Merit Medical Systems Q2 Profit Rises; Lifts FY24 Outlook

(RTTNews) - Merit Medical Systems Inc.'s (MMSI) GAAP net income for the second quarter of 2024 was $35.7 million or $0.61 per share, up from $20.2 million or $0.35 per share in the second quarter of 2023.

Non-GAAP net income for the second quarter of 2024 was $53.8 million, or $0.92 per share, compared to non-GAAP net income of $45.9 million, or $0.78 per share, for the second quarter of 2023.

Quarterly revenue was $338.0 million, an increase of 5.6% compared to the quarter ended June 30, 2023. Constant currency revenue for the second quarter of 2024 increased 6.6% compared to the prior year period and increased 5.0% compared to the prior year period on a constant currency revenue, organic, basis.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.87 per share and revenues of $334.55 million for the second quarter. Analysts' estimates typically exclude special items.

The company raised its fiscal year 2024 non-GAAP earnings per share outlook to $3.27 - $3.35 from the prior outlook of $3.22 - $3.31. The company now expects annul net sales to be $1.335 billion - $1.345 billion compared to the prior estimation of $1.324 billion - $1.340 billion. Analysts expect the company to report earnings of $ 3.29 per share and revenues of $1.33 billion for the fiscal year 2024.

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