Merit Medical Systems, Inc. (MMSI)

Nasdaq Health Care Health Care Supplies S&P SmallCap 600

$87.23

-2.39 (-2.67%)

Close of Nov 06, 2026 · end-of-day data

Source: Merit Medical Systems, Inc.'s 10-K / 10-Q XBRL data on SEC EDGAR · fetched Nov 06, 2026

Revenue, net income & free cash flow

Income statement

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$603.84M	$727.85M	$882.75M	$994.85M	$963.88M	$1.07B	$1.15B	$1.26B	$1.36B	$1.52B
Cost of revenue	$338.81M	$401.60M	$487.98M	$562.49M	$562.70M	$589.42M	$631.88M	$673.49M	$713.18M	$777.64M
Gross profit	$265.02M	$326.25M	$394.77M	$432.37M	$401.18M	$485.33M	$519.10M	$583.87M	$643.33M	$738.27M
Research & development	$45.23M	$51.40M	$59.53M	$65.61M	$57.54M	$71.25M	$75.51M	$82.73M	$87.47M	$97.35M
Selling, general & admin	$184.40M	$229.13M	$276.02M	$327.27M	$297.72M	$335.69M	$342.52M	$373.68M	$399.73M	$455.21M
Operating income	$34.88M	$33.07M	$58.62M	$15.43M	-$1.56M	$60.92M	$87.56M	$123.94M	$155.69M	$184.72M
Interest expense	$8.80M	$7.74M	$10.36M	$12.41M	$9.99M	$5.26M	$6.34M	$15.51M	$31.22M	$26.46M
Pre-tax income	$25.39M	$35.88M	$49.52M	$2.19M	-$13.23M	$53.92M	$82.63M	$112.09M	$149.99M	$170.94M
Income tax	$5.26M	$8.36M	$7.50M	-$3.26M	-$3.39M	$5.46M	$8.11M	$17.68M	$29.64M	$42.45M
Net income	$20.12M	$27.52M	$42.02M	$5.45M	-$9.84M	$48.45M	$74.52M	$94.41M	$120.36M	$128.49M
EBITDA	$78.63M	$86.65M	$128.16M	$107.53M	$92.51M	$144.98M	$169.37M	$213.93M	$258.40M	$307.89M
EPS (basic)	$0.45	$0.56	$0.80	$0.10	$-0.18	$0.86	$1.31	$1.64	$2.07	$2.17
EPS (diluted)	$0.45	$0.55	$0.78	$0.10	$-0.18	$0.84	$1.29	$1.62	$2.03	$2.13
Diluted shares	44.86M	50.10M	53.93M	56.23M	55.43M	57.36M	57.67M	58.36M	59.37M	60.46M
Gross margin	43.9%	44.8%	44.7%	43.5%	41.6%	45.2%	45.1%	46.4%	47.4%	48.7%
Operating margin	5.8%	4.5%	6.6%	1.6%	-0.2%	5.7%	7.6%	9.9%	11.5%	12.2%
Net margin	3.3%	3.8%	4.8%	0.5%	-1.0%	4.5%	6.5%	7.5%	8.9%	8.5%

Balance sheet

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash & equivalents	$19.17M	$32.34M	$67.36M	$44.32M	$56.92M	$67.75M	$58.41M	$587.04M	$376.71M	$446.40M
Receivables	$80.52M	$105.54M	$137.17M	$155.37M	$146.64M	$152.30M	$164.68M	$177.88M	$190.24M	$203.71M
Inventory	$120.69M	$155.29M	$197.54M	$225.70M	$198.02M	$221.92M	$265.99M	$303.87M	$306.06M	$333.70M
Total current assets	$243.42M	$316.12M	$429.83M	$454.54M	$429.71M	$482.21M	$529.08M	$1.11B	$923.77M	$1.04B
Goodwill	$211.93M	$238.15M	$335.43M	$353.19M	$363.53M	$361.74M	$359.82M	$382.24M	$463.51M	$506.84M
Total assets	$942.80M	$1.11B	$1.62B	$1.76B	$1.66B	$1.65B	$1.66B	$2.33B	$2.42B	$2.69B
Total current liabilities	$88.33M	$115.62M	$175.34M	$181.66M	$185.00M	$236.28M	$220.65M	$203.56M	$216.40M	$239.76M
Short-term debt	$10.00M	$19.46M	$22.00M	$7.50M	$7.50M	$8.44M	$11.25M	—	—	—
Long-term debt	$314.37M	$259.01M	$373.15M	$431.98M	$343.72M	$234.40M	$186.76M	$823.01M	$729.55M	$734.04M
Total debt	$324.37M	$278.47M	$395.15M	$439.48M	$351.22M	$242.84M	$198.01M	$823.01M	$729.55M	$734.04M
Total liabilities	$444.61M	$435.48M	$687.24M	$807.38M	$705.82M	$608.50M	$519.57M	$1.12B	$1.04B	$1.10B
Shareholders' equity	$498.19M	$676.33M	$932.77M	$949.94M	$958.58M	$1.04B	$1.14B	$1.20B	$1.38B	$1.58B

Cash flow

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	$53.60M	$62.73M	$86.53M	$77.81M	$165.27M	$147.23M	$114.29M	$145.15M	$220.80M	$297.37M
Capital expenditures	$32.84M	$38.62M	$63.32M	$78.17M	$45.99M	$27.94M	$45.03M	$34.29M	$35.14M	$81.72M
Free cash flow	$20.76M	$24.10M	$23.21M	-$360.00K	$119.28M	$119.29M	$69.26M	$110.86M	$185.66M	$215.66M
Investing cash flow	-$159.11M	-$146.76M	-$378.82M	-$134.48M	-$58.65M	-$37.16M	-$57.40M	-$175.35M	-$368.65M	-$247.39M
Financing cash flow	$121.09M	$96.52M	$328.28M	$33.53M	-$95.71M	-$98.44M	-$60.26M	$559.27M	-$60.01M	$16.00M
Stock-based compensation	$2.51M	$4.08M	$6.12M	$9.38M	$14.34M	$16.09M	$18.04M	$21.33M	$28.47M	$43.46M
Depreciation & amortization	$43.76M	$53.58M	$69.55M	$92.10M	$94.07M	$84.07M	$81.80M	$89.98M	$102.71M	$123.17M

Income statement

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue	$324.51M	$323.51M	$338.00M	$339.85M	$355.16M	$355.35M	$382.46M	$384.16M	$393.94M	$381.88M	$418.84M	$416.24M
Cost of revenue	$173.99M	$171.79M	$176.90M	$182.31M	$182.18M	$183.33M	$197.97M	$197.75M	$198.58M	$197.08M	$203.68M	$215.61M
Gross profit	$150.53M	$151.72M	$161.10M	$157.53M	$172.98M	$172.02M	$184.49M	$186.41M	$195.35M	$184.80M	$215.17M	$200.63M
Research & development	$21.64M	$21.48M	$20.26M	$20.53M	$25.19M	$22.48M	$24.37M	$23.97M	$26.54M	$22.61M	$25.39M	$22.39M
Selling, general & admin	$95.75M	$94.43M	$94.58M	$99.64M	$111.07M	$107.49M	$113.10M	$119.80M	$114.83M	$118.21M	$129.23M	$119.51M
Operating income	$33.61M	$35.92M	$45.95M	$37.26M	$36.56M	$41.03M	$46.88M	$42.61M	$54.20M	$44.16M	$60.40M	$58.76M
Interest expense	$4.98M	$8.05M	$7.68M	$7.50M	$7.99M	$6.57M	$6.78M	$6.75M	$6.36M	$6.53M	$12.12M	$7.33M
Pre-tax income	$31.47M	$34.35M	$45.84M	$36.66M	$33.15M	$37.96M	$43.38M	$38.54M	$51.06M	$53.55M	$51.31M	$55.78M
Income tax	$3.84M	$6.11M	$10.12M	$8.21M	$5.20M	$7.81M	$10.80M	$10.79M	$13.05M	$12.55M	$12.51M	$13.47M
Net income	$27.63M	$28.24M	$35.73M	$28.44M	$27.95M	$30.15M	$32.58M	$27.75M	$38.01M	$40.99M	$38.80M	$42.31M
EBITDA	$57.24M	$59.52M	$70.04M	$63.66M	$65.18M	$70.33M	$77.88M	$73.91M	$85.73M	$74.65M	$91.40M	$90.66M
EPS (basic)	$0.48	$0.49	$0.61	$0.49	$0.48	$0.51	$0.55	$0.47	$0.64	$0.69	$0.65	$0.71
EPS (diluted)	$0.48	$0.48	$0.61	$0.48	$0.46	$0.49	$0.54	$0.46	$0.64	$0.68	$0.65	$0.70
Diluted shares	11.00K	58.57M	58.74M	59.54M	417.00K	61.28M	60.61M	59.92M	-144.00K	60.01M	60.01M	60.38M
Gross margin	46.4%	46.9%	47.7%	46.4%	48.7%	48.4%	48.2%	48.5%	49.6%	48.4%	51.4%	48.2%
Operating margin	10.4%	11.1%	13.6%	11.0%	10.3%	11.5%	12.3%	11.1%	13.8%	11.6%	14.4%	14.1%
Net margin	8.5%	8.7%	10.6%	8.4%	7.9%	8.5%	8.5%	7.2%	9.6%	10.7%	9.3%	10.2%

Balance sheet

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Cash & equivalents	$587.04M	$581.92M	$636.66M	$523.13M	$376.71M	$395.53M	$341.82M	$392.46M	$446.40M	$488.08M	$448.70M	$503.55M
Receivables	$177.88M	$180.66M	$182.41M	$189.83M	$190.24M	$199.55M	$204.16M	$210.29M	$203.71M	$206.45M	$224.24M	$221.87M
Inventory	$303.87M	$302.73M	$298.22M	$310.53M	$306.06M	$317.94M	$323.31M	$326.55M	$333.70M	$352.39M	$374.11M	$391.02M
Total current assets	$1.11B	$1.11B	$1.16B	$1.08B	$923.77M	$958.63M	$923.07M	$985.53M	$1.04B	$1.10B	$1.11B	$1.20B
Goodwill	$382.24M	$381.54M	$381.43M	$399.45M	$463.51M	$464.36M	$504.56M	$507.43M	$506.84M	$503.43M	$539.77M	$537.13M
Total assets	$2.33B	$2.33B	$2.37B	$2.38B	$2.42B	$2.47B	$2.59B	$2.63B	$2.69B	$2.72B	$2.86B	$2.92B
Total current liabilities	$203.56M	$183.34M	$186.22M	$201.08M	$216.40M	$196.82M	$225.57M	$230.47M	$239.76M	$216.87M	$264.93M	$265.08M
Long-term debt	$823.01M	$800.14M	$801.32M	$750.50M	$729.55M	$730.67M	$731.79M	$732.92M	$734.04M	$735.16M	$736.26M	$737.40M
Total debt	$823.01M	$800.14M	$801.32M	$750.50M	$729.55M	$730.67M	$731.79M	$732.92M	$734.04M	$735.16M	$736.26M	$737.40M
Total liabilities	$1.12B	$1.09B	$1.09B	$1.05B	$1.04B	$1.04B	$1.10B	$1.10B	$1.10B	$1.09B	$1.18B	$1.18B
Shareholders' equity	$1.20B	$1.24B	$1.28B	$1.32B	$1.38B	$1.43B	$1.49B	$1.53B	$1.58B	$1.63B	$1.68B	$1.74B

Cash flow

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Operating cash flow	$62.25M	$36.22M	$68.51M	$47.33M	$68.74M	$40.57M	$83.31M	$74.98M	$98.51M	$40.68M	$69.28M	$65.27M
Capital expenditures	$7.14M	$11.68M	$10.63M	$9.36M	$3.47M	$21.06M	$13.75M	$22.44M	$24.46M	$16.01M	$17.33M	$12.35M
Free cash flow	$55.11M	$24.53M	$57.88M	$37.97M	$65.27M	$19.51M	$69.56M	$52.54M	$74.05M	$24.67M	$51.95M	$52.93M
Investing cash flow	-$8.34M	-$22.05M	-$16.49M	-$115.67M	-$214.45M	-$29.64M	-$143.35M	-$24.07M	-$50.34M	$7.73M	-$110.13M	-$22.32M
Financing cash flow	$472.81M	-$18.00M	$3.14M	-$47.57M	$2.43M	$6.96M	$4.35M	-$365.00K	$5.06M	-$6.29M	$948.00K	$11.61M
Stock-based compensation	$5.99M	$5.23M	$7.01M	$6.71M	$9.52M	$9.08M	$10.87M	$13.61M	$9.90M	$8.96M	$12.91M	$13.62M
Depreciation & amortization	$23.63M	$23.60M	$24.09M	$26.40M	$28.62M	$29.29M	$31.00M	$31.30M	$31.54M	$30.50M	$31.00M	$31.90M

Quarterly figures are rebuilt from the year-to-date totals companies report — Q4 is the full year minus the first nine months, since no 10-Q is filed for it. Values are as filed; later restatements replace earlier ones. Fiscal years are labelled by the calendar year in which they end.