Merit Medical (Nasdaq:MMSI) posted second-quarter results this week that exceeded the consensus forecast on Wall Street.
The South Jordan, Utah-based disposable medical devices maker reported profits of $15.3 million, or 27¢ per share, on sales of $294.98 million for the three months ended June 30, for a bottom-line gain of 211.2% on sales growth of 5.23%.
Adjusted to exclude one-time items, earnings per share were 73¢, 15¢ ahead of The Street, where analysts were looking for sales of $281.01 million.
“Our updated guidance expectations for 2022 reflect continued confidence in our ability to drive solid constant currency revenue growth, material improvements in our profitability profile and strong free cash flow generation in 2022. Overall, we continue to execute on our multi-year strategic initiatives related to the Foundations for Growth Program and are excited about the results we are seeing across our business,” CEO Fred Lampropoulos said in a news release.
Merit Medical anticipates net revenue for fiscal 2022 to be in the range of $1.123 billion to $1.135 billion to represent a 5% to 6% year-over-year increase. The company’s cardiovascular segment anticipates revenue between $1.093 billion and $1.102 billion while its endoscopy division projects between $30 million and $34 million for the year.
MMSI shares were down slightly to $56.94 apiece by midday trading today. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was up slightly.