Merit Medical (NSDQ:MMSI) yesterday put up third-quarter numbers that beat expectations on both sales and earnings and confirmed that it’s on track to hit the midpoint of its guidance for the rest of the year.
South Jordan, Utah-based Merit posted a swing to black ink for the three months ended Sept. 30, with profits of $16.6 million, or 30¢ per share, on sales growth of 23.6% to $221.7 million, compared with losses of -$3.6 million during Q3 2017.
Adjusted to exclude one-time items, earnings per share were 47¢, a full nickel ahead of Wall Street, where analysts were looking for sales of $216.9 million.
“By many measures Merit had an outstanding third quarter,” founder, chairman & CEO Fred Lampropoulos said in prepared remarks. “All geographic areas and all reporting product groups met or exceeded our expectations. Of note were the stand-alone devices, catheters, CRM/EP and endoscopy devices.”
During a conference call with investors, CFO Raul Parra said the company is on track to hit the midpoint of its guidance for the rest of the year, with adjusted EPS of $1.60 to $1.70 on sales of $870 million to $880 million.
MMSI shares closed up 0.7% yesterday at $61.29 apiece.