Merit Medical Reports Second Quarter 2024 Results and Raises Full-Year Guidance
Merit Medical Systems (NASDAQ: MMSI) reported strong Q2 2024 results, with revenue of $338.0 million, up 5.6% year-over-year. Constant currency revenue increased 6.6%, while organic constant currency revenue grew 5.0%. The company's GAAP EPS rose 75.7% to $0.61, and non-GAAP EPS increased 16.8% to $0.92. Merit's GAAP operating margin improved to 13.6% from 9.0% in the prior year period, while non-GAAP operating margin expanded to 20.1% from 19.1%.
Based on these results, Merit has raised its full-year 2024 guidance. The company now expects net sales of $1,335 - $1,345 million, representing 6-7% growth, and non-GAAP EPS of $3.27 - $3.35, a 15-17% increase year-over-year. This updated guidance includes the impact of the EndoGastric Solutions acquisition completed on July 1, 2024.
Merit Medical Systems (NASDAQ: MMSI) ha riportato risultati positivi per il secondo trimestre del 2024, con un fatturato di 338,0 milioni di dollari, in aumento del 5,6% rispetto all'anno precedente. I ricavi a cambio costante sono aumentati del 6,6%, mentre i ricavi organici a cambio costante sono cresciuti del 5,0%. L'utile per azione (EPS) GAAP dell'azienda è aumentato del 75,7% a 0,61 dollari, e l'EPS non-GAAP è salito del 16,8% a 0,92 dollari. Il margine operativo GAAP di Merit è migliorato al 13,6% rispetto al 9,0% dello stesso periodo dell'anno precedente, mentre il margine operativo non-GAAP è aumentato al 20,1% dal 19,1%.
In base a questi risultati, Merit ha rivisto al rialzo le sue previsioni per l'intero anno 2024. L'azienda ora prevede vendite nette tra 1.335 e 1.345 milioni di dollari, che rappresentano una crescita del 6-7%, e un EPS non-GAAP tra 3,27 e 3,35 dollari, con un incremento del 15-17% rispetto all'anno precedente. Questa guida aggiornata include l'impatto dell'acquisizione di EndoGastric Solutions completata il 1° luglio 2024.
Merit Medical Systems (NASDAQ: MMSI) reportó resultados sólidos para el segundo trimestre de 2024, con ingresos de $338.0 millones, un aumento del 5.6% en comparación con el año anterior. Los ingresos a tipo de cambio constante aumentaron un 6.6%, mientras que los ingresos orgánicos a tipo de cambio constante crecieron un 5.0%. El EPS GAAP de la compañía subió un 75.7% a $0.61, y el EPS no-GAAP aumentó un 16.8% a $0.92. El margen operativo GAAP de Merit mejoró al 13.6% desde el 9.0% del año anterior, mientras que el margen operativo no-GAAP se expandió al 20.1% desde el 19.1%.
Con base en estos resultados, Merit ha elevado su guía para el año completo 2024. La empresa ahora espera ventas netas de $1,335 - $1,345 millones, representando un crecimiento del 6-7%, y un EPS no-GAAP de $3.27 - $3.35, un aumento del 15-17% en comparación con el año anterior. Esta guía actualizada incluye el impacto de la adquisición de EndoGastric Solutions completada el 1 de julio de 2024.
메리트 메디컬 시스템즈 (NASDAQ: MMSI)는 2024년 2분기 강력한 실적을 발표했으며, 매출은 3억 3,800만 달러로 전년 대비 5.6% 증가했습니다. 고정 환율 기준 매출은 6.6% 증가했으며, 유기적 고정 환율 기준 매출은 5.0% 성장했습니다. 회사의 GAAP 주당순이익(EPS)은 75.7% 상승하여 0.61달러가 되었고, 비 GAAP EPS는 16.8% 증가하여 0.92달러에 도달했습니다. 메리트의 GAAP 운영 마진은 전년 동기 대비 9.0%에서 13.6%로 개선되었으며, 비 GAAP 운영 마진은 19.1%에서 20.1%로 확대되었습니다.
이러한 결과를 바탕으로 메리트는 2024년 전체 연도 가이던스를 상향 조정했습니다. 회사는 이제 13억 3,500만 - 13억 4,500만 달러의 순매출을 예상하며, 이는 6-7%의 성장을 나타내며, 비 GAAP EPS는 3.27 - 3.35달러로 연간 15-17% 증가할 것으로 보입니다. 이 업데이트된 가이던스에는 2024년 7월 1일 완료된 EndoGastric Solutions 인수의 영향이 포함됩니다.
Merit Medical Systems (NASDAQ: MMSI) a annoncé de solides résultats pour le deuxième trimestre 2024, avec des revenus de 338,0 millions de dollars, en hausse de 5,6% d'une année sur l'autre. Les revenus à taux de change constant ont augmenté de 6,6%, tandis que les revenus organiques à taux de change constant ont crû de 5,0%. Le bénéfice par action (EPS) GAAP de l'entreprise a grimpé de 75,7% à 0,61 dollar, et l'EPS non-GAAP a augmenté de 16,8% à 0,92 dollar. La marge opérationnelle GAAP de Merit a amélioré à 13,6% contre 9,0% l'année précédente, tandis que la marge opérationnelle non-GAAP est passée de 19,1% à 20,1%.
Sur la base de ces résultats, Merit a rehaussé ses prévisions pour l'ensemble de l'année 2024. L'entreprise s'attend désormais à des ventes nettes de 1 335 - 1 345 millions de dollars, représentant une croissance de 6-7%, et un EPS non-GAAP de 3,27 - 3,35 dollars, soit une augmentation de 15-17% d'une année sur l'autre. Cette orientation mise à jour inclut l'impact de l'acquisition d'EndoGastric Solutions complétée le 1er juillet 2024.
Merit Medical Systems (NASDAQ: MMSI) berichtete von starken Ergebnissen im 2. Quartal 2024, mit Einnahmen von 338,0 Millionen Dollar, was einem Anstieg von 5,6% im Vergleich zum Vorjahr entspricht. Die Einnahmen in konstanten Währungen stiegen um 6,6%, während die organischen Einnahmen in konstanten Währungen um 5,0% wuchsen. Der GAAP-Gewinn pro Aktie (EPS) des Unternehmens stieg um 75,7% auf 0,61 Dollar, und der Non-GAAP-EPS erhöhte sich um 16,8% auf 0,92 Dollar. Die GAAP-Betriebsquote von Merit verbesserte sich auf 13,6% von 9,0% im Vorjahreszeitraum, während die Non-GAAP-Betriebsquote auf 20,1% von 19,1% expandierte.
Basierend auf diesen Ergebnissen hat Merit seine Prognose für das Gesamtjahr 2024 angehoben. Das Unternehmen erwartet nun Nettoumsätze von 1.335 bis 1.345 Millionen Dollar, was einem Wachstum von 6-7% entspricht, sowie einen Non-GAAP-EPS von 3,27 bis 3,35 Dollar, was einem Anstieg von 15-17% im Vergleich zum Vorjahr entspricht. Diese aktualisierte Prognose umfasst den Einfluss der am 1. Juli 2024 abgeschlossenen Übernahme von EndoGastric Solutions.
- Revenue increased 5.6% year-over-year to $338.0 million
- GAAP EPS grew 75.7% to $0.61
- Non-GAAP EPS rose 16.8% to $0.92
- GAAP operating margin improved from 9.0% to 13.6%
- Non-GAAP operating margin expanded from 19.1% to 20.1%
- Free cash flow generation of over $80 million in the first half of 2024
- Raised full-year 2024 guidance for revenue and earnings
- None.
Insights
Merit Medical's Q2 2024 results demonstrate strong performance and positive momentum. The company reported revenue of
Profitability metrics showed significant improvement:
- GAAP operating margin increased to
13.6% from9.0% in the prior year - Non-GAAP operating margin rose to
20.1% from19.1% - GAAP EPS surged
75.7% to$0.61 - Non-GAAP EPS grew
16.8% to$0.92
The company's strong cash position, with
Merit Medical has raised its full-year 2024 guidance, now expecting revenue between
Merit Medical's product portfolio is showing strong traction in key areas. The Cardiovascular segment, particularly Peripheral Intervention, exhibited robust growth of
The Endoscopy segment's
A significant development is the submission of the premarket approval (PMA) application for the Wrapsody™ Cell-Impermeable Endoprosthesis device to the FDA. This innovative product, designed for treating stenoses and thromboses in dialysis patients, could be a game-changer if approved. It addresses a critical need in renal care and could become a major growth driver for Merit.
The company's focus on its Foundations for Growth Program and Continued Growth Initiatives Program demonstrates a commitment to operational efficiency and long-term strategic planning. These initiatives are likely contributing to the improved profitability metrics and should continue to drive margin expansion in the coming years.
Second Quarter 2024 Highlights†
- Reported revenue of
$338.0 million , up5.6% - Constant currency revenue* up
6.6% - Constant currency revenue, organic,* up
5.0% - GAAP operating margin of
13.6% , compared to9.0% in prior year period - Non-GAAP operating margin* of
20.1% , compared to19.1% in prior year period - GAAP EPS
$0.61 , up75.7% - Non-GAAP EPS*
$0.92 , up16.8%
† Comparisons noted in the bullet points are calculated for the current quarter compared with the same prior year period unless otherwise specified.
* The constant currency revenue; constant currency revenue, organic; non-GAAP gross profit and margin; non-GAAP operating income and margin; non-GAAP net income; non-GAAP EPS; and free cash flow figures (used here and below) are non-GAAP financial measures. A reconciliation of these financial measures to their most directly comparable GAAP financial measures is included under the heading “Non-GAAP Financial Measures” below.
SOUTH JORDAN, Utah, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Merit Medical Systems, Inc. (NASDAQ: MMSI), a leading global manufacturer and marketer of healthcare technology, today announced revenue of
“We delivered better-than-expected revenue and financial results in the second quarter, reflecting continued strong momentum over the first half of fiscal year 2024,” said Fred P. Lampropoulos, Merit’s Chairman and Chief Executive Officer. “Our constant currency, organic, revenue and our constant currency total revenue exceeded the high-end of our expectations in the second quarter and we delivered year-over-year improvements in both our non-GAAP gross and operating margins and our non-GAAP earnings per share. Importantly, our strong growth and profitability performance fueled free cash flow generation of more than
Mr. Lampropoulos continued: “We are confident in our team’s ability to deliver our financial guidance for fiscal year 2024, which we have updated to reflect the stronger-than-expected organic results to-date and the forecasted impacts of the acquisition of EndoGastric Solutions announced on July 1, 2024. We are focused on delivering continued strong execution, stable constant currency growth, improving profitability and solid free cash flow in 2024, as well as continued progress in our Continued Growth Initiatives Program and related financial targets for the three-year period ending December 31, 2026.”
Merit’s revenue by operating segment and product category for the three and six-month periods ended June 30, 2024 and 2023 was as follows (unaudited; in thousands, except for percentages):
| Three Months Ended | |||||||||||||||||||||||
| Reported | Constant Currency * | ||||||||||||||||||||||
| June 30, | Impact of foreign | June 30, | |||||||||||||||||||||
| 2024 | 2023 | % Change | exchange | 2024 | % Change | ||||||||||||||||||
| Cardiovascular | |||||||||||||||||||||||
| Peripheral Intervention | $ | 139,247 | $ | 125,909 | 10.6 | % | $ | 1,030 | $ | 140,277 | 11.4 | % | |||||||||||
| Cardiac Intervention | 93,863 | 93,775 | 0.1 | % | 1,273 | 95,136 | 1.5 | % | |||||||||||||||
| Custom Procedural Solutions | 50,416 | 49,384 | 2.1 | % | 635 | 51,051 | 3.4 | % | |||||||||||||||
| OEM | 44,289 | 42,207 | 4.9 | % | 60 | 44,349 | 5.1 | % | |||||||||||||||
| Total | 327,815 | 311,275 | 5.3 | % | 2,998 | 330,813 | 6.3 | % | |||||||||||||||
| Endoscopy | |||||||||||||||||||||||
| Endoscopy Devices | 10,188 | 8,781 | 16.0 | % | 35 | 10,223 | 16.4 | % | |||||||||||||||
| Total | $ | 338,003 | $ | 320,056 | 5.6 | % | $ | 3,033 | $ | 341,036 | 6.6 | % | |||||||||||
| Six Months Ended | |||||||||||||||||||||||
| Reported | Constant Currency * | ||||||||||||||||||||||
| June 30, | Impact of foreign | June 30, | |||||||||||||||||||||
| 2024 | 2023 | % Change | exchange | 2024 | % Change | ||||||||||||||||||
| Cardiovascular | |||||||||||||||||||||||
| Peripheral Intervention | $ | 273,873 | $ | 239,692 | 14.3 | % | $ | 1,397 | $ | 275,270 | 14.8 | % | |||||||||||
| Cardiac Intervention | 184,551 | 179,103 | 3.0 | % | 2,205 | 186,756 | 4.3 | % | |||||||||||||||
| Custom Procedural Solutions | 99,210 | 97,085 | 2.2 | % | 1,038 | 100,248 | 3.3 | % | |||||||||||||||
| OEM | 83,555 | 83,371 | 0.2 | % | 23 | 83,578 | 0.2 | % | |||||||||||||||
| Total | 641,189 | 599,251 | 7.0 | % | 4,663 | 645,852 | 7.8 | % | |||||||||||||||
| Endoscopy | |||||||||||||||||||||||
| Endoscopy Devices | 20,322 | 18,370 | 10.6 | % | 62 | 20,384 | 11.0 | % | |||||||||||||||
| Total | $ | 661,511 | $ | 617,621 | 7.1 | % | $ | 4,725 | $ | 666,236 | 7.9 | % | |||||||||||
Merit’s GAAP gross margin for the second quarter of 2024 was
Merit’s GAAP net income for the second quarter of 2024 was
As of June 30, 2024, Merit had cash and cash equivalents of
Updated Fiscal Year 2024 Financial Guidance
Based upon the information currently available to Merit’s management, for the year ending December 31, 2024, absent material acquisitions, non-recurring transactions or other factors beyond Merit’s current expectations, Merit now expects the following:
Revenue and Earnings Guidance*
| Updated Guidance(1) | Prior Guidance(2) | |||
| Financial Measure | Year Ending | % Change | Year Ending | % Change |
| ($, millions, except per share figures) | December 31, 2024 | Y/Y | December 31, 2024 | Y/Y |
| Net Sales | ||||
| Cardiovascular Segment | ||||
| Endoscopy Segment | ||||
| Non-GAAP | ||||
| Earnings Per Share(3) | ||||
*Percentage figures approximated; dollar figures may not foot due to rounding
2024 Net Sales Guidance - % Change from Prior Year (Constant Currency) Reconciliation*
| Updated Guidance(1) | Prior Guidance(2) | ||||||
| Low | High | Low | High | ||||
| 2024 Net Sales Guidance - % Change from Prior Year (GAAP) | |||||||
| Estimated impact of foreign currency exchange rate fluctuations | |||||||
| 2024 Net Sales Guidance - % Change from Prior Year (Constant Currency) | |||||||
*Percentage figures approximated and may not foot due to rounding
(1) “Updated Guidance” reflects Merit’s updated full-year 2024 financial guidance on a standalone basis, plus the forecasted impacts of the acquisition of the assets of EndoGastric Solutions, Inc. (“EGS”) from the closing date on July 1, 2024 through December 31, 2024.
(2) “Prior Guidance” previously introduced on April 30, 2024, and reflects Merit’s full-year 2024 financial guidance on a standalone basis, and updated on July 1, 2024 to include the forecasted impacts of the acquisition of the assets of EGS from the closing date on July 1, 2024 through December 31, 2024.
(3) Beginning in the second quarter of 2024, consulting expenses associated with initiatives conducted under our Foundations for Growth Program (“FFG Program”) are no longer adjusted as part of our non-GAAP measures. As a result, our non-GAAP measures for prior periods have been recast and the associated change in comparison to prior year has been calculated using the adjusted earnings per share. For the year ended December 31, 2023, our non-GAAP financial measures have been updated to no longer adjust
Merit does not provide guidance for GAAP reported financial measures (other than revenue) or a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP reported financial measures (other than revenue) because Merit is unable to predict with reasonable certainty the financial impact of various items which could impact Merit’s future financial results, such as expenses related to acquisitions or other extraordinary transactions, non-cash expenses related to amortization or write-off of previously acquired tangible and intangible assets, certain severance expenses, performance-based stock compensation expenses, expenses resulting from non-ordinary course litigation or administrative proceedings and resulting settlements, governmental proceedings, and changes in governmental or industry regulations. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period. For the same reasons, Merit is unable to address the significance of the unavailable information, which could be material to future results. Specifically, Merit is not, without unreasonable effort, able to reliably predict the impact of these items and Merit believes inclusion of a reconciliation of these forward-looking non-GAAP measures to their GAAP counterparts could be confusing to investors or cause undue reliance.
Merit’s financial guidance for the year ending December 31, 2024 is subject to risks and uncertainties identified in this release and Merit’s filings with the U.S. Securities and Exchange Commission (the “SEC”).
CONFERENCE CALL
Merit will hold its investor conference call today, Thursday, August 1, 2024, at 5:00 p.m. Eastern (4:00 p.m. Central, 3:00 p.m. Mountain, and 2:00 p.m. Pacific). To access the conference call, please pre-register using the following link. Registrants will receive confirmation with dial-in details. A live webcast and slide deck will also be available at merit.com.
| CONSOLIDATED BALANCE SHEETS (in thousands) | |||||||
| June 30, | |||||||
| 2024 | December 31, | ||||||
| (Unaudited) | 2023 | ||||||
| ASSETS | |||||||
| Current Assets | |||||||
| Cash and cash equivalents | $ | 636,658 | $ | 587,036 | |||
| Trade receivables, net | 182,415 | 177,885 | |||||
| Other receivables | 10,612 | 10,517 | |||||
| Inventories | 298,224 | 303,871 | |||||
| Prepaid expenses and other assets | 26,179 | 24,286 | |||||
| Prepaid income taxes | 4,123 | 4,016 | |||||
| Income tax refund receivables | 4,335 | 859 | |||||
| Total current assets | 1,162,546 | 1,108,470 | |||||
| Property and equipment, net | 385,939 | 383,523 | |||||
| Intangible assets, net | 303,422 | 325,883 | |||||
| Goodwill | 381,433 | 382,240 | |||||
| Deferred income tax assets | 7,013 | 7,288 | |||||
| Operating lease right-of-use assets | 69,903 | 63,047 | |||||
| Other assets | 61,583 | 54,793 | |||||
| Total Assets | $ | 2,371,839 | $ | 2,325,244 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Current Liabilities | |||||||
| Trade payables | $ | 55,573 | $ | 65,944 | |||
| Accrued expenses | 117,574 | 120,447 | |||||
| Current operating lease liabilities | 11,743 | 12,087 | |||||
| Income taxes payable | 1,325 | 5,086 | |||||
| Total current liabilities | 186,215 | 203,564 | |||||
| Long-term debt | 801,321 | 823,013 | |||||
| Deferred income tax liabilities | 5,510 | 5,547 | |||||
| Long-term income taxes payable | 347 | 347 | |||||
| Liabilities related to unrecognized tax benefits | 1,912 | 1,912 | |||||
| Deferred compensation payable | 18,588 | 17,167 | |||||
| Deferred credits | 1,553 | 1,605 | |||||
| Long-term operating lease liabilities | 58,036 | 56,259 | |||||
| Other long-term obligations | 15,912 | 13,830 | |||||
| Total liabilities | 1,089,394 | 1,123,244 | |||||
| Stockholders' Equity | |||||||
| Common stock | 658,724 | 638,150 | |||||
| Retained earnings | 639,150 | 575,184 | |||||
| Accumulated other comprehensive loss | (15,429 | ) | (11,334 | ) | |||
| Total stockholders' equity | 1,282,445 | 1,202,000 | |||||
| Total Liabilities and Stockholders' Equity | $ | 2,371,839 | $ | 2,325,244 | |||
| CONSOLIDATED STATEMENTS OF INCOME (Unaudited, in thousands except per share amounts) | |||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net sales | $ | 338,003 | $ | 320,056 | $ | 661,511 | $ | 617,621 | |||||||
| Cost of sales | 176,903 | 167,274 | 348,696 | 326,477 | |||||||||||
| Gross profit | 161,100 | 152,782 | 312,815 | 291,144 | |||||||||||
| Operating expenses: | |||||||||||||||
| Selling, general and administrative | 94,585 | 100,927 | 189,013 | 191,071 | |||||||||||
| Research and development | 20,263 | 20,129 | 41,745 | 41,443 | |||||||||||
| Impairment charges | — | 270 | — | 270 | |||||||||||
| Contingent consideration expense | 306 | 1,094 | 189 | 1,615 | |||||||||||
| Acquired in-process research and development | — | 1,550 | — | 1,550 | |||||||||||
| Total operating expenses | 115,154 | 123,970 | 230,947 | 235,949 | |||||||||||
| Income from operations | 45,946 | 28,812 | 81,868 | 55,195 | |||||||||||
| Other income (expense): | |||||||||||||||
| Interest income | 7,561 | 221 | 14,837 | 352 | |||||||||||
| Interest expense | (7,679 | ) | (3,682 | ) | (15,725 | ) | (5,693 | ) | |||||||
| Other income (expense) — net | 15 | (451 | ) | (789 | ) | 546 | |||||||||
| Total other expense — net | (103 | ) | (3,912 | ) | (1,677 | ) | (4,795 | ) | |||||||
| Income before income taxes | 45,843 | 24,900 | 80,191 | 50,400 | |||||||||||
| Income tax expense | 10,117 | 4,655 | 16,225 | 9,452 | |||||||||||
| Net income | $ | 35,726 | $ | 20,245 | $ | 63,966 | $ | 40,948 | |||||||
| Earnings per common share | |||||||||||||||
| Basic | $ | 0.61 | $ | 0.35 | $ | 1.10 | $ | 0.71 | |||||||
| Diluted | $ | 0.61 | $ | 0.35 | $ | 1.09 | $ | 0.70 | |||||||
| Weighted average shares outstanding | |||||||||||||||
| Basic | 58,139 | 57,537 | 58,049 | 57,445 | |||||||||||
| Diluted | 58,740 | 58,473 | 58,653 | 58,329 | |||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in thousands) | |||||||
| Six Months Ended | |||||||
| June 30, | |||||||
| 2024 | 2023 | ||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
| Net income | $ | 63,966 | $ | 40,948 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 47,690 | 42,316 | |||||
| Write-off of certain intangible assets and other long-term assets | 280 | 328 | |||||
| Amortization of right-of-use operating lease assets | 6,063 | 5,935 | |||||
| Fair value adjustments related to contingent consideration liabilities | 189 | 1,615 | |||||
| Acquired in-process research and development | — | 1,550 | |||||
| Stock-based compensation expense | 12,245 | 9,549 | |||||
| Other adjustments | 2,981 | 5,087 | |||||
| Changes in operating assets and liabilities, net of acquisitions and divestitures | (28,692 | ) | (75,497 | ) | |||
| Total adjustments | 40,756 | (9,117 | ) | ||||
| Net cash, cash equivalents, and restricted cash provided by operating activities | 104,722 | 31,831 | |||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
| Capital expenditures for property and equipment | (22,309 | ) | (18,556 | ) | |||
| Issuance of note receivables | (6,162 | ) | — | ||||
| Cash paid in acquisitions and investments, net of cash acquired | (8,493 | ) | (138,349 | ) | |||
| Other investing, net | (1,574 | ) | (846 | ) | |||
| Net cash, cash equivalents, and restricted cash used in investing activities | (38,538 | ) | (157,751 | ) | |||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
| Proceeds from issuance of common stock | 10,931 | 9,463 | |||||
| Proceeds from (payments on) long-term debt | (24,063 | ) | 141,812 | ||||
| Long-term debt issuance costs | — | (5,240 | ) | ||||
| Contingent payments related to acquisitions | (142 | ) | (3,434 | ) | |||
| Payment of taxes related to an exchange of common stock | (1,592 | ) | (1,592 | ) | |||
| Net cash, cash equivalents, and restricted cash provided by (used in) financing activities | (14,866 | ) | 141,009 | ||||
| Effect of exchange rates on cash | (1,750 | ) | (1,497 | ) | |||
| Net increase in cash, cash equivalents and restricted cash | 49,568 | 13,592 | |||||
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH: | |||||||
| Beginning of period | 589,144 | 60,558 | |||||
| End of period | $ | 638,712 | $ | 74,150 | |||
| RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS: | |||||||
| Cash and cash equivalents | 636,658 | 72,084 | |||||
| Restricted cash reported in prepaid expenses and other current assets | 2,054 | 2,066 | |||||
| Total cash, cash equivalents and restricted cash | $ | 638,712 | $ | 74,150 | |||
Non-GAAP Financial Measures
Although Merit’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), Merit’s management believes that the non-GAAP financial measures referenced in this release may provide investors with useful information regarding the underlying business trends and performance of Merit’s ongoing operations and can be useful for period-over-period comparisons of such operations. Non-GAAP financial measures used in this release include:
- constant currency revenue;
- constant currency revenue, organic;
- non-GAAP gross profit and margin;
- non-GAAP operating income and margin;
- non-GAAP net income;
- non-GAAP earnings per share; and
- free cash flow.
Merit’s management team uses these non-GAAP financial measures to evaluate Merit’s profitability and efficiency, to compare operating and financial results to prior periods, to evaluate changes in the results of its operating segments, and to measure and allocate financial resources internally. However, Merit’s management does not consider such non-GAAP measures in isolation or as an alternative to measures determined in accordance with GAAP.
Readers should consider non-GAAP measures used in this release in addition to, not as a substitute for, financial reporting measures prepared in accordance with GAAP. These non-GAAP financial measures generally exclude some, but not all, items that may affect Merit’s net income. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which items are excluded. Merit believes it is useful to exclude such items in the calculation of non-GAAP gross profit and margin, non-GAAP operating income and margin, non-GAAP net income, and non-GAAP earnings per share (in each case, as further illustrated in the reconciliation tables below) because such amounts in any specific period may not directly correlate to the underlying performance of Merit’s business operations and can vary significantly between periods as a result of factors such as acquisition or other extraordinary transactions, non-cash expenses related to amortization or write-off of previously acquired tangible and intangible assets, certain severance expenses, expenses resulting from non-ordinary course litigation or administrative proceedings and resulting settlements, governmental proceedings or changes in tax or industry regulations, gains or losses on disposal of certain assets, and debt issuance costs. Merit may incur similar types of expenses in the future, and the non-GAAP financial information included in this release should not be viewed as a statement or indication that these types of expenses will not recur. Additionally, the non-GAAP financial measures used in this release may not be comparable with similarly titled measures of other companies. Merit urges readers to review the reconciliations of its non-GAAP financial measures to their most directly comparable GAAP financial measures included herein, and not to rely on any single financial measure to evaluate Merit’s business or results of operations.
Constant Currency Revenue
Merit’s constant currency revenue is prepared by converting the current-period reported revenue of subsidiaries whose functional currency is a currency other than the U.S. dollar at the applicable foreign exchange rates in effect during the comparable prior-year period and adjusting for the effects of hedging transactions on reported revenue, which are recorded in the U.S. dollar. The constant currency revenue adjustments of
Constant Currency Revenue, Organic
Merit’s constant currency revenue, organic, is defined, with respect to prior fiscal year periods, as GAAP revenue. With respect to current fiscal year periods, constant currency revenue, organic, is defined as constant currency revenue (as defined above), less revenue from certain acquisitions. For the three and six-month periods ended June 30, 2024, Merit’s constant currency revenue, organic, excludes revenues attributable to certain assets acquired from AngioDynamics, Inc. (“AngioDynamics”) in June 2023.
Non-GAAP Gross Profit and Margin
Non-GAAP gross profit is calculated by reducing GAAP cost of sales by amounts recorded for amortization of intangible assets and inventory mark-up related to acquisitions. Non-GAAP gross margin is calculated by dividing non-GAAP gross profit by reported net sales.
Non-GAAP Operating Income and Margin
Non-GAAP operating income is calculated by adjusting GAAP operating income for certain items which are deemed by Merit’s management to be outside of core operations and vary in amount and frequency among periods, such as expenses related to acquisitions or other extraordinary transactions, non-cash expenses related to amortization or write-off of previously acquired tangible and intangible assets, certain severance expenses, performance-based stock compensation expenses, expenses resulting from non-ordinary course litigation or administrative proceedings and resulting settlements, governmental proceedings, and changes in governmental or industry regulations, as well as other items referenced in the tables below. Non-GAAP operating margin is calculated by dividing non-GAAP operating income by reported net sales.
Non-GAAP Net Income
Non-GAAP net income is calculated by adjusting GAAP net income for the items set forth in the definition of non-GAAP operating income above, as well as for expenses related to debt issuance costs and other items set forth in the tables below.
Non-GAAP EPS
Non-GAAP EPS is defined as non-GAAP net income divided by the diluted shares outstanding for the corresponding period.
Free Cash Flow
Free cash flow is defined as cash flow from operations calculated in accordance with GAAP, less capital expenditures for property and equipment calculated in accordance with GAAP, as set forth in the consolidated statement of cash flows.
Non-GAAP Financial Measure Reconciliations
The following tables set forth supplemental financial data and corresponding reconciliations of non-GAAP financial measures to Merit’s corresponding financial measures prepared in accordance with GAAP, in each case, for the three and six-month periods ended June 30, 2024 and 2023. The non-GAAP income adjustments referenced in the following tables do not reflect non-performance-based stock compensation expense of approximately
Reconciliation of GAAP Net Income to Non-GAAP Net Income
(Unaudited, in thousands except per share amounts)
| Three Months Ended | |||||||||||||||
| June 30, 2024 | |||||||||||||||
| Pre-Tax | Tax Impact | After-Tax | Per Share Impact | ||||||||||||
| GAAP net income | $ | 45,843 | $ | (10,117 | ) | $ | 35,726 | $ | 0.61 | ||||||
| Non-GAAP adjustments: | |||||||||||||||
| Cost of Sales | |||||||||||||||
| Amortization of intangibles | 13,126 | (3,104 | ) | 10,022 | 0.17 | ||||||||||
| Operating Expenses | |||||||||||||||
| Contingent consideration expense | 306 | (72 | ) | 234 | 0.00 | ||||||||||
| Amortization of intangibles | 1,744 | (413 | ) | 1,331 | 0.02 | ||||||||||
| Performance-based share-based compensation (b) | 3,532 | (563 | ) | 2,969 | 0.05 | ||||||||||
| Corporate restructuring (c) | (54 | ) | 13 | (41 | ) | (0.00 | ) | ||||||||
| Acquisition-related | 1,221 | (288 | ) | 933 | 0.02 | ||||||||||
| Medical Device Regulation expenses (d) | 1,930 | (456 | ) | 1,474 | 0.03 | ||||||||||
| Other (e) | 55 | (12 | ) | 43 | 0.00 | ||||||||||
| Other (Income) Expense | |||||||||||||||
| Amortization of long-term debt issuance costs | 1,477 | (349 | ) | 1,128 | 0.02 | ||||||||||
| Non-GAAP net income | $ | 69,180 | $ | (15,361 | ) | $ | 53,819 | $ | 0.92 | ||||||
| Diluted shares | 58,740 | ||||||||||||||
| Three Months Ended | |||||||||||||||
| June 30, 2023 (a) | |||||||||||||||
| Pre-Tax | Tax Impact | After-Tax | Per Share Impact | ||||||||||||
| GAAP net income | $ | 24,900 | $ | (4,655 | ) | $ | 20,245 | $ | 0.35 | ||||||
| Non-GAAP adjustments: | |||||||||||||||
| Cost of Sales | |||||||||||||||
| Amortization of intangibles | 11,448 | (2,753 | ) | 8,695 | 0.15 | ||||||||||
| Inventory mark-up related to acquisitions | 260 | (62 | ) | 198 | 0.00 | ||||||||||
| Operating Expenses | |||||||||||||||
| Contingent consideration expense | 1,094 | 47 | 1,141 | 0.02 | |||||||||||
| Impairment charges | 270 | — | 270 | 0.00 | |||||||||||
| Amortization of intangibles | 1,965 | (474 | ) | 1,491 | 0.03 | ||||||||||
| Performance-based share-based compensation (b) | 2,377 | (340 | ) | 2,037 | 0.03 | ||||||||||
| Corporate restructuring (c) | 5,577 | (1,338 | ) | 4,239 | 0.07 | ||||||||||
| Acquisition-related | 4,856 | (1,166 | ) | 3,690 | 0.06 | ||||||||||
| Medical Device Regulation expenses (d) | 3,010 | (722 | ) | 2,288 | 0.04 | ||||||||||
| Other (e) | 1,603 | (385 | ) | 1,218 | 0.02 | ||||||||||
| Other (Income) Expense | |||||||||||||||
| Amortization of long-term debt issuance costs | 478 | (115 | ) | 363 | 0.01 | ||||||||||
| Non-GAAP net income | $ | 57,838 | $ | (11,963 | ) | $ | 45,875 | $ | 0.78 | ||||||
| Diluted shares | 58,473 | ||||||||||||||
____________________________
Note: Certain per-share impacts may not sum to totals due to rounding.
Reconciliation of GAAP Net Income to Non-GAAP Net Income
(Unaudited; in thousands except per share amounts)
| Six Months Ended | |||||||||||||||
| June 30, 2024 (a) | |||||||||||||||
| Pre-Tax | Tax Impact | After-Tax | Per Share Impact | ||||||||||||
| GAAP net income | $ | 80,191 | $ | (16,225 | ) | $ | 63,966 | $ | 1.09 | ||||||
| Non-GAAP adjustments: | |||||||||||||||
| Cost of Sales | |||||||||||||||
| Amortization of intangibles | 25,931 | (6,132 | ) | 19,799 | 0.34 | ||||||||||
| Operating Expenses | |||||||||||||||
| Contingent consideration expense | 189 | (25 | ) | 164 | 0.00 | ||||||||||
| Amortization of intangibles | 3,508 | (830 | ) | 2,678 | 0.05 | ||||||||||
| Performance-based share-based compensation (b) | 5,660 | (857 | ) | 4,803 | 0.08 | ||||||||||
| Corporate restructuring (c) | (54 | ) | 13 | (41 | ) | (0.00 | ) | ||||||||
| Acquisition-related | 1,259 | (297 | ) | 962 | 0.02 | ||||||||||
| Medical Device Regulation expenses (d) | 4,137 | (977 | ) | 3,160 | 0.05 | ||||||||||
| Other (e) | 177 | (42 | ) | 135 | 0.00 | ||||||||||
| Other (Income) Expense | |||||||||||||||
| Amortization of long-term debt issuance costs | 2,954 | (697 | ) | 2,257 | 0.04 | ||||||||||
| Non-GAAP net income | $ | 123,952 | $ | (26,069 | ) | $ | 97,883 | $ | 1.67 | ||||||
| Diluted shares | 58,653 | ||||||||||||||
| Six Months Ended | |||||||||||||||
| June 30, 2023 (a) | |||||||||||||||
| Pre-Tax | Tax Impact | After-Tax | Per Share Impact | ||||||||||||
| GAAP net income | $ | 50,400 | $ | (9,452 | ) | $ | 40,948 | $ | 0.70 | ||||||
| Non-GAAP adjustments: | |||||||||||||||
| Cost of Sales | |||||||||||||||
| Amortization of intangibles | 22,064 | (5,306 | ) | 16,758 | 0.29 | ||||||||||
| Inventory mark-up related to acquisitions | 260 | (62 | ) | 198 | 0.00 | ||||||||||
| Operating Expenses | |||||||||||||||
| Contingent consideration expense | 1,615 | 2 | 1,617 | 0.03 | |||||||||||
| Impairment charges | 270 | — | 270 | 0.00 | |||||||||||
| Amortization of intangibles | 3,630 | (876 | ) | 2,754 | 0.05 | ||||||||||
| Performance-based share-based compensation (b) | 3,664 | (427 | ) | 3,237 | 0.06 | ||||||||||
| Corporate restructuring (c) | 7,203 | (1,728 | ) | 5,475 | 0.09 | ||||||||||
| Acquisition-related | 5,111 | (1,227 | ) | 3,884 | 0.07 | ||||||||||
| Medical Device Regulation expenses (d) | 6,668 | (1,600 | ) | 5,068 | 0.09 | ||||||||||
| Other (e) | 1,637 | (393 | ) | 1,244 | 0.02 | ||||||||||
| Other (Income) Expense | |||||||||||||||
| Amortization of long-term debt issuance costs | 629 | (151 | ) | 478 | 0.01 | ||||||||||
| Non-GAAP net income | $ | 103,151 | $ | (21,220 | ) | $ | 81,931 | $ | 1.40 | ||||||
| Diluted shares | 58,329 | ||||||||||||||
____________________________
Note: Certain per-share impacts may not sum to totals due to rounding.
Reconciliation of Reported Operating Income to Non-GAAP Operating Income
(Unaudited, in thousands except percentages)
| Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
| June 30, 2024 | June 30, 2023 (a) | June 30, 2024 (a) | June 30, 2023 (a) | ||||||||||||||||||||||||||||
| Amounts | % Sales | Amounts | % Sales | Amounts | % Sales | Amounts | % Sales | ||||||||||||||||||||||||
| Net Sales as Reported | $ | 338,003 | $ | 320,056 | $ | 661,511 | $ | 617,621 | |||||||||||||||||||||||
| GAAP Operating Income | 45,946 | 13.6 | % | 28,812 | 9.0 | % | 81,868 | 12.4 | % | 55,195 | 8.9 | % | |||||||||||||||||||
| Cost of Sales | |||||||||||||||||||||||||||||||
| Amortization of intangibles | 13,126 | 3.9 | % | 11,448 | 3.6 | % | 25,931 | 3.9 | % | 22,064 | 3.6 | % | |||||||||||||||||||
| Inventory mark-up related to acquisitions | — | — | 260 | 0.1 | % | — | — | 260 | 0.0 | % | |||||||||||||||||||||
| Operating Expenses | |||||||||||||||||||||||||||||||
| Contingent consideration expense | 306 | 0.1 | % | 1,094 | 0.3 | % | 189 | 0.0 | % | 1,615 | 0.3 | % | |||||||||||||||||||
| Impairment charges | — | — | 270 | 0.1 | % | — | — | 270 | 0.0 | % | |||||||||||||||||||||
| Amortization of intangibles | 1,744 | 0.5 | % | 1,965 | 0.6 | % | 3,508 | 0.5 | % | 3,630 | 0.6 | % | |||||||||||||||||||
| Performance-based share-based compensation (b) | 3,532 | 1.0 | % | 2,377 | 0.7 | % | 5,660 | 0.9 | % | 3,664 | 0.6 | % | |||||||||||||||||||
| Corporate restructuring (c) | (54 | ) | (0.0 | )% | 5,577 | 1.7 | % | (54 | ) | (0.0 | )% | 7,203 | 1.2 | % | |||||||||||||||||
| Acquisition-related | 1,221 | 0.4 | % | 4,856 | 1.5 | % | 1,259 | 0.2 | % | 5,111 | 0.8 | % | |||||||||||||||||||
| Medical Device Regulation expenses (d) | 1,930 | 0.6 | % | 3,010 | 0.9 | % | 4,137 | 0.6 | % | 6,668 | 1.1 | % | |||||||||||||||||||
| Other (e) | 55 | 0.0 | % | 1,603 | 0.5 | % | 177 | 0.0 | % | 1,637 | 0.3 | % | |||||||||||||||||||
| Non-GAAP Operating Income | $ | 67,806 | 20.1 | % | $ | 61,272 | 19.1 | % | $ | 122,675 | 18.5 | % | $ | 107,317 | 17.4 | % | |||||||||||||||
____________________________
Note: Certain percentages may not sum to totals due to rounding.
(a) Beginning in the second quarter of 2024, consulting expenses associated with initiatives conducted under our FFG Program are no longer adjusted as part of our non-GAAP measures. As a result, our non-GAAP measures for prior periods have been recast for comparability. For the three-month period ended June 30, 2023, our non-GAAP financial measures have been updated to no longer adjust
(b) Represents performance-based share-based compensation expense, including stock-settled and cash-settled awards.
(c) Includes
(d) Represents incremental expenses incurred to comply with the E.U. Medical Device Regulation (“MDR”).
(e) Represents costs to comply with Merit’s corporate integrity agreement with the U.S. Department of Justice (the “DOJ”). The 2023 periods also include acquired in-process research and development charges of
Reconciliation of Reported Revenue to Constant Currency Revenue (Non-GAAP), and Constant Currency Revenue, Organic (Non-GAAP)
(Unaudited, in thousands except percentages)
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| June30, | June30, | ||||||||||||||||||||||
| % Change | 2024 | 2023 | % Change | 2024 | 2023 | ||||||||||||||||||
| Reported Revenue | 5.6 | % | $ | 338,003 | $ | 320,056 | 7.1 | % | $ | 661,511 | $ | 617,621 | |||||||||||
| Add: Impact of foreign exchange | 3,033 | — | 4,725 | — | |||||||||||||||||||
| Constant Currency Revenue (a) | 6.6 | % | $ | 341,036 | $ | 320,056 | 7.9 | % | $ | 666,236 | $ | 617,621 | |||||||||||
| Less: Revenue from certain acquisitions | (4,835 | ) | — | (11,563 | ) | — | |||||||||||||||||
| Constant Currency Revenue, Organic (a) | 5.0 | % | $ | 336,201 | $ | 320,056 | 6.0 | % | $ | 654,673 | $ | 617,621 | |||||||||||
____________________________
(a) A non-GAAP financial measure. For a definition of this and other non-GAAP financial measures, see the section of this release entitled “Non-GAAP Financial Measures.”
Reconciliation of Reported Gross Margin to Non-GAAP Gross Margin (Non-GAAP)
(Unaudited, as a percentage of reported revenue)
| Three Months Ended | Six Months Ended | ||||||||||||||
| June30, | June30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Reported Gross Margin | 47.7 | % | 47.7 | % | 47.3 | % | 47.1 | % | |||||||
| Add back impact of: | |||||||||||||||
| Amortization of intangibles | 3.9 | % | 3.6 | % | 3.9 | % | 3.6 | % | |||||||
| Inventory mark-up related to acquisitions | — | % | 0.1 | % | — | % | 0.0 | % | |||||||
| Non-GAAP Gross Margin | 51.5 | % | 51.4 | % | 51.2 | % | 50.8 | % | |||||||
____________________________
Note: Certain percentages may not sum to totals due to rounding.
ABOUT MERIT
Founded in 1987, Merit Medical Systems, Inc. is engaged in the development, manufacture, and distribution of proprietary disposable medical devices used in interventional, diagnostic, and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care, and endoscopy. Merit serves client hospitals worldwide with a domestic and international sales force and clinical support team totaling more than 700 individuals. Merit employs approximately 7,000 people worldwide.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements within the meaning of the Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. Forward-looking statements include, among others:
- statements that are not purely historical, including, without limitation, statements regarding Merit’s forecasted plans, revenues, net sales, gross profit and margin (GAAP and non-GAAP), operating income and margin (GAAP and non-GAAP), net income (GAAP and non-GAAP), earnings per share (GAAP and non-GAAP), free cash flow and other financial measures, future growth and profit expectations or forecasted economic conditions, or the implementation of, and results which may be achieved through, Merit’s Continued Growth Initiatives Program or other expense reduction initiatives; and
- statements proceeded or followed by, or that include the words, “may,” “will,” “expects,” “plans,” “anticipates,” “intends,” “seeks,” “believes,” “estimates,” “potential,” “target,” “forecasts,” “continue,” or other forms of these words or similar words or expressions, or the negative thereof or other comparable terminology.
Forward-looking statements contained in this release are based on management’s current expectations and assumptions regarding future events or outcomes, all of which are subject to risks and uncertainties such as those described in Merit’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”) and other filings with the SEC. While the following list not comprehensive, such risks and uncertainties include inherent risks and uncertainties associated with Merit’s integration of products acquired from EGS and its ability to achieve anticipated financial results, product development and other anticipated benefits of the EGS acquisition; uncertainties as to whether Merit will achieve sales, gross and operating margins, net income and earnings per share performance consistent with its forecasts associated with that acquisition; disruptions in Merit’s supply chain, manufacturing or sterilization processes; reduced availability of, and price increases associated with, commodity components and other raw materials; adverse changes in freight, shipping and transportation expenses; negative changes in economic and industry conditions in the United States or other countries, including inflation; risks relating to Merit’s potential inability to successfully manage growth through acquisitions generally, including the inability to effectively integrate acquired operations or products or commercialize technology developed internally or acquired through completed, proposed or future transactions; risks associated with Merit’s ongoing or prospective manufacturing transfers and facility consolidations; fluctuations in interest or foreign currency exchange rates; risks and uncertainties associated with Merit’s information technology systems, including the potential for breaches of security and evolving regulations regarding privacy and data protection; governmental scrutiny and regulation of the medical device industry, including governmental inquiries, investigations and proceedings involving Merit; consequences associated with a Corporate Integrity Agreement executed between Merit and the DOJ; difficulties, delays and expenditures relating to development, testing and regulatory approval or clearance of Merit’s products, including the pursuit of approvals under the MDR, and risks that such products may not be developed successfully or approved for commercial use; outcomes of ongoing and future clinical trials and market studies relating to Merit’s products; litigation and other judicial proceedings affecting Merit; the potential of fines, penalties or other adverse consequences if Merit’s employees or agents violate the U.S. Foreign Corrupt Practices Act or other laws or regulations; restrictions on Merit’s liquidity or business operations resulting from its debt agreements; infringement of Merit’s technology or the assertion that Merit’s technology infringes the rights of other parties; product recalls and product liability claims; changes in customer purchasing patterns or the mix of products Merit sells; laws and regulations targeting fraud and abuse in the healthcare industry; potential for significant adverse changes in governing regulations, including reforms to the procedures for approval or clearance of Merit’s products by the U.S. Food & Drug Administration or comparable regulatory authorities in other jurisdictions; changes in tax laws and regulations in the United States or other jurisdictions; termination of relationships with Merit’s suppliers, or failure of such suppliers to perform; development of new products and technology that could render Merit’s existing or future products obsolete; market acceptance of new products; dependance on distributors to commercialize Merit’s products in various jurisdictions outside the United States; volatility in the market price of Merit’s common stock; modification or limitation of governmental or private insurance reimbursement policies; changes in healthcare policies or markets related to healthcare reform initiatives; failure to comply with applicable environmental laws; changes in key personnel; work stoppage or transportation risks; failure to introduce products in a timely fashion; price and product competition; fluctuations in and obsolescence of inventory; extreme weather events; geopolitical events; and other factors referenced in the 2023 Annual Report and other materials filed with the SEC.
All subsequent forward-looking statements attributable to Merit or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Actual results will likely differ, and may differ materially, from anticipated results. Financial estimates are subject to change and are not intended to be relied upon as predictions of future operating results. Those estimates and all other forward-looking statements included in this document are made only as of the date of this document, and except as otherwise required by applicable law, Merit assumes no obligation to update or disclose revisions to estimates and all other forward-looking statements.
TRADEMARKS
Unless noted otherwise, trademarks and registered trademarks used in this release are the property of Merit Medical Systems, Inc., its subsidiaries, or its licensors.
| Contacts: | |
| PR/Media Inquiries: Teresa Johnson Merit Medical | Investor Inquiries: Mike Piccinino, CFA, IRC Westwicke – ICR |
| +1-801-208-4295 | +1-443-213-0509 |
| tjohnson@merit.com | mike.piccinino@westwicke.com |
FAQ
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