Merit Medical Systems, Inc. · NASDAQ:MMSI
Merit Medical Systems — Q3 2026 Earnings Presentation
22 slides from Merit Medical Systems's earnings presentation, Oct 29, 2026
Slide 1: Merit Medical Investor Call: Third Quarter 2026 Results
1 Merit Medical Investor Call October 29, 2026 Third Quarter 2026 Results Martha Aronson President and CEO Raul Parra CFO
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
2 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This presentation contains 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. Forward-looking statements include, among
Slide 3: Cautionary Statement Regarding Forward-Looking Statements (Continued)
3 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS (CONTINUED) The following are some of the important risks and uncertainties that could cause Merit’s actual results to differ from management’s expectations in any forward-looking statements: risks and uncertainties arising from the conflic
Slide 4: Non-GAAP Financial Measures
4 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 provide investors with useful information regard
Slide 5: Financial Summary: GAAP
5 Q3 2026 Q3 2025 % Change YTD 2026 YTD 2025 % Change Revenue $416.2M $384.2M 8.4% $1,217.0M $1,122.0M 8.5% Gross Margin 48.2% 48.5% (0.7)% 49.4% 48.4% 2.0% Operating Margin 14.1% 11.1% 27.3% 13.4% 11.6% 15.4% Net Income $42.3M $27.8M 52.4% $122.1M $90.5M 35.0% Earnings per Share $0.70 $0.46 51.3% $
Slide 6: Financial Summary: Non-GAAP
6 Q3 2026 Q3 2025 % Change YTD 2026 YTD 2025 % Change $412.5M $378.9M 8.9% $1,187.0M $1,106.5M 7.3% Constant Currency Revenue, Organic* Non-GAAP Gross Margin* 52.8% 53.6% (1.5)% 53.9% 53.4% 1.1% Non-GAAP Operating Margin* 21.3% 19.7% 8.1% 21.2% 20.0% 5.9% Non-GAAP Net Income* $67.4M $54.9M 22.7% $19
Slide 7: Revenue Breakdown – Q3
7 Revenue Breakdown – Q3 Region Q3 2026 Q3 2025 $ Change % Change CC % Change* Domestic $255,946 $230,597 $25,349 11.0% 11.2% International 160,298 153,560 6,738 4.4% 3.3% Total $416,244 $384,157 $32,087 8.4% 8.1% 7 Note: Amounts in this presentation are rounded while percentages are calculated from
Slide 8: Revenue Breakdown – YTD
8 Revenue Breakdown – YTD Note: Amounts in this presentation are rounded while percentages are calculated from the underlying amounts. * A non-GAAP financial measure, representing revenue growth on a constant currency (“CC”) basis. See "Notes to Non-GAAP Financial Measures" below for additional info
Slide 9: Financial Metrics
9 Financial Metrics Metric Q3 2026 Q3 2025 YTD 2026 YTD 2025 Depreciation & Amortization $31.9M $31.3M $93.4M $91.6M Stock Comp (performance-based) 7.2M 9.0M 19.6M 19.7M Stock Comp (not performance-based) 6.4M 4.6M 15.9M 13.9M Operating Cash Flow 65.3M 75.0M 175.2M 198.9M Capital Expenditures-Proper
Slide 10: Fiscal Year 2026 Financial Guidance
10 Fiscal Year 2026 Financial Guidance Merit does not provide guidance for GAAP reported financial measures (other than revenue) or a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP reported financial measures (other than revenue) because Merit is u
Slide 11: Appendix
11 Appendix
Slide 12: Notes to Non-GAAP Financial Measures
12 Notes to Non-GAAP Financial Measures For additional details, please see the accompanying press release and forward-looking statement disclosure. These presentation materials and associated commentary from Merit’s management, as well as the press release issued today, use non-GAAP financial measur
Slide 13: Notes to Non-GAAP Financial Measures (cont.)
13 Notes to Non-GAAP Financial Measures (cont.) 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 eff
Slide 14: Notes to Non-GAAP Financial Measures (cont.)
14 Notes to Non-GAAP Financial Measures (cont.) 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, su
Slide 15: Reconciliation of GAAP Net Income to Non-GAAP Net Income
15 Reconciliation of GAAP Net Income to Non-GAAP Net Income (Unaudited; in thousands except per share amounts) Note: Certain per-share impacts may not sum to totals due to rounding. GAAP net income $ 55,785 $ (13,474) $ 42,311 $ 0.70 $ 38,540 $ (10,785) $ 27,755 $ 0.46 Non-GAAP adjustments: Cost of
Slide 16: Reconciliation of GAAP Net Income to Non-GAAP Net Income
16 Reconciliation of GAAP Net Income to Non-GAAP Net Income (Unaudited; in thousands except per share amounts) Note: Certain per-share impacts may not sum to totals due to rounding. GAAP net income $ 160,645 $ (38,536) $ 122,109 $ 2.03 $ 119,877 $ (29,394) $ 90,483 $ 1.49 Non-GAAP adjustments: Cost
Slide 17: Reconciliation of GAAP Operating Income to Non-GAAP Operating Income
17 Reconciliation of GAAP Operating Income to Non-GAAP Operating Income (Unaudited; in thousands except percentages) Note: Certain percentages may not sum to totals due to rounding. Net Sales as Reported $ 416,244 $ 384,157 $ 1,216,964 $ 1,121,970 GAAP Operating Income 58,763 14.1 % 42,612 11.1 % 16
Slide 18: Footnotes to Reconciliations
18 Footnotes to Reconciliations of GAAP Net Income to Non-GAAP Net Income and GAAP Operating Income to Non-GAAP Operating Income a) Represents performance-based share-based compensation expense, including stock-settled and cash-settled awards. b) Includes employee termination benefits associated wit
Slide 19: Reconciliation of Reported Revenue to Constant Currency Revenue
19 Reconciliation of Reported Revenue to Constant Currency Revenue (Non-GAAP), and Constant Currency Revenue, Organic (Non-GAAP) (Unaudited; in thousands except percentages) (a) A non-GAAP financial measure. For a definition of this and other non-GAAP financial measures, see the section of this pres
Slide 20: Reconciliation of GAAP Gross Margin to Non-GAAP Gross Margin
20 Reconciliation of GAAP Gross Margin to Non-GAAP Gross Margin (Unaudited; as a percentage of reported revenue) Note: Certain percentages may not sum to totals due to rounding. 2026 2025 2026 2025 Reported Gross Margin 48.2 % 48.5 % 49.4 % 48.4 % Add back impact of: Amortization of intangibles 4.6
Slide 21: Reconciliation of Cash Flow from Operations to Free Cash Flow
21 Reconciliation of Reported Cash Flow from Operations to Free Cash Flow (Unaudited; in thousands) Reported Cash Flow from Operations $ 175,230 $ 198,861 Less: Capital Expenditures (57,252) (45,686) Free Cash Flow $ 129,544 $ 141,609 Nine Months Ended September 30, 2026 2025
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