$MMSI
MERIT MEDICAL SYSTEMS INC

2012 Q1 Form 10-Q Financial Statement

#000085698212000021 Filed on May 10, 2012

View on sec.gov

Income Statement

Concept 2012 Q1 2011 Q1
Revenue $95.62M $86.63M
YoY Change 10.37% 28.47%
Cost Of Revenue $51.45M $46.85M
YoY Change 9.82% 20.12%
Gross Profit $44.17M $39.79M
YoY Change 11.02% 39.92%
Gross Profit Margin 46.19% 45.92%
Selling, General & Admin $29.55M $24.59M
YoY Change 20.15% 29.43%
% of Gross Profit 66.89% 61.81%
Research & Development $6.441M $4.984M
YoY Change 29.23% 60.77%
% of Gross Profit 14.58% 12.53%
Depreciation & Amortization $4.770M $4.794M
YoY Change -0.5% 45.27%
% of Gross Profit 10.8% 12.05%
Operating Expenses $36.16M $29.58M
YoY Change 22.28% 33.82%
Operating Profit $8.007M $10.21M
YoY Change -21.58% 61.17%
Interest Expense $112.0K $425.0K
YoY Change -73.65%
% of Operating Profit 1.4% 4.16%
Other Income/Expense, Net -$90.00K -$412.0K
YoY Change -78.16%
Pretax Income $8.007M $10.21M
YoY Change -21.58% 60.89%
Income Tax $2.169M $3.159M
% Of Pretax Income 27.09% 30.94%
Net Earnings $5.748M $6.639M
YoY Change -13.42% 47.27%
Net Earnings / Revenue 6.01% 7.66%
Basic Earnings Per Share $0.14 $0.19
Diluted Earnings Per Share $0.14 $0.18
COMMON SHARES
Basic Shares Outstanding 42.00M shares 35.59M shares
Diluted Shares Outstanding 42.44M shares 36.25M shares

Balance Sheet

Concept 2012 Q1 2011 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.700M $3.500M
YoY Change 177.14% -41.67%
Cash & Equivalents $9.661M $3.465M
Short-Term Investments
Other Short-Term Assets $9.000M $8.700M
YoY Change 3.45% 58.18%
Inventory $70.46M $60.40M
Prepaid Expenses
Receivables $45.60M $41.00M
Other Receivables $4.300M $1.900M
Total Short-Term Assets $139.0M $115.4M
YoY Change 20.48% 22.64%
LONG-TERM ASSETS
Property, Plant & Equipment $192.7M $135.6M
YoY Change 42.12% 16.7%
Goodwill $65.57M
YoY Change
Intangibles
YoY Change
Long-Term Investments $3.100M
YoY Change
Other Assets $8.684M $14.00M
YoY Change -37.97% 115.38%
Total Long-Term Assets $350.4M $265.0M
YoY Change 32.22% 44.81%
TOTAL ASSETS
Total Short-Term Assets $139.0M $115.4M
Total Long-Term Assets $350.4M $265.0M
Total Assets $489.4M $380.4M
YoY Change 28.65% 37.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.90M $18.20M
YoY Change 25.82% 51.67%
Accrued Expenses $20.96M $18.90M
YoY Change 10.89% 47.66%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $52.72M $38.40M
YoY Change 37.28% 13.95%
LONG-TERM LIABILITIES
Long-Term Debt $52.52M $82.60M
YoY Change -36.41%
Other Long-Term Liabilities $7.692M $11.10M
YoY Change -30.7% 30.59%
Total Long-Term Liabilities $60.22M $93.70M
YoY Change -35.74% 1002.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $52.72M $38.40M
Total Long-Term Liabilities $60.22M $93.70M
Total Liabilities $125.6M $133.6M
YoY Change -5.98% 150.66%
SHAREHOLDERS EQUITY
Retained Earnings $196.5M
YoY Change
Common Stock $166.9M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $363.8M $246.8M
YoY Change
Total Liabilities & Shareholders Equity $489.4M $380.4M
YoY Change 28.65% 37.28%

Cashflow Statement

Concept 2012 Q1 2011 Q1
OPERATING ACTIVITIES
Net Income $5.748M $6.639M
YoY Change -13.42% 47.27%
Depreciation, Depletion And Amortization $4.770M $4.794M
YoY Change -0.5% 45.27%
Cash From Operating Activities $7.485M $6.762M
YoY Change 10.69% 32.59%
INVESTING ACTIVITIES
Capital Expenditures $17.73M $10.70M
YoY Change 65.74% -337.76%
Acquisitions $11.77M $0.00
YoY Change
Other Investing Activities -$11.80M $0.00
YoY Change -100.0%
Cash From Investing Activities -$29.90M -$11.59M
YoY Change 158.04% 141.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $118.0K $2.810M
YoY Change -95.8%
Debt Paid & Issued, Net $44.79M $21.67M
YoY Change 106.63%
Cash From Financing Activities $21.91M $4.737M
YoY Change 362.51% -1679.0%
NET CHANGE
Cash From Operating Activities $7.485M $6.762M
Cash From Investing Activities -$29.90M -$11.59M
Cash From Financing Activities $21.91M $4.737M
Net Change In Cash -$508.0K -$89.00K
YoY Change 470.79%
FREE CASH FLOW
Cash From Operating Activities $7.485M $6.762M
Capital Expenditures $17.73M $10.70M
Free Cash Flow -$10.25M -$3.937M
YoY Change 160.3% -141.01%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2011Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
6762000 USD
CY2011Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
6639000 USD
CY2012Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
5748000 USD
CY2011Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
6639000 USD
CY2012Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
5748000 USD
CY2012Q1 us-gaap Net Realized Or Unrealized Gain Loss On Trading Securities
NetRealizedOrUnrealizedGainLossOnTradingSecurities
0 USD
CY2011Q1 us-gaap Net Realized Or Unrealized Gain Loss On Trading Securities
NetRealizedOrUnrealizedGainLossOnTradingSecurities
163000 USD
CY2012Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-90000 USD
CY2011Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-412000 USD
CY2011Q4 us-gaap Nontrade Receivables Current
NontradeReceivablesCurrent
1750000 USD
CY2012Q1 us-gaap Nontrade Receivables Current
NontradeReceivablesCurrent
2795000 USD
CY2012Q1 us-gaap Operating Expenses
OperatingExpenses
36163000 USD
CY2011Q1 us-gaap Operating Expenses
OperatingExpenses
29575000 USD
CY2011Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
10210000 USD
CY2012Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
8007000 USD
CY2012Q1 us-gaap Other Amortization Of Deferred Charges
OtherAmortizationOfDeferredCharges
-24000 USD
CY2011Q1 us-gaap Other Amortization Of Deferred Charges
OtherAmortizationOfDeferredCharges
-27000 USD
CY2011Q1 us-gaap Other Asset Impairment Charges
OtherAssetImpairmentCharges
14000 USD
CY2012Q1 us-gaap Other Asset Impairment Charges
OtherAssetImpairmentCharges
0 USD
CY2012Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
8684000 USD
CY2011Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
8248000 USD
CY2012Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
114000 USD
CY2011Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
322000 USD
CY2011Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Period Increase Decrease
OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease
513000 USD
CY2012Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Period Increase Decrease
OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease
277000 USD
CY2012Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
0 USD
CY2011Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
191000 USD
CY2012Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
163000 USD
CY2011Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
0 USD
CY2011Q4 us-gaap Other Deferred Credits Noncurrent
OtherDeferredCreditsNoncurrent
1984000 USD
CY2012Q1 us-gaap Other Deferred Credits Noncurrent
OtherDeferredCreditsNoncurrent
1960000 USD
CY2012Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
7692000 USD
CY2011Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
3226000 USD
CY2012Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-26000 USD
CY2011Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
11000 USD
CY2012Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
11770000 USD
CY2011Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
CY2012Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
402000 USD
CY2011Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
889000 USD
CY2012Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
17733000 USD
CY2011Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
10699000 USD
CY2012Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2011Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2011Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2012Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2011Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2012Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2012Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
4436000 USD
CY2011Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3775000 USD
CY2011Q4 us-gaap Prepaid Taxes
PrepaidTaxes
883000 USD
CY2012Q1 us-gaap Prepaid Taxes
PrepaidTaxes
891000 USD
CY2011Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2810000 USD
CY2012Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
118000 USD
CY2012Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
66573000 USD
CY2011Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
22700000 USD
CY2011Q1 us-gaap Proceeds From Payments For Trading Securities
ProceedsFromPaymentsForTradingSecurities
-111000 USD
CY2012Q1 us-gaap Proceeds From Payments For Trading Securities
ProceedsFromPaymentsForTradingSecurities
0 USD
CY2012Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
3000 USD
CY2011Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 USD
CY2012Q1 us-gaap Profit Loss
ProfitLoss
5748000 USD
CY2011Q1 us-gaap Profit Loss
ProfitLoss
6639000 USD
CY2011Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
262574000 USD
CY2012Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
278846000 USD
CY2011Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
179140000 USD
CY2012Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
192708000 USD
CY2011Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
21674000 USD
CY2012Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
44786000 USD
CY2012Q1 us-gaap Research And Development Asset Acquired Other Than Through Business Combination Written Off
ResearchAndDevelopmentAssetAcquiredOtherThanThroughBusinessCombinationWrittenOff
175000 USD
CY2011Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4984000 USD
CY2012Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6441000 USD
CY2012Q1 us-gaap Research And Development In Process
ResearchAndDevelopmentInProcess
175000 USD
CY2011Q1 us-gaap Research And Development In Process
ResearchAndDevelopmentInProcess
0 USD
CY2012Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
196456000 USD
CY2011Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
190708000 USD
CY2012Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
95618000 USD
CY2011Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
86631000 USD
CY2012Q1 mmsi Stock Surrendered During Period Shares Stock Options Exercised
StockSurrenderedDuringPeriodSharesStockOptionsExercised
0 shares
CY2011Q1 mmsi Stock Surrendered During Period Shares Stock Options Exercised
StockSurrenderedDuringPeriodSharesStockOptionsExercised
20000 shares
CY2012Q1 mmsi Stock Surrendered During Period Value Stock Options Exercised
StockSurrenderedDuringPeriodValueStockOptionsExercised
0 USD
CY2011Q1 mmsi Stock Surrendered During Period Value Stock Options Exercised
StockSurrenderedDuringPeriodValueStockOptionsExercised
233000 USD
CY2012Q1 dei Amendment Flag
AmendmentFlag
false
CY2012Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
29547000 USD
CY2011Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
24591000 USD
CY2012Q1 us-gaap Share Based Compensation
ShareBasedCompensation
555000 USD
CY2011Q1 us-gaap Share Based Compensation
ShareBasedCompensation
335000 USD
CY2011Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
357089000 USD
CY2012Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
363791000 USD
CY2012Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
42436000 shares
CY2011Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36254000 shares
CY2012Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41999000 shares
CY2011Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35593000 shares
CY2011Q1 mmsi Acquisition Of Developed Technology In Accrued Expenses
AcquisitionOfDevelopedTechnologyInAccruedExpenses
0 USD
CY2012Q1 mmsi Acquisition Of Developed Technology In Accrued Expenses
AcquisitionOfDevelopedTechnologyInAccruedExpenses
12500000 USD
CY2011Q4 mmsi Intangible Assets Net Goodwill And Other Assets Noncurrent
IntangibleAssetsNetGoodwillAndOtherAssetsNoncurrent
134225000 USD
CY2012Q1 mmsi Intangible Assets Net Goodwill And Other Assets Noncurrent
IntangibleAssetsNetGoodwillAndOtherAssetsNoncurrent
157664000 USD
CY2011Q1 mmsi Loss On Sale And Or Abandonment Of Property And Equipment
LossOnSaleAndOrAbandonmentOfPropertyAndEquipment
4000 USD
CY2012Q1 mmsi Loss On Sale And Or Abandonment Of Property And Equipment
LossOnSaleAndOrAbandonmentOfPropertyAndEquipment
0 USD
CY2012Q1 mmsi More Than Likely Threshold
MoreThanLikelyThreshold
0.50
CY2012Q1 mmsi Number Of Patents
NumberOfPatents
3
CY2011Q1 mmsi Payment Of Taxes Exchange Of Common Stock
PaymentOfTaxesExchangeOfCommonStock
154000 USD
CY2012Q1 mmsi Payment Of Taxes Exchange Of Common Stock
PaymentOfTaxesExchangeOfCommonStock
0 USD
CY2012Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000856982
CY2012Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2012Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
CY2012Q1 dei Document Period End Date
DocumentPeriodEndDate
2012-03-31
CY2012Q1 dei Document Type
DocumentType
10-Q
CY2012Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
42051341 shares
CY2012Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2012Q1 dei Entity Registrant Name
EntityRegistrantName
MERIT MEDICAL SYSTEMS INC
CY2012Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31

Files In Submission

Name View Source Status
0000856982-12-000021-index-headers.html Edgar Link pending
0000856982-12-000021-index.html Edgar Link pending
0000856982-12-000021.txt Edgar Link pending
0000856982-12-000021-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
mmsi-03312012x10q.htm Edgar Link pending
mmsi-03312012x20qxex311.htm Edgar Link pending
mmsi-03312012x20qxex312.htm Edgar Link pending
mmsi-03312012x20qxex321.htm Edgar Link pending
mmsi-03312012x20qxex322.htm Edgar Link pending
mmsi-20120331.xml Edgar Link completed
mmsi-20120331.xsd Edgar Link pending
mmsi-20120331_cal.xml Edgar Link unprocessable
mmsi-20120331_def.xml Edgar Link unprocessable
mmsi-20120331_lab.xml Edgar Link unprocessable
mmsi-20120331_pre.xml Edgar Link unprocessable
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