% 47.4% 46.4% 2.1% Operating Margin 10.3% 10.4% (0.6)% 11.5% 9.9% 16.4% Net Income $27.9M
Slide 5: Financial Summary: Non-GAAP
Financial Summary: Non-GAAP* In millions, except per share amounts and percentages Q4 2024 Q4 2023 % Change FY 2024 FY 2023 % Change Revenue $344.3M† $324.5M 6.1% $1,332.3M† $1,257.4M 6.0% Gross Margin 53.5% 50.4% 6.0% 51.7% 50.4% 2.5% Operating Margin 19.6% 16.6% 18.4% 19.0% 17.2% 10.5% Net Income
Slide 6: Revenue Breakdown – Q4
Revenue Breakdown – Q4 In thousands, except percentages Region Q4 2024 Q4 2023 $ Change % Change CC % Change* U.S. $213,530 $188,542 $24,988 13.3% 13.6% APAC 60,862 59,576 1,286 2.2% 2.8% EMEA 65,118 62,822 2,296 3.7% 3.5% Rest of World 15,648 13,575 2,073 15.3% 24.6% Total International 141,628 135
Slide 7: Revenue Breakdown - FY
Revenue Breakdown - FY In thousands, except percentages Region FY 2024 FY 2023 $ Change % Change CC % Change* U.S. $800,780 $726,989 $73,791 10.2% 10.4% APAC 250,915 245,656 5,259 2.1% 4.2% EMEA 246,920 235,704 11,216 4.8% 4.0% Rest of World 57,899 49,017 8,882 18.1% 22.0% Total International 555,73
Slide 8: Financial Metrics
Financial Metrics In millions Metric Q4 2024 Q4 2023 FY 2024 FY 2023 Depreciation & Amortization $28.6M $23.6M $102.7M $90.0M Stock Comp (performance-based) 5.8M 2.5M 15.2M 8.5M Stock Comp (not performance-based) 3.7M 3.5M 13.3M 12.7M Operating Cash Flow 68.7M 62.3M 220.8M 145.2M Capital Expenditure
Slide 9: 2025 Financial Guidance
2025 Financial Guidance Prior Year (As Reported) Guidance Financial Measure Year Ended Year Ending % Change December 31, 2024 December 31, 2025 Y/Y Net S ales $1.357 billion $1.470 - $1.490 billion 8% - 10% Cardiovascular Segment $1.302 billion $1.395 - $1.413 billion 7% - 9% Endoscopy Segment $54.8
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 December 31, 2024 December 31, 2023 (a) Pre-Tax Tax Impact After-Tax Per Share Impact Pre-Tax Tax Impact After-Tax Per Share Impact GAAP net income $ 33
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) Year Ended Year Ended December 31, 2024 (a) December 31, 2023 (a) Pre-Tax Tax Impact After-Tax Per Share Impact Pre-Tax Tax Impact After-Tax Per Share Impact GAAP net income $ 149,993 $ (29,63
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) T hree Months Ended T hree Months Ended Year Ended Year Ended December 31, 2024 December 31, 2023 (a) December 31, 2024 (a) December 31, 2023 (a) Amounts % Sales Amounts % Sales Amounts
Slide 17: Footnotes to Reconciliations of GAAP to Non-GAAP
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 Foundations for Growth Program (“FFG Program”) are not adj
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 Year Ended December 31, December 31, % Change 2024 2023 % Change 2024 2023 Reported Revenue 9.4 % $ 355,158 $
Slide 19: 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 Year Ended December 31, December 31, 2024 2023 2024 2023 Reported Gross Margin 48.7 % 46.4 % 47.4 % 46.4 % Add back impact of: Amortization of intangibles 4.7 % 3.9 % 4.3
Slide 20: Slide 20
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