Merit Medical Systems Q2 Profit Beats View; Sees FY22 Results In Line With View

(RTTNews) - Merit Medical Systems Inc. (MMSI) reported that its net income for the second quarter of 2022 rose to $15.3 million or $0.27 per share, from $4.9 million or $0.09 per share, for the second quarter of 2021.

Non-GAAP net income for the second quarter of 2022 was $42.3 million or $0.73 per share, compared to $35.3 million or $0.62 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.58 per share for the quarter. Analysts' estimates typically exclude special items.

Quarterly revenue was $295.0 million, an increase of 5.2% compared to the quarter ended June 30, 2021. Constant currency revenue, organic, for the second quarter of 2022 increased 7.4% compared to the prior year period. Analysts expected revenue of $281.01 million for the quarter.

Looking ahead for fiscal year 2022, Merit now expects net income to be in the range of $62.4 million to $68.3 million or $1.08 to $1.18 per share; non-GAAP net income of $139.6 million to $145.5 million or $2.42 to $2.52 per share.

The company projects annual net revenue to be in the range of $1.123 billion to $1.135 billion, representing an increase of approximately 5% to 6% year-over-year.

Analysts expect the company to report earnings of $2.48 per share and revenues of $1.13 billion for fiscal year 2022.

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