Merit Medical Systems (NASDAQ:MMSI) Posts Earnings Results, Beats Expectations By $0.06 EPS

Merit Medical Systems (NASDAQ:MMSI) posted its earnings results on Wednesday. The medical instruments supplier reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.06, Briefing.com reports. Merit Medical Systems had a net margin of 9.02% and a return on equity of 15.29%. The business had revenue of $339.85 million for the quarter, compared to analysts’ expectations of $334.60 million. During the same period in the previous year, the company posted $0.75 earnings per share. The business’s revenue for the quarter was up 7.8% compared to the same quarter last year. Merit Medical Systems updated its FY24 guidance to $3.33-$3.38 EPS.

Merit Medical Systems Stock Performance

Shares of NASDAQ:MMSI traded up $3.76 during trading on Thursday, reaching $98.66. 915,705 shares of the company’s stock traded hands, compared to its average volume of 438,189. The stock has a market capitalization of $5.73 billion, a P/E ratio of 57.10, a price-to-earnings-growth ratio of 2.41 and a beta of 0.87. Merit Medical Systems has a 12 month low of $65.46 and a 12 month high of $101.60. The company has a 50 day moving average of $96.36 and a 200-day moving average of $87.63. The company has a debt-to-equity ratio of 0.62, a current ratio of 6.24 and a quick ratio of 4.64.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Barrington Research reissued an “outperform” rating and issued a $114.00 price objective on shares of Merit Medical Systems in a research report on Thursday. Wells Fargo & Company lifted their price objective on Merit Medical Systems from $85.00 to $103.00 and gave the stock an “equal weight” rating in a report on Monday, September 16th. Needham & Company LLC reissued a “buy” rating and set a $109.00 price target on shares of Merit Medical Systems in a research report on Thursday. Bank of America upped their price target on shares of Merit Medical Systems from $92.00 to $103.00 and gave the company a “neutral” rating in a report on Monday, September 16th. Finally, Piper Sandler reissued an “overweight” rating and set a $110.00 price objective (up from $100.00) on shares of Merit Medical Systems in a report on Monday, September 9th. Two equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Merit Medical Systems presently has an average rating of “Moderate Buy” and an average target price of $103.36.

About Merit Medical Systems

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.