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Merit Medical Systems (MMSI) investor relations material
Merit Medical Systems Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Q3 2025 revenue rose 13% year-over-year to $384.2M, with YTD revenue up 12% to $1.12B, exceeding expectations.
Non-GAAP net income for Q3 was $54.9M ($0.92/share), up 7.4% year-over-year; GAAP net income was $27.8M ($0.46/share), down from $28.4M last year.
Free cash flow for the first nine months reached $141.6M, up 17.6% year-over-year.
Leadership transition: Martha G. Aronson appointed CEO and President effective October 3, 2025; Fred Lampropoulos moved to Executive Chairman.
Strong U.S. and EMEA performance, with cardiovascular and endoscopy segments driving growth.
Financial highlights
Q3 2025 net sales: $384.2M (+13% YoY); nine months: $1.12B (+12% YoY).
GAAP gross margin improved to 48.5% from 46.4%; non-GAAP gross margin reached 53.6%.
GAAP operating margin was 11.1%; non-GAAP operating margin was 19.7%.
Free cash flow for Q3 was $53M, up 38% year-over-year; nine-month free cash flow over $140M.
Cash and equivalents at quarter-end: $392.5M; total debt: $747.5M.
Outlook and guidance
Full-year 2025 revenue guidance raised to $1.502–$1.515B, up 11–12% year-over-year.
Non-GAAP EPS guidance increased to $3.66–$3.79, representing 6–10% growth.
Cardiovascular segment expected to grow 10–11%; Endoscopy segment 32–34%.
Free cash flow for 2025 projected at least $175M, with $90–$100M in capital expenditures.
Guidance excludes potential impacts from trade policy changes, major acquisitions, or other extraordinary events.
Confirm WRAPSODY TPT cost criteria met?
Gross margin durability and future headroom?
Endoscopy growth acceleration drivers?
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Next Merit Medical Systems earnings date
Piper Sandler 37th Annual Healthcare Conference3 Dec, 2025
Next Merit Medical Systems earnings date
Piper Sandler 37th Annual Healthcare Conference3 Dec, 2025
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Frequently asked questions
Merit Medical Systems Inc. designs, manufactures, and markets disposable medical devices used in interventional, diagnostic, and therapeutic procedures. The company serves various clinical specialties including cardiology, radiology, oncology, critical care, and endoscopy. Its product portfolio includes catheter-based technologies, vascular access products, embolotherapy devices, and biopsy systems, among others. Merit Medical sells its products to hospitals, clinics, and healthcare providers through a combination of direct sales force and distribution partners. The company is headquartered in South Jordan, Utah, and its shares are listed on the NASDAQ.
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