MMSI

MKT CAP:$4B

Merit Medical Systems, Inc.

Market Cap

$4B

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

Healthcare·Medical·🇺🇸·NASDAQ

Stock Price

$69.72-$16.73 (-19.35%)

Apr 22, 2026

Company Details

Merit Medical Systems, Inc. designs, develops, manufactures, and markets single-use medical products for interventional, diagnostic, and therapeutic procedures, primarily in cardiology, radiology, oncology, critical care, and endoscopy. The...

CEO

Martha Goldberg Aronson

IPO Date

May 14, 1990

Website

www.merit.com

Key Metrics TTM

Revenue

$1.5B

+11.8% YoY

Net Income

$128M

EPS (Diluted)

$2.12

Free Cash Flow

$252M

Revenue / Share

$25.25

Gross Margin

48.7%

Operating Margin

12.2%

Net Margin

8.5%

FCF Margin

16.6%

P/S

2.7x

P/E

31.7x

Earnings Reports

Q1 2026

Apr 30, 2026

PENDING

FY 2025

Feb 24, 2026

$1.5B+11.8%EPS $2.13

Q4 2025

Feb 24, 2026

$394M+10.9%EPS $0.63

Q3 2025

Oct 30, 2025

$384M+13.0%EPS $0.46

Q2 2025

Jul 30, 2025

$382M+13.2%EPS $0.54

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$275M	$121M	$15M
Q2 22	$295M	$135M	$23M
Q3 22	$287M	$129M	$19M
Q4 22	$293M	$135M	$30M
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

Valuation

Quarter	P/S	P/E
Q1 22	3.3x	74.5x
Q2 22	2.8x	53.3x
Q3 22	2.9x	53.6x
Q4 22	3.5x	53.5x
Q1 23	3.6x	50.3x
Q2 23	4.0x	53.1x
Q3 23	3.2x	38.8x
Q4 23	3.6x	47.8x
Q1 24	3.4x	42.8x
Q2 24	3.8x	42.4x
Q3 24	4.3x	47.9x
Q4 24	4.1x	46.7x
Q1 25	4.5x	50.6x
Q2 25	3.8x	46.2x
Q3 25	3.2x	40.4x
Q4 25	3.4x	40.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$12M	$2M
Q2 22	$39M	$32M
Q3 22	$35M	$20M
Q4 22	$28M	$16M
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

Quarter	CapEx
Q1 22	$10M
Q2 22	$7M
Q3 22	$16M
Q4 22	$12M
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

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+10.6%	+10.8%
Q2 22	+5.2%	+0.1%
Q3 22	+7.5%	+6.9%
Q4 22	+5.4%	+2.5%
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 22	$5M	1.7%
Q2 22	$4M	1.5%
Q3 22	$5M	1.6%
Q4 22	$4M	1.5%
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 22	$17M	$84M
Q2 22	$18M	$85M
Q3 22	$19M	$90M
Q4 22	$20M	$83M
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 22	$267M	$8M
Q2 22	$287M	$8M
Q3 22	$279M	$8M
Q4 22	$286M	$8M
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 22	$54M	$0	$54M
Q2 22	$63M	$0	$63M
Q3 22	$51M	$0	$51M
Q4 22	$58M	$0	$58M
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

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	58M	-0.2%	+1.0%
Q2 22	58M	+0.1%	+0.6%
Q3 22	58M	-0.0%	+0.1%
Q4 22	58M	+0.7%	+0.6%
Q1 23	58M	+0.4%	+1.1%
Q2 23	58M	+0.5%	+1.5%
Q3 23	58M	-0.2%	+1.4%
Q4 23	58M	+0.0%	+0.7%
Q1 24	59M	+0.3%	+0.7%
Q2 24	59M	+0.3%	+0.5%
Q3 24	60M	+1.4%	+2.0%
Q4 24	61M	+1.8%	+3.8%
Q1 25	61M	+1.1%	+4.6%
Q2 25	61M	-1.1%	+3.2%
Q3 25	60M	-1.1%	+0.6%
Q4 25	60M	+0.2%	-1.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$42.7K	6K
Q2 22	$45.8K	6K
Q3 22	$44.6K	6K
Q4 22	$42.9K	7K
Q1 23	$43.5K	7K
Q2 23	$46.8K	7K
Q3 23	$46.0K	7K
Q4 23	$46.5K	7K
Q1 24	$46.5K	7K
Q2 24	$48.6K	7K
Q3 24	$48.9K	7K
Q4 24	$48.0K	7K
Q1 25	$48.0K	7K
Q2 25	$51.7K	7K
Q3 25	$51.9K	7K
Q4 25	$52.5K	8K

Revenue / Employee