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: Third Quarter 2026 Results
Third Quarter 2026 Results Merit Medical Investor Call October 29, 2026 Martha Aronson President and CEO Raul Parra CFO 1
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
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 o
Slide 3: Cautionary Statement Regarding Forward-Looking Statements (Continued)
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 conflict
Slide 4: Non-GAAP Financial Measures
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 regardin
Slide 5: Financial Summary: GAAP
Financial Summary: GAAP In millions, except per share amounts and percentages 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
Slide 6: Financial Summary: Non-GAAP
Financial Summary: Non-GAAP* In millions, except per share amounts and percentages Q3 2026 Q3 2025 % Change YTD 2026 YTD 2025 % Change Constant Currency Revenue, $412.5M $378.9M 8.9% $1,187.0M $1,106.5M 7.3% Organic* Non-GAAP Gross Margin* 52.8% 53.6% (1.5)% 53.9% 53.4% 1.1% Non-GAAP Operating Margi
Slide 7: Revenue Breakdown – Q3
Revenue Breakdown – Q3 In thousands, except percentages 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% Note: Amounts in this presentation are rounded while pe
Slide 8: Revenue Breakdown – YTD
Revenue Breakdown – YTD In thousands, except percentages Region YTD 2026 YTD 2025 $ Change % Change CC % Change* Domestic $734,513 $671,243 $63,270 9.4% 9.9% International 482,451 450,727 31,724 7.0% 3.7% Total $1,216,964 $1,121,970 $94,994 8.5% 7.4% Note: Amounts in this presentation are rounded wh
Slide 9: Financial Metrics
Financial Metrics In millions 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 Expenditu
Slide 10: Fiscal Year 2026 Financial Guidance
Fiscal Year 2026 Financial Guidance Revenue and Earnings Guidance* Updated Guidance Prior Guidance(2) Year Ending % Change Year Ending % Change Financial Measure December 31, 2026 Y/Y December 31, 2026 Y/Y Total Revenue $1.635 - $1.642 billion 8% - 8% $1.631 - $1.643 billion 8% - 8% (1) Non-GAAP Ear
Slide 11: Appendix
Appendix 11
Slide 12: Notes to Non-GAAP Financial Measures
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 measures,
Slide 13: Notes to Non-GAAP Financial Measures (cont.)
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 effect
Slide 14: Notes to Non-GAAP Financial Measures (cont.)
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, such
Slide 15: Reconciliation of GAAP Net Income to Non-GAAP Net Income
Reconciliation of GAAP Net Income to Non-GAAP Net Income (Unaudited; in thousands except per share amounts) Three M onths Ended Three M onths Ended September 30, 2026 September 30, 2025 Pre-Tax Tax Impact After-Tax Per Share Impact Pre-Tax Tax Impact After-Tax Per Share Impact GAAP net income $ 55,7
Slide 16: Reconciliation of GAAP Net Income to Non-GAAP Net Income
Reconciliation of GAAP Net Income to Non-GAAP Net Income (Unaudited; in thousands except per share amounts) Nine M onths Ended Nine M onths Ended September 30, 2026 September 30, 2025 Pre-Tax Tax Impact After-Tax Per Share Impact Pre-Tax Tax Impact After-Tax Per Share Impact GAAP net income $ 160,64
Slide 17: Reconciliation of GAAP Operating Income to Non-GAAP Operating Income
Reconciliation of GAAP Operating Income to Non-GAAP Operating Income (Unaudited; in thousands except percentages) T hree Months Ended T hree Months Ended Nine Months Ended Nine Months Ended September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Amounts % Sales Amounts % Sales Am
Slide 18: Footnotes to Reconciliations of GAAP Net Income and Operating Income
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 with a
Slide 19: Reconciliation of Reported Revenue to Constant Currency Revenue
Reconciliation of Reported Revenue to Constant Currency Revenue (Non-GAAP), and Constant Currency Revenue, Organic (Non-GAAP) (Unaudited; in thousands except percentages) T hree Months Ended Nine Months Ended September 30, September 30, % Change 2026 2025 % Change 2026 2025 Reported Revenue 8.4 % $
Slide 20: Reconciliation of GAAP Gross Margin to Non-GAAP Gross Margin
Reconciliation of GAAP Gross Margin to Non-GAAP Gross Margin (Unaudited; as a percentage of reported revenue) T hree Months Ended Nine Months Ended September 30, September 30, 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 Reported Cash Flow from Operations to Free Cash Flow
Reconciliation of Reported Cash Flow from Operations to Free Cash Flow (Unaudited; in thousands) Nine Months Ended September 30, 2026 2025 Reported Cash Flow from Operations $ 175,230 $ 198,861 Less: Capital Expenditures (45,686) (57,252) Free Cash Flow $ 129,544 $ 141,609 21
Slide 22: Slide 22
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