Merit Medical Systems (MMSI) UBS Global Healthcare Conference 2024 summary

Management and leadership updates

• Internal succession planning is underway, with Joe gaining more responsibility as president and the board actively searching for the next CEO, expected to be finalized by late 2024 or 2025.

• Fred's retirement is planned for the end of next year, and the board has engaged consultants for the CEO search.

WRAPSODY product and commercialization

• PMA approval for WRAPSODY was submitted at the end of Q2, with FDA approval likely in Q1 2025; reimbursement processes are underway, targeting full reimbursement by Q3 2025.

• Sales force is fully trained and ready for launch upon approval, with manufacturing capacity in place.

• An investor day will follow approval to detail commercial strategy and market opportunity.

• Relationships and sales team quality are seen as key to driving adoption.

Financial performance and guidance

• Achieved 6% organic growth year-to-date, outperforming expectations despite macro headwinds and China VBP challenges.

• OEM business expected to rebound with 18% growth in Q4 after supply chain issues; U.S. market remains strong.

• Q4 guidance remains conservative due to tough comps, SKU rationalization, and external factors like hurricanes and elections.