Merit Medical (NSDQ:MMSI) posted fourth-quarter results that beat the consensus forecast on Wall Street.
The South Jordan, Utah-based company reported profits of $15.4 million, or 27¢ per share, on sales of $258 million for the three months ended Dec. 31, 2020, for a sales growth of 0.03% compared with Q4 2019.
Adjusted to exclude one-time items, earnings per share were 54¢, 11¢ ahead of The Street, where analysts were looking for sales of $250.5 million.
“We delivered fourth-quarter revenue results above the high-end of our guidance range, increasing 6% quarter-over-quarter as reported, despite the challenging operating environment and a slower-than-expected pace of recovery from the COVID-19 pandemic in many of our primary markets around the world,” president and CEO Fred Lampropoulos said in a news release.
“Our financial guidance for 2021 reflects cautious optimism on the prospects for an improving operating environment as we progress through the year, with continued COVID-19-related headwinds over the first half of the year, and a return to more normalized growth as the overall global recovery takes shape over the second half of the year. Importantly, while our 2021 guidance reflects total revenue growth, on a constant currency basis, in the low-to-mid single digits year-over-year, excluding the impact of divestitures and product sales that uniquely benefitted from pandemic-related demand trends in 2020, our revenue guidance reflects growth in the mid-to-high single digits year-over-year in 2021. We also expect to report improving non-GAAP gross and operating margins and strong free cash flow in 2021, driven by strong execution and contributions from our multi-year strategic initiatives related to our Foundations for Growth Program.”
Merit Medical said it expects to log revenue in the range of $990 million to $1.01 billion in 2021, representing an increase of 2.7% to 4.8% year-over-year.
Shares in MMSI were up 0.11% to $56.52 apiece in pre-market trading.
