Merit Medical Systems (NASDAQ:MMSI – Get Free Report) posted its quarterly earnings results on Wednesday. The medical instruments supplier reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.06, Briefing.com reports. The firm had revenue of $339.85 million for the quarter, compared to analysts’ expectations of $334.60 million. Merit Medical Systems had a net margin of 9.02% and a return on equity of 15.29%. The firm’s quarterly revenue was up 7.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.75 earnings per share. Merit Medical Systems updated its FY24 guidance to $3.33-$3.38 EPS.
Merit Medical Systems Stock Performance
MMSI traded up $3.76 during trading on Thursday, reaching $98.66. 915,705 shares of the company’s stock were exchanged, compared to its average volume of 438,189. Merit Medical Systems has a fifty-two week low of $65.46 and a fifty-two week high of $101.60. 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 business has a 50 day moving average price of $96.36 and a 200 day moving average price of $87.63. The company has a market capitalization of $5.73 billion, a P/E ratio of 57.10, a PEG ratio of 2.41 and a beta of 0.87.
Analyst Ratings Changes
A number of research firms have commented on MMSI. Wells Fargo & Company upped their price objective on shares of Merit Medical Systems from $85.00 to $103.00 and gave the company an “equal weight” rating in a research note on Monday, September 16th. Robert W. Baird increased their price target on shares of Merit Medical Systems from $107.00 to $109.00 and gave the stock an “outperform” rating in a research report on Thursday. StockNews.com raised shares of Merit Medical Systems from a “hold” rating to a “buy” rating in a research report on Saturday, October 26th. Bank of America raised their price objective on shares of Merit Medical Systems from $92.00 to $103.00 and gave the company a “neutral” rating in a research report on Monday, September 16th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $109.00 price objective on shares of Merit Medical Systems in a research report on Thursday. Two analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $103.36.
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.
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