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Merit Medical Systems
Merit Medical Systems (MMSI) investor relations material
Merit Medical Systems Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary24 Feb, 2026
Executive summary
Q4 2025 revenue reached $393.9M, up 11% year-over-year, with GAAP EPS of $0.63 (up 37%) and non-GAAP EPS of $1.04 (up 12%), exceeding guidance.
Full year 2025 revenue was $1.516B, up 12% year-over-year, with GAAP EPS of $2.13 (up 5%) and non-GAAP EPS of $3.83 (up 11%).
Non-GAAP operating margin for Q4 rose to 21%, and free cash flow hit a record $74M in Q4 and $215.7M for the year.
Management highlighted strong execution, improved margins, and successful integration of recent acquisitions.
2026 guidance targets 6%-8% GAAP revenue growth, 5%-7% constant currency growth, non-GAAP EPS up 5%-8%, and at least $200M free cash flow.
Financial highlights
Q4 2025 revenue: $393.9M (GAAP), $378.7M (non-GAAP); FY 2025 revenue: $1,515.9M (GAAP), $1,448.4M (non-GAAP).
Q4 net income was $62.5M (non-GAAP), GAAP net income $38.0M; Q4 GAAP EPS: $0.63, non-GAAP EPS: $1.04.
Gross margin hit a record 54.5% (non-GAAP) in Q4, up 103 bps year-over-year, with GAAP gross margin at 49.6%.
Operating cash flow for FY 2025: $297.4M; free cash flow: $215.7M.
Cash and equivalents: $446.4M; total debt: $747.5M at year-end.
Outlook and guidance
2026 GAAP revenue guidance: $1.610–$1.630B (6%-8% growth), constant currency 5%-7%, organic growth 4.5%-6%.
Non-GAAP EPS guidance: $4.01-$4.15, up 5%-8%, driven by margin expansion and revenue growth, offset by $15M tariff impact.
Q1 2026 revenue expected at $375M-$380M (6%-7% GAAP growth), organic constant currency growth 2%-3%.
Free cash flow guidance for 2026 is at least $200M, with $90M planned CapEx.
Guidance reflects confidence in continued growth, profitability, and free cash flow generation.
Rhapsody 2026 revenue guidance assumptions
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Strategy for larger M&A and capital allocation
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Next Merit Medical Systems earnings date
Q1 202623 Apr, 2026
Merit Medical Systems
Next Merit Medical Systems earnings date
Q1 202623 Apr, 2026
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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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