Shares in Merit Medical (NSDQ:MMSI) ticked up in after-market trading today after the medical device maker posted second-quarter earnings and sales that came in ahead of expectations and raised its outlook on the rest of the year.
South Jordan, Utah-based Merit reported profits of $10.9 million, or 21¢ per share, on sales of $224.8 million for the three months ended June 30, amounting to 15.4% bottom-line growth on a sales gain of 20.5%.
Adjusted to exclude one-time items, earnings per share were 43¢, 3¢ ahead of the consensus on Wall Street, where analysts were expecting sales of $214.6 million.
“The company grew substantially in the second quarter, driven primarily by demand for our legacy products, a full quarter of selling products acquired from BD, and continued growth in our international markets,” founder, chairman & CEO Fred Lampropoulos said in prepared remarks. “We see additional growth opportunities for the balance of 2018, due primarily to recently-awarded tenders, anticipated releases of new products, commencement of production of the Laurane Medical product line in our Irish facility, our acquisition of product distribution agreements for the DirectACCESS Medical FirstChoice ultra-high-pressure PTA balloon catheter and the execution of a product distribution agreement for the QXMédical Q50 Plus stent graft balloon catheter.”
Merit said it now expects to report adjusted EPS of $1.60 to $1.70, up from $1.57 to $1.69 previously, on sales of $870 million to $880 million compared with prior guidance of $838 million to $851 million.
MMSI shares were up 1.4% to $56.99 apiece today in after-market activity.