Merit Medical Systems Inc. (MMSI) Tops Q1 EPS by 16c, Revenues Beat

Merit Medical Systems Inc. (NASDAQ: MMSI) reported Q1 EPS of $0.52, $0.16 better than the analyst estimate of $0.36. Revenue for the quarter came in at $248.9 million versus the consensus estimate of $230.85 million.

“Despite a slow start to fiscal year 2021 as a result of continued challenges in the operating environment due to COVID-19, we saw measured improvements as we moved through the first quarter, and we delivered better-than-expected revenue results due in large part to a record month of March,” said Fred P. Lampropoulos, Merit’s Chairman and Chief Executive Officer. “We are also proud of the strong financial results we delivered in the first quarter; we leveraged low single-digit revenue growth to drive impressive growth in our non-GAAP operating income* and non-GAAP net income*, which increased 26% and 41%, respectively, compared to the prior year period. Importantly, we continue to make progress towards our goal of enhancing Merit’s long-term growth and profitability profile, as evidenced by the $29 million of free cash flow* we generated in the first quarter.”

Mr. Lampropoulos continued: “We are pleased with the solid start to the year and remain cautiously optimistic in our outlook for measured improvement in the operating environment as we move through the remainder of 2021. We remain confident in our 2021 guidance for total revenue growth, on a constant currency basis*, in the low-to-mid single digits year-over-year and, importantly, excluding the impact of divestitures and product sales that uniquely benefitted from pandemic-related demand trends in 2020, our constant currency revenue guidance* continues to reflect growth in the mid-to-high single digits year-over-year in 2021. We also continue to expect profitability improvement and notable free cash flow generation driven by strong execution and contributions from our multi-year strategic initiatives driven by our Foundations for Growth Program.”

For earnings history and earnings-related data on Merit Medical Systems Inc. (MMSI) click here.

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