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Mike Piccinino, CFA, IRC
Westwicke - ICR
FOR IMMEDIATE RELEASE
MERIT MEDICAL REPORTS RESULTS FOR
QUARTER ENDED MARCH 31, 2021
|●||Q1 2021 reported revenue of $248.9 million, up 2.2% compared to Q1 2020|
|●||Q1 2021 constant currency revenue, organic* up 0.6% compared to Q1 2020|
|●||Q1 2021 GAAP EPS of $0.19, compared to GAAP loss per share of ($0.06) in Q1 2020|
|●||Q1 2021 non-GAAP EPS* of $0.52, compared to $0.38 in Q1 2020|
* Constant currency revenue; constant currency revenue, organic; core revenue; non-GAAP EPS; non-GAAP net income; non-GAAP operating income and 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, April 29, 2021 -- Merit Medical Systems, Inc. (NASDAQ: MMSI), a leading manufacturer and marketer of proprietary medical devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care and endoscopy, today announced revenue of $248.9 million for the quarter ended March 31, 2021, an increase of 2.2% compared to the prior year period. Constant currency revenue, organic* for the first quarter of 2021 was up 0.6% compared to the prior year period.
Merit’s GAAP gross margin for the first quarter of 2021 was 45.0%, compared to GAAP gross margin of 42.6% for the prior year period. Merit’s non-GAAP gross margin* for the first quarter of 2021 was 49.2%, compared to non-GAAP gross margin* of 48.5% for the prior year period.
Merit’s GAAP net income for the first quarter of 2021 was $11.0 million, or $0.19 per share, compared to a GAAP net loss of ($3.2) million, or ($0.06) per share, for the prior year period. Merit’s non-GAAP net income* for the first quarter of 2021 was $29.9 million, or $0.52 per share, compared to non-GAAP net income* of $21.1 million, or $0.38 per share, for the prior year period.
The following information was filed by Merit Medical Systems Inc (MMSI) on Thursday, April 29, 2021 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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