The South Jordan, Utah-based company posted losses of -$3 million, or -5¢ per share, on sales of $243.98 million for the three months ended Sept. 30, 2020, for an 11.4% bottom-line gain on sales growth of 0.3%.
Adjusted to exclude one-time items, earnings per share were 42¢, 22¢ ahead of Wall Street, where analysts were looking for sales of $216.3 million.
“Our third-quarter revenue results reflect better than expected performance driven by strong execution and discipline despite a fluctuating global recovery,” Merit chairman & CEO Fred Lampropoulos said in a news release. “We are particularly proud of our profitability performance in the third quarter as we leveraged strong operating expense control to drive impressive growth in our non-GAAP operating profit and our non-GAAP EPS, which increased 65% and 50%, respectively, year over year.
“We remain focused on executing our plan to enhance the efficiency of our business in order to be better positioned for profitable growth going forward.”
Merit said it now expects to log adjusted EPS of $1.52 to $1.57 and updated its prior sales guidance for between $950 million to $959 million.
MMSI shares were up 3.3% at $50.87 per share in mid-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down -0.8%.