Merit Medical Systems Inc
merit.comWhat Do They Do?
Makes cardiovascular devices for vascular access and other procedures, along with endoscopy devices, serving hospitals and alternate-site physicians, technicians and nurses.
10-K for FY2025, filed Feb 24, 2026We offer a broad line of medical devices used to gain and maintain vascular access. These products include our micropuncture kits…View ↗
We design, develop, market and manufacture, through our own operations and contract manufacturers, medical products that offer a high level…View ↗
We provide products to hospitals and alternate site-based physicians, technicians and nurses. Hospitals and acute care facilities in the…View ↗
How Do They Make Money?
Customers buy single-use medical products at contract prices under customary fixed payment terms; sales are completed when products ship or are delivered.
10-K for FY2025, filed Feb 24, 2026Identify the performance obligations in the contract. Generally, our contracts with customers do not include multiple performance…View ↗
Determine the transaction price. Payment by the customer is due under customary fixed payment terms, and we evaluate if collectability is…View ↗
Allocate the transaction price to performance obligations in the contract. We typically do not have multiple performance obligations in our…View ↗
Recognize revenue when or as we satisfy a performance obligation. We generally satisfy performance obligations at a point in time upon…View ↗
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10-K for FY2025, filed Feb 24, 2026
FY2025 revenue by reportable segment ↗
$1.5B
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10-K for FY2025, filed Feb 24, 2026
$1.5B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Cardiovascular
Sold outright
10-K for FY2025, filed Feb 24, 2026 |
95%
FY2022: 97%
|
Cardiovascular, FY2025
$1.4B Sources
|
Sold outright |
|
Endoscopy
Sold outright
|
4.8%
FY2022: 2.9%
|
Endoscopy, FY2025
$72.9M Sources
|
Sold outright |
Who Are Their Customers?
Healthcare facilities buy directly through Merit’s U.S. sales force or through distributors, OEM partners and custom procedure tray makers; internationally they use direct sales teams, distributors or OEM partners.
10-K for FY2025, filed Feb 24, 2026We provide products to hospitals and alternate site-based physicians, technicians and nurses. Hospitals and acute care facilities in the…View ↗
U.S. and International Sales. Sales of our products in the U.S. accounted for 60%, 59% and 58% of our net sales for the years ended…View ↗
Internationally, we employ sales representatives and contract with independent distributor organizations and custom procedure tray…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 8 cents of every revenue dollar as net income in FY2025 and turned 14 cents into free cash flow.
10-K for FY2025, filed Feb 24, 2026
$184.7MView ↗
10-K for FY2025, filed Feb 24, 2026
$128.5MView ↗
10-K for FY2025, filed Feb 24, 2026
$215.7MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Jul 30, 2026
$38.8MView ↗
- ▲ +19%
- vs $32.6M in Q2 FY2025
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Jul 30, 2026
Raised full-year revenue and non-GAAP earnings-per-share guidance
The company cited its first-half 2026 results as the reason for the increase.
Sources
8-K, filed Jul 30, 2026
Ms. Aronson continued: “We have increased our 2026 revenue and non-GAAP earnings per share guidance to reflect the stronger-than-expected…View ↗
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Apr 30, 2026
Sold DualCap assets and acquired View Point Medical
The release reported a $28 million sale of DualCap assets and a $140 million acquisition of View Point.
Sources
8-K, filed Apr 30, 2026
On February 17, 2026, Merit sold certain assets related to the DualCap® product line to Health Line International Corporation for a…View ↗
Growing. Revenue grew 41% in 4 years, from $1.1B in FY2021 to $1.5B in FY2025, about 9% a year.
Spine classification
The latest report places spine-device sales in OEM, whereas the older report listed spine among peripheral intervention product groups.
10-K for FY2022, filed Feb 24, 2023 10-K for FY2025, filed Feb 24, 2026Our peripheral intervention products support the minimally invasive diagnosis and treatment of diseases in peripheral vessels and organs…View ↗
*Commencing January 1, 2025, we reorganized our sales teams and product categories to include revenues from the sale of our spine devices…View ↗
Who Do They Compete With?
Competes with Teleflex, Cook Medical, Medtronic, Boston Scientific, Becton, Dickinson, Abbott Laboratories, Terumo, Edwards Lifesciences, Stryker, Johnson & Johnson, Hologic, Argon Medical Devices, Getinge, and Olympus
10-K for FY2025, filed Feb 24, 2026Our primary competitors in our peripheral intervention market are Teleflex Incorporated (“Teleflex”), Cook Medical Incorporated (“Cook…View ↗
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