$MMSI
MERIT MEDICAL SYSTEMS INC

2015 Q1 Form 10-Q Financial Statement

#000085698215000027 Filed on May 11, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $129.6M $119.2M
YoY Change 8.67% 14.71%
Cost Of Revenue $74.19M $67.19M
YoY Change 10.42% 10.23%
Gross Profit $55.38M $52.04M
YoY Change 6.42% 21.05%
Gross Profit Margin 42.74% 43.65%
Selling, General & Admin $36.89M $36.76M
YoY Change 0.33% 14.43%
% of Gross Profit 66.6% 70.64%
Research & Development $9.672M $8.780M
YoY Change 10.16% -3.6%
% of Gross Profit 17.46% 16.87%
Depreciation & Amortization $9.068M $8.702M
YoY Change 4.21% 13.26%
% of Gross Profit 16.37% 16.72%
Operating Expenses $46.68M $45.55M
YoY Change 2.47% 10.47%
Operating Profit $8.704M $6.489M
YoY Change 34.13% 269.32%
Interest Expense $1.574M $2.606M
YoY Change -39.6% 69.33%
% of Operating Profit 18.08% 40.16%
Other Income/Expense, Net -$1.241M -$2.603M
YoY Change -52.32% 68.48%
Pretax Income $8.704M $6.489M
YoY Change 34.13% 269.32%
Income Tax $2.289M $1.063M
% Of Pretax Income 26.3% 16.38%
Net Earnings $5.174M $2.823M
YoY Change 83.28% 320.72%
Net Earnings / Revenue 3.99% 2.37%
Basic Earnings Per Share $0.12 $0.07
Diluted Earnings Per Share $0.12 $0.07
COMMON SHARES
Basic Shares Outstanding 43.70M shares 42.87M shares
Diluted Shares Outstanding 44.15M shares 43.23M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.900M $12.60M
YoY Change -21.43% 40.0%
Cash & Equivalents $9.908M $12.59M
Short-Term Investments
Other Short-Term Assets $12.60M $12.60M
YoY Change 0.0% 8.62%
Inventory $88.26M $84.73M
Prepaid Expenses
Receivables $70.50M $64.33M
Other Receivables $6.700M $3.300M
Total Short-Term Assets $187.9M $177.5M
YoY Change 5.87% 9.47%
LONG-TERM ASSETS
Property, Plant & Equipment $245.2M $248.0M
YoY Change -1.14% 1.83%
Goodwill $184.4M $184.5M
YoY Change -0.05% 5.37%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $15.65M $14.33M
YoY Change 9.25% 27.8%
Total Long-Term Assets $552.1M $564.3M
YoY Change -2.16% 2.6%
TOTAL ASSETS
Total Short-Term Assets $187.9M $177.5M
Total Long-Term Assets $552.1M $564.3M
Total Assets $740.0M $741.8M
YoY Change -0.24% 4.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $24.50M $27.20M
YoY Change -9.93% 7.51%
Accrued Expenses $34.50M $30.50M
YoY Change 13.13% 22.98%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $10.00M $10.00M
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $71.74M $69.45M
YoY Change 3.3% 13.42%
LONG-TERM LIABILITIES
Long-Term Debt $202.9M $244.4M
YoY Change -17.0% 0.08%
Other Long-Term Liabilities $3.313M $2.578M
YoY Change 28.51% -70.78%
Total Long-Term Liabilities $206.2M $247.0M
YoY Change -16.53% -2.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $71.74M $69.45M
Total Long-Term Liabilities $206.2M $247.0M
Total Liabilities $297.3M $332.2M
YoY Change -10.49% 1.03%
SHAREHOLDERS EQUITY
Retained Earnings $255.1M $229.8M
YoY Change 11.02% 8.87%
Common Stock $192.7M $178.9M
YoY Change 7.75% 3.14%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $442.7M $409.6M
YoY Change
Total Liabilities & Shareholders Equity $740.0M $741.8M
YoY Change -0.24% 4.17%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $5.174M $2.823M
YoY Change 83.28% 320.72%
Depreciation, Depletion And Amortization $9.068M $8.702M
YoY Change 4.21% 13.26%
Cash From Operating Activities $19.27M $7.960M
YoY Change 142.11% 175.15%
INVESTING ACTIVITIES
Capital Expenditures $9.492M $8.708M
YoY Change 9.0% -56.37%
Acquisitions $1.250M $0.00
YoY Change -100.0%
Other Investing Activities $600.0K $0.00
YoY Change -100.0%
Cash From Investing Activities -$9.411M -$9.123M
YoY Change 3.16% -57.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.021M $803.0K
YoY Change 400.75% 40.63%
Debt Paid & Issued, Net $43.42M $30.42M
YoY Change 42.7% 73.73%
Cash From Financing Activities -$7.277M $6.314M
YoY Change -215.25% -65.0%
NET CHANGE
Cash From Operating Activities $19.27M $7.960M
Cash From Investing Activities -$9.411M -$9.123M
Cash From Financing Activities -$7.277M $6.314M
Net Change In Cash $2.584M $5.151M
YoY Change -49.83% -1350.24%
FREE CASH FLOW
Cash From Operating Activities $19.27M $7.960M
Capital Expenditures $9.492M $8.708M
Free Cash Flow $9.780M -$748.0K
YoY Change -1407.49% -95.62%

Facts In Submission

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CY2015Q1 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<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-weight:bold;">Recent Accounting Pronouncements</font><font style="font-family:inherit;font-size:10pt;">. In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-03,&#160;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Simplifying the Presentation of Debt Issuance Costs</font><font style="font-family:inherit;font-size:10pt;">, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. The standard is effective for our financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. The new guidance will be applied on a retrospective basis. The adoption of this standard is not expected to have a material impact on our financial statements.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2014, the FASB issued ASU 2014-15, which requires management to assess, at each annual and interim reporting period, the entity's ability to continue as a going concern within one year after the date that the financial statements are issued and provide related disclosures. The guidance is effective for the year ending December 31, 2016, with early adoption permitted. We have assessed the anticipated impact of this standard on our consolidated financial statements and disclosures and do not believe that it will have a material impact upon adoption.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB issued authoritative guidance amending the FASB Accounting Standards Codification and creating a new Topic 606,&#160;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers</font><font style="font-family:inherit;font-size:10pt;">.&#160;The new guidance clarifies the principles for recognizing revenue and develops a common revenue standard for U.S. GAAP applicable to revenue transactions. This guidance provides that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The existing industry guidance will be eliminated when the new guidance becomes effective and annual disclosures will be substantially revised. The standard is effective for the Company&#8217;s first quarter of 2017. Early adoption is not permitted. Implementation may be either through retrospective application to each period from the first quarter of 2015 or with a cumulative effect adjustment upon adoption in 2017. Additional disclosures will also be required under the new standard. In April 2015, the FASB issued a proposal that, if approved, would extend the required implementation date one year to the first quarter of 2018 but also would permit companies to adopt the standard at the original effective date of 2017. We are assessing the impact this new standard will have on our consolidated financial statements and disclosures.</font></div></div>

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