Merit Medical Systems (NASDAQ:MMSI) Releases FY 2024 Earnings Guidance

Merit Medical Systems (NASDAQ:MMSI) updated its FY 2024 earnings guidance on Tuesday. The company provided EPS guidance of 3.250-3.340 for the period, compared to the consensus EPS estimate of 3.310. The company issued revenue guidance of $1.3 billion-$1.4 billion, compared to the consensus revenue estimate of $1.3 billion. Merit Medical Systems also updated its FY24 guidance to $3.25-$3.34 EPS.

Merit Medical Systems Trading Up 1.5 %

NASDAQ MMSI opened at $100.23 on Friday. The company has a current ratio of 6.24, a quick ratio of 4.64 and a debt-to-equity ratio of 0.62. Merit Medical Systems has a 1-year low of $62.58 and a 1-year high of $101.25. The firm’s fifty day simple moving average is $91.46 and its 200-day simple moving average is $82.94. The company has a market capitalization of $5.82 billion, a PE ratio of 57.60, a price-to-earnings-growth ratio of 2.53 and a beta of 0.87.

Merit Medical Systems (NASDAQ:MMSI) last issued its earnings results on Thursday, August 1st. The medical instruments supplier reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.04. The company had revenue of $338.00 million for the quarter, compared to analyst estimates of $334.94 million. Merit Medical Systems had a return on equity of 15.29% and a net margin of 9.02%. As a group, sell-side analysts anticipate that Merit Medical Systems will post 3.31 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have commented on MMSI shares. Bank of America boosted their target price on shares of Merit Medical Systems from $92.00 to $103.00 and gave the stock a neutral rating in a research report on Monday. Needham & Company LLC reissued a buy rating and set a $105.00 target price on shares of Merit Medical Systems in a research report on Monday. Wells Fargo & Company boosted their price target on Merit Medical Systems from $85.00 to $103.00 and gave the stock an equal weight rating in a research report on Monday. Robert W. Baird started coverage on Merit Medical Systems in a report on Friday, June 28th. They set an outperform rating and a $96.00 price objective on the stock. Finally, Piper Sandler restated an overweight rating and issued a $110.00 target price (up from $100.00) on shares of Merit Medical Systems in a report on Monday, September 9th. Three equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Merit Medical Systems presently has an average rating of Moderate Buy and an average target price of $100.55.

Insider Activity

In related news, Director F. Ann Millner sold 12,500 shares of the company’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $85.00, for a total transaction of $1,062,500.00. Following the completion of the transaction, the director now directly owns 32,391 shares in the company, valued at approximately $2,753,235. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 3.70% of the stock is owned by company insiders.

Merit Medical Systems Company Profile

Merit Medical Systems, Inc designs, develops, manufactures, and markets single-use medical products for interventional, diagnostic, and therapeutic procedures in the United States and internationally. It operates in two segments, Cardiovascular and Endoscopy. The company provides micropuncture kits, angiographic needles, sheaths, guide wires, and safety products; peripheral intervention, including angiography, drainage, delivery systems, and embolotherapy products; spine products, such as vertebral augmentation, radiofrequency ablation, and bone biopsy systems; oncology products; and cardiac intervention products, such as access, angiography, electrophysiology and cardiac rhythm management, fluid management, hemodynamic monitoring, hemostasis, and intervention to treat various heart conditions.