Merit Medical Systems (NASDAQ:MMSI) Releases FY 2024 Earnings Guidance

Merit Medical Systems (NASDAQ:MMSI) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 3.250-3.340 for the period, compared to the consensus earnings per share estimate of 3.310. The company issued revenue guidance of $1.3 billion-$1.4 billion, compared to the consensus revenue estimate of $1.3 billion. Merit Medical Systems also updated its FY24 guidance to $3.25-$3.34 EPS.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on MMSI. StockNews.com cut shares of Merit Medical Systems from a buy rating to a hold rating in a research note on Wednesday. Bank of America increased their price target on Merit Medical Systems from $92.00 to $103.00 and gave the stock a neutral rating in a research note on Monday. Canaccord Genuity Group boosted their price objective on Merit Medical Systems from $102.00 to $125.00 and gave the company a buy rating in a research report on Tuesday, July 2nd. Baird R W raised shares of Merit Medical Systems to a strong-buy rating in a report on Friday, June 28th. Finally, Barrington Research reiterated an outperform rating and set a $100.00 price objective on shares of Merit Medical Systems in a research report on Tuesday, July 16th. Three 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 company’s stock. Based on data from MarketBeat, Merit Medical Systems presently has an average rating of Moderate Buy and an average price target of $100.55.

Merit Medical Systems Price Performance

Merit Medical Systems stock opened at $98.71 on Thursday. Merit Medical Systems has a 52-week low of $62.58 and a 52-week high of $100.32. The company has a quick ratio of 4.64, a current ratio of 6.24 and a debt-to-equity ratio of 0.62. The firm’s fifty day moving average is $91.20 and its 200 day moving average is $82.82. The company has a market cap of $5.74 billion, a price-to-earnings ratio of 56.73, a PEG ratio of 2.53 and a beta of 0.87.

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

Insider Activity

In related news, Director F. Ann Millner sold 12,500 shares of the stock in a transaction 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 sale, the director now owns 32,391 shares in the company, valued at approximately $2,753,235. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate 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.