MERIT MEDICAL SYSTEMS INC (MMSI)

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MERIT MEDICAL SYSTEMS INC

MMSI • CIK 0000856982

(in thousands, except per share data)	FY 2023	FY 2024	FY 2025	TTM
Revenue from Contract with Customer, Excluding Assessed Tax	$1,257,366	$1,356,514	$1,515,906	$1,578,813
Cost of Goods and Services Sold	$673,494	$713,181	$777,636	$797,087
Gross Profit	$583,872	$643,333	$738,270	$781,726
Operating Income (Loss)	$123,944	$155,693	$184,720	$201,367
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	$112,089	$149,993	$170,937	$194,460
Income Tax Expense (Benefit)	$17,678	$29,636	$42,448	$48,901
Net Income (Loss) Attributable to Parent	$94,411	$120,357	$128,489	$145,559
Selling, General and Administrative Expense	$373,676	$399,731	$455,214	$482,070
Research and Development Expense (Excluding Acquired in Process Cost)	$82,728	$87,466	$97,352	$98,505
Asset Impairment Charges	$270	$270	$270	$270
Research and Development Asset Acquired Other than Through Business Combination, Written-off	$1,550	$1,550	$1,550	$1,550
Operating Expenses	$459,928	$487,640	$553,550	$580,359
Investment Income, Net	$2,456	$26,230	$15,070	$15,171
InterestExpenseNonoperating	—	$31,219	$26,461	$31,762
Other Nonoperating Income (Expense)	$1,200	$-711	$-2,392	$9,684
Nonoperating Income (Expense)	$-11,855	$-5,700	$-13,783	$-6,907
Weighted Average Number of Shares Outstanding, Basic	57,593,000	58,218,000	59,158,000	59,734,000
Weighted Average Number of Shares Outstanding, Diluted	58,356,000	59,365,000	60,460,000	59,525,000

(in thousands, except per share data)	FY 2023	FY 2024	FY 2025	TTM
Assets	$2,325,244	$2,418,603	$2,685,922	$2,863,620
Long-term Debt, Excluding Current Maturities	$823,013	$729,551	$734,038	$736,258
Deferred Income Tax Liabilities, Net	$5,547	$240	$19,665	$39,704
Liability for Uncertainty in Income Taxes, Noncurrent	$1,912	$2,118	$2,248	$2,248
Deferred Compensation Liability, Classified, Noncurrent	$17,167	$19,197	$17,542	$19,297
Contract with Customer, Liability, Noncurrent	$1,605	$1,502	$1,398	$1,347
Operating Lease, Liability, Noncurrent	$56,259	$54,783	$76,658	$72,942
Other Liabilities, Noncurrent	$13,830	$15,451	$10,306	$47,087
Liabilities	$1,123,244	$1,039,244	$1,101,619	$1,183,816
Cash and Cash Equivalents, at Carrying Value	$587,036	$376,715	$446,404	$448,699
Accounts Receivable, after Allowance for Credit Loss, Current	$177,885	$190,243	$203,710	$224,237
Nontrade Receivables, Current	$10,517	$16,588	$17,773	$23,960
Inventory, Net	$303,871	$306,063	$333,705	$374,112
Prepaid Expense and Other Assets, Current	$24,286	$28,544	$31,493	$33,496
Prepaid Taxes	$4,016	$3,286	$4,941	$5,033
Income Taxes Receivable, Current	$859	$2,335	$2,128	$2,701
Assets, Current	$1,108,470	$923,774	$1,040,154	$1,112,238
Land	$26,017	$25,846	$30,465	$30,356
Buildings and Improvements, Gross	$191,491	$192,296	$200,046	$199,542
Machinery and Equipment, Gross	$316,930	$340,864	$365,277	$371,300
Furniture and Fixtures, Gross	$63,044	$61,321	$60,883	$62,754
Leasehold Improvements, Gross	$53,638	$58,770	$65,236	$66,434
Construction in Progress, Gross	$61,439	$58,673	$82,939	$96,703
Property, Plant and Equipment, Gross	$712,559	$737,770	$804,846	$827,089
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$329,036	$351,605	$376,445	$390,340
Property, Plant and Equipment, Net	$383,523	$386,165	$428,401	$436,749
Goodwill	$382,240	$463,511	$506,837	$539,772
Deferred Income Tax Assets, Net	$7,288	$16,044	$7,049	$7,200
Operating Lease, Right-of-Use Asset	$63,047	$65,508	$87,600	$83,776
Other Assets, Noncurrent	$54,793	$65,336	$78,227	$71,859
Accounts Payable, Trade, Current	$65,944	$68,502	$60,551	$70,737
Accrued Liabilities, Current	$120,447	$134,077	$159,486	$172,185
Operating Lease, Liability, Current	$12,087	$10,331	$10,876	$10,921
Accrued Income Taxes, Current	$5,086	$3,492	$8,851	$11,090
Liabilities, Current	$203,564	$216,402	$239,764	$264,933
Preferred Stock, Value, Issued	$0	$0	$0	$0
Common Stock, Value, Issued	$638,150	$703,219	$763,909	$783,892
Retained Earnings (Accumulated Deficit)	$575,184	$695,541	$824,030	$903,828
Accumulated Other Comprehensive Income (Loss), Net of Tax	$-11,334	$-19,401	$-3,636	$-7,916
Stockholders' Equity Attributable to Parent	$1,202,000	$1,379,359	$1,584,303	$1,679,804
Accounts Receivable, Allowance for Credit Loss, Current	$9,023	$9,729	$10,136	$10,894
Preferred Stock, Shares Authorized	5,000,000	5,000,000	5,000,000	5,000,000
Preferred Stock, Shares Issued	0	0	0	0
Common Stock, Shares Authorized	100,000,000	100,000,000	100,000,000	100,000,000
Common Stock, Shares, Issued	57,858,000	58,743,000	59,424,000	59,710,000

(in thousands, except per share data)	FY 2023	FY 2024	FY 2025	TTM
Net Income (Loss) Attributable to Parent	$94,411	$120,357	$128,489	$145,559
Net Cash Provided by (Used in) Operating Activities	$145,151	$220,799	$297,371	$283,449
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations	$-484	$-2,515	$3,798	$985
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$528,586	$-210,377	$69,782	$106,991
Depreciation, Depletion and Amortization	$89,985	$102,709	$123,168	$124,393
Gain (Loss) on Disposition of Business	$431	$431	$249	$12,557
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property	$-5,838	$-1,490	$-2,302	$-2,453
Payments to Acquire Notes Receivable	$1,000	$10,433	$18,084	$18,084
Goodwill and Intangible Asset Impairment	$506	$456	$313	$497
Payments to Acquire Businesses, Net of Cash Acquired	$138,278	$320,182	$144,769	$115,211
Research and Development Asset Acquired Other than Through Business Combination, Written-off	$1,550	$1,550	$1,550	$1,550
Net Cash Provided by (Used in) Investing Activities	$-175,347	$-368,653	$-247,386	$-176,799
Operating Lease, Right-of-Use Asset, Amortization Expense	$11,307	$12,023	$11,481	$11,494
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	$1,704	$443	$984	$-216
Contract with Customer, Liability, Revenue Recognized	$104	$103	$103	$103
Deferred Income Tax Expense (Benefit)	$-12,643	$-14,873	$5,214	$5,214
Share-based Payment Arrangement, Noncash Expense	$21,333	$28,473	$43,460	$45,385
Proceeds from Issuance of Common Stock	$15,584	$40,908	$28,213	$12,822
Proceeds from Issuance of Senior Long-term Debt	$1,199,203	$1,199,203	$1,199,203	$1,199,203
Repayments of Senior Debt	$579,624	$99,063	$99,063	$99,063
Payments for Derivative Instrument, Financing Activities	$66,528	$66,528	$66,528	$66,528
Payments of Debt Issuance Costs	$677	$677	$677	$677
Payment for Contingent Consideration Liability, Financing Activities	$3,569	$261	$2,685	$3,109
Net Cash Provided by (Used in) Financing Activities	$559,266	$-60,008	$15,999	$-644
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$589,144	$378,767	$448,549	$541,203
Cash and Cash Equivalents, at Carrying Value	$587,036	$376,715	$446,404	$538,955
Restricted Cash and Cash Equivalents, Current	$2,108	$2,052	$2,145	$2,248
Interest Paid, Excluding Capitalized Interest, Operating Activities	$14,051	$23,244	$20,991	$23,277
Income Taxes Paid, Net	$31,534	$45,047	$31,392	$33,611
Capital Expenditures Incurred but Not yet Paid	$8,267	$13,244	$3,136	$-2,898
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$8,891	$9,947	$32,684	$6,208
Payments to Acquire Property, Plant, and Equipment	$34,290	$35,140	$81,716	$80,244
Payments to Acquire Intangible Assets	$2,411	$2,903	$3,120	$3,441
Increase (Decrease) in Accounts Receivable	$11,916	$13,686	$7,341	$21,359
Increase (Decrease) in Other Receivables	$-2,429	$6,482	$-4,368	$-1,731
Increase (Decrease) in Inventories	$32,105	$2,287	$21,602	$53,461
Increase (Decrease) in Prepaid Expense and Other Assets	$-1,281	$4,295	$2,520	$2,058
Increase (Decrease) in Prepaid Taxes	$92	$-709	$1,612	$1,612
Increase (Decrease) in Income Taxes Receivable	$58	$1,536	$-246	$-3,234
Increase (Decrease) in Other Operating Assets	$5,976	$6,066	$1,697	$2,147
Increase (Decrease) in Accounts Payable, Trade	$-7,297	$-2,314	$1,011	$7,507
Increase (Decrease) in Accrued Liabilities	$-2,484	$9,715	$14,262	$12,133
Increase (Decrease) in Income Taxes Payable	$-1,685	$-1,785	$5,230	$6,806
Increase (Decrease) in Deferred Compensation	$1,903	$2,030	$-1,655	$-504
IncreaseDecreaseInOperatingLeaseLiability	$-11,492	$-12,183	$-11,167	$-10,867
Increase (Decrease) in Other Operating Liabilities	$-2,530	$1,029	$-947	$15,311
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities	$50,740	$100,442	$168,882	$137,890
Interest Paid, Capitalized, Investing Activities	$1,272	$1,005	$1,398	$1,838

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Import this data to Google Sheets with:

=jivedata("MMSI","financials")

Full statements spill as a table. For one cell: =jivedata("MMSI","Revenue") or =jivedata("MMSI","Revenue","TTM"). Install the Jive Data add-on, then paste into a cell.