The South Jordan, Utah-based company posted profits of $14.8 million, or 32¢ per share, on sales of $171.1 million for the 3 months ended March 31, for bottom-line growth of 240.2% while sales grew 23.9% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were 28¢, well above the 23¢ consensus on The Street, where analysts were looking for sales of $163.9 million.
“Our management team is pleased with our performance during the first quarter, especially with the activities involved in the integration of the acquisitions of DFINE, the critical care division of Argon and the assets of catheter connections. We delivered strong revenue growth across all sales divisions in the first quarter. We continue to focus on our promised deliverables, revenue growth, gross margin expansion, our R&D pipeline, and discipline in controlling our SG&A expenses. We plan to deliver a 2-year extension of our 3-year plan following the second quarter of 2017,” CEO & chair Fred Lampropoulos said in a press release.
Merit Medical reiterated its previous guidance for the fiscal year 2017, expecting to report revenue between $713 and $723 million with non-GAAP earnings per share between $1.15 and $1.20.
“We reaffirm our revenue guidance of $713-$723 million and non-GAAP earnings of $1.15-$1.20 per share for the year ending December 31, 2017, without reduction due to our recent public stock offering. Our guidance on GAAP EPS for the year ending December 31, 2017 is updated from $0.54-$0.60 to $0.80-$0.86 to reflect the bargain purchase gain recognized from the Argon acquisition,” Lampropolous said.
Shares have lifted 2.6% in after hours trading today, up 80¢ at $32.00 as of 5:01 p.m. EDT.