Disposable products developer Merit Medical Systems posted increases in revenue, along with a net loss, in its first quarter of 2020.
Sales in many of the company's markets have declined, mostly due to a decline in procedures during the COVID-19 pandemic.
For the quarter (end-March 31), Merit's revenue increased 2.2% to $243.5 million, compared with $238.3 million in the same quarter of 2019. On a comparable constant currency basis, core revenue gained 3% over last year's first quarter.
The company also reported a net loss of $3.2 million, based on generally accepted accounting principles (GAAP) in the quarter, compared with GAAP-based net income of $6.2 million in the same quarter a year ago. Merit's non-GAAP net income for 2020's first quarter totaled $21.1 million, compared with non-GAAP net income of $20.6 million in the first quarter of 2019.
