Susquehanna Maintains a 'Positive' on Merit Medical Systems (MMSI) Followin Q1 Results
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Susquehanna maintains a 'Positive' rating on Merit Medical Systems Inc. (Nasdaq: MMSI). Price target $16.00.
Susquehanna analyst says, "We are maintaining our Positive rating on Merit Medical following yesterday's release of 1Q09 results. In what has been a growing trend in Medtech this earnings season - light on revenue, bottom-line meet or beat - MMSI reported total sales of $58.4 mln (+9% Y/Y), which was just a bit shy of estimates ($500K below our estimate and $1 mln below consensus), and operating EPS of $0.20 that topped estimates ($0.02 above our estimate). Importantly, the company closed the recent Alveolus and Biosearch Medical Products acquisitions, which add an immediate revenue base (not solely R&D projects), perhaps allowing to Merit deliver double-digit top and bottom-line growth for the next two years. Further, MMSI should have the opportunity for meaningful geographic expansion, as the Alveolus footprint was formerly only about two-thirds of the country (and was very limited OUS)."
Merit Medical Systems, Inc produces single-use medical products. The products are designed to enable physicians and other health care professionals to perform interventional and diagnostic procedures safely and effectively.
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