Merit Medical Systems (NASDAQ:MMSI) Updates FY24 Earnings Guidance

Merit Medical Systems (NASDAQ:MMSI) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $3.25-$3.34 for the period, compared to the consensus earnings per share estimate of $3.31. The company issued revenue guidance of $1.339-$1.351 billion, compared to the consensus revenue estimate of $1.34 billion. Merit Medical Systems also updated its FY 2024 guidance to 3.250-3.340 EPS.

Analyst Upgrades and Downgrades

Several research firms have issued reports on MMSI. Piper Sandler reaffirmed 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. Bank of America increased their target price on shares of Merit Medical Systems from $92.00 to $103.00 and gave the company a neutral rating in a research report on Monday. Needham & Company LLC reiterated a buy rating and issued a $105.00 target price on shares of Merit Medical Systems in a research report on Monday. StockNews.com upgraded shares of Merit Medical Systems from a hold rating to a buy rating in a research report on Monday, August 5th. Finally, Barrington Research restated an outperform rating and set a $100.00 price objective on shares of Merit Medical Systems in a research report on Tuesday, July 16th. Two investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $100.55.

Merit Medical Systems Trading Up 3.6 %

NASDAQ MMSI opened at $99.64 on Tuesday. The firm has a 50 day simple moving average of $90.72 and a 200-day simple moving average of $82.55. The company has a debt-to-equity ratio of 0.62, a quick ratio of 4.64 and a current ratio of 6.24. Merit Medical Systems has a one year low of $62.58 and a one year high of $100.10. The firm has a market cap of $5.79 billion, a price-to-earnings ratio of 57.26, a PEG ratio of 2.53 and a beta of 0.87.

Merit Medical Systems (NASDAQ:MMSI) last issued its quarterly earnings results on Thursday, August 1st. The medical instruments supplier reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.04. Merit Medical Systems had a net margin of 9.02% and a return on equity of 15.29%. The company had revenue of $338.00 million during the quarter, compared to the consensus estimate of $334.94 million. Equities research analysts anticipate that Merit Medical Systems will post 3.31 EPS for the current fiscal year.

Insider Buying and Selling

In other Merit Medical Systems news, Director F. Ann Millner sold 12,500 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $85.00, for a total transaction of $1,062,500.00. Following the sale, the director now owns 32,391 shares of the company’s stock, valued at $2,753,235. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 3.70% of the stock is owned by insiders.

Merit Medical Systems Company Profile

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.