Merit Medical Systems Inc - MMSI STOCK NEWS

SOUTH JORDAN, Utah, Nov. 10, 2020 (GLOBE NEWSWIRE) -- Merit Medical Systems (NASDAQ: MMSI) will hold an investor call today to discuss multi-year financial targets from 2020 to 2023. Key targets include a compound annual growth rate (CAGR) of 5%-7% in revenue, a GAAP operating margin of 13.7%-17.0%, and a non-GAAP operating margin of 18%-21%. The company estimates 2020 net revenue between $950 million and $959 million, a decline from $994.9 million in 2019. GAAP net loss is forecasted between $(11.8) million and $(15.0) million.

Merit Medical Systems reports Q3 2020 revenue of $244.0 million, a 0.4% increase from Q3 2019. Core revenue fell (0.1)% on a constant currency basis, while GAAP loss per share improved to $(0.05), from $(0.06). Non-GAAP EPS rose 50% to $0.42. GAAP gross margin decreased from 42.8% to 41.8%, but non-GAAP gross margin fell from 48.1% to 47.0%. Cash on hand increased to $44.6 million, with long-term debt down to $358 million. Fiscal 2020 revenue guidance is estimated at $950-$959 million, reflecting a 3.5%-4.5% annual decline.

Merit Medical Systems (NASDAQ: MMSI) announced a settlement with the U.S. Department of Justice and Health and Human Services, opting to pay $18 million to avoid litigation costs. The settlement does not imply wrongdoing, as Merit denies the allegations. The company aims to refocus on its core mission of customer service in healthcare.

Founded in 1987, Merit specializes in proprietary disposable medical devices for various medical procedures, serving hospitals globally with a workforce of around 6,000 personnel across numerous locations.

Merit Medical Systems (NASDAQ: MMSI) announces financial results for Q3 2020 on October 28, 2020, after market close. An investor call will follow on November 10, 2020, to introduce multi-year financial targets for growth and profitability. The company, a major player in medical devices for cardiology, oncology, and other sectors, will host a Q&A session during the investor call, accessible via phone and live webcast.

Merit Medical Systems (NASDAQ: MMSI) announced participation in four investment conferences in September 2020. On September 9, CEO Fred P. Lampropoulos and CFO Raul Parra will engage in one-on-one meetings at the Barrington Research Virtual Fall Investment Conference. The following day, Lampropoulos will also host meetings at the Wells Fargo Virtual Healthcare Conference. Parra is set to present at the Baird's Global Healthcare Conference on September 10 and will conduct meetings. Lastly, both executives will present at Sidoti’s Fall 2020 Virtual Investor Conference on September 24.

Merit Medical Systems reported Q2 2020 revenue of $218.4 million, a 14.5% decrease from the previous year. The company faced a GAAP loss per share of $(0.34), down from $0.12 in Q2 2019. Non-GAAP EPS was $0.31, compared to $0.42 last year. Their free cash flow for the quarter was $32 million. Merit encountered challenges during the COVID-19 pandemic but continued operations as an essential provider. The company received CE mark for the WRAPSODY™ Stent and FDA approval for the WAVE trial, indicating potential growth prospects despite current uncertainties.

Merit Medical Systems, Inc. (NASDAQ: MMSI) will announce its financial results for Q2 2020 after the market closes on July 29, 2020. Following this, an investor conference call is scheduled for the same day at 5:00 p.m. Eastern. Interested parties can participate by calling (844) 578-9672 domestically or (508) 637-5656 internationally, and a live webcast will be available on their website. Founded in 1987, Merit specializes in disposable medical devices used in various medical fields, employing around 6,000 people globally.

Merit Medical Systems (NASDAQ: MMSI) has reached an agreement with the Department of Justice to resolve its marketing practices investigation, expecting to pay $18 million while denying the allegations. CEO Fred P. Lampropoulos stated that this resolution is beneficial for the business, allowing the company to refocus on customer service. The final settlement details will be released once the documents are finalized. Merit, established in 1987, specializes in developing and distributing disposable medical devices across various medical fields, employing around 6,000 individuals globally.

Merit Medical Systems, Inc. (NASDAQ: MMSI) announced the nomination of three independent directors—Lonny Carpenter, David Floyd, and James Hogan—for election at the upcoming 2020 Annual Meeting on June 22. The new appointments aim to enhance shareholder value and add industry experience. The current board members Nolan Karras, David Liu, and Lynne Ward will not seek re-election, while Franklin Miller will resign post-meeting. Additionally, an Operating Committee will be formed to establish operating margin targets. Starboard Value LP, which holds 8.7% of shares, supports these changes.