$MMSI
MERIT MEDICAL SYSTEMS INC

2020 Q2 Form 10-Q Financial Statement

#000085698220000038 Filed on August 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $218.4M $255.5M
YoY Change -14.54% 13.67%
Cost Of Revenue $134.2M $143.6M
YoY Change -6.56% 15.04%
Gross Profit $84.22M $112.0M
YoY Change -24.78% 11.95%
Gross Profit Margin 38.57% 43.82%
Selling, General & Admin $66.77M $79.98M
YoY Change -16.52% 15.75%
% of Gross Profit 79.28% 71.43%
Research & Development $14.03M $16.33M
YoY Change -14.12% 6.63%
% of Gross Profit 16.65% 14.59%
Depreciation & Amortization $23.70M $22.70M
YoY Change 4.41% 29.71%
% of Gross Profit 28.14% 20.27%
Operating Expenses $103.2M $99.76M
YoY Change 3.46% 17.51%
Operating Profit -$19.00M $12.20M
YoY Change -255.68% -19.27%
Interest Expense $2.715M $3.115M
YoY Change -12.84% -6.68%
% of Operating Profit 25.53%
Other Income/Expense, Net -$3.305M -$3.202M
YoY Change 3.22% -9.78%
Pretax Income -$22.30M $8.999M
YoY Change -347.81% -22.19%
Income Tax -$3.242M $2.140M
% Of Pretax Income 23.78%
Net Earnings -$19.06M $6.859M
YoY Change -377.85% -37.31%
Net Earnings / Revenue -8.73% 2.68%
Basic Earnings Per Share -$0.34 $0.12
Diluted Earnings Per Share -$0.34 $0.12
COMMON SHARES
Basic Shares Outstanding 55.41M 55.02M
Diluted Shares Outstanding 55.41M 56.56M

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $49.70M $35.20M
YoY Change 41.19% -19.08%
Cash & Equivalents $49.70M $35.18M
Short-Term Investments
Other Short-Term Assets $17.40M $15.90M
YoY Change 9.43% 3.25%
Inventory $221.4M $203.0M
Prepaid Expenses
Receivables $138.8M $156.4M
Other Receivables $18.70M $16.40M
Total Short-Term Assets $445.9M $426.9M
YoY Change 4.45% 15.09%
LONG-TERM ASSETS
Property, Plant & Equipment $383.6M $350.5M
YoY Change 9.45% 12.43%
Goodwill $353.1M $352.1M
YoY Change 0.27% 41.42%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $36.41M $58.26M
YoY Change -37.49% 0.31%
Total Long-Term Assets $1.270B $1.309B
YoY Change -3.01% 42.28%
TOTAL ASSETS
Total Short-Term Assets $445.9M $426.9M
Total Long-Term Assets $1.270B $1.309B
Total Assets $1.716B $1.736B
YoY Change -1.17% 34.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $44.40M $52.60M
YoY Change -15.59% 3.54%
Accrued Expenses $106.9M $97.18M
YoY Change 10.04% 47.6%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $7.500M $15.00M
YoY Change -50.0% -31.77%
Total Short-Term Liabilities $174.2M $176.6M
YoY Change -1.32% 26.47%
LONG-TERM LIABILITIES
Long-Term Debt $402.9M $385.2M
YoY Change 4.59% -1.62%
Other Long-Term Liabilities $74.28M $73.28M
YoY Change 1.36% 356.05%
Total Long-Term Liabilities $477.2M $458.5M
YoY Change 4.08% 12.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $174.2M $176.6M
Total Long-Term Liabilities $477.2M $458.5M
Total Liabilities $787.0M $785.6M
YoY Change 0.18% 32.72%
SHAREHOLDERS EQUITY
Retained Earnings $345.4M $376.6M
YoY Change -8.27% 11.54%
Common Stock $595.7M $579.3M
YoY Change 2.84% 61.1%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $928.8M $950.7M
YoY Change
Total Liabilities & Shareholders Equity $1.716B $1.736B
YoY Change -1.17% 34.47%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$19.06M $6.859M
YoY Change -377.85% -37.31%
Depreciation, Depletion And Amortization $23.70M $22.70M
YoY Change 4.41% 29.71%
Cash From Operating Activities $44.30M $22.20M
YoY Change 99.55% -18.08%
INVESTING ACTIVITIES
Capital Expenditures -$12.60M -$18.50M
YoY Change -31.89% 14.2%
Acquisitions
YoY Change
Other Investing Activities -$100.0K -$35.30M
YoY Change -99.72% 21.72%
Cash From Investing Activities -$12.60M -$53.80M
YoY Change -76.58% 19.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -33.00M 17.60M
YoY Change -287.5% -38.46%
NET CHANGE
Cash From Operating Activities 44.30M 22.20M
Cash From Investing Activities -12.60M -53.80M
Cash From Financing Activities -33.00M 17.60M
Net Change In Cash -1.300M -14.00M
YoY Change -90.71% -233.33%
FREE CASH FLOW
Cash From Operating Activities $44.30M $22.20M
Capital Expenditures -$12.60M -$18.50M
Free Cash Flow $56.90M $40.70M
YoY Change 39.8% -6.0%

Facts In Submission

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us-gaap Increase Decrease In Accrued Liabilities
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mmsi Increase Decrease In Operating Lease Liability
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us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
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us-gaap Payment For Contingent Consideration Liability Financing Activities
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mmsi Payments Related To Tax Withholding For Exchange Of Common Stock
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Income Taxes Paid Net
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CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Interest Paid Net
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us-gaap Income Taxes Paid Net
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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mmsi Fair Value Of Equity Investment In Exchange For Settlement Of Note Receivable
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mmsi Acquisition Of Developed Technology In Accrued Expenses
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mmsi Stock Issued During Period Shares Treasury Stock Reissued Share Based Payment Arrangement
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mmsi Stock Issued During Period Shares Treasury Stock Reissued Share Based Payment Arrangement
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.   Recently Issued Financial Accounting Standards.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><i style="font-weight:normal;">Recently Adopted</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2018-15, <i style="font-style:italic;">Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, </i>which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). ASU 2018-15 became effective for us on January 1, 2020. The adoption of this standard did not have a material impact on our consolidated financial statements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">In August 2018, the FASB issued ASU 2018-13, <i style="font-style:italic;">Fair Value Measurement (Topic 820)</i>, which removes, modifies and adds various disclosure requirements related to fair value disclosures. ASU 2018-13 became effective for us beginning on January 1, 2020. We have modified our disclosures to conform with this guidance (see Note 14). </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">In June 2016, the FASB issued ASU 2016-13, <i style="font-style:italic;">Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments</i>, which replaced the incurred loss impairment methodology for financial assets with a methodology that reflects expected credit losses. The new credit loss model must be applied to loans, accounts receivable, and other financial assets. ASU 2016-13 became effective for us beginning on January 1, 2020. We adopted this standard using a modified retrospective approach with a cumulative-effect adjustment to retained earnings of $575,000 as of the beginning of 2020. See Note 14 for additional disclosures related to our allowance for current expected credit losses. The adoption of this guidance did not have a material impact on our statements of operations or cash flows. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">We currently believe that all other issued and not yet effective accounting standards are not materially relevant to our financial statements.</p>
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Goodwill Impairment Loss
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us-gaap Goodwill Impairment Loss
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us-gaap Amortization Of Intangible Assets
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us-gaap Amortization Of Intangible Assets
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CY2019Q2 us-gaap Income Tax Expense Benefit
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CY2020Q2 us-gaap Effective Income Tax Rate Continuing Operations
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CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
8438000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
11250000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
379937000
CY2020Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
410875000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-19058000
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
6859000
us-gaap Net Income Loss
NetIncomeLoss
-22212000
us-gaap Net Income Loss
NetIncomeLoss
13054000
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55406000
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55017000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55326000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54967000
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.34
CY2019Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.12
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.40
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.24
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55406000
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55017000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55326000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54967000
CY2019Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1538000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1556000
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55406000
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56555000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55326000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56523000
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.34
CY2019Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.12
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.40
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.23
CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4224000
CY2019Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1185000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4282000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1081000
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3428000
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2523000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6205000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4289000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
218371000
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
255532000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
461896000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
493881000
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-18995000
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
12201000
us-gaap Operating Income Loss
OperatingIncomeLoss
-17633000
us-gaap Operating Income Loss
OperatingIncomeLoss
21724000
CY2020Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-3305000
CY2019Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-3202000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-6659000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-5879000
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-3242000
CY2019Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2140000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-2080000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2791000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-19058000
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
6859000
us-gaap Net Income Loss
NetIncomeLoss
-22212000
us-gaap Net Income Loss
NetIncomeLoss
13054000
CY2020Q2 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
2400000
CY2019Q2 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
548000
CY2020Q2 us-gaap Other Asset Impairment Charges
OtherAssetImpairmentCharges
88000
us-gaap Other Asset Impairment Charges
OtherAssetImpairmentCharges
529000
CY2019Q2 us-gaap Other Asset Impairment Charges
OtherAssetImpairmentCharges
46000
us-gaap Other Asset Impairment Charges
OtherAssetImpairmentCharges
257000
CY2020Q2 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
1500000
CY2020Q2 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
14500000
CY2019Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
17100000
CY2020Q2 us-gaap Long Term Accounts Notes And Loans Receivable Net Noncurrent
LongTermAccountsNotesAndLoansReceivableNetNoncurrent
2800000
CY2019Q4 us-gaap Long Term Accounts Notes And Loans Receivable Net Noncurrent
LongTermAccountsNotesAndLoansReceivableNetNoncurrent
2700000
CY2020Q2 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
757000
CY2020Q1 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
670000
us-gaap Allowance For Loan And Lease Losses Adjustments Net
AllowanceForLoanAndLeaseLossesAdjustmentsNet
575000
CY2020Q2 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
87000
us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
182000
CY2020Q2 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
757000
CY2020Q2 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
757000

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