Stock MMSI MERIT MEDICAL SYSTEMS, INC.
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Financials Merit Medical Systems, Inc.

Equities

MMSI

US5898891040

Medical Equipment, Supplies & Distribution

Real-time Estimate Cboe BZX
Other stock markets
 02:19:51 2024-05-03 pm EDT 		5-day change 1st Jan Change
78.6 USD +2.06% Intraday chart for Merit Medical Systems, Inc. +6.00% +2.96%
May. 01 Barrington Raises Adjusts Price Target on Merit Medical Systems to $100 From $98, Maintains Outperform Rating MT
Apr. 30 Transcript : Merit Medical Systems, Inc., Q1 2024 Earnings Call, Apr 30, 2024

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 1,724 3,083 3,517 4,020 4,387 4,475 - -
Enterprise Value (EV) 1 1,724 3,083 3,517 4,020 4,387 4,475 4,475 4,475
P/E ratio 312 x -308 x 74.2 x 54.7 x 46.9 x 34.5 x 29.8 x 27.4 x
Yield - - - - - - - -
Capitalization / Revenue 1.73 x 3.2 x 3.27 x 3.49 x 3.49 x 3.38 x 3.21 x 3.04 x
EV / Revenue 1.73 x 3.2 x 3.27 x 3.49 x 3.49 x 3.38 x 3.21 x 3.04 x
EV / EBITDA 11.6 x 18.8 x 17 x 17.6 x 16.7 x 15.5 x 15.4 x 14.5 x
EV / FCF -4,788 x 25.9 x 29.5 x 58 x 39.6 x 34.1 x 21.9 x 29.1 x
FCF Yield -0.02% 3.87% 3.39% 1.72% 2.53% 2.93% 4.56% 3.44%
Price to Book - - - - - - - -
Nbr of stocks (in thousands) 55,209 55,547 56,458 56,919 57,750 58,106 - -
Reference price 2 31.22 55.51 62.30 70.62 75.96 77.02 77.02 77.02
Announcement Date 2/24/20 2/24/21 2/24/22 2/22/23 2/28/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 994.9 963.9 1,075 1,151 1,257 1,323 1,396 1,472
EBITDA 1 149.1 164.2 206.9 228.5 262.2 288.7 290.2 308.5
EBIT 1 117.6 132.5 172.5 195.1 228.3 247.8 273.9 304
Operating Margin 11.82% 13.75% 16.05% 16.95% 18.15% 18.73% 19.62% 20.65%
Earnings before Tax (EBT) 1 2.193 -13.23 53.92 82.63 112.1 159.8 188.9 207
Net income 1 5.451 -9.843 48.45 74.52 94.41 130.1 151.5 158.9
Net margin 0.55% -1.02% 4.51% 6.47% 7.51% 9.83% 10.85% 10.79%
EPS 2 0.1000 -0.1800 0.8400 1.290 1.620 2.232 2.588 2.810
Free Cash Flow 1 -0.36 119.2 119.3 69.26 110.9 131.2 204.2 154
FCF margin -0.04% 12.37% 11.1% 6.02% 8.82% 9.91% 14.63% 10.46%
FCF Conversion (EBITDA) - 72.58% 57.66% 30.32% 42.29% 45.43% 70.38% 49.93%
FCF Conversion (Net income) - - 246.2% 92.95% 117.42% 100.82% 134.77% 96.96%
Dividend per Share 2 - - - - - - - -
Announcement Date 2/24/20 2/24/21 2/24/22 2/22/23 2/28/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 278.5 275.4 295 287.2 293.4 297.6 320.1 315.2 324.5 323.5 334.6 326.5 338.6 338.2 352.1
EBITDA 1 56.9 48.52 64.76 54.53 60.66 56.22 71.93 66.28 67.72 64.9 73.75 70.91 75.01 77.02 -
EBIT 1 48.36 40.22 56.42 46.16 52.33 47.96 63.56 57.69 59.04 55.87 65.55 61.35 65 63.13 70.92
Operating Margin 17.37% 14.6% 19.13% 16.07% 17.84% 16.12% 19.86% 18.3% 18.19% 17.27% 19.59% 18.79% 19.2% 18.67% 20.14%
Earnings before Tax (EBT) 1 20.18 14.17 20.7 17.6 30.16 25.5 24.9 30.22 31.47 34.35 42.04 39.2 44.18 33.31 47.47
Net income 1 20.61 10.54 15.3 15.27 33.4 20.7 20.24 25.83 27.63 28.24 34.39 31.83 35.66 29.31 39.18
Net margin 7.4% 3.83% 5.19% 5.32% 11.38% 6.96% 6.33% 8.2% 8.51% 8.73% 10.28% 9.75% 10.53% 8.67% 11.13%
EPS 2 0.3600 0.1800 0.2700 0.2700 0.5800 0.3600 0.3500 0.4400 0.4700 0.4800 0.5940 0.5440 0.6060 0.4967 0.6633
Dividend per Share - 1.856 - - - - - - - - - - - - -
Announcement Date 2/24/22 4/27/22 7/27/22 10/26/22 2/22/23 4/26/23 7/25/23 10/26/23 2/28/24 4/30/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt - - - - - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 -0.36 119 119 69.3 111 131 204 154
ROE (net income / shareholders' equity) 0.6% -1.03% 4.85% 6.82% 8.05% 10.5% 10.5% -
ROA (Net income/ Total Assets) 0.3% -0.58% 2.93% 4.5% 4.73% 5.2% 6.2% -
Assets 1 1,817 1,711 1,656 1,656 1,995 2,502 2,444 -
Book Value Per Share - - - - - - - -
Cash Flow per Share 2 1.380 2.980 - - 2.490 3.580 4.220 -
Capex 1 78.2 46 27.9 45 34.3 56.7 62.5 70
Capex / Sales 7.86% 4.77% 2.6% 3.91% 2.73% 4.28% 4.48% 4.75%
Announcement Date 2/24/20 2/24/21 2/24/22 2/22/23 2/28/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Merit Medical Systems, Inc.

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
10
Last Close Price
77.02 USD
Average target price
92 USD
Spread / Average Target
+19.45%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Other Medical Equipment, Supplies & Distribution
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