Q3 2025 Merit Medical Systems Inc Earnings Call Transcript

Oct 30, 2025 / 09:00 PM GMT

Release Date Price: $83.04 (+2.03%)

Transcript 10-Q8-K

Key Points

Positve

Merit Medical Systems Inc (MMSI) reported a total revenue of $384.2 million, up 13% year over year on a GAAP basis and 12.5% on a constant currency basis.
The company exceeded expectations with a 7.8% constant currency organic growth, surpassing the 6% high end of the range outlined in the previous quarter.
Non-GAAP operating margin improved by 51 basis points year over year to 19.7%, and non-GAAP EPS grew nearly 7%, exceeding expectations.
Merit Medical Systems Inc (MMSI) generated $53 million of free cash flow, marking a 38% increase year over year.
The company announced the US commercial release of the Prelude wave hydrophilic sheath introducer and achieved a significant milestone with its Scout radar localization technology being used to treat 750,000 patients worldwide.

Negative

Sales in China decreased by 1%, which was softer than expected, attributed to the broader macro environment.
Endoscopy segment sales came in at the low end of expectations, with integration challenges from recent acquisitions impacting performance.
Operating expenses increased by 21%, driven by a 21% increase in SG&A expenses and a 20% increase in R&D expenses.
The OEM segment experienced softer than expected performance, particularly with sales to OEM customers outside the US.
Tariffs posed a material headwind, impacting gross margins by nearly 90 basis points year over year in the third quarter.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

MMSI.OQ - Merit Medical Systems Inc
Q3 2025 Merit Medical Systems Inc Earnings Call
Oct 30, 2025 / 09:00PM GMT

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Presentation
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Unidentified_1 [1]
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Thank you for standing by and welcome to the Merritt Medical System's 3rd quarter 2025 earnings conference call. At this time, all participants have been placed in a listen-only mode. Please note that this conference call is being recorded and that the recording will be available on the company's website for replay shortly.

I would now like to turn the call over to Martha Arison.

Merit Medical Systems President and Chief Executive Officer, please go ahead.

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Unidentified_2 [2]
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Thank you, operator, and welcome everyone. I am

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