Merit Medical posts mixed Q3 results

By AuntMinnie.com staff writers

October 31, 2019 -- Disposable products developer Merit Medical Systems reported healthy revenue growth, along with a net loss, in its third quarter of 2019.

For the quarter (end-September 30), revenue increased 9% to $243 million, compared with $221.7 million in the same quarter of 2018. On a comparable constant currency basis, core revenue gained 4% over last year's third quarter.

The company also reported a net loss of $3.4 million, based on generally accepted accounting principles (GAAP) in the quarter, compared with GAAP-based net income of $16.6 million in the same quarter a year ago. Merit's non-GAAP net income for 2019's third quarter totaled $15.7 million, compared with non-GAAP net income of $26 million in the third quarter of 2018.

For the nine-month period, revenue rose 14% to $736.9 million, compared with $649.5 million in the same period of 2018. The company also reported lower GAAP-based net income of $9.7 million in the period, compared with GAAP-based net income of $32.8 million in the same period of 2018.

Merit Medical Systems also provided guidance for 2019, estimating that revenue will total between $986 million and $995 million.


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