Merit Medical Systems (NASDAQ:MMSI) Posts Earnings Results

Merit Medical Systems (NASDAQ:MMSI) issued its quarterly earnings results on Tuesday. The medical instruments supplier reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.06, Briefing.com reports. The firm had revenue of $323.51 million for the quarter, compared to analyst estimates of $315.57 million. Merit Medical Systems had a return on equity of 14.63% and a net margin of 7.51%. The firm’s quarterly revenue was up 8.7% on a year-over-year basis. During the same period last year, the company earned $0.64 EPS. 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 Stock Down 1.3 %

Shares of NASDAQ:MMSI opened at $74.10 on Wednesday. The stock has a 50-day simple moving average of $74.31 and a 200-day simple moving average of $73.97. The stock has a market capitalization of $4.30 billion, a P/E ratio of 45.74, a PEG ratio of 2.09 and a beta of 0.89. The company has a debt-to-equity ratio of 0.68, a quick ratio of 3.95 and a current ratio of 5.45. Merit Medical Systems has a 1 year low of $62.58 and a 1 year high of $85.62.

Wall Street Analyst Weigh In

MMSI has been the subject of several recent analyst reports. StockNews.com cut Merit Medical Systems from a “buy” rating to a “hold” rating in a report on Wednesday, April 24th. Oppenheimer lifted their price target on Merit Medical Systems from $82.00 to $87.00 and gave the company an “outperform” rating in a report on Thursday, February 29th. Canaccord Genuity Group lifted their price target on Merit Medical Systems from $102.00 to $112.00 and gave the company a “buy” rating in a report on Thursday, February 29th. Piper Sandler lifted their price target on Merit Medical Systems from $88.00 to $95.00 and gave the company an “overweight” rating in a report on Friday, January 12th. Finally, Raymond James lifted their price target on Merit Medical Systems from $84.00 to $89.00 and gave the company an “outperform” rating in a report on Tuesday, January 30th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Merit Medical Systems currently has an average rating of “Moderate Buy” and an average target price of $93.44.

Insider Buying and Selling

In related news, CFO Raul Jr. Parra sold 6,480 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $73.95, for a total transaction of $479,196.00. Following the transaction, the chief financial officer now directly owns 12,007 shares of the company’s stock, valued at approximately $887,917.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO Raul Jr. Parra sold 6,480 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $73.95, for a total transaction of $479,196.00. Following the transaction, the chief financial officer now directly owns 12,007 shares of the company’s stock, valued at approximately $887,917.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Joseph Wright sold 25,000 shares of the business’s stock in a transaction that occurred on 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 transaction, the insider now directly owns 42,223 shares in the company, valued at $3,195,436.64. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 49,637 shares of company stock valued at $3,751,673. Corporate insiders own 3.70% of the company’s stock.

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.