Merit Medical Reports Fourth Quarter and Full Year 2025 Results and Issues Fiscal Year 2026 Guidance

About this update from Merit Medical Systems, Inc.

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Amounts stated in this release are rounded, while percentages are calculated from the underlying amounts. ","length":304,"tagName":"p"},{"type":"text","content":" * Constant currency revenue; constant currency revenue, organic; non-GAAP gross profit and margin; non-GAAP operating income and margin; non-GAAP net income; non-GAAP EPS; and free cash flow figures (used here and below) are non-GAAP financial measures. A reconciliation of these financial measures to their most directly comparable GAAP financial measures is included under the heading “Non-GAAP Financial Measures” below. ","length":428,"tagName":"p"},{"type":"text","content":"SOUTH JORDAN, Utah, Feb. 24, 2026 (GLOBE NEWSWIRE) -- Merit Medical Systems, Inc. (NASDAQ: MMSI), a leading global manufacturer and marketer of healthcare technology, today announced financial results for the three and twelve-month periods ended December 31, 2025.","length":274,"tagName":"p"},{"type":"text","content":"“Merit delivered better-than-expected revenue and financial results in the fourth quarter,” said Martha G. Aronson, Merit’s President and CEO. “Our fourth quarter capped off an impressive year of operating and financial performance in 2025; we delivered 6.8% organic, constant currency revenue growth, a 130 basis-point improvement year-over-year in our non-GAAP operating margin and generated strong free cash flow of more than $215 million, a 16% increase year-over-year. We are introducing 2026 revenue and non-GAAP earnings per share guidance which reflects confidence in our team’s ability to deliver continued strong execution, stable constant currency growth, improving profitability and solid free cash flow generation again this year. Importantly, the team remains laser focused on delivering the final year of our Continued Growth Initiatives Program and the related financial targets for the three-year period ending December 31, 2026.”","length":947,"tagName":"p"},{"type":"readMore"},{"type":"text","content":"Merit’s revenue by operating segment and product category for the three and twelve-month periods ended December 31, 2025 and 2024 was as follows (unaudited; in thousands, except 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Commencing January 1, 2025, Merit reorganized its sales teams and product categories to include revenues from the sale of its spine devices under its OEM product category. Revenue figures for 2024 have been recast to reflect this realignment of its portfolio of spine products, representing approximately $5.9 million and $22.6 million in revenue for the three and twelve-month periods ended December 31, 2024, respectively, within the OEM product category to provide comparability between the reporting periods. ","length":533,"tagName":"p"},{"type":"text","content":" Fourth Quarter 2025 Financial Summary: ","length":38,"tagName":"p"},{"type":"text","content":"GAAP gross margin was 49.6%, compared to 48.7% for the fourth quarter of 2024. Non-GAAP gross margin* was 54.5%, compared to 53.5% for the fourth quarter of 2024.","length":162,"tagName":"p"},{"type":"text","content":"GAAP operating margin was 13.8%, compared to 10.3% for the fourth quarter of 2024. Non-GAAP operating margin* was 21.0%, compared to 19.6% for the fourth quarter of 2024.","length":170,"tagName":"p"},{"type":"text","content":"GAAP net income was $38.0 million, or $0.63 per share, compared to $27.9 million, or $0.46 per share, for the fourth quarter of 2024. Non-GAAP net income* was $62.5 million, or $1.04 per share, compared to $56.3 million, or $0.93 per share, for the fourth quarter of 2024.","length":272,"tagName":"p"},{"type":"text","content":" Fiscal Year 2025 Financial Summary: ","length":35,"tagName":"p"},{"type":"text","content":"GAAP gross margin was 48.7%, compared to 47.4% for fiscal year 2024. Non-GAAP gross margin* was 53.7%, compared to 51.7% for fiscal year 2024.","length":142,"tagName":"p"},{"type":"text","content":"GAAP operating margin was 12.2%, compared to 11.5% for fiscal year 2024. Non-GAAP operating margin* was 20.3%, compared to 19.0% for fiscal year 2024.","length":150,"tagName":"p"},{"type":"text","content":"GAAP net income was $128.5 million, or $2.13 per share, compared to $120.4 million, or $2.03 per share, for fiscal year 2024. Non-GAAP net income* was $231.4 million, or $3.83 per share, compared to $205.4 million, or $3.46 per share, for fiscal year 2024.","length":256,"tagName":"p"},{"type":"text","content":"As of December 31, 2025, Merit had cash and cash equivalents of $446.4 million and total debt obligations of $747.5 million, compared to cash and cash equivalents of $376.7 million and total debt obligations of $747.5 million as of December 31, 2024. 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