$MMSI
MERIT MEDICAL SYSTEMS INC

2018 Q2 Form 10-Q Financial Statement

#000085698218000066 Filed on August 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2018 Q1 2017 Q2
Revenue $224.8M $203.0M $186.5M
YoY Change 20.51% 18.69% 23.48%
Cost Of Revenue $124.8M $115.0M $102.4M
YoY Change 21.87% 20.87% 21.6%
Gross Profit $100.0M $88.06M $84.14M
YoY Change 18.86% 15.95% 25.86%
Gross Profit Margin 44.49% 43.37% 45.1%
Selling, General & Admin $69.10M $64.91M $57.41M
YoY Change 20.36% 12.36% 31.51%
% of Gross Profit 69.09% 73.72% 68.23%
Research & Development $15.32M $14.32M $13.31M
YoY Change 15.05% 14.35% 16.48%
% of Gross Profit 15.31% 16.26% 15.82%
Depreciation & Amortization $17.50M $15.28M $12.90M
YoY Change 35.66% 19.79% 29.0%
% of Gross Profit 17.5% 17.36% 15.33%
Operating Expenses $84.90M $79.28M $70.78M
YoY Change 19.94% 12.71% 28.05%
Operating Profit $15.11M $8.781M $13.36M
YoY Change 13.11% 56.55% 15.38%
Interest Expense $3.338M $2.398M $1.639M
YoY Change 103.66% -11.38% -7.3%
% of Operating Profit 22.09% 27.31% 12.27%
Other Income/Expense, Net -$3.549M -$2.422M -$2.049M
YoY Change 73.21% -124.5% 19.2%
Pretax Income $11.57M $6.359M $11.31M
YoY Change 2.23% -58.96% 14.71%
Income Tax $624.0K $1.090M $1.830M
% Of Pretax Income 5.4% 17.14% 16.18%
Net Earnings $10.94M $5.269M $9.483M
YoY Change 15.37% -64.41% 30.08%
Net Earnings / Revenue 4.87% 2.6% 5.08%
Basic Earnings Per Share $0.22 $0.10 $0.19
Diluted Earnings Per Share $0.21 $0.10 $0.19
COMMON SHARES
Basic Shares Outstanding 50.47M shares 50.28M shares 49.96M shares
Diluted Shares Outstanding 52.15M shares 51.91M shares 51.19M shares

Balance Sheet

Concept 2018 Q2 2018 Q1 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $43.50M $34.20M $37.70M
YoY Change 15.38% 29.06% 259.05%
Cash & Equivalents $43.51M $34.17M $37.68M
Short-Term Investments
Other Short-Term Assets $15.40M $13.70M $11.70M
YoY Change 31.62% 31.73% -34.64%
Inventory $169.3M $166.7M $136.7M
Prepaid Expenses
Receivables $131.9M $119.1M $103.7M
Other Receivables $10.90M $10.10M $5.700M
Total Short-Term Assets $371.0M $343.8M $295.6M
YoY Change 25.51% 26.32% 34.36%
LONG-TERM ASSETS
Property, Plant & Equipment $311.8M $303.7M $285.2M
YoY Change 9.31% 7.18% 3.15%
Goodwill $249.0M $244.1M $226.8M
YoY Change 9.77% 11.01% 21.28%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $58.08M $37.27M $31.06M
YoY Change 87.0% 28.09% 110.26%
Total Long-Term Assets $920.2M $895.4M $756.3M
YoY Change 21.68% 20.51% 27.11%
TOTAL ASSETS
Total Short-Term Assets $371.0M $343.8M $295.6M
Total Long-Term Assets $920.2M $895.4M $756.3M
Total Assets $1.291B $1.239B $1.052B
YoY Change 22.75% 22.07% 29.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $50.80M $43.70M $36.70M
YoY Change 38.42% 34.05% 17.25%
Accrued Expenses $65.84M $57.53M $59.19M
YoY Change 11.24% 8.81% 47.24%
Deferred Revenue
YoY Change
Short-Term Debt $6.985M $7.000M $6.969M
YoY Change 0.23% 0.0%
Long-Term Debt Due $21.99M $20.73M $16.97M
YoY Change 29.56% 21.97% 69.69%
Total Short-Term Liabilities $139.6M $124.4M $114.9M
YoY Change 21.46% 18.37% 35.06%
LONG-TERM LIABILITIES
Long-Term Debt $391.6M $365.8M $224.9M
YoY Change 74.08% 65.96% 1.45%
Other Long-Term Liabilities $16.07M $16.03M $9.508M
YoY Change 69.01% 255.76% 105.22%
Total Long-Term Liabilities $407.7M $381.8M $234.5M
YoY Change 73.87% 69.77% 3.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $139.6M $124.4M $114.9M
Total Long-Term Liabilities $407.7M $381.8M $234.5M
Total Liabilities $591.9M $550.7M $385.4M
YoY Change 53.6% 51.77% 15.04%
SHAREHOLDERS EQUITY
Retained Earnings $337.6M $326.7M $318.2M
YoY Change 6.11% 5.83% 11.48%
Common Stock $359.6M $356.2M $348.1M
YoY Change 3.31% 3.41% 74.01%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $699.3M $688.5M $666.5M
YoY Change
Total Liabilities & Shareholders Equity $1.291B $1.239B $1.052B
YoY Change 22.75% 22.07% 29.07%

Cashflow Statement

Concept 2018 Q2 2018 Q1 2017 Q2
OPERATING ACTIVITIES
Net Income $10.94M $5.269M $9.483M
YoY Change 15.37% -64.41% 30.08%
Depreciation, Depletion And Amortization $17.50M $15.28M $12.90M
YoY Change 35.66% 19.79% 29.0%
Cash From Operating Activities $27.10M $7.935M $19.40M
YoY Change 39.69% -47.72% 40.58%
INVESTING ACTIVITIES
Capital Expenditures -$16.20M $16.24M -$8.100M
YoY Change 100.0% 59.55% -24.3%
Acquisitions $100.2M
YoY Change 111.11%
Other Investing Activities -$29.00M -$100.2M -$7.300M
YoY Change 297.26% 110.95% 461.54%
Cash From Investing Activities -$45.20M -$117.3M -$15.40M
YoY Change 193.51% 101.21% 28.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.511M
YoY Change -98.89%
Debt Paid & Issued, Net $149.0M
YoY Change -12.74%
Cash From Financing Activities 28.60M $109.5M 6.900M
YoY Change 314.49% 115.88% 97.14%
NET CHANGE
Cash From Operating Activities 27.10M $7.935M 19.40M
Cash From Investing Activities -45.20M -$117.3M -15.40M
Cash From Financing Activities 28.60M $109.5M 6.900M
Net Change In Cash 10.50M $1.835M 10.90M
YoY Change -3.67% -75.84% 105.66%
FREE CASH FLOW
Cash From Operating Activities $27.10M $7.935M $19.40M
Capital Expenditures -$16.20M $16.24M -$8.100M
Free Cash Flow $43.30M -$8.304M $27.50M
YoY Change 57.45% -266.08% 12.24%

Facts In Submission

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us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
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1830000 USD
us-gaap Income Tax Expense Benefit
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2520000 USD
CY2018Q2 us-gaap Income Tax Expense Benefit
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624000 USD
us-gaap Income Tax Expense Benefit
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1715000 USD
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2678000 USD
us-gaap Income Taxes Paid Net
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2331000 USD
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3664000 USD
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15767000 USD
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7421000 USD
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7467000 USD
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513000 USD
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1146000 USD
us-gaap Increase Decrease In Deferred Compensation
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438000 USD
us-gaap Increase Decrease In Income Taxes Receivable
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2160000 USD
us-gaap Increase Decrease In Inventories
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7189000 USD
us-gaap Increase Decrease In Other Operating Assets
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1500000 USD
us-gaap Increase Decrease In Other Operating Assets
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751000 USD
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907000 USD
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1230000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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3105000 USD
us-gaap Increase Decrease In Prepaid Taxes
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92000 USD
us-gaap Increase Decrease In Prepaid Taxes
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100000 USD
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Investment Income Interest
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17500000 USD
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us-gaap Operating Income Loss
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Before Reclassification And Tax
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Before Reclassification And Tax
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us-gaap Other Comprehensive Income Foreign Currency Translation Gain Loss Arising During Period Tax
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us-gaap Other Comprehensive Income Foreign Currency Translation Gain Loss Arising During Period Tax
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310000 USD
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226000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
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us-gaap Other Nonoperating Income Expense
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us-gaap Payments Of Stock Issuance Costs
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118654000 USD
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1082000 USD
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1755000 USD
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us-gaap Payments To Acquire Property Plant And Equipment
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3251000 USD
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3000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
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4000 USD
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us-gaap Repayments Of Long Term Debt
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75000 USD
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us-gaap Selling General And Administrative Expense
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1280000 shares
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P5Y
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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50473000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<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 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 ASU 2016-01 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;">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 (and all subsequent ASUs that modified Topic 606) 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 amounts are not adjusted and continue to be reported under accounting standards then in effect, and we did not record a cumulative adjustment to the opening equity balance of retained earnings as of January 1, 2018. 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 June 2018, the FASB issued ASU 2018-07, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting</font><font style="font-family:inherit;font-size:10pt;">, which simplifies the accounting for nonemployee share-based payment transactions by expanding the scope of ASC Topic 718,&#160;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Compensation - Stock Compensation</font><font style="font-family:inherit;font-size:10pt;">, to include share-based payment transactions for acquiring goods and services from nonemployees. Under the new standard, most of the guidance on stock compensation payments to nonemployees would be aligned with the requirements for share-based payments granted to employees. This standard is effective for annual reporting periods beginning after December 15, 2018, and interim periods within those fiscal years, with early adoption permitted. While we continue to assess the potential impact of this standard, we do not expect the adoption of this standard to 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 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 are currently evaluating the anticipated impact of adopting ASU 2018-02 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 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 (Topic 842)</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;">We do not believe any other issued and not yet effective accounting standards will be relevant to our consolidated financial statements.</font></div></div>

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