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Merit Medical Systems (MMSI) investor relations material

Merit Medical Systems Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary30 Jul, 2025

Executive summary

  • Q2 2025 revenue reached $382.5M, up 13.2% year-over-year, exceeding forecasts and guidance; YTD revenue was $737.8M, up 11.5%.

  • Non-GAAP net income for Q2 2025 was $61.0M, up 13.3% year-over-year; GAAP net income was $32.6M, down 8.8%.

  • Non-GAAP EPS grew 9.8% to $1.01; GAAP EPS declined 11.6% to $0.54.

  • Announced acquisition of Biolife Delaware LLC for $120M and appointment of Martha Aronson as CEO effective October 3, 2025.

  • U.S. revenue led growth, increasing 16.7% in Q2 2025; APAC saw a slight decline.

Financial highlights

  • Q2 2025 GAAP net income was $32.6M; non-GAAP net income was $61.0M; GAAP EPS $0.54, non-GAAP EPS $1.01.

  • GAAP gross margin improved to 48.2%; non-GAAP gross margin reached 53.2%.

  • Non-GAAP operating margin for Q2 2025 was 21.2%, up from 20.1% year-over-year.

  • Operating cash flow for Q2 2025 was $83.3M; free cash flow for the first half was $89.1M.

  • Cash and equivalents at June 30, 2025, were $341.8M; total debt: $747.5M.

Outlook and guidance

  • FY2025 net sales guidance raised to $1.495–$1.507B, up 10–11% year-over-year.

  • Non-GAAP EPS guidance for FY2025 is $3.52–$3.72, representing 2–8% growth.

  • Cardiovascular segment expected to grow 9–10%; Endoscopy segment projected to grow 32–34%.

  • Guidance reflects a negative 0.5% impact from foreign currency exchange and excludes future extraordinary events.

  • Free cash flow expected to be at least $150M in 2025, with $90–100M in capital expenditures.

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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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