Merit Medical Systems (NASDAQ:MMSI) Issues FY24 Earnings Guidance

Merit Medical Systems (NASDAQ:MMSI) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $3.25-$3.34 for the period, compared to the consensus EPS estimate of $3.31. The company issued revenue guidance of $1.339-$1.351 billion, compared to the consensus revenue estimate of $1.34 billion. Merit Medical Systems also updated its FY 2024 guidance to 3.250-3.340 EPS.

Analyst Ratings Changes

MMSI has been the topic of a number of analyst reports. Needham & Company LLC reiterated a buy rating and set a $105.00 target price on shares of Merit Medical Systems in a report on Monday. Bank of America increased their price objective on Merit Medical Systems from $92.00 to $103.00 and gave the company a neutral rating in a research note on Monday. Canaccord Genuity Group lifted their price objective on Merit Medical Systems from $102.00 to $125.00 and gave the stock a buy rating in a research report on Tuesday, July 2nd. Wells Fargo & Company upped their target price on shares of Merit Medical Systems from $85.00 to $103.00 and gave the company an equal weight rating in a report on Monday. Finally, StockNews.com upgraded shares of Merit Medical Systems from a hold rating to a buy rating in a report on Monday, August 5th. Two equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus price target of $100.55.

Merit Medical Systems Stock Performance

NASDAQ:MMSI opened at $98.51 on Wednesday. The company has a market cap of $5.72 billion, a P/E ratio of 56.61, a P/E/G ratio of 2.53 and a beta of 0.87. The firm’s 50 day moving average is $90.97 and its two-hundred day moving average is $82.71. Merit Medical Systems has a fifty-two week low of $62.58 and a fifty-two week high of $100.32. The company has a quick ratio of 4.64, a current ratio of 6.24 and a debt-to-equity ratio of 0.62.

Merit Medical Systems (NASDAQ:MMSI) last issued its earnings results on Thursday, August 1st. The medical instruments supplier reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.04. Merit Medical Systems had a return on equity of 15.29% and a net margin of 9.02%. The business had revenue of $338.00 million for the quarter, compared to analyst estimates of $334.94 million. Analysts expect that Merit Medical Systems will post 3.31 EPS for the current year.

Insider Activity

In related news, Director F. Ann Millner sold 12,500 shares of the stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $85.00, for a total transaction of $1,062,500.00. Following the completion of the sale, the director now owns 32,391 shares of the company’s stock, valued at approximately $2,753,235. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 3.70% of the company’s stock.

Merit Medical Systems Company Profile

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.