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

Merit Medical Systems (NASDAQ:MMSI) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 3.330-3.380 for the period, compared to the consensus estimate of 3.300. 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 Price Performance

Shares of NASDAQ:MMSI traded up $1.08 on Friday, reaching $103.05. The company’s stock had a trading volume of 67,120 shares, compared to its average volume of 438,945. The company has a 50-day simple moving average of $97.07 and a 200 day simple moving average of $88.69. Merit Medical Systems has a 52-week low of $65.46 and a 52-week high of $103.19. The company has a debt-to-equity ratio of 0.57, a quick ratio of 3.82 and a current ratio of 5.36. The company has a market cap of $6.01 billion, a P/E ratio of 49.99, a PEG ratio of 2.46 and a beta of 0.89.

Merit Medical Systems (NASDAQ:MMSI) last issued its quarterly earnings data on Wednesday, October 30th. The medical instruments supplier reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.06. The company had revenue of $339.85 million for the quarter, compared to analysts’ expectations of $334.60 million. Merit Medical Systems had a return on equity of 15.61% and a net margin of 9.05%. The firm’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.75 earnings per share. As a group, equities research analysts anticipate that Merit Medical Systems will post 3.36 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have commented on MMSI. Piper Sandler reaffirmed an “overweight” rating and set a $110.00 price objective (up from $100.00) on shares of Merit Medical Systems in a research note on Monday, September 9th. Needham & Company LLC reaffirmed a “buy” rating and set a $109.00 price target on shares of Merit Medical Systems in a research note on Thursday, October 31st. Wells Fargo & Company increased their price objective on shares of Merit Medical Systems from $85.00 to $103.00 and gave the stock an “equal weight” rating in a research report on Monday, September 16th. Robert W. Baird boosted their target price on Merit Medical Systems from $107.00 to $109.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Finally, Barrington Research reaffirmed an “outperform” rating and set a $114.00 target price on shares of Merit Medical Systems in a research note on Thursday, October 31st. Three research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Merit Medical Systems currently has an average rating of “Moderate Buy” and an average target price of $103.36.

Insiders Place Their Bets

In other Merit Medical Systems news, CFO Raul Jr. Parra sold 29,646 shares of the company’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $98.02, for a total value of $2,905,900.92. Following the completion of the sale, the chief financial officer now directly owns 16,361 shares in the company, valued at approximately $1,603,705.22. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.70% of the stock is currently 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.