Merit Medical Systems, Inc. · NASDAQ:MMSI
Merit Medical Systems — Q3 2025 Earnings Presentation
20 slides from Merit Medical Systems's earnings presentation, Oct 30, 2025
Slide 1: Third Quarter 2025 Results
Third Quarter 2025 Results Merit Medical Investor Call October 30, 2025 Martha Aronson President and CEO Raul Parra CFO 1
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
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 o
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 Q3 2025 Q3 2024 % Change YTD 2025 YTD 2024 % Change Revenue $384.2 $339.8 13.0% $1,122.0 $1,001.4 12.0% Gross Margin 48.5% 46.4% 4.7% 48.4% 47.0% 3.0% Operating Margin 11.1% 11.0% 1.2% 11.6% 11.9% (2.2)% Net Income $27.8 $
Slide 5: Financial Summary: Non-GAAP
Financial Summary: Non-GAAP* In millions, except per share amounts and percentages Q3 2025 Q3 2024 % Change YTD 2025 YTD 2024 % Change Revenue $366.2† $339.8 7.8% $1,069.7† $1,001.4 6.8% Gross Margin 53.6% 50.9% 5.2% 53.4% 51.1% 4.5% Operating Margin 19.7% 19.2% 2.6% 20.0% 18.8% 6.9% Net Income $54.
Slide 6: Revenue Breakdown – Q3
Revenue Breakdown – Q3 In thousands, except percentages Region Q3 2025 Q3 2024 $ Change % Change CC % Change* U.S. $230,597 $206,492 $24,105 11.7% 12.1% APAC 64,855 60,382 4,473 7.4% 7.7% EMEA 71,531 58,474 13,057 22.3% 17.5% Rest of World 17,174 14,497 2,677 18.5% 17.8% Total International 153,560
Slide 7: Revenue Breakdown - YTD
Revenue Breakdown - YTD In thousands, except percentages Region YTD 2025 YTD 2024 $ Change % Change CC % Change* U.S. $671,243 $587,250 $83,993 14.3% 14.3% APAC 193,983 190,053 3,930 2.1% 2.7% EMEA 207,431 181,802 25,629 14.1% 11.7% Rest of World 49,313 42,251 7,062 16.7% 22.0% Total International 4
Slide 8: Financial Metrics
Financial Metrics In millions Metric Q3 2025 Q3 2024 YTD 2025 YTD 2024 Depreciation & Amortization $31.3 $26.4 $91.6 $74.1 Stock Comp (performance-based) 9.0 3.7 19.7 9.4 Stock Comp (not performance-based) 4.6 3.1 13.9 9.6 Operating Cash Flow 75.0 47.3 198.9 152.1 Capital Expenditures-Property and E
Slide 9: Fiscal Year 2025 Financial Guidance
Fiscal Year 2025 Financial Guidance Revenue and Earnings Guidance* (2) Updated Guidance Prior Guidance Financial Measure Year Ending % Change Year Ending % Change December 31, 2025 Y/Y December 31, 2025 Y/Y Net S ales $1.502 - $1.515 billion 11% - 12% $1.495 - $1.507 billion 10% - 11% Cardiovascular
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 September 30, 2025 September 30, 2024 Pre-Tax Tax Impact After-Tax Per Share Impact Pre-Tax Tax Impact After-Tax Per Share Impact GAAP net income $ 38,5
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) Nine M onths Ended Nine M onths Ended September 30, 2025 September 30, 2024 Pre-Tax Tax Impact After-Tax Per Share Impact Pre-Tax Tax Impact After-Tax Per Share Impact GAAP net income $ 119,87
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) Three M onths Ended Three M onths Ended Nine M onths Ended Nine M onths Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Amounts % Sales Amounts % Sales
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) Represents performance-based share-based compensation expense, including stock-settled and cash-settled awards. b) Includes employee termination benefits associated with a
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 Nine Months Ended September 30, September 30, % Change 2025 2024 % Change 2025 2024 Reported Revenue 13.0 % $
Slide 19: Reconciliation of Reported Gross Margin to Non-GAAP Gross Margin
Reconciliation of Reported Gross Margin to Non-GAAP Gross Margin (Unaudited; as a percentage of reported revenue) T hree Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Reported Gross Margin 48.5 % 46.4 % 48.4 % 47.0 % Add back impact of: Amortization of intangibles 5.
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