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

Merit Medical Systems (NASDAQ:MMSI) updated its FY 2024 earnings guidance on Wednesday. The company provided EPS guidance of 3.330-3.380 for the period, compared to the consensus EPS estimate of 3.300. The company issued revenue guidance of $1.3 billion-$1.4 billion, compared to the consensus revenue estimate of $1.3 billion.

Wall Street Analyst Weigh In

Several research analysts have weighed in on MMSI shares. Needham & Company LLC reiterated a “buy” rating and set a $109.00 price objective on shares of Merit Medical Systems in a research report on Thursday, October 31st. Piper Sandler reaffirmed an “overweight” rating and set a $110.00 price target (up from $100.00) on shares of Merit Medical Systems in a research report on Monday, September 9th. Bank of America boosted their price objective on shares of Merit Medical Systems from $92.00 to $103.00 and gave the company a “neutral” rating in a report on Monday, September 16th. Robert W. Baird raised their target price on shares of Merit Medical Systems from $107.00 to $109.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Finally, Wells Fargo & Company lifted their price target on shares of Merit Medical Systems from $85.00 to $103.00 and gave the company an “equal weight” rating in a research report on Monday, September 16th. Three research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Merit Medical Systems currently has an average rating of “Moderate Buy” and an average price target of $103.36.

Merit Medical Systems Price Performance

NASDAQ MMSI traded up $3.69 on Wednesday, hitting $102.48. 710,840 shares of the company’s stock were exchanged, compared to its average volume of 368,968. The stock has a 50-day moving average of $96.95 and a 200-day moving average of $88.59. The stock has a market cap of $5.97 billion, a price-to-earnings ratio of 50.24, a P/E/G ratio of 2.46 and a beta of 0.89. Merit Medical Systems has a 52 week low of $65.46 and a 52 week high of $102.53. The company has a current ratio of 5.36, a quick ratio of 3.82 and a debt-to-equity ratio of 0.57.

Merit Medical Systems (NASDAQ:MMSI) last released its quarterly earnings data on Wednesday, October 30th. The medical instruments supplier reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.06. The business had revenue of $339.85 million for the quarter, compared to analyst estimates of $334.60 million. Merit Medical Systems had a return on equity of 15.61% and a net margin of 9.05%. Merit Medical Systems’s revenue was up 7.8% compared to the same quarter last year. During the same period last year, the firm posted $0.75 earnings per share. Analysts expect that Merit Medical Systems will post 3.36 earnings per share for the current year.

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.