Merit Medical Systems, Inc.
- Open
- 74.86
- Day high
- 76.48
- Day low
- 73.83
- Prev close
- 75.55
- Volume
- 757K
- Mkt cap
- $4.4B
- P/E (TTM)
- 31.5
- EPS (TTM)
- $2.35
- P/B
- 2.7
- P/S
- 2.9
- Yield
- —
- Per share
- —
- ▲Insiders net buying $260K over the last 3 months (5 open-market buys, 1 sale)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions accumulating (13F)
Merit Medical Systems, Inc. (MMSI) is a Healthcare company listed on NASDAQ. The stock is down 11% over the past year. Over the trailing 3 months, insiders filed 5 open-market buys and 1 sale (SEC Form 4).
Merit Medical Systems, Inc. (MMSI) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
MMSI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $0.84 | $0.94 | +11.9% | $382M | +1.1% |
| Feb 24, 2026 | $0.96 | $1.04 | +8.3% | $394M | +3.5% |
| Oct 30, 2025 | $0.82 | $0.92 | +12.2% | $384M | -1.1% |
| Jul 30, 2025 | $0.86 | $1.01 | +17.4% | $382M | +3.0% |
| Apr 24, 2025 | $0.75 | $0.86 | +14.8% | $355M | +0.8% |
| Feb 25, 2025 | $0.82 | $0.93 | +13.4% | $355M | +1.0% |
| Oct 30, 2024 | $0.80 | $0.86 | +7.5% | $340M | -2.1% |
| Aug 1, 2024 | $0.88 | $0.92 | +4.5% | $338M | +0.9% |
| Apr 30, 2024 | $0.71 | $0.77 | +8.5% | $324M | +2.6% |
| Feb 28, 2024 | $0.77 | $0.81 | +5.2% | $323M | +1.0% |
| Oct 26, 2023 | $0.65 | $0.75 | +15.4% | $315M | +2.9% |
| Jul 25, 2023 | $0.75 | $0.81 | +8.0% | $320M | +3.1% |
MMSI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 21, 2026 | Gunderson Thomas J.director | Option | 13,750 | $52.17 |
| May 21, 2026 | Gunderson Thomas J.director | Option | 7,500 | $52.17 |
| May 19, 2026 | Ward Lynne N.director | Grant | 3,457 | — |
| May 19, 2026 | Perez Silvia M.director | Grant | 3,457 | — |
| May 19, 2026 | Ward Scott R.director | Grant | 3,457 | — |
| May 19, 2026 | Gunderson Thomas J.director | Grant | 3,457 | — |
| May 19, 2026 | Kaiser Laura S.director | Grant | 3,457 | — |
| May 19, 2026 | Evans Stephen C.director | Grant | 3,457 | — |
| May 19, 2026 | Carpenter Lonny J.director | Grant | 3,457 | — |
| May 19, 2026 | Millner F. Ann Ed.D.director | Grant | 3,457 | — |
| May 19, 2026 | McDonnell Michael R.director | Grant | 3,457 | — |
| May 13, 2026 | Smith Christian Adamofficer: Chief Commercial Officer | Buy | 1,626 | $61.00 |
| May 11, 2026 | Lloyd Brian G.officer: CHIEF LEGAL OFFICER, SECRETARY | Buy | 2,000 | $62.63 |
| May 11, 2026 | Ward Lynne N.director | Sell | 5,000 | $62.61 |
| May 7, 2026 | Aronson Martha Goldbergdirector, officer: President and CEO | Buy | 2,000 | $60.44 |
Source: MMSI SEC Form 4 filings, latest May 21, 2026. For informational purposes only — not investment advice.
See the full MMSI insider & 13F page →Merit Medical Systems, Inc. company profile
Overview
Merit Medical Systems, Inc. (NASDAQ:MMSI) is a Utah-based medical device manufacturer that has been publicly traded since 1990. Founded in 1987 and headquartered in South Jordan, Utah, the company designs, develops, manufactures, and markets single-use medical products for interventional, diagnostic, and therapeutic procedures. Merit Medical has evolved from a small medical device startup into a global healthcare company serving hospitals and healthcare providers worldwide through its specialized medical instruments and supplies focused primarily on minimally invasive procedures.
Business
Merit Medical operates in the medical devices industry, specifically focusing on interventional medical products used in minimally invasive procedures. The company's products are essential tools that physicians use to diagnose and treat patients without requiring large surgical incisions, instead accessing the body through small entry points using catheters, wires, and specialized instruments. The company operates through two primary business segments: Cardiovascular Segment (approximately 85-90% of revenue): This segment includes peripheral intervention products used to treat diseases in blood vessels outside the heart, such as blocked arteries in legs or arms. It also encompasses cardiac intervention products for heart procedures, including access devices that allow doctors to reach the heart through blood vessels, angiography products for imaging blood vessels, electrophysiology tools for treating heart rhythm disorders, and hemostasis devices that stop bleeding after procedures. Additionally, this segment includes custom procedural solutions like specialized kits and trays, as well as original equipment manufacturer (OEM) products sold to other medical device companies. Endoscopy Segment (approximately 10-15% of revenue): This smaller but rapidly growing segment focuses on products used in endoscopic procedures, where doctors use flexible tubes with cameras to examine and treat internal organs. Key products include pulmonary devices for lung procedures such as laser-cut stents that keep airways open, gastroenterology products for digestive system procedures, and various accessories for bronchoscopy (lung examination) and other endoscopic procedures. The company's products are used across multiple medical specialties including cardiology (heart procedures), radiology (imaging-guided procedures), oncology (cancer treatment), critical care, and endoscopy (internal organ examination).
Revenue model
Merit Medical generates revenue primarily through direct product sales of single-use medical devices to hospitals, ambulatory surgery centers, and healthcare providers. The company's business model centers on manufacturing and selling disposable medical products that must be replaced after each patient procedure, creating a recurring revenue stream tied to procedure volumes. The company's paying customers are primarily hospitals, outpatient surgery centers, and healthcare facilities that purchase these devices for use by physicians, technicians, and nurses during medical procedures. Merit Medical reaches these customers through multiple channels: a direct sales force in key markets, independent distributors in smaller markets and international regions, partnerships with original equipment manufacturers who integrate Merit's components into their systems, and custom procedure tray manufacturers who bundle Merit's products with other medical supplies. Several factors influence Merit Medical's profitability and margins. Positive margin drivers include the company's focus on higher-margin specialized products, ongoing price optimization initiatives, operational efficiencies from manufacturing consolidation, favorable product mix shifts toward more complex interventional devices, and the benefits of vertical integration in manufacturing key components. The company's Continued Growth Initiatives (CGI) program specifically targets margin expansion through operational improvements and strategic focus on profitable product lines. Margin pressures come from various sources including competitive pricing pressures, particularly in international markets with volume-based purchasing programs (such as China), raw material cost inflation, tariff impacts (especially on products manufactured in China), healthcare cost containment efforts by hospital systems, and the significant research and development investments required for new product development and regulatory approvals. Currency fluctuations also affect international operations, and the company faces ongoing costs related to regulatory compliance and quality assurance in the heavily regulated medical device industry.
Competitive moat
Merit Medical's competitive moat is moderate but multifaceted, built primarily around specialized manufacturing capabilities, regulatory barriers, and customer relationships rather than dominant market position. The company's moat stems from several key factors. Regulatory and quality barriers provide meaningful protection, as medical devices require extensive FDA approvals and must meet stringent quality standards. Merit Medical's established manufacturing facilities, quality systems, and regulatory track record create significant barriers for new entrants. The single-use nature of most products also means customers cannot easily substitute with refurbished alternatives. Manufacturing expertise and vertical integration in specialized components like coated wires and sensor systems provides some competitive advantage. The company's ability to produce custom procedural solutions and maintain consistent quality at scale is difficult to replicate quickly. Customer switching costs exist but are limited. While physicians develop familiarity with specific devices and hospitals prefer consistent suppliers for inventory management, the switching costs are not prohibitively high, and competitive pressure remains significant. However, Merit Medical's moat faces meaningful challenges. The company operates in a highly competitive and fragmented market with numerous established players including much larger companies like Medtronic, Abbott, and Boston Scientific. These competitors have greater resources for R&D, broader product portfolios, and stronger relationships with large hospital systems. Additionally, the medical device industry faces ongoing pricing pressure from healthcare cost containment efforts, and technological disruption could potentially obsolete existing product categories. Merit Medical's relatively smaller scale compared to industry giants limits its negotiating power with large customers and its ability to invest in breakthrough technologies.
Risks & safety
Merit Medical demonstrates solid financial stability with manageable debt levels and strong cash generation, though valuation metrics suggest limited margin of safety at current prices. • Liquidity and Solvency: Strong current ratio of 4.87 and quick ratio of 3.26 indicate excellent short-term liquidity. The company maintains minimal solvency risk with debt-to-equity ratio of 0.58 and generates consistent positive free cash flow ($19 million in Q1 2025, $183 million for full year 2024). • Valuation Metrics: Current P/E ratio of 51.6 appears elevated relative to earnings growth. EV/EBITDA of 23.0 suggests premium valuation. Price-to-book ratio of 4.36 indicates trading well above tangible book value. Graham number of $16.71 suggests significant overvaluation relative to conservative intrinsic value metrics. • Other Considerations: Return on equity of 2.1% appears low for the current valuation multiple. However, the company projects strong free cash flow generation of at least $150 million annually and maintains disciplined capital allocation focused on profitable growth initiatives and strategic acquisitions.
Recent development
Merit Medical has executed several significant strategic initiatives over the past few years, transforming from a cost-focused optimization program to a growth-oriented expansion strategy. The company completed its Foundations for Growth (FFG) program in 2023, which achieved substantial operational improvements including 440 basis points of non-GAAP operating margin expansion and consistent revenue growth. Building on this foundation, Merit Medical launched its Continued Growth Initiatives (CGI) program in 2024 with ambitious targets through 2026: revenue exceeding $1.46 billion, non-GAAP operating margins of at least 20%, and cumulative free cash flow of minimum $400 million. This program focuses on maintaining above-market profitable growth while strengthening company culture and employee engagement. The company has pursued strategic acquisitions to expand its product portfolio and market reach. Notable acquisitions include EndoGastric Solutions for $105 million in 2024, targeting the $2 billion GERD treatment market, and Cook Medical's lead management portfolio for $210 million, which strengthens Merit's electrophysiology and cardiac rhythm management capabilities with an expected $40 million in annualized revenue. A major development focus has been the WRAPSODY Endovascular Stent Graft, Merit's proprietary covered stent for treating arteriovenous fistula stenosis in dialysis patients. The company completed its pivotal clinical trial with positive results, filed for FDA approval, and submitted applications for new technology add-on payment (NTAP) of $3,770 per case. WRAPSODY represents a significant potential growth driver with expected U.S. revenue of $7-9 million in 2025 following anticipated FDA approval. Recent challenges include managing tariff impacts from trade policies, with an estimated $26.3 million cost burden in 2025, though the company expects to mitigate up to 45% through operational efficiencies, pricing adjustments, and supply chain optimization.
MMSI company profile · for informational purposes only — not investment advice.
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