Merit Medical Systems reports $27.76 million net income for Q3 2025
- Form
- 10-Q
- Filed
- Importance
- Notable
- Accession
- 0000856982-25-000056
- Revenue of $384.16 million for the three months ended Sep 30, 2025
- Net income of $27.76 million for the three months ended Sep 30, 2025
- Diluted EPS of $0.46 for the three months ended Sep 30, 2025
- Cash and equivalents of $392.46 million as of Sep 30, 2025
Written from the 10-Q on EDGAR. Check the filing before you rely on it.
The reading, claim by claim
1 of 4 claims matched the filing text.
Not found in the filing text
- See condensed notes to consolidated financial statements.
- See condensed notes to consolidated financial statements.
- See condensed notes to consolidated financial statements.
For perspective, checked against its own source
From the 10-Q for the quarter ended September 30, 2026
- For the quarter ended September 30, 2026, MERIT MEDICAL SYSTEMS INC reported: Revenue $416.2 million.
- Net income $42.3 million.
- Gross margin 48.2%.
- Operating margin 14.1%.
- Net margin 10.2%.
- Revenue change from a year earlier +8.4%.
From the filing
ITEM 1. FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS MERIT MEDICAL SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
(In thousands)
September 30,
December 31,
ASSETS
2025
2024 (unaudited)
Current assets:
Cash and cash equivalents
$
392,457
$
376,715
Trade receivables — net of allowance for credit losses — 2025 — $ 10,113 and 2024 — $ 9,729
210,292
190,243
Other receivables
19,062
16,588
Inventories
326,550
306,063
Prepaid expenses and other current assets
31,369
28,544
Prepaid income taxes
3,651
3,286
Income tax refund receivables
2,152
2,335
Total current assets
985,533
923,774
Property and equipment:
Land and land improvements
30,457
25,846
Buildings
198,563
192,296
Manufacturing equipment
357,135
340,864
Furniture and fixtures
64,115
61,321
Leasehold improvements
62,067
58,770
Construction-in-progress
83,417
58,673
Total property and equipment
795,754
737,770
Less accumulated depreciation
( 377,750 )
( 351,605 )
Property and equipment — net
418,004
386,165
Other assets:
Intangible assets:
Developed technology — net of accumulated amortization — 2025 — $ 433,630 and 2024 — $ 377,993
468,819
431,766
Other — net of accumulated amortization — 2025 — $ 93,600 and 2024 — $ 85,343
69,581
66,499
Goodwill
507,427
463,511
Deferred income tax assets
16,284
16,044
Right-of-use operating lease assets
88,496
65,508
Other assets
76,854
65,336
Total other assets
1,227,461
1,108,664
Total assets
$
2,630,998
$
2,418,603
See condensed notes to consolidated financial statements.1
(continued)
3
Table of Contents
MERIT MEDICAL SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
(In thousands)
September 30,
December 31,
LIABILITIES AND STOCKHOLDERS' EQUITY
2025
2024 (unaudited)
Current liabilities:
Trade payables
$
64,746
$
68,502
Accrued expenses
147,377
134,077
Short-term operating lease liabilities
10,612
10,331
Income taxes payable
7,740
3,492
Total current liabilities
230,475
216,402
Long-term debt
732,916
729,551
Deferred income tax liabilities
26,707
240
Liabilities related to unrecognized tax benefits
2,169
2,118
Deferred compensation payable
17,083
19,197
Deferred credits
1,424
1,502
Long-term operating lease liabilities
77,624
54,783
Other long-term obligations
13,192
15,451
Total liabilities
1,101,590
1,039,244
Commitments and contingencies
Stockholders' equity:
Preferred stock — 5,000 shares authorized; no shares issued as of September 30, 2025 and December 31, 2024
—
—
Common stock, no par value — 100,000 shares authorized; issued and outstanding as of September 30, 2025 - 59,290 and December 31, 2024 - 58,743
747,103
703,219
Retained earnings
786,024
695,541
Accumulated other comprehensive loss
( 3,719 )
( 19,401 )
Total stockholders' equity
1,529,408
1,379,359
Total liabilities and stockholders' equity
$
2,630,998
$
2,418,603
See condensed notes to consolidated financial statements.
(concluded)
4
Table of Contents
MERIT MEDICAL SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts - unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2025
2024
2025
2024
Net sales
$
384,157
$
339,845
$
1,121,970
$
1,001,356
Cost of sales
197,746
182,310
579,052
531,006
Gross profit
186,411
157,535
542,918
470,350
Operating expenses:
Selling, general and administrative
119,801
99,644
340,384
288,657
Research and development
23,966
20,527
70,811
62,272
Contingent consideration expense
32
103
1,198
292
Total operating expenses
143,799
120,274
412,393
351,221
Income from operations
42,612
37,261
130,525
119,129
Other income (expense):
Interest income
3,615
6,652
11,166
21,489
Interest expense
( 6,754 )
( 7,501 )
( 20,097 )
( 23,226 )
Other (expense) income — net
( 933 )
245
( 1,717 )
( 544 )
Total other expense — net
( 4,072 )
( 604 )
( 10,648 )
( 2,281 )
Income before income taxes
38,540
36,657
119,877
116,848
Income tax expense
10,785
8,213
29,394
24,438
Net income
$
27,755
$
28,444
$
90,483
$
92,410
Earnings per common share
Basic
$
0.47
$
0.49
$
1.53
$
1.59
Diluted
$
0.46
$
0.48
$
1.49
$
1.57
Weighted average shares outstanding
Basic
59,245
58,231
59,095
58,110
Diluted
59,919
59,537
60,604
58,948
See condensed notes to consolidated financial statements.
5
Table of Contents
MERIT MEDICAL SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands - unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2025
2024
2025
2024
Net income
$
27,755
$
28,444
$
90,483
$
92,410
Other comprehensive income (loss):
Cash flow hedges
2,156
( 6,585 )
( 1,893 )
( 5,324 )
Income tax (expense) benefit
( 509 )
1,555
447
1,257
Foreign currency translation adjustment
( 862 )
7,153
18,192
2,061
Income tax benefit (expense)
558
( 89 )
( 1,064 )
( 55 )
Total other comprehensive income (loss)
1,343
2,034
15,682
( 2,061 )
Total comprehensive income
$
29,098
$
30,478
$
106,165
$
90,349
See condensed notes to consolidated financial statements.
6
Table of Contents
MERIT MEDICAL SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(In thousands - unaudited)
Common Stock
Retained
Accumulated Other
Shares
Amount
Earnings
Comprehensive Loss
Total
Balance — January 1, 2025
58,743
$
703,219
$
695,541
$
( 19,401 )
$
1,379,359
Net income
30,147
30,147
Other comprehensive income
4,025
4,025
Stock-based compensation expense
7,885
7,885
Options exercised
281
14,610
14,610
Issuance of common stock under Employee Stock Purchase Plan
4
424
424
Shares issued from time-vested restricted stock units
130
—
—
Shares surrendered in exchange for payment of payroll tax liabilities
( 62 )
( 6,145 )
( 6,145 )
Shares surrendered in exchange for exercise of stock options
( 18 )
( 1,882 )
( 1,882 )
Balance — March 31, 2025
59,078
718,111
725,688
( 15,376 )
1,428,423
Net income
32,581
32,581
Other comprehensive income
10,314
10,314
Stock-based compensation expense
9,868
9,868
Options exercised
114
6,523
6,523
Issuance of common stock under Employee Stock Purchase Plan
4
339
339
Shares issued from time-vested restricted stock units
22
—
—
Bal
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