Merit Medical Systems reports Q3 2025 results

Item 2.02. Results of Operations and Financial Condition .

On October 30, 2025, Merit Medical Systems, Inc. ("Merit") issued a press release announcing its operating and financial results for the quarter ended September 30, 2025.¹ A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated herein by reference.

Item 7.01. Regulation FD Disclosure .

On October 30, 2025, Merit is conducting a conference call to discuss its operating and financial results for the quarter ended September 30, 2025.² A live webcast and slide presentation will also be available for the conference call on the Merit's website. A copy of the slide presentation is furnished as Exhibit 99.2 to this report and incorporated herein by reference.

The information contained in Item 2.02 and Item 7.01 of this Current Report on Form 8-K (including the exhibits attached hereto) is furnished pursuant to General Instruction B.2. of Form 8-K and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing made by Merit under the Securities Act of 1933, as amended, or the Exchange Act.

In addition to disclosing results that are determined in accordance with Generally Accepted Accounting Principles ("GAAP"), Merit is disclosing non-GAAP financial information in both the press release announcing its operating and financial results and the conference call presentation. Reconciliations of certain of these non-GAAP financial measures to the comparable GAAP financial measures are included in the press release and conference call presentation attached as Exhibit 99.1 and 99.2, respectively, to this report. Merit does not provide guidance for GAAP reported financial measures (other than revenue) or a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP reported financial measures (other than revenue) because Merit is unable to predict with reasonable certainty the financial impact of items such as expenses related to acquisitions or other extraordinary transactions, non-cash expenses related to amortization or write-off of previously acquired tangible and intangible assets, certain severance expenses, performance-based stock compensation expenses, expenses resulting from non-ordinary course litigation or administrative proceedings and resulting settlements, governmental proceedings, and changes in governmental or industry regulations. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period. For the same reasons, Merit is unable to address the significance of the unavailable information, which could be material to future results. Specifically, Merit is not, without unreasonable effort, able to reliably predict the impact of these items and Merit believes inclusion of a reconciliation of these forward-looking non-GAAP figures to their GAAP counterparts could be confusing to investors or cause undue reliance.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

EXHIBIT NUMBER DESCRIPTION

99.1

Press Release, dated October 30 , 2025 , entitled "Merit Medical Reports Third Quarter 2025 Results and Updates Full-Year Guidance" including unaudited financial information.

99.2

Conference Call Presentation

104

The cover page from this Current Report on Form 8-K, formatted in Inline XBRL

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.³

MERIT MEDICAL SYSTEMS, INC.

Date: October 30, 2025

By:

/s/ Brian G. Lloyd

Brian G. Lloyd

Chief Legal Officer and Corporate Secretary

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Contacts:

PR/Media Inquiries:

Sarah Comstock

Merit Medical

Investor Inquiries:

Mike Piccinino, CFA, IRC

ICR Healthcare

sarah.comstock@merit.com

mike.piccinino@icrhealthcare.com

FOR IMMEDIATE RELEASE MERIT MEDICAL REPORTS THIRD QUARTER 2025 RESULTS AND UPDATES FULL-YEAR GUIDANCE

Highlights†

● Reported revenue of $384.2 million, up 13.0%

● Constant currency revenue* and constant currency revenue, organic* up 12.5% and up 7.8%, respectively

● GAAP operating margin of 11.1%, compared to 11.0% in prior year period

● Non-GAAP operating margin* of 19.7%, compared to 19.2% in prior year period

† Comparisons above are calculated for the current quarter compared with the third quarter of 2024, unless otherwise specified. Amounts stated in this release are rounded, while percentages are calculated from the underlying amounts.

* Constant currency revenue; constant currency revenue, organic; non-GAAP gross profit and margin; non-GAAP operating income and margin; non-GAAP net income; non-GAAP EPS; and free cash flow figures (used here and below) are non-GAAP financial measures. A reconciliation of these financial measures to their most directly comparable GAAP financial measures is included under the heading "Non-GAAP Financial Measures" below.

SOUTH JORDAN, Utah, October 30, 2025 -- Merit Medical Systems, Inc. (NASDAQ: MMSI), a leading global manufacturer and marketer of healthcare technology, today announced revenue of $384.2 million for the quarter ended September 30, 2025, an increase of 13.0% compared to the quarter ended September 30, 2024.⁴ Constant currency revenue for the third quarter of 2025 increased 12.5% compared to the prior year period and constant currency revenue, organic, for the third quarter of 2025 increased 7.8% compared to the prior year period.⁵

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"Merit delivered better-than-expected financial performance in the third quarter, with top and bottom-line results exceeding the high-end of the company's expectations," said Martha G. Aronson, Merit's President and CEO. "We have increased our 2025 revenue and non-GAAP earnings per share guidance to reflect the stronger-than-expected third quarter results and remain confident in our team's ability to deliver strong execution, stable constant currency growth, improving profitability and solid cash flow generation this year."

Ms. Aronson continued: "I am proud to join the Merit Medical team and am committed to working closely with the executive leadership team, Fred and the rest of Merit's Board of Directors to achieve a smooth transition and continued strong execution towards our Continued Growth Initiatives Program and related financial targets for the three-year period ending December 31, 2026."

Merit's revenue by operating segment and product category for the three and nine-month periods ended September 30, 2025 and 2024 was as follows (unaudited; in thousands, except for percentages):

Three Months Ended

Reported

Constant Currency*

September 30,

Impact of foreign

September 30,

2025

2024 (1)

% Change exchange

2025

% Change

Cardiovascular

Peripheral Intervention

$

144,781

$

133,083

8.8

%

$

(602)

$

144,179

8.3

%

Cardiac Intervention

116,682

90,240

29.3

%

(719)

115,963

28.5

%

Custom Procedural Solutions

54,136

50,455

7.3

%

(441)

53,695

6.4

%

OEM

50,826

49,077

3.6

%

(150)

50,676

3.3

%

Total

366,425

322,855

13.5

%

(1,912)

364,513

12.9

%

Endoscopy

Endoscopy Devices

17,732

16,990

4.4

%

(14)

17,718

4.3

%

Total

$

384,157

$

339,845

13.0

%

$

(1,926)

$

382,231

12.5

%

Nine Months Ended

Reported

Constant Currency *

September 30,

Impact of foreign

September 30,

2025

2024 (1)

% Change exchange

2025

% Change

Cardiovascular

Peripheral Intervention

$

424,907

$

397,535

6.9

%

$

444

$

425,351

7.0

%

Cardiac Intervention

331,674

273,723

21.2

%

(330)

331,344

21.1

%

Custom Procedural Solutions

155,712

149,110

4.4

%

(666)

155,046

4.0

%

OEM

156,870

143,676

9.2

%

(221)

156,649

9.0

%

Total

1,069,163

964,044

10.9

%

(773)

1,068,390

10.8

%

Endoscopy

Endoscopy Devices

52,807

37,312

41.5

%

(5)

52,802

41.5

%

Total

$

1,121,970

$

1,001,356

12.0

%

$

(778)

$

1,121,192

12.0

%

(1) Commencing January 1, 2025, we reorganized our sales teams and product categories to include revenues from the sale of our spine devices under our OEM product category. Revenue figures for 2024 have been recast to reflect this realignment of our portfolio of spine products, representing approximately $5.7 million and $16.7 million in revenue for the three and nine-month periods ended September 30, 2024, within the OEM product category to provide comparability between the reported periods.⁶

Merit's GAAP gross margin for the third quarter of 2025 was 48.5%, compared to GAAP gross margin of 46.4% for the third quarter of 2024. Merit's non-GAAP gross margin* for the third quarter of 2025 was 53.6%, compared to non-GAAP gross margin* of 50.9% for the third quarter of 2024.

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Merit's GAAP net income for the third quarter of 2025 was $27.8 million, or $0.46 per share, compared to GAAP net income of $28.4 million, or $0.48 per share, for the third qu