$MMSI
MERIT MEDICAL SYSTEMS INC

2021 Q2 Form 10-Q Financial Statement

#000085698221000022 Filed on August 06, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $280.3M $218.4M
YoY Change 28.37% -14.54%
Cost Of Revenue $156.2M $134.2M
YoY Change 16.42% -6.56%
Gross Profit $124.1M $84.22M
YoY Change 47.41% -24.78%
Gross Profit Margin 44.28% 38.57%
Selling, General & Admin $91.56M $66.77M
YoY Change 37.14% -16.52%
% of Gross Profit 73.76% 79.28%
Research & Development $17.59M $14.03M
YoY Change 25.43% -14.12%
% of Gross Profit 14.17% 16.65%
Depreciation & Amortization $21.02M $23.70M
YoY Change -11.32% 4.41%
% of Gross Profit 16.93% 28.14%
Operating Expenses $115.2M $103.2M
YoY Change 11.66% 3.46%
Operating Profit $8.895M -$19.00M
YoY Change -146.83% -255.68%
Interest Expense $1.386M $2.715M
YoY Change -48.95% -12.84%
% of Operating Profit 15.58%
Other Income/Expense, Net -$2.030M -$3.305M
YoY Change -38.58% 3.22%
Pretax Income $6.865M -$22.30M
YoY Change -130.78% -347.81%
Income Tax $1.949M -$3.242M
% Of Pretax Income 28.39%
Net Earnings $4.916M -$19.06M
YoY Change -125.79% -377.85%
Net Earnings / Revenue 1.75% -8.73%
Basic Earnings Per Share $0.09 -$0.34
Diluted Earnings Per Share $0.09 -$0.34
COMMON SHARES
Basic Shares Outstanding 56.06M 55.41M
Diluted Shares Outstanding 57.28M 55.41M

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $69.67M $49.70M
YoY Change 40.19% 41.19%
Cash & Equivalents $69.67M $49.70M
Short-Term Investments
Other Short-Term Assets $20.22M $17.40M
YoY Change 16.23% 9.43%
Inventory $194.5M $221.4M
Prepaid Expenses
Receivables $153.4M $138.8M
Other Receivables $11.92M $18.70M
Total Short-Term Assets $449.8M $445.9M
YoY Change 0.86% 4.45%
LONG-TERM ASSETS
Property, Plant & Equipment $373.8M $383.6M
YoY Change -2.56% 9.45%
Goodwill $362.8M $353.1M
YoY Change 2.75% 0.27%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $37.83M $36.41M
YoY Change 3.88% -37.49%
Total Long-Term Assets $1.193B $1.270B
YoY Change -6.09% -3.01%
TOTAL ASSETS
Total Short-Term Assets $449.8M $445.9M
Total Long-Term Assets $1.193B $1.270B
Total Assets $1.642B $1.716B
YoY Change -4.28% -1.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $53.81M $44.40M
YoY Change 21.19% -15.59%
Accrued Expenses $135.0M $106.9M
YoY Change 26.26% 10.04%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $7.500M $7.500M
YoY Change 0.0% -50.0%
Total Short-Term Liabilities $210.6M $174.2M
YoY Change 20.88% -1.32%
LONG-TERM LIABILITIES
Long-Term Debt $284.9M $402.9M
YoY Change -29.29% 4.59%
Other Long-Term Liabilities $35.06M $74.28M
YoY Change -52.8% 1.36%
Total Long-Term Liabilities $320.0M $477.2M
YoY Change -32.95% 4.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $210.6M $174.2M
Total Long-Term Liabilities $320.0M $477.2M
Total Liabilities $650.0M $787.0M
YoY Change -17.42% 0.18%
SHAREHOLDERS EQUITY
Retained Earnings $373.7M $345.4M
YoY Change 8.18% -8.27%
Common Stock $623.6M $595.7M
YoY Change 4.68% 2.84%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $992.4M $928.8M
YoY Change
Total Liabilities & Shareholders Equity $1.642B $1.716B
YoY Change -4.28% -1.17%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income $4.916M -$19.06M
YoY Change -125.79% -377.85%
Depreciation, Depletion And Amortization $21.02M $23.70M
YoY Change -11.32% 4.41%
Cash From Operating Activities $41.24M $44.30M
YoY Change -6.91% 99.55%
INVESTING ACTIVITIES
Capital Expenditures -$7.386M -$12.60M
YoY Change -41.38% -31.89%
Acquisitions
YoY Change
Other Investing Activities -$1.474M -$100.0K
YoY Change 1374.0% -99.72%
Cash From Investing Activities -$8.960M -$12.60M
YoY Change -28.89% -76.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -21.88M -33.00M
YoY Change -33.71% -287.5%
NET CHANGE
Cash From Operating Activities 41.24M 44.30M
Cash From Investing Activities -8.960M -12.60M
Cash From Financing Activities -21.88M -33.00M
Net Change In Cash 10.40M -1.300M
YoY Change -900.38% -90.71%
FREE CASH FLOW
Cash From Operating Activities $41.24M $44.30M
Capital Expenditures -$7.386M -$12.60M
Free Cash Flow $48.63M $56.90M
YoY Change -14.54% 39.8%

Facts In Submission

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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.28
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.40
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56061000
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55406000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55890000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55326000
CY2021Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1216000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1238000
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
57277000
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55406000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
57128000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55326000
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.09
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.34
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.28
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.40
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
990000
CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4224000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1016000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4282000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3137000
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3428000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6732000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6205000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
280325000
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
218371000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
529238000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
461896000
CY2021Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
8895000
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-18995000
us-gaap Operating Income Loss
OperatingIncomeLoss
23089000
us-gaap Operating Income Loss
OperatingIncomeLoss
-17633000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-3530000
CY2021Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-2030000
CY2020Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-3305000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-6659000
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1949000
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-3242000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3685000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-2080000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
4916000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-19058000
us-gaap Net Income Loss
NetIncomeLoss
15874000
us-gaap Net Income Loss
NetIncomeLoss
-22212000
CY2021Q2 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
1600000
CY2020Q2 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
2400000
CY2021Q2 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
1400000
CY2020Q2 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
1500000
us-gaap Equity Method Investment Other Than Temporary Impairment
EquityMethodInvestmentOtherThanTemporaryImpairment
0
CY2021Q2 us-gaap Equity Method Investment Other Than Temporary Impairment
EquityMethodInvestmentOtherThanTemporaryImpairment
0
us-gaap Equity Method Investment Other Than Temporary Impairment
EquityMethodInvestmentOtherThanTemporaryImpairment
3500000
CY2021Q2 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
12000000.0
CY2020Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
12000000.0
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
1300000
CY2021Q2 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
1300000
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
359000
CY2021Q2 us-gaap Long Term Accounts Notes And Loans Receivable Net Noncurrent
LongTermAccountsNotesAndLoansReceivableNetNoncurrent
1900000
CY2020Q4 us-gaap Long Term Accounts Notes And Loans Receivable Net Noncurrent
LongTermAccountsNotesAndLoansReceivableNetNoncurrent
2200000
CY2021Q2 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
1100000
CY2021Q1 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
932000
CY2020Q1 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
670000
CY2020Q4 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
730000
us-gaap Allowance For Loan And Lease Losses Adjustments Net
AllowanceForLoanAndLeaseLossesAdjustmentsNet
575000
CY2021Q2 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
175000
CY2020Q2 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
87000
us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
377000
us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
182000
CY2021Q2 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
1107000
CY2020Q2 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
757000
CY2021Q2 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
1107000
CY2020Q2 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
757000

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