Merit Medical Systems, Inc. · NASDAQ:MMSI
Merit Medical Systems — Q2 2026 Earnings Presentation
21 slides from Merit Medical Systems's earnings presentation, Jul 30, 2026
Slide 1: Second Quarter 2026 Results
Second Quarter 2026 Results Merit Medical Investor Call July 30, 2026 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 Q2 2026 Q2 2025 % Change YTD 2026 YTD 2025 % Change Revenue $418.8M $382.5M 9.5% $800.7M $737.8M 8.5% Gross Margin 51.4% 48.2% 6.5% 50.0% 48.3% 3.4% Operating Margin 14.4% 12.3% 17.7% 13.1% 11.9% 9.6% Net Income $38.8M $32
Slide 5: Financial Summary: Non-GAAP
Financial Summary: Non-GAAP* In millions, except per share amounts and percentages Q2 2026 Q2 2025 % Change YTD 2026 YTD 2025 % Change Constant Currency Revenue, $411.2M $377.2M 9.0% $774.4M $727.6M 6.4% Organic* Non-GAAP Gross Margin* 55.8% 53.2% 4.9% 54.6% 53.3% 2.4% Non-GAAP Operating Margin* 22.
Slide 6: Revenue Breakdown – Q2
Revenue Breakdown – Q2 In thousands, except percentages Region Q2 2026 Q2 2025 $ Change % Change CC % Change* Domestic $252,051 $227,082 $24,969 11.0% 11.5% International 166,792 155,380 11,412 7.3% 4.7% Total $418,843 $382,462 $36,381 9.5% 8.7% * A non-GAAP financial measure, representing revenue g
Slide 7: Revenue Breakdown - YTD
Revenue Breakdown - YTD In thousands, except percentages Region YTD 2026 YTD 2025 $ Change % Change CC % Change* Domestic $478,567 $440,646 $37,921 8.6% 9.2% International 322,153 297,167 24,986 8.4% 3.8% Total $800,720 $737,813 $62,907 8.5% 7.0% * A non-GAAP financial measure, representing revenue
Slide 8: Financial Metrics
Financial Metrics In millions Metric Q2 2026 Q2 2025 YTD 2026 YTD 2025 Depreciation & Amortization $31.0M $31.0M $61.5M $60.3M Stock Comp (performance-based) 6.6M 5.9M 12.4M 10.7M Stock Comp (not performance-based) 6.3M 5.0M 9.5M 9.3M Operating Cash Flow 69.3M 83.3M 110.0M 123.9M Capital Expenditure
Slide 9: Fiscal Year 2026 Financial Guidance
Fiscal Year 2026 Financial Guidance Revenue and Earnings Guidance* Updated Guidance Prior Guidance(2) Year Ending % Change Year Ending % Change Financial Measure December 31, 2026 Y/Y December 31, 2026 Y/Y Total Revenue $1.631 - $1.643 billion 8% - 8% $1.612 - $1.634 billion 6% - 8% Non-GAAP Earning
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 our long-term debt, 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 June 30, 2026 June 30, 2025 Pre-Tax Tax Impact After-Tax Per Share Impact Pre-Tax Tax Impact After-Tax Per Share Impact GAAP net income $ 51,314 $ (12,5
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) Six M onths Ended Six M onths Ended June 30, 2026 June 30, 2025 Pre-Tax Tax Impact After-Tax Per Share Impact Pre-Tax Tax Impact After-Tax Per Share Impact GAAP net income $ 104,860 $ (25,062)
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 Six Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Amounts % Sales Amounts % Sales Amounts % Sales Amounts
Slide 17: Footnotes to Reconciliations of GAAP Net Income and Operating Income
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 Six Months Ended June 30, June 30, % Change 2026 2025 % Change 2026 2025 Reported Revenue 9.5 % $ 418,843 $ 3
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 Six Months Ended June 30, June 30, 2026 2025 2026 2025 Reported Gross Margin 51.4 % 48.2 % 50.0 % 48.3 % Add back impact of: Amortization of intangibles 4.5 % 5.0 % 4.6 %
Slide 20: Reconciliation of Reported Cash Flow from Operations to Free Cash Flow
Reconciliation of Reported Cash Flow from Operations to Free Cash Flow (Unaudited; in thousands) Six Months Ended June 30, 2026 2025 Reported Cash Flow from Operations $ 109,957 $ 123,879 Less: Capital Expenditures (33,340) (34,812) Free Cash Flow $ 76,617 $ 89,067 20
Slide 21: Slide 21
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