Exhibit 99.1

Picture 1

 

FOR IMMEDIATE RELEASE

 

 

Date:

April  23, 2020

Contact:

Anne-Marie Wright, Vice President, Corporate Communications

Phone:

(801) 208‑4167  e-mail: awright@merit.com  Fax: (801) 253‑1688

 

MERIT MEDICAL REPORTS EARNINGS FOR
QUARTER ENDED  MARCH 31, 2020,

WITHDRAWS FY 2020 GUIDANCE

·

Q1 2020 worldwide revenue of $243.5 million, up 2.2% as reported over Q1 2019

·

Q1 2020 core revenue on a constant currency basis* up 3.0% over Q1 2019

·

Q1 2020 GAAP loss per share was $(0.06), compared to GAAP EPS of $0.11 in Q1 2019

·

Q1 2020 non-GAAP EPS* was $0.38, compared to $0.37 in Q1 2019

*  Core revenue on a constant currency basis, non-GAAP EPS, non-GAAP net income, non-GAAP operating margin,  non-GAAP gross margin and free cash flow are non-GAAP financial measures. A reconciliation of these and other non-GAAP financial measures used in this release to their most directly comparable GAAP financial measures is included under the heading “Non-GAAP Financial Measures” below.

SOUTH JORDAN, UTAH - Merit Medical Systems, Inc. (NASDAQ: MMSI), a leading manufacturer and marketer of proprietary disposable devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care and endoscopy, today announced revenue of $243.5 million for the quarter ended March 31, 2020, an increase of 2.2% over revenue of $238.3 million for the quarter ended March 31, 2019. Core revenue on a constant currency basis* for the first quarter of 2020 was up 3.0% over revenue for the comparable quarter of 2019.

Merit’s GAAP gross margin for the first quarter of 2020 was 42.6%, compared to GAAP gross margin of 43.9% for the first quarter of 2019. Merit’s non-GAAP gross margin* for the first quarter of 2020 was 48.5%, compared to non-GAAP gross margin* of 49.2% for the first quarter of 2019. 

Merit’s GAAP operating margin for the first quarter of 2020 was 0.6%, compared to GAAP operating margin of 4.0% for the first quarter of 2019. Merit’s non-GAAP operating margin* for the first quarter of 2020 was 12.7%, compared to non-GAAP operating margin* of 12.0% for the first quarter of 2019.

Merit’s GAAP net loss for the first quarter of 2020 was $(3.2) million, or $(0.06) per share, compared to GAAP net income of $6.2 million, or $0.11 per share, for the first quarter of 2019. Merit’s non-GAAP net income* for the quarter ended March 31, 2020 was $21.1 million, or $0.38 per share, compared to non-GAAP net income* of $20.6 million, or $0.37 per share, for the quarter ended March 31, 2019.

“The COVID-19 pandemic has been a historic shock to the economy, our industry and our country,” said Fred P. Lampropoulos, Merit’s Chairman and CEO. “I have been very impressed with how my colleagues at Merit have come together to support our

1

customers, our patients and our company. While we anticipate headwinds in several of our business lines, I am confident that the diversity of the business, the strength of our people and our strong balance sheet position us well for recovery when that becomes more clear.”

 

In Q1, sales in many of Merit’s end markets have declined due, in large part, to the imposed limitations of procedures required for the focus on COVID-19 treatment. At the same time, Merit has seen increased demand for many of its critical care products, such as hemodynamic monitoring, peritoneal dialysis catheters and insertion tools, as well as its infection control products.

 

Merit’s revenue by category for the three months ended March 31, 2020, compared to the corresponding periods in 2019, was as follows (unaudited, in thousands, except for percentages):

 

 

 

 

 

 

 

 

 

 

 

    

 

 

Three Months Ended March 31, 

 

    

% Change

    

2020

    

2019

Cardiovascular

 

 

 

 

 

 

 

 

Peripheral Intervention

 

2.9

%  

$

87,075

 

$

84,633

Cardiac Intervention

 

0.1

%  

 

72,591

 

 

72,540

Custom Procedural Solutions

 

3.8

%  

 

47,621

 

 

45,861

OEM

 

3.0

%  

 

28,257

 

 

27,446

Total

 

2.2

%  

 

235,544

 

 

230,480

 

 

 

 

 

 

 

 

 

Endoscopy

 

 

 

 

 

 

 

 

Endoscopy devices

 

1.4

%  

 

7,981

 

 

7,869

 

 

 

 

 

 

 

 

 

Total

 

2.2

%  

$

243,525

 

$

238,349

 

“As we look forward to a prospective recovery, we feel we have a strong pipeline of new products that would be viable upon a return to historical procedure volume,” Lampropoulos said. “In anticipation of a recovery, we have used the last several months to increase training of our sales force as well as to conduct training of more than 100 physicians online.”

 

Merit continued to improve its operating efficiency during the first quarter of 2020, furthering initiatives it has been working on for several months. Merit continues to implement those initiatives and is in the process of moving 14 products to its Mexico facility, as well as consolidating four satellite facilities. In addition, in consideration of the COVID-19 dynamics, Merit has been actively sizing the business based on scenarios of recovery to minimize unnecessary inventory builds. Merit has also reduced executive management and other employee salaries, limited discretionary spending and delayed capital spending.

 

As of March 31, 2020, Merit had cash on hand of approximately $50 million and net borrowing capacity of approximately $147 million, which was undrawn as of March 31, 2020. Merit also generated free cash flow of approximately $15 million in the first quarter of 2020.

 

2020 GUIDANCE

Due to the general uncertainty and rapidly changing global environment related to the coronavirus pandemic and corresponding economic downturn, Merit’s management has concluded that it cannot issue financial guidance for the remainder of 2020. As such, Merit’s previously issued 2020 guidance is withdrawn until further notice.

 

CONFERENCE CALL

Merit will hold its investor conference call (conference ID 3738279) today, Thursday,  April 23, 2020, at 5:00 p.m. Eastern (4:00 p.m. Central, 3:00 p.m. Mountain, and 2:00 p.m. Pacific). The domestic telephone number is (844) 578‑9672 and the international number is (508) 637‑5656. A live webcast and slide deck will also be available at merit.com.

2

CONSOLIDATED BALANCE SHEETS

(in thousands)

 

 

 

 

 

 

 

 

 

    

March 31, 

    

 

 

 

2020

 

December 31, 

 

    

(unaudited)

    

2019

ASSETS

 

 

 

 

  

Current Assets

 

 

  

 

 

  

Cash and cash equivalents

 

$

50,080

 

$

44,320

Trade receivables, net

 

 

150,050

 

 

155,365

Other receivables

 

 

9,246

 

 

10,016

Inventories

 

 

227,776

 

 

225,698

Prepaid expenses and other current assets

 

 

16,284

 

 

12,497

Prepaid income taxes

 

 

3,486

 

 

3,491

Income tax refund receivables

 

 

5,586

 

 

3,151

Total current assets

 

 

462,508

 

 

454,538

 

 

 

 

 

 

 

Property and equipment, net

 

 

384,860

 

 

378,785

Intangible assets, net

 

 

430,244

 

 

445,312

Goodwill

 

 

352,242

 

 

353,193

Deferred income tax assets

 

 

3,716

 

 

3,788

Right-of-use operating lease assets

 

 

79,133

 

 

80,244

Other assets

 

 

36,569

 

 

41,461

Total Assets

 

 

1,749,272

 

 

1,757,321

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Current Liabilities

 

 

  

 

 

 

Trade payables

 

$

56,012

 

$

54,623

Accrued expenses

 

 

87,095

 

 

105,184

Current portion of long-term debt

 

 

7,500

 

 

7,500

Short-term operating lease liabilities

 

 

11,670

 

 

11,550

Income taxes payable

 

 

3,014

 

 

2,799

Total current liabilities

 

 

165,291

 

 

181,656

 

 

 

 

 

 

 

Long-term debt

 

 

438,137

 

 

431,984

Deferred income tax liabilities

 

 

45,027

 

 

45,236

Long-term income taxes payable

 

 

347

 

 

347

Liabilities related to unrecognized tax benefits

 

 

1,990

 

 

1,990

Deferred compensation payable

 

 

14,066

 

 

14,855

Deferred credits

 

 

2,088

 

 

2,122

Long-term operating lease liabilities

 

 

71,642

 

 

72,714

Other long-term obligations

 

 

70,886

 

 

56,473

Total Liabilities

 

 

809,474

 

 

807,377

 

 

 

 

 

 

 

Stockholders' Equity

 

 

 

 

 

 

Common stock

 

 

590,065

 

 

587,017

Retained earnings

 

 

364,492

 

 

368,221

Accumulated other comprehensive loss

 

 

(14,759)

 

 

(5,294)

Total Liabilities and Stockholders' Equity

 

$

1,749,272

 

$

1,757,321

 

 

3

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited, in thousands except per share amounts)

 

 

 

 

 

 

 

 

    

Three Months Ended March 31, 

 

    

2020

    

2019

NET SALES

 

$

243,525

 

$

238,349

 

 

 

 

 

 

 

COST OF SALES

 

 

139,741

 

 

133,713

 

 

 

 

 

 

 

GROSS PROFIT

 

 

103,784

 

 

104,636

 

 

 

 

 

 

 

OPERATING EXPENSES:

 

 

  

 

 

  

Selling, general and administrative

 

 

78,808

 

 

78,270

Research and development

 

 

14,872

 

 

16,043

Impairment and other charges

 

 

3,845

 

 

 —

Contingent consideration expense

 

 

4,897

 

 

775

Acquired in-process research and development

 

 

 —

 

 

25

 

 

 

 

 

 

 

Total operating expenses

 

 

102,422

 

 

95,113

 

 

 

 

 

 

 

INCOME FROM OPERATIONS

 

 

1,362

 

 

9,523

 

 

 

 

 

 

 

OTHER INCOME (EXPENSE):

 

 

  

 

 

  

Interest income

 

 

79

 

 

357

Interest expense

 

 

(3,144)

 

 

(2,764)

Other expense - net

 

 

(289)

 

 

(270)

 

 

 

 

 

 

 

Total other expense — net

 

 

(3,354)

 

 

(2,677)

 

 

 

 

 

 

 

INCOME (LOSS) BEFORE INCOME TAXES

 

 

(1,992)

 

 

6,846

 

 

 

 

 

 

 

INCOME TAX EXPENSE

 

 

1,162

 

 

651

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

(3,154)

 

$

6,195

 

 

 

 

 

 

 

EARNINGS (LOSS) PER COMMON SHARE:

 

 

  

 

 

  

Basic

 

$

(0.06)

 

$

0.11

 

 

 

 

 

 

 

Diluted

 

$

(0.06)

 

$

0.11

 

 

 

 

 

 

 

AVERAGE COMMON SHARES:

 

 

  

 

 

  

Basic

 

 

55,246

 

 

54,917

 

 

 

 

 

 

 

Diluted

 

 

55,246

 

 

56,490

 

 

 

4

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 referenced in this release provide investors with useful information regarding the underlying business trends and performance of Merit’s ongoing operations and can be useful for period-over-period comparisons of such operations. Non-GAAP financial measures used in this release include:

·

constant currency revenue,

·

core revenue,

·

core revenue on a constant currency basis,

·

non-GAAP gross margin,

·

non-GAAP operating margin,

·

non-GAAP net income,

·

non-GAAP earnings per share, and

·

free cash flow.

Merit’s management team uses these non-GAAP financial measures to evaluate Merit’s profitability and efficiency, to compare operating results to prior periods, to evaluate changes in the operating results of its operating segments, and to measure and allocate financial resources internally. However, Merit’s management does not consider such non-GAAP measures in isolation or as an alternative to measures determined in accordance with GAAP.

Readers should consider non-GAAP measures used in this release in addition to, not as a substitute for, financial reporting measures prepared in accordance with GAAP. These non-GAAP financial measures generally exclude some, but not all, items that may affect Merit’s net income. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which items are excluded. Merit believes it is useful to exclude such items in the calculation of non-GAAP earnings per share, non-GAAP gross margin, non-GAAP operating margin, and non-GAAP net income (in each case, as further illustrated in the reconciliation tables below) because such amounts in any specific period may not directly correlate to the underlying performance of Merit’s business operations and can vary significantly between periods as a result of factors such as acquisition transactions, non-cash expenses related to amortization or write-off of previously acquired tangible and intangible assets, severance expenses, expenses resulting from non-ordinary course litigation, governmental proceedings or changes in tax or industry regulations, and debt issuance costs. Merit may incur similar types of expenses in the future, and the non-GAAP financial information included in this release should not be viewed as a statement or indication that these types of expenses will not recur. Additionally, the non-GAAP financial measures used in this release may not be comparable with similarly titled measures of other companies. Merit urges investors and potential investors to review the reconciliations of its non-GAAP financial measures to the comparable GAAP financial measures, and not to rely on any single financial measure to evaluate Merit’s business or results of operations.

Constant Currency Revenue

Merit’s revenue on a constant currency basis is prepared by translating 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 during the comparable prior-year period. The constant currency revenue adjustment of $2.8 million to reported revenue and to core revenue for the three months ended March 31, 2020 was calculated using the applicable average foreign exchange rates for the three months ended March 31, 2019.

Core Revenue and Core Revenue on a Constant Currency Basis

Merit’s core revenue is defined (a) with respect to prior fiscal year periods, as GAAP revenue, and (b) with respect to current fiscal year periods, as GAAP revenue, less revenue from certain acquisitions and strategic transactions. For the three-month period ended March 31, 2020, Merit’s core revenue excludes revenues attributable to the acquisition of (1) Brightwater Medical, Inc. in June 2019, and (2) Fibrovein Holdings Limited in August 2019. Core revenue on a constant currency basis is defined as core revenue (as described in the first sentence of this paragraph) adjusted to eliminate the foreign exchange impact related to

5

those core revenues for the relevant period, using the applicable average foreign exchange rates in effect for the comparable prior-year periods presented.

Non-GAAP Gross Margin

Non-GAAP gross margin is calculated by reducing GAAP cost of sales by amounts recorded for amortization of intangible assets, certain inventory write-offs and inventory mark-up related to acquisitions.

Non-GAAP Operating Margin

Non-GAAP operating margin is calculated by adjusting GAAP operating income for certain items which are deemed by Merit’s management to be outside of core operations and vary in amount and frequency among periods, such as expenses related to new acquisitions, non-cash expenses related to amortization or write-off of previously acquired tangible and intangible assets, severance expenses, performance-based stock compensation expenses, expenses resulting from non-ordinary course litigation, governmental proceedings or changes in industry regulations, as well as other items set forth in the tables below.

Non-GAAP Net Income

Non-GAAP net income is calculated by adjusting GAAP net income (loss) for the items set forth in the definition of non-GAAP operating margin above, as well as for expenses related to debt issuance costs and changes in tax regulations, as well as other items set forth in the tables below.

Non-GAAP EPS

Non-GAAP EPS is defined as non-GAAP net income divided by the diluted shares outstanding for the corresponding period.

Free Cash Flow

Free cash flow is defined as cash flow from operations less capital expenditures as defined by GAAP in the consolidated statement of cash flows.

Other Non-GAAP Financial Measure Reconciliation

The following tables set forth supplemental financial data and corresponding reconciliations of non-GAAP net income and non-GAAP earnings per share to Merit’s net income and earnings per share prepared in accordance with GAAP, in each case, for the three-month periods ended March 31, 2020 and 2019. The non-GAAP income adjustments referenced in the following tables do not reflect non-performance-based stock compensation expense of approximately $2.3 million and $1.8 million for the three-month periods ended March 31, 2020 and 2019, respectively.

6

Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income

(Unaudited, in thousands except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2020

 

    

Pre-Tax

    

Tax Impact (a)

    

After-Tax

    

Per Share Impact

GAAP net income (loss)

 

$

(1,992)

 

$

(1,162)

 

$

(3,154)

 

$

(0.06)

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP adjustments:

 

 

  

 

 

  

 

 

  

 

 

  

Cost of Sales

 

 

  

 

 

  

 

 

  

 

 

  

Amortization of intangibles

 

 

12,818

 

 

(3,303)

 

 

9,515

 

 

0.17

Inventory write-off (b)

 

 

1,431

 

 

(368)

 

 

1,063

 

 

0.02

Operating Expenses

 

 

 

 

 

 

 

 

  

 

 

  

Severance

 

 

1,410

 

 

(363)

 

 

1,047

 

 

0.02

Acquisition-related (c)

 

 

673

 

 

(211)

 

 

462

 

 

0.01

Medical Device Regulation expenses (d)

 

 

299

 

 

(77)

 

 

222

 

 

0.00

Fair value adjustments to contingent consideration (e)

 

 

4,897

 

 

73

 

 

4,970

 

 

0.09

Impairment and other charges (f)

 

 

3,925

 

 

(113)

 

 

3,812

 

 

0.07

Amortization of intangibles

 

 

2,182

 

 

(592)

 

 

1,590

 

 

0.03

Special legal expense (g)

 

 

1,502

 

 

(387)

 

 

1,115

 

 

0.02

Performance-based share-based compensation (h)

 

 

447

 

 

(52)

 

 

395

 

 

0.01

Other (Income) Expense

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of long-term debt issuance costs

 

 

151

 

 

(39)

 

 

112

 

 

0.00

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP net income

 

$

27,743

 

$

(6,594)

 

$

21,149

 

$

0.38

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted shares (i)

 

 

  

 

 

  

 

 

  

 

 

56,015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2019

 

 

Pre-Tax

 

Tax Impact (a)

 

After-Tax

 

Per Share Impact

GAAP net income

    

$

6,846

 

$

(651)

 

$

6,195

 

$

0.11

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP adjustments:

 

 

  

 

 

  

 

 

  

 

 

  

Cost of Sales

 

 

  

 

 

  

 

 

  

 

 

  

Amortization of intangibles

 

 

11,978

 

 

(3,067)

 

 

8,911

 

 

0.16

Inventory mark-up related to acquisitions

 

 

672

 

 

(173)

 

 

499

 

 

0.01

Operating Expenses

 

 

 

 

 

 

 

 

  

 

 

  

Severance

 

 

327

 

 

(84)

 

 

243

 

 

0.00

Acquisition-related (c)

 

 

565

 

 

(145)

 

 

420

 

 

0.01

Fair value adjustments to contingent consideration (e)

 

 

775

 

 

(141)

 

 

634

 

 

0.01

Acquired in-process research and development

 

 

25

 

 

(7)

 

 

18

 

 

0.00

Impairment and other charges (f)

 

 

211

 

 

(54)

 

 

157

 

 

0.00

Amortization of intangibles

 

 

2,809

 

 

(739)

 

 

2,070

 

 

0.04

Special legal expense (g)

 

 

1,663

 

 

(428)

 

 

1,235

 

 

0.02

Other (Income) Expense

 

 

 

 

 

 

 

 

  

 

 

 

Amortization of long-term debt issuance costs

 

 

201

 

 

(52)

 

 

149

 

 

0.00

Tax expense related to restructuring (j)

 

 

 —

 

 

91

 

 

91

 

 

0.00

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP net income

 

$

26,072

 

$

(5,450)

 

$

20,622

 

$

0.37

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted shares

 

 

  

 

 

  

 

 

  

 

 

56,490

 

 

 

7

 

 

 

 

 

Reconciliation of Reported Operating Income to Non-GAAP Operating Income

(Unaudited, in thousands except percentages)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Three Months Ended

 

 

March 31, 2020

 

March 31, 2019

 

    

Amounts

    

% Sales

    

Amounts

    

% Sales

Net Sales as Reported

 

$

243,525

 

 

 

 

$

238,349

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Operating Income

 

 

1,362

 

0.6

%

 

 

9,523

 

4.0

%

Cost of Sales

 

 

 

 

 

  

 

 

 

 

 

  

Amortization of intangibles

 

 

12,818

 

5.3

%

 

 

11,978

 

5.0

%

Inventory write-off (b)

 

 

1,431

 

0.6

%

 

 

 —

 

 —

 

Inventory mark-up related to acquisitions

 

 

 —

 

 —

 

 

 

672

 

0.3

%

Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

 

Severance

 

 

1,410

 

0.6

%

 

 

327

 

0.1

%

Acquisition-related (c)

 

 

673

 

0.3

%

 

 

565

 

0.2

%

Medical Device Regulation expenses (d)

 

 

299

 

0.1

%

 

 

 —

 

 —

 

Fair value adjustment to contingent consideration (e)

 

 

4,897

 

2.0

%

 

 

775

 

0.3

%

Acquired in-process research & development

 

 

 —

 

 —

 

 

 

25

 

0.0

%

Impairment and other charges (f)

 

 

3,925

 

1.6

%

 

 

211

 

0.1

%

Amortization of intangibles

 

 

2,182

 

0.8

%

 

 

2,809

 

1.3

%

Special legal expense (g)

 

 

1,502

 

0.6

%

 

 

1,663

 

0.7

%

Performance-based share-based compensation (h)

 

 

447

 

0.2

%

 

 

 —

 

 —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP Operating Income

 

$

30,946

 

12.7

%

 

$

28,548

 

12.0

%


The following information was filed by Merit Medical Systems Inc (MMSI) on Thursday, April 23, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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