Merit Medical (NSDQ:MMSI) this week posted first-quarter results that beat the overall consensus on Wall Street.
The South Jordan, Utah-based disposable interventional medical device maker reported profits of $10.5 million, or 18¢ per share, on sales of $275.4 million for the three months ended March 31, for a bottom-line loss of 3.8% on sales growth of 10.65% compared with Q1 2021.
Adjusted to exclude one-time items, earnings per share were 53¢, 7¢ ahead of The Street, where analysts were looking for sales of $264.69 million.
“We delivered better-than-expected revenue results for the first quarter of 2022, driven by solid execution from our team, stronger-than-anticipated demand during the month of March, particularly in the U.S., and more favorable than anticipated sales trends in the APAC and “Rest of World” regions,” CEO Fred Lampropoulos said in a news release.
“We are confident in our 2022 guidance, which calls for total revenue growth, on a constant currency basis, of 4% to 6% year-over-year. We continue to expect progressive improvement in our operating environment – specifically, access to patients and elective procedures – over the first half of 2022. We also continue to expect to report improving non-GAAP gross and operating margins and strong free cash flow in 2022, driven by strong execution and contributions from our multi-year strategic initiatives related to the Foundations for Growth Program. Our team continues to execute well and remains focused on our strategic initiatives, while standing ready to adapt quickly to changes in our markets.”
Merit Medical Systems expects net revenue for fiscal year 2022 to be in the range of $1.117 billion to $1.140 billion to represent an increase of approximately 4% to 6% year-over-year.
Shares in MMSI were down more than 3% to $62.66 apiece by midday trading today. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was down 2%.
