Merit Medical Systems, Inc. · NASDAQ:MMSI
Merit Medical Systems — Q1 2024 Earnings Presentation
17 slides from Merit Medical Systems's earnings presentation, Apr 30, 2024
Slide 1: Merit Medical Investor Call: First Quarter 2024 Results
1 Merit Medical Investor Call April 30, 2024 First Quarter 2024 Results Fred Lampropoulos Chairman and CEO Raul Parra CFO
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
2 CAUTIONARY STATEMENT 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,
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 2024 Q1 2023 % Change Q1 2024 Q1 2023 % Change Revenue $323.5M $297.6M 8.7% $318.5M† $297.6M† 7.0% Gross Margin 46.9% 46.5% 0.9% 50.9% 50.1% 1.6% Operating Margin 11.1% 8.9% 25.2% 17.3% 16.1% 7.1% Net Income $28.2M $20.7M 36.4% $44.8M $37.5M 19.5% Earnings per Share $0.48 $0.36 3
Slide 5: Revenue Breakdown
5 Revenue Breakdown Region Q1 2024 Q1 2023 $ Change % Change CC % Change* U.S. $186,094 $171,360 $14,734 8.6% 9.1% APAC 62,865 57,536 5,329 9.3% 14.0% EMEA 61,006 58,053 2,953 5.1% 2.5% Rest of World 13,543 10,616 2,927 27.6% 23.1% Total International 137,414 126,205 11,209 8.9% 9.5% Total $323,508
Slide 6: Financial Metrics
6 Financial Metrics Metric Q1 2024 Q1 2023 Depreciation & Amortization $23.6M $20.6M Stock Comp (performance-based) 2.1M 1.3M Stock Comp (not performance-based) 3.1M 2.7M Operating Cash Flow 36.2M 14.5M Capital Expenditures-Property and Equipment 11.7M 12.8M 6
Slide 7: Reaffirmed 2024 Financial Guidance
7 Reaffirmed 2024 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 una
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 $ 34,348 $ (6,108) $ 28,240 $ 0.48 $ 25,500 $ (4,797) $ 20,703 $ 0.36 Non-GAAP adjustments: Cost of Sa
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 $ 323,508 $ 297,565 GAAP Operating Income 35,922 11.1 % 26,383 8.9 % 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) Includes consulting expenses related to transformatio
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. 2024 2023 Reported Gross Margin 46.9 % 46.5 % Add back impact of: Amortization of intangibles 4.0 % 3.6 % Non-GAAP Gross M
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