$MMSI
MERIT MEDICAL SYSTEMS INC

2016 Q2 Form 10-Q Financial Statement

#000085698216000103 Filed on August 08, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $151.1M $138.1M
YoY Change 9.41% 7.15%
Cost Of Revenue $84.22M $77.20M
YoY Change 9.1% 5.4%
Gross Profit $66.85M $60.89M
YoY Change 9.8% 9.46%
Gross Profit Margin 44.25% 44.09%
Selling, General & Admin $43.65M $39.32M
YoY Change 11.02% 1.89%
% of Gross Profit 65.3% 64.58%
Research & Development $11.43M $9.202M
YoY Change 24.2% -4.55%
% of Gross Profit 17.1% 15.11%
Depreciation & Amortization $10.00M $9.200M
YoY Change 8.7% 3.37%
% of Gross Profit 14.96% 15.11%
Operating Expenses $55.27M $48.64M
YoY Change 13.63% 0.84%
Operating Profit $11.58M $12.24M
YoY Change -5.4% 65.79%
Interest Expense $1.768M $1.713M
YoY Change 3.21% -27.2%
% of Operating Profit 15.27% 13.99%
Other Income/Expense, Net -$1.719M -$1.719M
YoY Change 0.0% -25.33%
Pretax Income $9.862M $12.24M
YoY Change -19.44% 65.79%
Income Tax $2.572M $3.122M
% Of Pretax Income 26.08% 25.5%
Net Earnings $7.290M $7.401M
YoY Change -1.5% 99.17%
Net Earnings / Revenue 4.83% 5.36%
Basic Earnings Per Share $0.16 $0.17
Diluted Earnings Per Share $0.16 $0.17
COMMON SHARES
Basic Shares Outstanding 44.31M shares 44.06M shares
Diluted Shares Outstanding 44.70M shares 44.52M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.50M $12.10M
YoY Change -13.22% 28.72%
Cash & Equivalents $10.49M $12.10M
Short-Term Investments
Other Short-Term Assets $17.90M $13.30M
YoY Change 34.59% 8.13%
Inventory $109.9M $92.72M
Prepaid Expenses
Receivables $76.79M $67.40M
Other Receivables $4.900M $6.900M
Total Short-Term Assets $220.0M $192.4M
YoY Change 14.36% 6.83%
LONG-TERM ASSETS
Property, Plant & Equipment $276.5M $254.4M
YoY Change 8.68% 1.41%
Goodwill $187.0M $184.4M
YoY Change 1.42% -0.04%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $14.77M $17.69M
YoY Change -16.52% 21.65%
Total Long-Term Assets $595.0M $562.8M
YoY Change 5.73% -0.23%
TOTAL ASSETS
Total Short-Term Assets $220.0M $192.4M
Total Long-Term Assets $595.0M $562.8M
Total Assets $815.0M $755.1M
YoY Change 7.92% 1.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $31.30M $27.80M
YoY Change 12.59% -1.42%
Accrued Expenses $40.20M $37.93M
YoY Change 5.97% 21.81%
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 $85.09M $79.35M
YoY Change 7.24% 11.53%
LONG-TERM LIABILITIES
Long-Term Debt $221.7M $199.8M
YoY Change 10.98% -16.19%
Other Long-Term Liabilities $4.633M $3.410M
YoY Change 35.87% 11.44%
Total Long-Term Liabilities $226.4M $203.2M
YoY Change 11.4% -15.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $85.09M $79.35M
Total Long-Term Liabilities $226.4M $203.2M
Total Liabilities $335.0M $302.3M
YoY Change 10.8% -7.89%
SHAREHOLDERS EQUITY
Retained Earnings $285.4M $262.5M
YoY Change 8.71% 12.42%
Common Stock $200.0M $194.7M
YoY Change 2.73% 6.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $480.0M $452.8M
YoY Change
Total Liabilities & Shareholders Equity $815.0M $755.1M
YoY Change 7.92% 1.48%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $7.290M $7.401M
YoY Change -1.5% 99.17%
Depreciation, Depletion And Amortization $10.00M $9.200M
YoY Change 8.7% 3.37%
Cash From Operating Activities $13.80M $21.10M
YoY Change -34.6% 74.38%
INVESTING ACTIVITIES
Capital Expenditures -$10.70M -$16.20M
YoY Change -33.95% 54.29%
Acquisitions
YoY Change
Other Investing Activities -$1.300M -$800.0K
YoY Change 62.5% -42.86%
Cash From Investing Activities -$12.00M -$17.10M
YoY Change -29.82% 42.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.500M -1.700M
YoY Change -305.88% -48.48%
NET CHANGE
Cash From Operating Activities 13.80M 21.10M
Cash From Investing Activities -12.00M -17.10M
Cash From Financing Activities 3.500M -1.700M
Net Change In Cash 5.300M 2.300M
YoY Change 130.43% -171.87%
FREE CASH FLOW
Cash From Operating Activities $13.80M $21.10M
Capital Expenditures -$10.70M -$16.20M
Free Cash Flow $24.50M $37.30M
YoY Change -34.32% 65.04%

Facts In Submission

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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 2016, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standard Update (&#8220;ASU&#8221;)&#160;No. 2016-10, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers (Topic 606)</font><font style="font-family:inherit;font-size:10pt;">, which amends certain aspects of the FASB&#8217;s new revenue standard, ASU No. 2014-09, </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;">. The core principle of the guidance in Topic 606 is 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 amendments in this ASU clarify the following two aspects of Topic 606: identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. The standard should be adopted concurrently with adoption of ASU No. 2014-09 which is effective for annual and interim periods beginning after December 15, 2017. We are assessing the impact this new standard is anticipated to have on our consolidated 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 March 2016,&#160;the FASB issued ASU&#160;No. 2016-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Improvements to Employee Share-Based Payment Accounting</font><font style="font-family:inherit;font-size:10pt;">. ASU 2016-09 requires companies to record excess tax benefits and deficiencies in income rather than the current requirement to record them through equity. ASU 2016-09 also allows companies the option to recognize forfeitures of share-based awards when they occur rather than the current requirement to make an estimate upon the grant of the awards. ASU 2016-09 is effective for public companies for annual reporting periods beginning after December 15, 2016, and interim periods within that reporting period. Early adoption of ASU 2016-09 will be permitted in any interim or annual period, with any adjustments reflected as of the beginning of the fiscal year of adoption. We are assessing the impact ASU 2016-09 is anticipated to have on our consolidated 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 February 2016,&#160;the FASB issued ASU No. 2016-02, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Leases</font><font style="font-family:inherit;font-size:10pt;">, which eliminates the current tests for lease classification under U.S. GAAP and requires lessees to recognize the right-to-use assets and related lease liabilities on the balance sheet for all leases greater than one year in duration. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted.&#160;ASU 2016-02 provides that lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach.&#160;We are assessing the impact ASU 2016-02 is anticipated to have on our consolidated financial statements.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2016, the FASB issued ASU No. 2016-01, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Financial Instruments-Overall:&#160;Recognition and Measurement of Financial Assets and Financial Liabilities, </font><font style="font-family:inherit;font-size:10pt;">which</font><font style="font-family:inherit;font-size:10pt;"> amends the guidance regarding the classification and measurement of financial instruments. Changes to the current guidance primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, ASU 2016-01 clarifies guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. ASU 2016-01 is effective for fiscal years and interim periods beginning after December 15, 2017. Early adoption is not permitted except for the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income. Upon adoption of ASU 2016-01, an entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective.&#160;We are assessing the impact ASU 2016-01 is anticipated to have on our consolidated 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 November 2015, the FASB issued Accounting Standards Update ASU 2015-17,&#160;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes</font><font style="font-family:inherit;font-size:10pt;">, which will require deferred tax assets and deferred tax liabilities to be presented as noncurrent within a classified balance sheet. ASU 2015-17 simplifies the current guidance which requires an entity to separate deferred income tax liabilities and assets into current and noncurrent amounts in a classified balance sheet. The current requirement that deferred tax assets and liabilities of a tax-paying component of an entity be offset and presented as a single amount is not affected. ASU 2015-17 is effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Earlier application is permitted for all entities as of the beginning of an interim or annual reporting period, and ASU 2015-17 may be applied either prospectively to all deferred tax assets and liabilities or retrospectively to all periods presented. We have elected not to early adopt ASU 2015-17, and we are evaluating whether to apply the provisions prospectively or retrospectively upon adoption. We do not presently anticipate that the adoption of ASU 2015-17 will 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%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In July 2015, the FASB issued ASU 2015-11,&#160;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Simplifying the Measurement of Inventory</font><font style="font-family:inherit;font-size:10pt;">. ASU 2015-11 requires that inventory be measured at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Inventory measured using last-in, first-out or the retail inventory method are excluded from the scope of ASU 2015-11 which is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. We do not anticipate that the implementation of ASU 2015-11 will have a material impact on our consolidated 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 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. Additional disclosures will also be required under the new standard. In July 2015, the FASB approved a proposal that extended 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 January 1, 2017. Implementation of the new standard may be either through retrospective application to each period from the first quarter of 2016 or with a cumulative effect adjustment upon adoption in 2018. We are assessing the impact this new standard is anticipated to have on our consolidated financial statements.</font></div></div>

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