Merit Medical Systems (NASDAQ:MMSI) Issues Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Merit Medical Systems (NASDAQ:MMSI) released its quarterly earnings results on Tuesday. The medical instruments supplier reported $0.77 EPS for the quarter, beating the consensus estimate of $0.71 by $0.06, Briefing.com reports. Merit Medical Systems had a net margin of 7.94% and a return on equity of 15.11%. The business had revenue of $323.51 million for the quarter, compared to the consensus estimate of $315.57 million. During the same period in the prior year, the company posted $0.64 earnings per share. Merit Medical Systems’s revenue was up 8.7% compared to the same quarter last year. Merit Medical Systems updated its FY24 guidance to $3.28 to $3.35 EPS and its FY 2024 guidance to 3.280-3.350 EPS.

Merit Medical Systems Trading Up 3.4 %

Shares of Merit Medical Systems stock opened at $76.63 on Thursday. The firm’s 50 day moving average is $74.26 and its 200 day moving average is $73.99. The firm has a market capitalization of $4.45 billion, a PE ratio of 44.04, a price-to-earnings-growth ratio of 2.07 and a beta of 0.91. Merit Medical Systems has a 1 year low of $62.58 and a 1 year high of $85.62. The company has a current ratio of 5.45, a quick ratio of 3.95 and a debt-to-equity ratio of 0.68.

Insider Activity at Merit Medical Systems

In other Merit Medical Systems news, CFO Raul Jr. Parra sold 6,480 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $73.95, for a total transaction of $479,196.00. Following the sale, the chief financial officer now owns 12,007 shares of the company’s stock, valued at $887,917.65. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CFO Raul Jr. Parra sold 6,480 shares of Merit Medical Systems stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $73.95, for a total transaction of $479,196.00. Following the sale, the chief financial officer now directly owns 12,007 shares of the company’s stock, valued at $887,917.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Joseph Wright sold 25,000 shares of the business’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $75.68, for a total value of $1,892,000.00. Following the sale, the insider now owns 42,223 shares in the company, valued at $3,195,436.64. The disclosure for this sale can be found here. Insiders sold a total of 49,637 shares of company stock valued at $3,751,673 in the last quarter. Insiders own 3.70% of the company’s stock.

Analyst Upgrades and Downgrades

MMSI has been the subject of a number of analyst reports. CL King began coverage on shares of Merit Medical Systems in a research report on Thursday, April 11th. They issued a “buy” rating and a $88.00 price target for the company. Bank of America began coverage on Merit Medical Systems in a research report on Wednesday, February 7th. They set a “neutral” rating and a $87.00 target price for the company. Canaccord Genuity Group decreased their price target on Merit Medical Systems from $112.00 to $102.00 and set a “buy” rating on the stock in a research report on Wednesday. StockNews.com upgraded shares of Merit Medical Systems from a “hold” rating to a “buy” rating in a research note on Thursday. Finally, Needham & Company LLC decreased their target price on shares of Merit Medical Systems from $88.00 to $85.00 and set a “buy” rating on the stock in a report on Wednesday. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, Merit Medical Systems presently has an average rating of “Moderate Buy” and a consensus target price of $92.78.

Merit Medical Systems Company Profile

Merit Medical Systems, Inc designs, develops, manufactures, and markets single-use medical products for interventional, diagnostic, and therapeutic procedures in the United States and internationally. It operates in two segments, Cardiovascular and Endoscopy. The company provides micropuncture kits, angiographic needles, sheaths, guide wires, and safety products; peripheral intervention, including angiography, drainage, delivery systems, and embolotherapy products; spine products, such as vertebral augmentation, radiofrequency ablation, and bone biopsy systems; oncology products; and cardiac intervention products, such as access, angiography, electrophysiology and cardiac rhythm management, fluid management, hemodynamic monitoring, hemostasis, and intervention to treat various heart conditions.