Merit Medical Systems (NASDAQ:MMSI) Issues Quarterly Earnings Results

Merit Medical Systems (NASDAQ:MMSI) issued its quarterly earnings data on Wednesday. The medical instruments supplier reported $0.86 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $339.85 million for the quarter, compared to the consensus estimate of $334.60 million. During the same period last year, the firm posted $0.75 EPS. Merit Medical Systems’s quarterly revenue 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 Up 4.0 %

MMSI traded up $3.76 during trading on Thursday, reaching $98.66. 915,705 shares of the stock traded hands, compared to its average volume of 438,189. The stock’s 50-day simple moving average is $96.36 and its two-hundred day simple moving average is $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. Merit Medical Systems has a fifty-two week low of $65.46 and a fifty-two week high of $101.60. The stock has a market cap of $5.73 billion, a price-to-earnings ratio of 57.10, a price-to-earnings-growth ratio of 2.41 and a beta of 0.87.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on MMSI shares. Bank of America lifted their price objective on shares of Merit Medical Systems from $92.00 to $103.00 and gave the company a “neutral” rating in a research note on Monday, September 16th. Needham & Company LLC restated a “buy” rating and set a $109.00 price target on shares of Merit Medical Systems in a research report on Thursday. Piper Sandler reaffirmed an “overweight” rating and issued a $110.00 price target (up from $100.00) on shares of Merit Medical Systems in a research note on Monday, September 9th. Wells Fargo & Company raised their price objective on shares of Merit Medical Systems from $85.00 to $103.00 and gave the company an “equal weight” rating in a research note on Monday, September 16th. Finally, StockNews.com upgraded Merit Medical Systems from a “hold” rating to a “buy” rating in a research report on Saturday, October 26th. Two investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Merit Medical Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $103.36.

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.