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

Merit Medical Systems (NASDAQ:MMSI) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 3.280-3.350 for the period, compared to the consensus earnings per share estimate of 3.320. The company issued revenue guidance of $1.3 billion-$1.3 billion, compared to the consensus revenue estimate of $1.3 billion. Merit Medical Systems also updated its FY24 guidance to $3.28 to $3.35 EPS.

Merit Medical Systems Stock Performance

Shares of MMSI traded down $0.99 during mid-day trading on Tuesday, reaching $74.10. The company had a trading volume of 592,592 shares, compared to its average volume of 487,323. Merit Medical Systems has a 52-week low of $62.58 and a 52-week high of $85.62. The company has a quick ratio of 3.95, a current ratio of 5.45 and a debt-to-equity ratio of 0.68. The stock has a market capitalization of $4.30 billion, a P/E ratio of 46.35, a PEG ratio of 2.06 and a beta of 0.89. The stock has a 50 day moving average of $74.43 and a two-hundred day moving average of $73.90.

Merit Medical Systems (NASDAQ:MMSI) last issued its earnings results on Wednesday, February 28th. The medical instruments supplier reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.04. The firm had revenue of $324.52 million for the quarter, compared to the consensus estimate of $320.66 million. Merit Medical Systems had a return on equity of 14.63% and a net margin of 7.51%. The company’s revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.79 earnings per share. On average, analysts expect that Merit Medical Systems will post 3.31 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. Needham & Company LLC reissued a buy rating and set a $88.00 target price on shares of Merit Medical Systems in a report on Thursday, April 11th. Oppenheimer increased their target price on Merit Medical Systems from $82.00 to $87.00 and gave the company an outperform rating in a report on Thursday, February 29th. Canaccord Genuity Group increased their target price on Merit Medical Systems from $102.00 to $112.00 and gave the company a buy rating in a report on Thursday, February 29th. StockNews.com cut Merit Medical Systems from a buy rating to a hold rating in a report on Wednesday, April 24th. Finally, Piper Sandler increased their price target on Merit Medical Systems from $88.00 to $95.00 and gave the company an overweight rating in a report on Friday, January 12th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $93.78.

Insider Activity at Merit Medical Systems

In related news, Director Thomas James Gunderson sold 18,157 shares of the stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $76.03, for a total value of $1,380,476.71. Following the completion of the transaction, the director now directly owns 19,257 shares in the company, valued at $1,464,109.71. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Thomas James Gunderson sold 18,157 shares of the stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $76.03, for a total value of $1,380,476.71. Following the completion of the transaction, the director now directly owns 19,257 shares in the company, valued at $1,464,109.71. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Joseph Wright sold 25,000 shares of the stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $75.68, for a total value of $1,892,000.00. Following the completion of the transaction, the insider now owns 42,223 shares of the company’s stock, valued at $3,195,436.64. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 49,637 shares of company stock valued at $3,751,673. 3.70% of the stock is currently owned by insiders.

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.