Merit Medical Systems, Inc. develops, manufactures and sells medical devices used in interventional, diagnostic and therapeutic procedures. Most products are single-use devices sold to hospitals, physicians and other manufacturers through direct sales, distributors and OEM relationships.
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A snapshot of what MERIT MEDICAL SYSTEMS INC owns and owes at a point in time.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230000856982-24-000015 | Feb 28, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240000856982-25-000011 | Feb 25, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250000856982-26-000008 | Feb 24, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Merit has expanded sales and operating profitability while adding therapeutic products through acquisitions. In 2025, revenue reached $1.516 billion and GAAP operating margin improved to 12.2%, but lower interest income, higher taxes and dilution limited per-share earnings growth. The first half of 2026 brought further sales growth and higher reported earnings, although tariff refunds and a disposal gain materially helped results. Cash conversion weakened as inventory and receivables absorbed more cash. View Point adds an oncology commercialization opportunity, but contributed no acquired-product sales through June. Cash and undrawn credit provide different forms of funding, while convertible-note principal remains a substantial cash obligation. July guidance was raised, but remains conditional; acquisition returns, remaining tariff recoveries and transition costs are not established outcomes.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-07-30
Merit earns principally from products delivered for medical procedures, not a contracted subscription base. Its portfolio includes access devices, drainage and biopsy products, lead-management devices, tumor-localization systems, hemostatic products and endoscopy treatments. Sales depend on procedure activity, clinical adoption, purchasing access and reimbursement. Manufacturing, clinical support and distribution are integral to the economics: regulatory clearance alone does not ensure hospital purchases or attractive margins.
The 2023–2025 annual reports presented Cardiovascular and Endoscopy segments. Beginning in first-quarter 2026, management evaluated operations and allocated resources on a consolidated basis, resulting in one operating segment. Foundational and Therapeutic are now revenue categories, not separately disclosed profit centers. Historical information was recast; this was not a restatement of consolidated results. Product-category comparisons also need to respect the earlier 2025 transfer of spine revenue into OEM.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · 8-K · 2026-04-13
For the year ended December 31, 2025, revenue was $1,515.906 million, compared with $1,356.514 million in 2024 and $1,257.366 million in 2023. Acquisition ownership periods contributed materially. Management attributed the 2025 gross-margin improvement to pricing and product mix, partly offset by acquisition amortization and unfavorable manufacturing variances. GAAP operating income reached $184.720 million, but higher compensation and other operating spending absorbed part of the gross-profit improvement.
Net income was $128.489 million and diluted EPS $2.13. Lower interest income and a higher effective tax rate moderated operating progress, while more diluted shares restrained EPS. The earnings release reported 6.8% organic constant-currency revenue growth, below 11.8% reported growth. Adjusted operating margin was 20.3%, versus 12.2% GAAP, principally because of amortization and performance-compensation exclusions. Those adjustments are economically meaningful and can recur.
Sources: 10-K · 2025-12-31 · EX-99.1 · 2026-02-24
Operating cash flow increased to $297.371 million in 2025, supported by earnings, noncash adjustments and tax timing. Cash taxes declined even as tax expense increased. Property-and-equipment spending rose to $81.716 million, including distribution-facility investment, leaving company-defined free cash flow of $215.655 million. That measure deducts property-and-equipment capex, but not acquisitions; acquisition cash payments separately used $144.769 million. Merit reported no repurchases in 2023–2025 and has never paid cash dividends.
In the six months ended June 30, 2026, operating cash flow declined to $109.957 million from $123.879 million despite higher earnings. Inventory and receivables absorbed substantially more cash, partly offset by OEM deferred revenue. Free cash flow fell to $76.617 million from $89.067 million. June cash and equivalents were $448.699 million, excluding restricted cash; approximately $697 million of undrawn borrowing capacity was not additional cash.
Sources: 10-K · 2025-12-31 · EX-99.1 · 2026-02-24 · 10-Q · 2026-06-30 · EX-99.1 · 2026-07-30
After the February 24, 2026 annual filing, second-quarter revenue reached $418.843 million and first-half revenue $800.720 million. Therapeutic growth exceeded Foundational growth, but renal products and Procedural Solutions remained offsets. Approximately $6.9 million of tariff refunds benefited second-quarter cost of sales. First-half earnings also included the earlier DualCap disposal gain, partly offset by $5.1 million of additional convertible-note interest recorded and paid after a restrictive-legend oversight. Smaller diluted share counts further supported EPS.
View Point closed April 1, adding OneMark localization technology, but produced no acquired-product sales through June. Its deferred consideration can accelerate with sales targets. On July 30, management raised 2026 revenue guidance to $1.631–$1.643 billion and non-GAAP EPS to $4.25–$4.35. These are the latest supplied forecasts, not GAAP profit commitments. August disclosures subsequently established elimination of the COO position and a prospective leadership transition, not verified savings.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-07-30 · 8-K · 2026-08-14
Acquisition integration, product adoption and manufacturing transfers remain important dependencies. China procurement policy pressures prices; reimbursement and purchasing groups constrain pricing power elsewhere. Sterilization is concentrated among relatively few providers, while EU device requirements, tariffs and potential restrictions on ethylene oxide or PFAS can affect cost and availability. In its 2026 quarterly risk updates, Merit warned that the United States–Israel–Iran conflict and further escalation have and could continue to disrupt global energy supplies, raise energy prices and inflationary pressure on resin and other petroleum-based input costs, disrupt transportation and supply chains, and adversely affect customer spending. Merit said the full impact remained highly uncertain and it could not predict the extent or nature of the impacts on its business, financial condition or results; this does not establish quantified losses or realized costs in every channel. Convertible principal of $747.5 million matures in 2029 and must be cash-settled upon conversion. Reported covenant compliance does not establish a quantified borrowing cushion.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
USD 1.515906 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 1.515906 bn | 11.8% |
| 2024 | USD 1.356514 bn | 7.9% |
| 2023 | USD 1.257366 bn | — |
Consolidated GAAP net product and other sales.
Sources: 10-K · 2025-12-31
USD 128.489 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 128.489 m | 6.8% |
| 2024 | USD 120.357 m | 27.5% |
| 2023 | USD 94.411 m | — |
Consolidated GAAP income after income taxes.
Sources: 10-K · 2025-12-31
USD 297.371 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 297.371 m | 34.7% |
| 2024 | USD 220.799 m | 52.1% |
| 2023 | USD 145.151 m | — |
GAAP operating cash flow, including changes in cash, cash equivalents and restricted cash.
Sources: 10-K · 2025-12-31
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