MMSI (Merit Medical Systems, Inc.) Stock Financials & Earnings | Market Cap Arena

MMSI (Merit Medical Systems, Inc.) Stock Financials & Earnings | Market Cap Arena

MMSIMerit Medical Systems, Inc.

Mkt Cap$4B

Healthcare·Medical - Instruments & Supplies·🇺🇸 United States·NASDAQ

Revenue (TTM)$1.5B

Net Income (TTM)$128M

EPS (TTM)$2.12

Free Cash Flow (TTM)$252M

Gross Margin48.7%

Op. Margin12.2%

Net Margin8.5%

FCF Margin16.6%

P/S Ratio (TTM)2.8x

P/E Ratio (TTM)32.7x

YoY Rev Growth+11.8%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$298M	$138M	$26M
Q2 23	$320M	$153M	$29M
Q3 23	$315M	$142M	$35M
Q4 23	$323M	$135M	$33M
Q1 24	$324M	$152M	$36M
Q2 24	$338M	$161M	$46M
Q3 24	$340M	$158M	$37M
Q4 24	$355M	$173M	$37M
Q1 25	$355M	$172M	$41M
Q2 25	$382M	$184M	$47M
Q3 25	$384M	$186M	$43M
Q4 25	$394M	$195M	$54M

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	3.6x	49.6x
Q2 23	3.5x	46.8x
Q3 23	3.4x	41.9x
Q4 23	3.3x	44.5x
Q1 24	3.3x	41.2x
Q2 24	3.2x	35.8x
Q3 24	3.2x	35.0x
Q4 24	3.1x	34.9x
Q1 25	3.0x	34.3x
Q2 25	2.9x	35.2x
Q3 25	2.8x	35.5x
Q4 25	2.8x	32.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$15M	$2M
Q2 23	$17M	$12M
Q3 23	$51M	$42M
Q4 23	$62M	$54M
Q1 24	$36M	$24M
Q2 24	$69M	$57M
Q3 24	$47M	$37M
Q4 24	$69M	$65M
Q1 25	$41M	$19M
Q2 25	$83M	$105M
Q3 25	$75M	$52M
Q4 25	$99M	$77M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$13M
Q2 23	$6M
Q3 23	$9M
Q4 23	$8M
Q1 24	$13M
Q2 24	$11M
Q3 24	$10M
Q4 24	$4M
Q1 25	$22M
Q2 25	$22M
Q3 25	$23M
Q4 25	$22M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+8.0%	+4.2%
Q2 23	+8.5%	+7.2%
Q3 23	+9.8%	+4.3%
Q4 23	+10.2%	+10.5%
Q1 24	+8.7%	+6.0%
Q2 24	+5.6%	+0.3%
Q3 24	+7.8%	+8.0%
Q4 24	+9.9%	+9.7%
Q1 25	+9.8%	+9.3%
Q2 25	+13.2%	+14.9%
Q3 25	+13.0%	+12.9%
Q4 25	+10.9%	+6.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$4M	1.3%
Q2 23	$6M	1.7%
Q3 23	$6M	1.8%
Q4 23	$6M	1.9%
Q1 24	$5M	1.6%
Q2 24	$7M	2.1%
Q3 24	$7M	2.0%
Q4 24	$10M	2.7%
Q1 25	$9M	2.6%
Q2 25	$11M	2.8%
Q3 25	$14M	3.5%
Q4 25	$10M	2.5%

OpEx Breakdown

Quarter	R&D	SG&A
Q1 23	$21M	$90M
Q2 23	$20M	$101M
Q3 23	$20M	$87M
Q4 23	$22M	$81M
Q1 24	$21M	$94M
Q2 24	$20M	$95M
Q3 24	$21M	$100M
Q4 24	$25M	$108M
Q1 25	$22M	$107M
Q2 25	$24M	$113M
Q3 25	$24M	$120M
Q4 25	$27M	$115M

Revenue Segments

Quarter	Cardiovascular	Endoscopy
Q1 23	$288M	$10M
Q2 23	$311M	$9M
Q3 23	$306M	$9M
Q4 23	$315M	$9M
Q1 24	$313M	$10M
Q2 24	$328M	$10M
Q3 24	$323M	$17M
Q4 24	$338M	$17M
Q1 25	$339M	$17M
Q2 25	$364M	$18M
Q3 25	$366M	$18M
Q4 25	$374M	$20M

Revenue by Geography

Quarter	Non-US	United States
Q2 24	$143M	$195M
Q3 24	$133M	$206M
Q1 25	$142M	$214M
Q2 25	$155M	$227M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$58M	$0	$58M
Q2 23	$74M	$0	$74M
Q3 23	$61M	$0	$61M
Q4 23	$587M	$2M	$589M
Q1 24	$584M	$0	$584M
Q2 24	$639M	$0	$639M
Q3 24	$523M	$0	$523M
Q4 24	$377M	$0	$377M
Q1 25	$396M	$0	$396M
Q2 25	$344M	$0	$344M
Q3 25	$392M	$0	$392M
Q4 25	$449M	$0	$449M

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	58M	+0.4%
Q2 23	58M	+0.5%
Q3 23	58M	-0.2%
Q4 23	58M	+0.0%
Q1 24	59M	+0.3%
Q2 24	59M	+0.3%
Q3 24	60M	+1.4%
Q4 24	61M	+1.8%
Q1 25	61M	+1.1%
Q2 25	61M	-1.1%
Q3 25	60M	-1.1%
Q4 25	60M	+0.2%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$164K	3K
FY 15	$144K	4K
FY 16	$146K	4K
FY 17	$149K	5K
FY 18	$153K	6K
FY 19	$157K	6K
FY 20	$161K	6K
FY 21	$167K	6K
FY 22	$168K	7K
FY 23	$181K	7K
FY 24	$183K	7K
FY 25	$202K	8K