MMSINasdaqSurgical & Medical Instruments & ApparatusUS GAAP · USD

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.

Kysy yhtiöstä
Liikevaihto1 516milj. USD
+11,8 %v/v
Liikevoitto (EBIT)185milj. USD
+18,6 %v/v
EBIT-marginaali12,2%
+0,7 %-yks.v/v
Nettotulos128milj. USD
+6,8 %v/v
Vapaa kassavirta216milj. USD
+16,2 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−50005001 0001 5002 000milj. USD2020: 964 milj. USD2020: EBIT −1,6 milj. USD20202021: 1 075 milj. USD2021: EBIT 61 milj. USD20212022: 1 151 milj. USD2022: EBIT 88 milj. USD20222023: 1 257 milj. USD2023: EBIT 124 milj. USD20232024: 1 357 milj. USD2024: EBIT 156 milj. USD20242025: 1 516 milj. USD2025: EBIT 185 milj. USD20251 516185
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: Merit Medical Systems, Inc

Liiketoiminta

Osuus liikevaihdosta
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.

Asiakkaat

Merit sells primarily to hospitals, ambulatory and outpatient access centers, and physician-led procedural departments that need disposable and procedure-specific devices. Its customers buy for clinical performance, reliability, breadth of line, and supply continuity in high-volume interventional workflows.

Hospitals and integrated delivery networks

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

Cath lab, radiology, and oncology departments

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

Endoscopy and GI centers

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

Outpatient access centers

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

OEM and channel partners

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

Strategia

Merit’s strategy centers on growing through R&D, sales model optimization, cost discipline, and operational focus while targeting high-return opportunities in core divisions. Management also emphasizes lean manufacturing, asset utilization, and acquisitions that expand the portfolio, such as Cook Medical and EndoGastric Solutions.

Expand core product innovationKeskipitkä aikaväli

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

Integrate recent acquisitionsLyhyt aikaväli

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

Improve operational efficiencyKeskipitkä aikaväli

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

Maantiede

Q1/2026

Merit generated 60.0% of 2025 revenue in the United States and 40.0% internationally, so the business is meaningfully exposed to both domestic procedure volumes and foreign currency movements. International growth was driven mainly by EMEA, with additional contribution from Rest of World and Asia Pacific, making regional reimbursement, trade policy, and local competition important to performance.

USA59 %
Other countries (US filing)41 %

Osuus liikevaihdosta, jonka yhtiö raportoi maantieteellisesti.

Riskit

Merit faces execution risk from acquisitions, supply chain and sterilization disruptions, and the challenge of integrating new products into its commercial and IT systems. As a medical device company, it is also exposed to regulatory clearance, product liability, reimbursement pressure, cybersecurity, and foreign exchange volatility, all of which can affect revenue, margins, and compliance costs.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Supply chain and sterilization disruption1Acquisition integration risk2Regulatory and compliance risk3Foreign exchange and trade policy risk4Cybersecurity and data integrity risk5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Supply chain and sterilization disruptionVaikutus: KorkeaTodennäköisyys: Korkea

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

    KohdistuuMaterialsComponentsSterilization capacity
  2. Acquisition integration riskVaikutus: KorkeaTodennäköisyys: Kohtalainen

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

    Kohdistuu: Cook Medical and EndoGastric Solutions acquisitions

  3. Regulatory and compliance riskVaikutus: KorkeaTodennäköisyys: Kohtalainen

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

    Kohdistuu: U.S. and foreign medical device regulation; Corporate Integrity Agreement

  4. Foreign exchange and trade policy riskVaikutus: KeskitasoTodennäköisyys: Korkea

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

    KohdistuuEMEAAPACROWGlobal supply chain
  5. Cybersecurity and data integrity riskVaikutus: KeskitasoTodennäköisyys: Kohtalainen

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

    KohdistuuIT systemsVendor systemsProduct-related data
Kysy Clarifolta: Merit Medical Systems, Inc

Kirjanpito

Harkinnanvaraiset erät
Goodwill and intangible asset impairment

Acquisitions create goodwill and intangibles that must be tested for recoverability using judgmental cash flow assumptions.

Vaikutus: Could create non-cash charges if acquired businesses underperform

Acquisition accounting and amortization

Recent acquisitions add identifiable intangibles and related amortization expense that affect operating profit.

Vaikutus: Impacts comparability of margins and earnings across periods

Foreign currency translation

International sales are exposed to exchange rate fluctuations that can change reported revenue growth.

Vaikutus: Affects reported international sales and margin trends

Revenue seasonality and procedure timing

Procedure-driven demand and product launches can shift quarterly revenue patterns.

Vaikutus: Affects quarter-to-quarter comparability

Samankaltaisia listattuja yhtiöitä

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

Stryker Corporation

SYK · Surgical & Medical Instruments & Apparatus

IR-Med, Inc.

Electromedical & Electrotherapeutic Apparatus

Medtronic plc

MDT · Electromedical & Electrotherapeutic Apparatus

ENvue Medical, Inc.

FEED · Orthopedic, Prosthetic & Surgical Appliances & Supplies

Boston Scientific Corporation

BSX · Surgical & Medical Instruments & Apparatus

Inspire Medical Systems, Inc.

INSP · Surgical & Medical Instruments & Apparatus

Päivitetty: 24.9.2026

Merit Medical Systems, Inc (MMSI) liikevaihto, tulos ja tunnusluvut 2025 – Clarifo