Merit Medical Systems, Inc

Merit Medical Systems designs, manufactures, and markets proprietary medical devices used in interventional, diagnostic, and therapeutic procedures. Its portfolio is concentrated in cardiology, radiology, oncology, critical care, and endoscopy, with sales split between the United States and international markets.

20,3 %

48,7 %

8,5 %

+11,8 %

4.34

2.95

— Merit Medical Systems, Inc
%
Cardiology and radiology access devices40% Catheters, syringes, access systems, and related devices used in diagnostic and interventional procedures.
Endoscopy and gastroenterology15% Devices used in endoscopic and interventional GI procedures, including acquired products such as EsophyX.
Oncology and specialty therapy products15% Products used in interventional oncology, pain management, breast cancer surgery, and related procedures.
Critical care and intensive care15% Devices supporting ICU, imaging, and other hospital-based care settings.
Other interventional and OEM products15% Ancillary products and OEM offerings sold through direct and partner channels.

Merit sells primarily to hospitals, ambulatory and outpatient access centers, and physician-led procedural departments...

  • Hospitals and integrated delivery networksprimary

    Buy interventional, critical care, and imaging devices for inpatient and procedural use where reliability and breadth of line matter.

  • Cath lab, radiology, and oncology departmentsprimary

    Purchase access, catheter, and procedure devices for cardiology, radiology, and oncology interventions.

  • Endoscopy and GI centerssecondary

    Buy endoscopy-related products, including acquired offerings, for therapeutic and diagnostic procedures.

  • Outpatient access centerssecondary

    Use Merit devices for outpatient procedures that require sterile, single-use access and intervention products.

  • OEM and channel partnerssecondary

    Purchase products for incorporation into broader offerings or for distribution in specific geographies.

Merit generated 60.0% of 2025 revenue in the United States and 40.0% internationally, so the business is meaningfully...

  • •United States accounted for 60.0% of 2025 sales
  • •International markets accounted for 40.0% of 2025 sales
  • •EMEA was the largest international growth driver in 2025
  • •Asia Pacific and Rest of World also contributed to international growth
  • •Foreign currency movements affect reported international sales

Merit’s strategy centers on growing through R&D, sales model optimization, cost discipline, and operational focus while...

01
Expand core product innovationmedium-term

New and improved devices support pricing power, customer retention, and share gains in competitive procedural markets.

02
Integrate recent acquisitionsshort-term

Cook Medical and EndoGastric Solutions should broaden the portfolio and add revenue, but only if integration and commercialization succeed.

03
Improve operational efficiencymedium-term

Lean manufacturing and cost discipline are needed to protect margins in a price-competitive, regulated device market.

Merit faces execution risk from acquisitions, supply chain and sterilization disruptions, and the challenge of...

high

Acquisition integration risk

Recent deals must be integrated commercially, operationally, and in IT systems to realize expected benefits.

Scope
Cook Medical and EndoGastric Solutions acquisitions
Materiality
high
high

Supply chain and sterilization disruption

Merit relies on third-party vendors and manufacturing/sterilization processes to deliver products on time.

Scope
Materials, components, and sterilization capacity
Materiality
high
high

Regulatory and compliance risk

Medical devices require clearance, approval, and ongoing compliance in multiple jurisdictions.

Scope
U.S. and foreign medical device regulation; Corporate Integrity Agreement
Materiality
high
medium

Cybersecurity and data integrity risk

System breaches or disruptions could affect operations, customer trust, and regulatory obligations.

Scope
IT systems, vendor systems, and product-related data
Materiality
medium
medium

Foreign exchange and trade policy risk

International sales and sourcing expose the company to currency swings, tariffs, and cross-border policy changes.

Scope
EMEA, APAC, ROW, and global supply chain
Materiality
medium
Goodwill and intangible asset impairment
Could create non-cash charges if acquired businesses underperform
Acquisition accounting and amortization
Impacts comparability of margins and earnings across periods
Foreign currency translation
Affects reported international sales and margin trends
Revenue seasonality and procedure timing
Affects quarter-to-quarter comparability

MERIT MEDICAL SYSTEMS INC

MMSI · Surgical & Medical Instruments & Apparatus

Modular Medical, Inc.

MODD · Surgical & Medical Instruments & Apparatus

Meritage Homes CORP

MTH · Operative Builders

Inspire Medical Systems, Inc.

INSP · Surgical & Medical Instruments & Apparatus

SELECTIS HEALTH, INC.

GBCS · Real Estate Investment Trusts

NON INVASIVE MONITORING SYSTEMS INC /FL/

NIMU · Guided Missiles & Space Vehicles & Parts

: 28.4.2026