Merit Medical Reports Results for Quarter Ended March 31, 2022

Merit Medical Reports Results for Quarter Ended March 31, 2022

  • Q1 2022 reported revenue of $275.4 million, up 10.6% compared to Q1 2021
  • Q1 2022 constant currency revenue, organic* up 11.3% compared to Q1 2021
  • Q1 2022 GAAP EPS $0.18, compared to $0.19 in Q1 2021
  • Q1 2022 non-GAAP EPS* of $0.53, compared to $0.52 in Q1 2021

*  Constant currency revenue; constant currency revenue, organic; non-GAAP EPS; non-GAAP net income; non-GAAP operating income and margin; non-GAAP gross margin; and free cash flow are non-GAAP financial measures. A reconciliation of these financial measures to their most directly comparable GAAP financial measures is included under the heading “Non-GAAP Financial Measures” below.

SOUTH JORDAN, Utah, April 27, 2022 (GLOBE NEWSWIRE) -- Merit Medical Systems, Inc. (NASDAQ: MMSI), a leading manufacturer and marketer of proprietary medical devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care and endoscopy, today announced revenue of $275.4 million for the quarter ended March 31, 2022, an increase of 10.6% compared to the quarter ended March 31, 2021. Constant currency revenue, organic, for the first quarter of 2022 increased 11.3% compared to the prior year period.

Merit’s revenue by operating segment and product category for the three-month periods ended March 31, 2022 and 2021 was as follows (unaudited; in thousands, except for percentages):

          
        Three Months Ended
        March 31, 
     % Change     2022    2021
Cardiovascular         
Peripheral Intervention 13.8%   $105,773 $92,914
Cardiac Intervention 9.0%    81,487  74,737
Custom Procedural Solutions 1.9%    46,262  45,421
OEM 19.6%    33,414  27,934
Total 10.8%    266,936  241,006
          
Endoscopy         
Endoscopy devices 7.2%    8,479  7,907
          
Total 10.6%   $275,415 $248,913
          

Merit’s GAAP gross margin for the first quarter of 2022 was 43.9%, compared to GAAP gross margin of 45.0% for the prior year period. Merit’s non-GAAP gross margin* for the first quarter of 2022 was 47.7%, compared to non-GAAP gross margin of 49.2% for the prior year period.

Merit’s GAAP net income for the first quarter of 2022 was $10.5 million, or $0.18 per share, compared to GAAP net income of $11.0 million, or $0.19 per share, for the first quarter of 2021. Merit’s non-GAAP net income* for the first quarter of 2022 was $30.4 million, or $0.53 per share, compared to non-GAAP net income of $29.9 million, or $0.52 per share, for the prior year period.

“We delivered better-than-expected revenue results for the first quarter of 2022, driven by solid execution from our team, stronger-than-anticipated demand during the month of March, particularly in the U.S., and more favorable than anticipated sales trends in the APAC and “Rest of World” regions.” said Fred P. Lampropoulos, Merit’s Chairman and Chief Executive Officer. “We also delivered better-than-expected profitability in the quarter, where we reported year-over-year growth in non-GAAP net income and non-GAAP earnings per share despite incremental pressure on our gross margin and a higher-than-expected tax rate in the period.”

Mr. Lampropoulos continued: “We are confident in our 2022 guidance, which calls for total revenue growth, on a constant currency basis, of 4% to 6% year-over-year. We continue to expect progressive improvement in our operating environment – specifically, access to patients and elective procedures – over the first half of 2022. We also continue to expect to report improving non-GAAP gross and operating margins and strong free cash flow in 2022, driven by strong execution and contributions from our multi-year strategic initiatives related to the Foundations for Growth Program. Our team continues to execute well and remains focused on our strategic initiatives, while standing ready to adapt quickly to changes in our markets.”

As of March 31, 2022, Merit had cash, cash equivalents and restricted cash of $56 million, long term debt obligations of $253 million, and available borrowing capacity of approximately $475 million, compared to cash, cash equivalents and restricted cash of $68 million, long term debt obligations of $243 million, and available borrowing capacity of approximately $490 million as of December 31, 2021.

Fiscal Year 2022 Financial Guidance

Based upon information currently available to Merit’s management, for the year ending December 31, 2022, absent material acquisitions, non-recurring transactions or other factors beyond Merit’s current expectations, the Company continues to expect the following:

  • Net revenue in the range of $1.117 billion to $1.140 billion, representing an increase of approximately 4% to 6% year-over-year, as compared to net revenue of $1.075 billion for the twelve months ended December 31, 2021. The fiscal year 2022 revenue guidance range assumes:
    • Net revenue from Merit’s cardiovascular segment of between $1.083 billion and $1.106 billion, representing an increase of approximately 4% to 6% year-over-year as compared to net revenue of $1.043 billion for the twelve months ended December 31, 2021.
    • Net revenue from Merit’s endoscopy segment of between $33.5 million and $34.1 million, representing an increase of approximately 6% to 8% year-over-year as compared to net revenue of $31.5 million for the twelve months ended December 31, 2021.
  • GAAP net income in the range of $75.4 million to $84.0 million, or $1.30 to $1.45 per diluted share, compared to GAAP net income of $48.5 million, or $0.84 per diluted share, for the twelve months ended December 31, 2021.
  • Non-GAAP net income in the range of $140.0 million to $148.7 million, or $2.41 to $2.56 per diluted share, compared to non-GAAP net income of $136.2 million, or $2.37 per diluted share, for the twelve months ended December 31, 2021.

Merit’s financial guidance for the year ending December 31, 2022 is subject to risks and uncertainties identified in this release and Merit’s filings with the U.S. Securities and Exchange Commission (the “SEC”).

CONFERENCE CALL

Merit will hold its investor conference call (conference ID 3580638) today, Wednesday, April 27, 2022, at 5:00 p.m. Eastern (4:00 p.m. Central, 3:00 p.m. Mountain, and 2:00 p.m. Pacific). The domestic telephone number is (844) 578-9672 and the international number is (508) 637-5656. A live webcast and slide deck will also be available at merit.com.


CONSOLIDATED BALANCE SHEETS
(in thousands)

       
     March 31,       
  2022 December 31, 
  (Unaudited) 2021
ASSETS        
Current Assets        
Cash and cash equivalents $53,875  $67,750 
Trade receivables, net  155,859   152,301 
Other receivables  11,748   17,763 
Inventories  231,451   221,922 
Prepaid expenses and other assets  19,809   16,149 
Prepaid income taxes  3,547   3,550 
Income tax refund receivables  1,803   2,777 
Total current assets  478,092   482,212 
       
Property and equipment, net  371,909   371,658 
Intangible assets, net  305,738   319,269 
Goodwill  361,456   361,741 
Deferred income tax assets  6,179   6,080 
Operating lease right-of-use assets  64,659   65,913 
Other assets  41,707   41,421 
Total Assets $1,629,740  $1,648,294 
       
LIABILITIES AND STOCKHOLDERS' EQUITY        
Current Liabilities        
Trade payables $58,099  $55,624 
Accrued expenses  122,394   159,014 
Current portion of long-term debt  9,375   8,438 
Current operating lease liabilities  10,304   10,668 
Income taxes payable  3,659   2,536 
Total current liabilities  203,831   236,280 
       
Long-term debt  243,112   234,397 
Deferred income tax liabilities  31,491   31,503 
Long-term income taxes payable  347   347 
Liabilities related to unrecognized tax benefits  932   932 
Deferred compensation payable  16,804   18,111 
Deferred credits  1,788   1,815 
Long-term operating lease liabilities  60,366   61,526 
Other long-term obligations  14,550   23,584 
Total liabilities  573,221   608,495 
       
Stockholders' Equity        
Common stock  646,370   641,533 
Retained earnings  416,802   406,257 
Accumulated other comprehensive loss  (6,653)  (7,991)
Total stockholders' equity  1,056,519   1,039,799 
Total Liabilities and Stockholders' Equity $1,629,740  $1,648,294 



CONSOLIDATED STATEMENTS OF INCOME
(Unaudited; in thousands except per share amounts)

       
     Three Months Ended
  March 31, 
     2022    2021
Net sales $275,415  $248,913 
Cost of sales  154,508   137,019 
Gross profit  120,907   111,894 
       
Operating expenses:        
Selling, general and administrative  84,015   81,024 
Research and development  17,387   16,274 
Impairment charges  1,672    
Contingent consideration expense  2,600   402 
Total operating expenses  105,674   97,700 
       
Income from operations  15,233   14,194 
       
Other income (expense):        
Interest income  104   472 
Interest expense  (1,002)  (1,537)
Other expense - net  (164)  (435)
Total other expense — net  (1,062)  (1,500)
       
Income before income taxes  14,171   12,694 
       
Income tax expense  3,626   1,736 
       
Net income $10,545  $10,958 
       
Earnings per common share        
Basic $0.19  $0.20 
Diluted $0.18  $0.19 
       
Weighted average shares outstanding        
Basic  56,593   55,717 
Diluted  57,531   56,978 



CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands - unaudited)

       
  Three Months Ended
  March 31, 
     2022    2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $10,545  $10,958 
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization  20,466   21,400 
Write-off of certain intangible assets and other long-term assets  1,672    
Amortization of right-of-use operating lease assets  2,584   3,070 
Fair value adjustments to contingent consideration  2,600   402 
Stock-based compensation expense  4,642   3,595 
Other adjustments  218   96 
Changes in operating assets and liabilities, net of acquisitions and divestitures  (30,717)  (4,289)
Total adjustments  1,465   24,274 
Net cash, cash equivalents, and restricted cash provided by operating activities  12,010   35,232 
       
CASH FLOWS FROM INVESTING ACTIVITIES:        
Capital expenditures for property and equipment  (9,526)  (6,171)
Cash paid in acquisitions, net of cash acquired     (358)
Other investing, net  (342)  181 
Net cash, cash equivalents, and restricted cash used in investing activities  (9,868)  (6,348)
       
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of common stock  1,641   5,520 
Proceeds from (payments on) long-term debt, net  9,625   (30,875)
Contingent payments related to acquisitions  (24,491)  (403)
Payment of taxes related to an exchange of common stock  (1,015)  (488)
Net cash used in financing activities  (14,240)  (26,246)
Effect of exchange rates on cash  111   (1,035)
Net increase (decrease) in cash, cash equivalents and restricted cash  (11,987)  1,603 
       
CASH, CASH EQUIVALENTS AND RESTRICTED CASH:        
Beginning of period  67,750   56,916 
End of period $55,763  $58,519 
       
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:      
Cash and cash equivalents  53,875   58,519 
Restricted cash reported in prepaid expenses and other current assets  1,888    
Total cash, cash equivalents and restricted cash $55,763  $58,519 
         

Non-GAAP Financial Measures

Although Merit’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), Merit’s management believes that certain non-GAAP financial measures referenced in this release provide investors with useful information regarding the underlying business trends and performance of Merit’s ongoing operations and can be useful for period-over-period comparisons of such operations. Non-GAAP financial measures used in this release include:

  • constant currency revenue;
  • constant currency revenue, organic;
  • non-GAAP gross margin;
  • non-GAAP operating income and margin;
  • non-GAAP net income;
  • non-GAAP earnings per share; and
  • free cash flow.

Merit’s management team uses these non-GAAP financial measures to evaluate Merit’s profitability and efficiency, to compare operating and financial results to prior periods, to evaluate changes in the results of its operating segments, and to measure and allocate financial resources internally. However, Merit’s management does not consider such non-GAAP measures in isolation or as an alternative to measures determined in accordance with GAAP.

Readers should consider non-GAAP measures used in this release in addition to, not as a substitute for, financial reporting measures prepared in accordance with GAAP. These non-GAAP financial measures generally exclude some, but not all, items that may affect Merit’s net income. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which items are excluded. Merit believes it is useful to exclude such items in the calculation of non-GAAP earnings per share, non-GAAP gross margin, non-GAAP operating income and margin, and non-GAAP net income (in each case, as further illustrated in the reconciliation tables below) because such amounts in any specific period may not directly correlate to the underlying performance of Merit’s business operations and can vary significantly between periods as a result of factors such as acquisition or other extraordinary transactions, non-cash expenses related to amortization or write-off of previously acquired tangible and intangible assets, certain severance expenses, expenses resulting from non-ordinary course litigation or administrative proceedings and resulting settlements, corporate transformation expenses, governmental proceedings or changes in tax or industry regulations, gains or losses on disposal of certain assets, and debt issuance costs. Merit may incur similar types of expenses in the future, and the non-GAAP financial information included in this release should not be viewed as a statement or indication that these types of expenses will not recur. Additionally, the non-GAAP financial measures used in this release may not be comparable with similarly titled measures of other companies. Merit urges readers to review the reconciliations of its non-GAAP financial measures to the comparable GAAP financial measures, and not to rely on any single financial measure to evaluate Merit’s business or results of operations.

Constant Currency Revenue

Merit’s constant currency revenue is prepared by converting the current-period reported revenue of subsidiaries whose functional currency is a currency other than the U.S. dollar at the applicable foreign exchange rates in effect during the comparable prior-year period, and adjusting for the effects of hedging transactions on reported revenue, which are recorded in the U.S. The constant currency revenue adjustment of $1.7 million to reported revenue for the three-month period ended March 31, 2022 was calculated using the applicable average foreign exchange rates for the three-month period ended March 31, 2021.

Constant Currency Revenue, Organic

Merit’s constant currency revenue, organic, is defined, with respect to prior fiscal year periods, as GAAP revenue. With respect to current fiscal year periods, constant currency revenue, organic, is defined as constant currency revenue (as defined above), less revenue from certain acquisitions. For the three-month period ended March 31, 2022, there were no revenues from acquisitions excluded in the calculation of Merit’s constant currency revenue, organic.

Non-GAAP Gross Margin

Non-GAAP gross margin is calculated by reducing GAAP cost of sales by amounts recorded for amortization of intangible assets, certain inventory write-offs, and inventory mark-up related to acquisitions, divided by reported net sales.

Non-GAAP Operating Income and Margin

Non-GAAP operating income is calculated by adjusting GAAP operating income for certain items which are deemed by Merit’s management to be outside of core operations and vary in amount and frequency among periods, such as expenses related to acquisitions or other extraordinary transactions, non-cash expenses related to amortization or write-off of previously acquired tangible and intangible assets, certain severance expenses, performance-based stock compensation expenses, corporate transformation expenses, expenses resulting from non-ordinary course litigation or administrative proceedings and resulting settlements, governmental proceedings or changes in industry regulations, as well as other items referenced in the tables below. Non-GAAP operating margin is calculated by dividing non-GAAP operating income by reported net sales.

Non-GAAP Net Income

Non-GAAP net income is calculated by adjusting GAAP net income for the items set forth in the definition of non-GAAP operating income above, as well as for expenses related to debt issuance costs, gains or losses on disposal of certain assets, changes in tax regulations, and other items set forth in the tables below.

Non-GAAP EPS

Non-GAAP EPS is defined as non-GAAP net income divided by the diluted shares outstanding for the corresponding period.

Free Cash Flow

Free cash flow is defined as cash flow from operations calculated in accordance with GAAP, less capital expenditures for property and equipment calculated in accordance with GAAP, as set forth in the consolidated statement of cash flows.

Non-GAAP Financial Measure Reconciliations

The following tables set forth supplemental financial data and corresponding reconciliations of non-GAAP financial measures to Merit’s corresponding financial measures prepared in accordance with GAAP, in each case, for the three-month periods ended March 31, 2022 and 2021. The non-GAAP income adjustments referenced in the following tables do not reflect non-performance-based stock compensation expense of approximately $3.4 million and $2.6 million for the three-month periods ended March 31, 2022 and 2021, respectively.


Reconciliation of GAAP Net Income to Non-GAAP Net Income
(Unaudited; in thousands except per share amounts)

             
  Three Months Ended
  March 31, 2022
     Pre-Tax    Tax Impact    After-Tax    Per Share Impact
GAAP net income $14,171 $(3,626) $10,545 $0.18
             
Non-GAAP adjustments:                
Cost of Sales                
Amortization of intangibles  10,552  (2,587)  7,965  0.14
Operating Expenses              
Contingent consideration expense  2,600  (8)  2,592  0.05
Impairment charges  1,672  (318)  1,354  0.02
Amortization of intangibles  1,607  (398)  1,209  0.02
Performance-based share-based compensation (a)  1,245  (124)  1,121  0.02
Corporate transformation and restructuring (b)  5,077  (1,243)  3,834  0.07
Acquisition-related  228  (55)  173  0.00
Medical Device Regulation expenses (c)  1,919  (470)  1,449  0.03
Other (d)  85  (21)  64  0.00
Other (Income) Expense            
Amortization of long-term debt issuance costs  151  (37)  114  0.00
             
Non-GAAP net income $39,307 $(8,887) $30,420 $0.53
             
Diluted shares              57,531


             
  Three Months Ended
  March 31, 2021
  Pre-Tax Tax Impact After-Tax Per Share Impact
GAAP net income    $12,694    $(1,736)    $10,958    $0.19
             
Non-GAAP adjustments:                
Cost of Sales                
Amortization of intangibles  10,679  (2,652)  8,027  0.14
Operating Expenses              
Contingent consideration expense  402  8   410  0.01
Amortization of intangibles  1,816  (454)  1,362  0.02
Performance-based share-based compensation (a)  1,016  (120)  896  0.02
Corporate transformation and restructuring (b)  5,446  (1,345)  4,101  0.07
Acquisition-related  4,782  (1,186)  3,596  0.06
Medical Device Regulation expenses (c)  381  (95)  286  0.01
Other (d)  139  (35)  104  0.00
Other (Income) Expense             
Amortization of long-term debt issuance costs  151  (37)  114  0.00
             
Non-GAAP net income $37,506 $(7,652) $29,854 $0.52
             
Diluted shares              56,978

Note: Certain per share impacts may not sum to totals due to rounding.


Reconciliation of Reported Operating Income to Non-GAAP Operating Income
(Unaudited; in thousands except percentages)

             
  Three Months Ended Three Months Ended
  March 31, 2022 March 31, 2021
     Amounts    % Sales    Amounts    % Sales
Net Sales as Reported $275,415    $248,913   
             
GAAP Operating Income  15,233 5.5%  14,194 5.7%
Cost of Sales            
Amortization of intangibles  10,552 3.8%  10,679 4.3%
Operating Expenses            
Contingent consideration expense  2,600 0.9%  402 0.2%
Impairment charges  1,672 0.6%    
Amortization of intangibles  1,607 0.6%  1,816 0.7%
Performance-based share-based compensation (a)  1,245 0.5%  1,016 0.4%
Corporate transformation and restructuring (b)  5,077 1.8%  5,446 2.2%
Acquisition-related  228 0.1%  4,782 1.9%
Medical Device Regulation expenses (c)  1,919 0.7%  381 0.2%
Other (d)  85 0.0%  139 0.1%
             
Non-GAAP Operating Income $40,218 14.6% $38,855 15.6%

Note: Certain percentages may not sum to totals due to rounding

a)Represents performance-based share-based compensation expense, including stock-settled and cash-settled awards.
b)Includes expenses related to the Foundations for Growth Program and other transformation costs, including severance related to corporate initiatives in the three-month period ended March 31, 2021.
c)Represents incremental expenses incurred to comply with the Medical Device Regulation (“MDR”) in Europe.
d)Includes costs to comply with Merit’s settlement agreement with the U.S. Department of Justice (the “DOJ”).


Reconciliation of Reported Revenue to Constant Currency Revenue (Non-GAAP), and Constant Currency Revenue, Organic (Non-GAAP)
(Unaudited; in thousands except percentages)

         
    Three Months Ended
    March 31, 
     % Change    2022    2021
Reported Revenue 10.6%  $275,415 $248,913
         
Add: Impact of foreign exchange    1,717  
         
Constant Currency Revenue (a) 11.3%  $277,132 $248,913
         
Less: Revenue from certain acquisitions      
         
Constant Currency Revenue, Organic (a) 11.3%  $277,132 $248,913


(a)A non-GAAP financial measure. For a definition of this and other non-GAAP financial measures, see the section of this release entitled “Non-GAAP Financial Measures.”



Reconciliation of Reported Gross Margin to Non-GAAP Gross Margin (Non-GAAP)
(Unaudited; as a percentage of reported revenue)

       
  Three Months Ended 
  March 31,  
     2022     2021    
Reported Gross Margin 43.9%   45.0%  
       
Add back impact of:        
Amortization of intangibles 3.8%   4.3%  
       
Non-GAAP Gross Margin 47.7%   49.2%  

Note: Certain percentages may not sum to totals due to rounding


ABOUT MERIT

Founded in 1987, Merit Medical Systems, Inc. is a leading manufacturer and marketer of proprietary medical devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care and endoscopy. Merit serves client hospitals worldwide with a domestic and international sales force and clinical support team of approximately 600 individuals. Merit employs approximately 6,500 people worldwide with facilities in South Jordan, Utah; Pearland, Texas; Richmond, Virginia; Aliso Viejo, California; Maastricht and Venlo, The Netherlands; Paris, France; Galway, Ireland; Beijing, China; Tijuana, Mexico; Joinville, Brazil; Ontario, Canada; Melbourne, Australia; Tokyo, Japan; Reading, United Kingdom; Johannesburg, South Africa; and Singapore.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Statements contained in this release which are not purely historical, including, without limitation, statements regarding Merit’s forecasted plans, net sales, net income (GAAP and non-GAAP), operating income and margin (GAAP and non-GAAP), gross margin (GAAP and non-GAAP), earnings per share (GAAP and non-GAAP), free cash flow, and other financial measures, Merit’s response to, the COVID-19 pandemic and the potential for recovery from that pandemic, future growth and profit expectations or forecasted economic conditions, or the implementation of, and results achieved through, Merit’s Foundations for Growth Program or other expense reduction initiatives, or the development and commercialization of new products, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to risks and uncertainties such as those described in Merit’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Annual Report”) and other filings with the SEC. Such risks and uncertainties include inherent risks and uncertainties relating to Merit’s internal models or the projections in this release; risks and uncertainties associated with the COVID-19 pandemic and Merit’s response thereto; disruptions in Merit’s supply chain, manufacturing or sterilization processes; reduced availability of, and price increases associated with, commodity components; risks relating to Merit’s potential inability to successfully manage growth through acquisitions generally, including the inability to effectively integrate acquired operations or products or commercialize technology developed internally or acquired through completed, proposed or future transactions; negative changes in economic and industry conditions in the United States or other countries; risks and uncertainties associated with Merit’s information technology systems, including the potential for breaches of security and evolving regulations regarding privacy and data protection; governmental scrutiny and regulation of the medical device industry, including governmental inquiries, investigations and proceedings involving Merit; litigation and other judicial proceedings affecting Merit; restrictions on Merit’s liquidity or business operations resulting from its debt agreements; infringement of Merit’s technology or the assertion that Merit’s technology infringes the rights of other parties; product recalls and product liability claims; changes in customer purchasing patterns or the mix of products Merit sells; expenditures relating to research, development, testing and regulatory approval or clearance of Merit’s products and risks that such products may not be developed successfully or approved for commercial use; the potential of fines, penalties or other adverse consequences if Merit’s employees or agents violate the U.S. Foreign Corrupt Practices Act or other laws or regulations; laws and regulations targeting fraud and abuse in the healthcare industry; potential for significant adverse changes in governing regulations, including reforms to the procedures for approval or clearance of Merit’s products by the U.S. Food & Drug Administration or comparable regulatory authorities in other jurisdictions; changes in tax laws and regulations in the United States or other countries; termination of relationships with Merit’s suppliers, or failure of such suppliers to perform; fluctuations in exchange rates; concentration of a substantial portion of Merit’s revenues among a few products and procedures; development of new products and technology that could render Merit’s existing or future products obsolete; market acceptance of new products; volatility in the market price of Merit’s common stock; modification or limitation of governmental or private insurance reimbursement policies; changes in healthcare policies or markets related to healthcare reform initiatives; failure to comply with applicable environmental laws; changes in key personnel; work stoppage or transportation risks; failure to introduce products in a timely fashion; price and product competition; availability of labor and materials; fluctuations in and obsolescence of inventory; and other factors referenced in the 2021 Annual Report and other materials filed with the SEC. All subsequent forward-looking statements attributable to Merit or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Actual results will likely differ, and may differ materially, from anticipated results. Financial estimates are subject to change and are not intended to be relied upon as predictions of future operating results. Those estimates and all other forward-looking statements included in this document are made only as of the date of this document, and except as otherwise required by applicable law, Merit assumes no obligation to update or disclose revisions to estimates and all other forward-looking statements.

TRADEMARKS

Unless noted otherwise, trademarks and registered trademarks used in this release are the property of Merit Medical Systems, Inc. and its subsidiaries in the United States and other jurisdictions.

  
Contacts:

 
PR/Media Inquiries:
Teresa Johnson
Merit Medical
Investor Inquiries:
Mike Piccinino, CFA, IRC
Westwicke - ICR
+1-801-208-4295+1-443-213-0509
[email protected][email protected]