Merit Medical Systems (NASDAQ:MMSI) Issues FY24 Earnings Guidance

Merit Medical Systems (NASDAQ:MMSI) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $3.25-$3.34 for the period, compared to the consensus EPS estimate of $3.31. The company issued revenue guidance of $1.339-$1.351 billion, compared to the consensus revenue estimate of $1.34 billion. Merit Medical Systems also updated its FY 2024 guidance to 3.250-3.340 EPS.

Analysts Set New Price Targets

MMSI has been the topic of several research reports. Barrington Research reaffirmed an outperform rating and issued a $100.00 price objective on shares of Merit Medical Systems in a research report on Tuesday, July 16th. StockNews.com downgraded Merit Medical Systems from a buy rating to a hold rating in a research note on Wednesday. Wells Fargo & Company upped their price objective on Merit Medical Systems from $85.00 to $103.00 and gave the stock an equal weight rating in a research report on Monday. Robert W. Baird assumed coverage on Merit Medical Systems in a report on Friday, June 28th. They set an outperform rating and a $96.00 price objective for the company. Finally, Canaccord Genuity Group upped their price target on Merit Medical Systems from $102.00 to $125.00 and gave the stock a buy rating in a research report on Tuesday, July 2nd. Three investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $100.55.

Merit Medical Systems Stock Performance

NASDAQ MMSI opened at $98.71 on Thursday. The firm has a market capitalization of $5.74 billion, a P/E ratio of 56.73, a price-to-earnings-growth ratio of 2.53 and a beta of 0.87. The company has a current ratio of 6.24, a quick ratio of 4.64 and a debt-to-equity ratio of 0.62. The firm’s fifty day moving average price is $91.20 and its two-hundred day moving average price is $82.82. Merit Medical Systems has a 1 year low of $62.58 and a 1 year high of $100.32.

Merit Medical Systems (NASDAQ:MMSI) last issued its earnings results on Thursday, August 1st. The medical instruments supplier reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.04. Merit Medical Systems had a net margin of 9.02% and a return on equity of 15.29%. The company had revenue of $338.00 million for the quarter, compared to analysts’ expectations of $334.94 million. As a group, research analysts anticipate that Merit Medical Systems will post 3.31 EPS for the current year.

Insider Activity

In related news, Director F. Ann Millner sold 12,500 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $85.00, for a total transaction of $1,062,500.00. Following the transaction, the director now directly owns 32,391 shares of the company’s stock, valued at approximately $2,753,235. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 3.70% of the company’s stock.

About Merit Medical Systems

Merit Medical Systems, Inc designs, develops, manufactures, and markets single-use medical products for interventional, diagnostic, and therapeutic procedures in the United States and internationally. It operates in two segments, Cardiovascular and Endoscopy. The company provides micropuncture kits, angiographic needles, sheaths, guide wires, and safety products; peripheral intervention, including angiography, drainage, delivery systems, and embolotherapy products; spine products, such as vertebral augmentation, radiofrequency ablation, and bone biopsy systems; oncology products; and cardiac intervention products, such as access, angiography, electrophysiology and cardiac rhythm management, fluid management, hemodynamic monitoring, hemostasis, and intervention to treat various heart conditions.