$MMSI
MERIT MEDICAL SYSTEMS INC

2011 Q4 Form 10-Q Financial Statement

#000085698211000007 Filed on November 08, 2011

View on sec.gov

Income Statement

Concept 2011 Q4 2011 Q3 2010 Q3
Revenue $91.09M $90.48M $73.17M
YoY Change 12.18% 23.65% 9.54%
Cost Of Revenue $48.90M $49.42M $41.93M
YoY Change 9.15% 17.88% 9.75%
Gross Profit $42.15M $41.05M $31.25M
YoY Change 15.92% 31.39% 9.64%
Gross Profit Margin 46.27% 45.38% 42.7%
Selling, General & Admin $28.00M $25.71M $22.48M
YoY Change 6.87% 14.36% 33.81%
% of Gross Profit 66.44% 62.62% 71.94%
Research & Development $8.500M $5.401M $3.865M
YoY Change 80.85% 39.74% 17.12%
% of Gross Profit 20.17% 13.16% 12.37%
Depreciation & Amortization $4.900M $4.800M $3.900M
YoY Change 13.95% 23.08% 18.18%
% of Gross Profit 11.63% 11.69% 12.48%
Operating Expenses $36.60M $34.55M $34.69M
YoY Change 18.45% -0.41% 72.58%
Operating Profit $5.545M $6.507M -$3.442M
YoY Change 1.59% -289.05% -140.98%
Interest Expense $0.00 $19.00K $95.00K
YoY Change -100.0% -80.0%
% of Operating Profit 0.0% 0.29%
Other Income/Expense, Net $100.0K $176.0K -$70.00K
YoY Change 0.0% -351.43% -30.0%
Pretax Income $5.626M $6.507M -$3.442M
YoY Change 1.86% -289.05% -140.98%
Income Tax $806.0K $2.120M -$1.539M
% Of Pretax Income 14.33% 32.58%
Net Earnings $4.970M $4.563M -$1.973M
YoY Change 18.05% -331.27% -132.34%
Net Earnings / Revenue 5.46% 5.04% -2.7%
Basic Earnings Per Share $0.12 $0.11 -$0.06
Diluted Earnings Per Share $0.12 $0.11 -$0.06
COMMON SHARES
Basic Shares Outstanding 41.92M shares 41.91M shares 35.29M shares
Diluted Shares Outstanding 42.50M shares 35.29M shares

Balance Sheet

Concept 2011 Q4 2011 Q3 2010 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.10M $5.800M $5.300M
YoY Change 172.97% 9.43% -8.62%
Cash & Equivalents $10.13M $5.819M $5.298M
Short-Term Investments
Other Short-Term Assets $8.400M $8.900M $7.900M
YoY Change 18.31% 12.66% 71.74%
Inventory $69.91M $66.56M $58.40M
Prepaid Expenses
Receivables $40.55M $40.58M $38.60M
Other Receivables $4.700M $2.100M $2.200M
Total Short-Term Assets $133.7M $124.0M $112.5M
YoY Change 19.01% 10.18% 22.95%
LONG-TERM ASSETS
Property, Plant & Equipment $179.1M $162.5M $122.5M
YoY Change 39.89% 32.67% 10.16%
Goodwill $61.14M $61.14M
YoY Change 4.21%
Intangibles $21.25M $58.54M
YoY Change -7.23%
Long-Term Investments $2.800M
YoY Change
Other Assets $8.248M $8.053M $14.60M
YoY Change -9.61% -44.84% 356.25%
Total Long-Term Assets $313.4M $294.9M $251.5M
YoY Change 21.85% 17.25% 45.29%
TOTAL ASSETS
Total Short-Term Assets $133.7M $124.0M $112.5M
Total Long-Term Assets $313.4M $294.9M $251.5M
Total Assets $447.0M $418.8M $364.0M
YoY Change 20.99% 15.06% 37.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.70M $23.10M $14.10M
YoY Change 12.94% 63.83% -31.55%
Accrued Expenses $20.20M $21.40M $18.40M
YoY Change 6.92% 16.33% 39.39%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $43.80M $48.30M $35.50M
YoY Change 9.01% 36.05% -0.56%
LONG-TERM LIABILITIES
Long-Term Debt $30.74M $5.619M $88.00M
YoY Change -62.3% -93.61%
Other Long-Term Liabilities $3.226M $4.270M $9.200M
YoY Change 141.47% -53.59% 13.58%
Total Long-Term Liabilities $33.96M $9.889M $97.20M
YoY Change -59.02% -89.83% 1100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $43.80M $48.30M $35.50M
Total Long-Term Liabilities $33.96M $9.889M $97.20M
Total Liabilities $89.93M $68.12M $134.2M
YoY Change -32.82% -49.24% 155.62%
SHAREHOLDERS EQUITY
Retained Earnings $190.7M $185.7M
YoY Change 13.74%
Common Stock $166.2M $165.0M
YoY Change 147.77%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $357.1M $350.7M $229.8M
YoY Change
Total Liabilities & Shareholders Equity $447.0M $418.8M $364.0M
YoY Change 20.99% 15.06% 37.57%

Cashflow Statement

Concept 2011 Q4 2011 Q3 2010 Q3
OPERATING ACTIVITIES
Net Income $4.970M $4.563M -$1.973M
YoY Change 18.05% -331.27% -132.34%
Depreciation, Depletion And Amortization $4.900M $4.800M $3.900M
YoY Change 13.95% 23.08% 18.18%
Cash From Operating Activities $3.600M $14.90M $5.700M
YoY Change -74.65% 161.4% -9.52%
INVESTING ACTIVITIES
Capital Expenditures -$20.70M -$15.70M -$7.000M
YoY Change 146.43% 124.29% 0.0%
Acquisitions
YoY Change
Other Investing Activities -$4.500M -$6.700M -$86.00M
YoY Change 181.25% -92.21%
Cash From Investing Activities -$25.20M -$22.40M -$93.00M
YoY Change 152.0% -75.91% 1247.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 25.80M -49.40M 88.50M
YoY Change -544.83% -155.82% 6707.69%
NET CHANGE
Cash From Operating Activities 3.600M 14.90M 5.700M
Cash From Investing Activities -25.20M -22.40M -93.00M
Cash From Financing Activities 25.80M -49.40M 88.50M
Net Change In Cash 4.200M -56.90M 1.200M
YoY Change -362.5% -4841.67% 71.43%
FREE CASH FLOW
Cash From Operating Activities $3.600M $14.90M $5.700M
Capital Expenditures -$20.70M -$15.70M -$7.000M
Free Cash Flow $24.30M $30.60M $12.70M
YoY Change 7.52% 140.94% -4.51%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2011Q3 us-gaap Operating Income Loss
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6507000 USD
us-gaap Other Amortization Of Deferred Charges
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-81000 USD
us-gaap Other Amortization Of Deferred Charges
OtherAmortizationOfDeferredCharges
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CY2010Q4 us-gaap Other Assets Noncurrent
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9125000 USD
CY2011Q3 us-gaap Other Assets Noncurrent
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8053000 USD
CY2011Q3 us-gaap Other Deferred Credits Noncurrent
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1682000 USD
CY2010Q4 us-gaap Other Deferred Credits Noncurrent
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CY2011Q3 us-gaap Other Liabilities Noncurrent
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4270000 USD
CY2010Q4 us-gaap Other Liabilities Noncurrent
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CY2010Q3 us-gaap Other Nonoperating Income Expense
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18000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
94000 USD
CY2011Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
159000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
238000 USD
us-gaap Payments Of Debt Issuance Costs
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522000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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8250000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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96226000 USD
us-gaap Payments To Acquire Intangible Assets
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1768000 USD
us-gaap Payments To Acquire Intangible Assets
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718000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
37086000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
15592000 USD
CY2010Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000 shares
CY2011Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000 shares
CY2011Q3 us-gaap Preferred Stock Shares Issued
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0.00 shares
CY2010Q4 us-gaap Preferred Stock Shares Issued
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CY2011Q3 us-gaap Preferred Stock Value
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USD
CY2010Q4 us-gaap Preferred Stock Value
PreferredStockValue
USD
CY2010Q4 us-gaap Prepaid Expense And Other Assets Current
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2541000 USD
CY2011Q3 us-gaap Prepaid Expense And Other Assets Current
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4302000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1351000 USD
us-gaap Proceeds From Issuance Of Common Stock
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94800000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
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61507000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
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97278000 USD
us-gaap Proceeds From Long Term Lines Of Credit
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us-gaap Proceeds From Long Term Lines Of Credit
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0 USD
us-gaap Proceeds From Payments For Trading Securities
ProceedsFromPaymentsForTradingSecurities
0 USD
us-gaap Proceeds From Payments For Trading Securities
ProceedsFromPaymentsForTradingSecurities
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us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
9673000 USD
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
0 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
5000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
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16000 USD
us-gaap Profit Loss
ProfitLoss
18074000 USD
us-gaap Profit Loss
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8250000 USD
CY2010Q3 us-gaap Profit Loss
ProfitLoss
-1973000 USD
CY2011Q3 us-gaap Profit Loss
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4563000 USD
CY2011Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
243935000 USD
CY2010Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
199908000 USD
CY2011Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
162523000 USD
CY2010Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
128055000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
137426000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
9289000 USD
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
8500000 USD
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
0 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
10664000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
15847000 USD
CY2010Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3865000 USD
CY2011Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5401000 USD
CY2011Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
185738000 USD
CY2010Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
167664000 USD
CY2011Q3 us-gaap Sales Revenue Goods Net
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90477000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1082000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
950000 USD
CY2010Q3 us-gaap Sales Revenue Goods Net
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73172000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
268357000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
215552000 USD
CY2010Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
22480000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
76474000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
61451000 USD
CY2011Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
25708000 USD
CY2010Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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235615000 USD
CY2011Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
350716000 USD
us-gaap Unrealized Gain Loss On Investments
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0 USD
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-146000 USD
us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
-823000 USD
us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
-590000 USD
CY2011Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
42502000 shares
CY2010Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35293000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38832000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35954000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35249000 shares
CY2011Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41909000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38123000 shares
CY2010Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35293000 shares
mmsi Acquisition Of Developed Technology In Accrued Expenses
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500000 USD
mmsi Acquisition Of Developed Technology In Accrued Expenses
AcquisitionOfDevelopedTechnologyInAccruedExpenses
2208000 USD
CY2011Q3 mmsi Intangible Assets Net Goodwill And Other Assets Noncurrent
IntangibleAssetsNetGoodwillAndOtherAssetsNoncurrent
132354000 USD
CY2010Q4 mmsi Intangible Assets Net Goodwill And Other Assets Noncurrent
IntangibleAssetsNetGoodwillAndOtherAssetsNoncurrent
129124000 USD
mmsi Loss On Sale And Or Abandonment Of Property And Equipment
LossOnSaleAndOrAbandonmentOfPropertyAndEquipment
449000 USD
mmsi Loss On Sale And Or Abandonment Of Property And Equipment
LossOnSaleAndOrAbandonmentOfPropertyAndEquipment
3000 USD
mmsi Payment Of Taxes Exchange Of Common Stock
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819000 USD
mmsi Payment Of Taxes Exchange Of Common Stock
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0 USD
mmsi Purchased In Process Research And Development Charges
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3438000 USD
mmsi Purchased In Process Research And Development Charges
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0 USD
CY2011Q3 mmsi Purchased In Process Research And Development Charges And Certain Acquistion Related Costs
PurchasedInProcessResearchAndDevelopmentChargesAndCertainAcquistionRelatedCosts
3438000 USD
CY2010Q3 mmsi Purchased In Process Research And Development Charges And Certain Acquistion Related Costs
PurchasedInProcessResearchAndDevelopmentChargesAndCertainAcquistionRelatedCosts
0 USD
mmsi Purchased In Process Research And Development Charges And Certain Acquistion Related Costs
PurchasedInProcessResearchAndDevelopmentChargesAndCertainAcquistionRelatedCosts
3438000 USD
mmsi Purchased In Process Research And Development Charges And Certain Acquistion Related Costs
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0 USD
mmsi Stock Split Disclosure Textblock
StockSplitDisclosureTextblock
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Stock Split.</font><font style="font-family:inherit;font-size:10pt;">&#160; On April&#160;21, 2011, our Board of Directors authorized a </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">5-for-4</font><font style="font-family:inherit;font-size:10pt;"> forward stock split of our common stock to be effected in the form of a stock dividend of one share of common stock for every four shares of common stock outstanding on the record date.&#160; On May&#160;5, 2011, we completed the forward stock split through a stock dividend to shareholders of record as of May&#160;2, 2011.&#160; The Board of Directors also made corresponding adjustments to the number of shares subject to, and the exercise price of, outstanding options and other rights to acquire shares of common stock.&#160; All earnings per common share and common share data set forth in the foregoing consolidated financial statements (and condensed notes thereto) have been adjusted to reflect the split.</font></div></div>
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2011
dei Document Period End Date
DocumentPeriodEndDate
2011-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000856982
CY2011Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
41918109 shares
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
MERIT MEDICAL SYSTEMS INC
dei Entity Voluntary Filers
EntityVoluntaryFilers
No
dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No

Files In Submission

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0000856982-11-000007.txt Edgar Link pending
0000856982-11-000007-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
mmsi-20110930.xml Edgar Link completed
mmsi-20110930.xsd Edgar Link pending
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