$MMSI
MERIT MEDICAL SYSTEMS INC

2018 Q1 Form 10-Q Financial Statement

#000085698218000022 Filed on May 10, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $203.0M $171.1M
YoY Change 18.69% 23.89%
Cost Of Revenue $115.0M $95.13M
YoY Change 20.87% 21.99%
Gross Profit $88.06M $75.94M
YoY Change 15.95% 26.36%
Gross Profit Margin 43.37% 44.39%
Selling, General & Admin $64.91M $57.77M
YoY Change 12.36% 38.53%
% of Gross Profit 73.72% 76.07%
Research & Development $14.32M $12.53M
YoY Change 14.35% 18.29%
% of Gross Profit 16.26% 16.49%
Depreciation & Amortization $15.28M $12.76M
YoY Change 19.79% 31.47%
% of Gross Profit 17.36% 16.8%
Operating Expenses $79.28M $70.33M
YoY Change 12.71% 34.24%
Operating Profit $8.781M $5.609M
YoY Change 56.55% -27.21%
Interest Expense $2.398M $2.706M
YoY Change -11.38% 103.61%
% of Operating Profit 27.31% 48.24%
Other Income/Expense, Net -$2.422M $9.884M
YoY Change -124.5% -649.11%
Pretax Income $6.359M $15.49M
YoY Change -58.96% 162.33%
Income Tax $1.090M $690.0K
% Of Pretax Income 17.14% 4.45%
Net Earnings $5.269M $14.80M
YoY Change -64.41% 240.22%
Net Earnings / Revenue 2.6% 8.65%
Basic Earnings Per Share $0.10 $0.33
Diluted Earnings Per Share $0.10 $0.32
COMMON SHARES
Basic Shares Outstanding 50.28M shares 44.83M shares
Diluted Shares Outstanding 51.91M shares 45.82M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $34.20M $26.50M
YoY Change 29.06% 409.62%
Cash & Equivalents $34.17M $26.46M
Short-Term Investments
Other Short-Term Assets $13.70M $10.40M
YoY Change 31.73% -35.8%
Inventory $166.7M $134.3M
Prepaid Expenses
Receivables $119.1M $95.25M
Other Receivables $10.10M $5.700M
Total Short-Term Assets $343.8M $272.2M
YoY Change 26.32% 29.59%
LONG-TERM ASSETS
Property, Plant & Equipment $303.7M $283.4M
YoY Change 7.18% 3.85%
Goodwill $244.1M $219.9M
YoY Change 11.01% 17.57%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $37.27M $29.10M
YoY Change 28.09% 112.95%
Total Long-Term Assets $895.4M $743.0M
YoY Change 20.51% 25.21%
TOTAL ASSETS
Total Short-Term Assets $343.8M $272.2M
Total Long-Term Assets $895.4M $743.0M
Total Assets $1.239B $1.015B
YoY Change 22.07% 26.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $43.70M $32.60M
YoY Change 34.05% -16.62%
Accrued Expenses $57.53M $52.88M
YoY Change 8.81% 56.13%
Deferred Revenue
YoY Change
Short-Term Debt $7.000M $7.000M
YoY Change 0.0%
Long-Term Debt Due $20.73M $17.00M
YoY Change 21.97% 69.98%
Total Short-Term Liabilities $124.4M $105.1M
YoY Change 18.37% 23.18%
LONG-TERM LIABILITIES
Long-Term Debt $365.8M $220.4M
YoY Change 65.96% 0.92%
Other Long-Term Liabilities $16.03M $4.505M
YoY Change 255.76% -2.74%
Total Long-Term Liabilities $381.8M $224.9M
YoY Change 69.77% 0.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $124.4M $105.1M
Total Long-Term Liabilities $381.8M $224.9M
Total Liabilities $550.7M $362.8M
YoY Change 51.77% 9.59%
SHAREHOLDERS EQUITY
Retained Earnings $326.7M $308.7M
YoY Change 5.83% 10.99%
Common Stock $356.2M $344.5M
YoY Change 3.41% 73.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $688.5M $652.3M
YoY Change
Total Liabilities & Shareholders Equity $1.239B $1.015B
YoY Change 22.07% 26.36%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $5.269M $14.80M
YoY Change -64.41% 240.22%
Depreciation, Depletion And Amortization $15.28M $12.76M
YoY Change 19.79% 31.47%
Cash From Operating Activities $7.935M $15.18M
YoY Change -47.72% 31.04%
INVESTING ACTIVITIES
Capital Expenditures $16.24M $10.18M
YoY Change 59.55% -7.4%
Acquisitions $100.2M $47.46M
YoY Change 111.11% 120.75%
Other Investing Activities -$100.2M -$47.50M
YoY Change 110.95% 132.84%
Cash From Investing Activities -$117.3M -$58.30M
YoY Change 101.21% 82.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.511M $136.6M
YoY Change -98.89% 24424.24%
Debt Paid & Issued, Net $149.0M $170.7M
YoY Change -12.74% 396.63%
Cash From Financing Activities $109.5M $50.72M
YoY Change 115.88% 139.31%
NET CHANGE
Cash From Operating Activities $7.935M $15.18M
Cash From Investing Activities -$117.3M -$58.30M
Cash From Financing Activities $109.5M $50.72M
Net Change In Cash $1.835M $7.595M
YoY Change -75.84% 749.55%
FREE CASH FLOW
Cash From Operating Activities $7.935M $15.18M
Capital Expenditures $16.24M $10.18M
Free Cash Flow -$8.304M $5.000M
YoY Change -266.08% 744.59%

Facts In Submission

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CY2018Q1 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%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Recently Issued Financial Accounting Standards</font></div><div style="line-height:120%;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;font-style:italic;font-weight:bold;">Recently Adopted</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 October 2016, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2016-16, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other than Inventory</font><font style="font-family:inherit;font-size:10pt;">, which requires the recognition of the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. ASU 2016-16 became effective for us as of January 1, 2018. The adoption of ASU 2016-16 did not 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 August 2016, the FASB issued ASU No. 2016-15, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments</font><font style="font-family:inherit;font-size:10pt;">, which addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. We adopted ASU 2016-15 on January 1, 2018. The adoption of ASU 2016-15 did not 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 January 2016, the FASB issued ASU No. 2016-01, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities</font><font style="font-family:inherit;font-size:10pt;">, which 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. We adopted ASU 2016-01 on January 1, 2018. The adoption of the new standard did not 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;">The FASB issued ASU No. 2014-09, </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 provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. We adopted this ASU effective January 1, 2018 on a modified retrospective basis. Adoption of this standard did not result in significant changes to our accounting policies, business processes, systems or controls, or have a material impact on our financial position, results of operations or cash flows. As such, prior period financial statements were not recast and continue to be reported under accounting standards in effect for the prior period. However, additional disclosures have been added in accordance with the requirements of Topic 606 and are reflected in Note 6.</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;font-style:italic;font-weight:bold;">Not Yet Adopted</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 2018, the FASB issued ASU 2018-02,&#160;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,</font><font style="font-family:inherit;font-size:10pt;"> which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from U.S. federal tax legislation commonly referred to as the Tax Cuts and Jobs Act, which was enacted in December 2017 (the "2017 Tax Act"). ASU 2018-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. We do not believe the adoption of ASU 2018-02 will have a material impact on our consolidated financial statements.&#160;&#160;&#160;&#160;</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 2017, the FASB issued ASU 2017-12,&#160;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities</font><font style="font-family:inherit;font-size:10pt;">, which expands and refines hedge accounting for both financial and non-financial risk components, aligns the recognition and presentation of the effects of hedging instruments and hedge items in the financial statements, and includes certain targeted improvements to ease the application of current guidance related to the assessment of hedge effectiveness. ASU 2017-12 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the anticipated impact of adopting ASU 2017-12 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, 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-of-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 of ASU 2016-02 is permitted. 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. We are assessing the impact that ASU 2016-02 is anticipated to have on our consolidated financial statements. We currently expect that most of our operating lease commitments will be subject to the new standard and recognized as lease liabilities and right-of-use assets upon our adoption of ASU 2016-02.</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;">All other issued and not yet effective accounting standards are not relevant to our financial statements.</font></div></div>

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