# MERIT MEDICAL SYSTEMS INC (MMSI)

Informational only - not investment advice.

CIK: 0000856982
SIC: 3841 Surgical & Medical Instruments & Apparatus
SIC breadcrumb: [Manufacturing](/division/D/) > [SIC Major Group 38](/major-group/38/) > [SIC 3841 Surgical & Medical Instruments & Apparatus](/industry/3841/)
Latest 10-K filed: 2026-02-24
SEC page: https://www.sec.gov/edgar/browse/?CIK=856982
Filing source: https://www.sec.gov/Archives/edgar/data/856982/000085698226000008/mmsi-20251231x10k.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-24 · accession 0000856982-26-000008 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000856982.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 1,515,906,000 USD | 2025 | verified |
| Net income | 128,489,000 USD | 2025 | verified |
| Assets | 2,685,922,000 USD | 2025 | verified |
| Free cash flow | 215,655,000 USD | 2025 | computed |
| Net margin | 8.48% | 2025 | computed |
| Operating margin | 12.19% | 2025 | computed |
| Revenue YoY | +11.75% | 2025 | computed |
| ROE | 8.11% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | MMSI | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 8.5% | -6.0% | 69 | 63 |
| Operating margin | 12.2% | -2.7% | 73 | 63 |
| Revenue growth | 11.8% | 13.6% | 46 | 64 |
| FCF margin | 14.2% | 0.2% | 81 | 63 |
| ROE | 8.1% | -9.1% | 63 | 58 |
| ROA | 4.8% | -4.8% | 69 | 65 |
| Liabilities / equity | 0.70 | 0.89 | 45 | 63 |
| Current ratio | 4.34 | 3.23 | 62 | 65 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 3841 Surgical & Medical Instruments & Apparatus, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 1515906000 | USD | 2025 | 2026-02-24 |
| Net income | 128489000 | USD | 2025 | 2026-02-24 |
| Assets | 2685922000 | USD | 2025 | 2026-02-24 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-24. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000856982.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 603,838,000 | 727,852,000 | 882,753,000 | 994,852,000 | 963,875,000 | 1,074,751,000 | 1,150,981,000 | 1,257,366,000 | 1,356,514,000 | 1,515,906,000 |
| Net income | 20,121,000 | 27,523,000 | 42,017,000 | 5,451,000 | -9,843,000 | 48,454,000 | 74,516,000 | 94,411,000 | 120,357,000 | 128,489,000 |
| Operating income | 34,876,000 | 33,069,000 | 58,617,000 | 15,434,000 | -1,562,000 | 60,916,000 | 87,563,000 | 123,944,000 | 155,693,000 | 184,720,000 |
| Gross profit | 265,025,000 | 326,253,000 | 394,770,000 | 432,366,000 | 401,177,000 | 485,333,000 | 519,099,000 | 583,872,000 | 643,333,000 | 738,270,000 |
| Diluted EPS | 0.45 | 0.55 | 0.78 | 0.10 | -0.18 | 0.84 | 1.29 | 1.62 | 2.03 | 2.13 |
| Operating cash flow | 53,599,000 | 62,727,000 | 86,533,000 | 77,813,000 | 165,270,000 | 147,231,000 | 114,291,000 | 145,151,000 | 220,799,000 | 297,371,000 |
| Capital expenditures | 32,837,000 | 38,623,000 | 63,324,000 | 78,173,000 | 45,988,000 | 27,939,000 | 45,029,000 | 34,290,000 | 35,140,000 | 81,716,000 |
| Assets | 942,803,000 | 1,111,811,000 | 1,620,012,000 | 1,757,321,000 | 1,664,396,000 | 1,648,294,000 | 1,663,966,000 | 2,325,244,000 | 2,418,603,000 | 2,685,922,000 |
| Liabilities | 444,614,000 | 435,477,000 | 687,237,000 | 807,377,000 | 705,821,000 | 608,495,000 | 519,569,000 | 1,123,244,000 | 1,039,244,000 | 1,101,619,000 |
| Stockholders' equity | 498,189,000 | 676,334,000 | 932,775,000 | 949,944,000 | 958,575,000 | 1,039,799,000 | 1,144,397,000 | 1,202,000,000 | 1,379,359,000 | 1,584,303,000 |
| Cash and cash equivalents | 19,171,000 | 32,336,000 | 67,359,000 | 44,320,000 | 56,916,000 | 67,750,000 | 58,408,000 | 587,036,000 | 376,715,000 | 446,404,000 |
| Free cash flow | 20,762,000 | 24,104,000 | 23,209,000 | -360,000 | 119,282,000 | 119,292,000 | 69,262,000 | 110,861,000 | 185,659,000 | 215,655,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 3.33% | 3.78% | 4.76% | 0.55% | -1.02% | 4.51% | 6.47% | 7.51% | 8.87% | 8.48% |
| Operating margin | 5.78% | 4.54% | 6.64% | 1.55% | -0.16% | 5.67% | 7.61% | 9.86% | 11.48% | 12.19% |
| Return on equity | 4.04% | 4.07% | 4.50% | 0.57% | -1.03% | 4.66% | 6.51% | 7.85% | 8.73% | 8.11% |
| Return on assets | 2.13% | 2.48% | 2.59% | 0.31% | -0.59% | 2.94% | 4.48% | 4.06% | 4.98% | 4.78% |
| Liabilities / equity | 0.89 | 0.64 | 0.74 | 0.85 | 0.74 | 0.59 | 0.45 | 0.93 | 0.75 | 0.70 |
| Current ratio | 2.76 | 2.73 | 2.45 | 2.50 | 2.32 | 2.04 | 2.40 | 5.45 | 4.27 | 4.34 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-30. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000856982.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 0.27 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.36 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.35 | reported discrete quarter |
| 2023-Q3 | 2023-06-30 |  | 20,245,000 |  | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 315,230,000 |  | 0.44 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 324,515,000 | 27,629,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 323,508,000 | 28,240,000 | 0.48 | reported discrete quarter |
| 2024-Q2 | 2024-03-31 |  | 28,240,000 |  | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 338,003,000 |  | 0.61 | reported discrete quarter |
| 2024-Q3 | 2024-06-30 |  | 35,726,000 |  | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 339,845,000 |  | 0.48 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 355,158,000 | 27,947,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 355,351,000 | 30,147,000 | 0.49 | reported discrete quarter |
| 2025-Q2 | 2025-03-31 |  | 30,147,000 |  | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 382,462,000 |  | 0.54 | reported discrete quarter |
| 2025-Q3 | 2025-06-30 |  | 32,581,000 |  | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 384,157,000 |  | 0.46 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 393,936,000 | 38,006,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 381,877,000 | 40,995,000 | 0.68 | reported discrete quarter |
| 2026-Q2 | 2026-03-31 |  | 40,995,000 |  | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 418,843,000 |  | 0.65 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from MMSI's latest 10-K: [/company/MMSI/business/](/company/MMSI/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from MMSI's latest 10-K: [/company/MMSI/risk-factors/](/company/MMSI/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/856982/000085698226000044/mmsi-20260630x10q.htm

Extracted from a substantive MD&A body after the formal Item 2 span was a TOC or reference stub.
Confidence: high
Filing date: 2026-07-30
Report date: 2026-06-30

OVERVIEW

We are a leading manufacturer and marketer of proprietary medical devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care and endoscopy. Our business consists of two product categories: foundational and therapeutic. Within each of these product categories, we sell a variety of products organized as product platforms. Our foundational product category includes product platforms such as access devices, procedural solutions, OEM products, and vascular intervention. Our therapeutic product category includes product platforms such as cardiac therapies, oncology, renal therapies, vascular intervention, OEM products and endoscopy.

For the three-month period ended June 30, 2026, we reported sales of $418.8 million, an increase of $36.4 million or 10% compared to sales for the three-month period ended June 30, 2025 of $382.5 million. For the six-month period ended June 30, 2026, we reported sales of $800.7 million, an increase of $62.9 million or 9% compared to sales for the six-month period ended June 30, 2025 of $737.8 million. Foreign currency fluctuations (net of hedging) increased our net sales by $3.0 million and $10.9 million for the three and six-month periods ended June 30, 2026, respectively, assuming applicable foreign exchange rates in effect during the comparable prior-year periods.

Gross profit as a percentage of sales increased to 51.4% for the three-month period ended June 30, 2026 compared to 48.2% for the three-month period ended June 30, 2025. Gross profit as a percentage of sales increased to 50.0% for the six-month period ended June 30, 2026 compared to 48.3% for the six-month period ended June 30, 2025.

Net income for the three-month period ended June 30, 2026 was $38.8 million, or $0.65 per share, compared to net income of $32.6 million, or $0.54 per share, for the three-month period ended June 30, 2025. Net income for the six-month period ended June 30, 2026 was $79.8 million, or $1.33 per share, compared to net income of $62.7 million, or $1.03 per share, for the six-month period ended June 30, 2025.

30

Table of Contents

Recent Developments and Trends

In addition to the trends identified in the 2025 Annual Report on Form 10-K under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Overview,” our business in 2026 has been impacted, and we believe will continue to be impacted, by the following recent developments and trends:

[[GREPCENT_TABLE]]
[["","\u25cf","Our revenue results during the three-month period ended June 30, 2026 were driven primarily by demand in both our domestic and international regions."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","On April 1, 2026, we completed the acquisition of View Point, which included the OneMark\u00ae Detection Imaging System and OneMark Tissue Markers used in the diagnosis and localization of breast and soft tissue tumors."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","As of June 30, 2026, we had cash, cash equivalents, and restricted cash of $450.9 million and net available borrowing capacity under our Amended Fourth A&R Credit Agreement of $697 million."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","On February 20, 2026, the U.S. Supreme Court ruled that tariffs imposed under the International Emergency Economic Powers Act (\"IEEPA\") were not authorized by the statute. The Company is the importer of record for certain raw materials and products that were previously subject to such tariffs under IEEPA. During the second quarter of 2026, we received approximately $6.9 million in refunds related to previously paid IEEPA tariffs recognized within cost of sales. Significant uncertainty remains regarding how and when any remaining amounts may be recovered, including the potential recovery for certain tariffs paid relating to raw materials and products for which the Company is not the importer of record. The Company continues to monitor ongoing legal proceedings related to the scope of this refund process, which could affect the amount of any future recoveries."]]
[[/GREPCENT_TABLE]]

​

RESULTS OF OPERATIONS

The following table sets forth certain operational data as a percentage of sales for the periods indicated:

[[GREPCENT_TABLE]]
[["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b \u200b \u200b","Three Months Ended","\u200b","\u200b","Six Months Ended","\u200b"],["\u200b","\u200b","June 30,","\u200b","\u200b","June 30,","\u200b"],["\u200b","\u200b \u200b \u200b","2026","\u200b \u200b \u200b","2025","\u200b \u200b \u200b","\u200b \u200b \u200b","2026","\u200b \u200b \u200b","2025","\u200b \u200b \u200b"],["Net sales","","100","%","100","%","","100","%","100","%"],["Gross profit","","51.4","","48.2","","","50.0","\u200b","48.3"],["Selling, general and administrative expenses","","30.9","","29.6","","","30.9","\u200b","29.9"],["Research and development expenses","","6.1","","6.4","","","6.0","\u200b","6.3"],["Contingent consideration (benefit) expense","","0.0","","0.0","","","(0.0)","\u200b","0.2"],["Income from operations","","14.4","","12.3","","","13.1","\u200b","11.9"],["Other income (expense) \u2014 net","","(2.2)","","(0.9)","","","0.0","\u200b","(0.9)"],["Income before income taxes","","12.3","","11.3","","","13.1","\u200b","11.0"],["Net income","","9.3","","8.5","","","10.0","\u200b","8.5"]]
[[/GREPCENT_TABLE]]

31

Table of Contents

Sales

Sales for the three-month period ended June 30, 2026 increased by 9.5%, or $36.4 million, compared to the corresponding period in 2025. Sales for the six-month period ended June 30, 2026 increased by 8.5%, or $62.9 million, compared to the corresponding period in 2025. Listed below are the sales by product category and platform for the three and six-month periods ended June 30, 2026 and 2025 (in thousands, other than percentage changes):

[[GREPCENT_TABLE]]
[["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b \u200b \u200b","\u200b","\u200b","\u200b","Three Months Ended","\u200b","\u200b","\u200b","\u200b","Six Months Ended"],["\u200b","\u200b \u200b \u200b","\u200b","\u200b","\u200b","June 30,","\u200b","\u200b","\u200b","\u200b","June 30,"],["\u200b","\u200b \u200b \u200b","% Change","\u200b \u200b \u200b","\u200b","2026","\u200b \u200b \u200b","2025","\u200b \u200b \u200b","% Change","\u200b \u200b \u200b","\u200b","2026","\u200b \u200b \u200b","2025"],["Foundational","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Access","\u200b","6.4","%","\u200b","$","161,786","\u200b","$","152,122","\u200b","9.2","%","\u200b","$","312,910","\u200b","$","286,520"],["OEM","\u200b","11.8","%","\u200b","\u200b","48,338","\u200b","\u200b","43,218","\u200b","1.4","%","\u200b","\u200b","87,878","\u200b","\u200b","86,641"],["Procedural Solutions","\u200b","(11.9)","%","\u200b","\u200b","27,949","\u200b","\u200b","31,741","\u200b","(9.7)","%","\u200b","\u200b","54,437","\u200b","\u200b","60,310"],["Vascular Intervention","\u200b","19.2","%","\u200b","\u200b","41,652","\u200b","\u200b","34,955","\u200b","19.0","%","\u200b","\u200b","80,690","\u200b","\u200b","67,804"],["Other","\u200b","257.2","%","\u200b","\u200b","1,236","\u200b","\u200b","346","\u200b","(64.7)","%","\u200b","\u200b","525","\u200b","\u200b","1,489"],["Total Foundational","\u200b","7.1","%","\u200b","\u200b","280,961","\u200b","\u200b","262,382","\u200b","6.7","%","\u200b","\u200b","536,440","\u200b","\u200b","502,764"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Therapeutic","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Cardiac Therapies","\u200b","24.3","%","\u200b","\u200b","28,510","\u200b","\u200b","22,930","\u200b","28.6","%","\u200b","\u200b","55,914","\u200b","\u200b","43,489"],["Endoscopy","\u200b","28.5","%","\u200b","\u200b","23,647","\u200b","\u200b","18,400","\u200b","29.7","%","\u200b","\u200b","45,339","\u200b","\u200b","34,951"],["OEM","\u200b","31.5","%","\u200b","\u200b","12,797","\u200b","\u200b","9,735","\u200b","(2.9)","%","\u200b","\u200b","20,276","\u200b","\u200b","20,877"],["Oncology","\u200b","7.6","%","\u200b","\u200b","25,774","\u200b","\u200b","23,943","\u200b","7.1","%","\u200b","\u200b","49,282","\u200b","\u200b","45,994"],["Renal Therapies","\u200b","(0.8)","%","\u200b","\u200b","12,713","\u200b","\u200b","12,817","\u200b","(7.6)","%","\u200b","\u200b","24,225","\u200b","\u200b","26,206"],["Vascular Intervention","\u200b","6.8","%","\u200b","\u200b","34,441","\u200b","\u200b","32,255","\u200b","9.0","%","\u200b","\u200b","69,244","\u200b","\u200b","63,532"],["Total Therapeutic","\u200b","14.8","%","\u200b","\u200b","137,882","\u200b","\u200b","120,080","\u200b","12.4","%","\u200b","\u200b","264,280","\u200b","\u200b","235,049"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Total","","9.5","%","\u200b","$","418,843","\u200b","$","382,462","\u200b","8.5","%","\u200b","$","800,720","\u200b","$","737,813"]]
[[/GREPCENT_TABLE]]

Foundational Sales. Our foundational sales for the three-month period ended June 30, 2026 were $281.0 million, up 7.1% when compared to the corresponding period of 2025 of $262.4 million. Sales for the three-month period ended June 30, 2026 were favorably affected by increased sales within the following platforms:

[[GREPCENT_TABLE]]
[["","(a)","Access, which increased by $9.7 million, or 6.4%, from the corresponding period of 2025. This increase was driven primarily by hemostasis products acquired in the Biolife Merger, as well as increased sales of our angiography and access products, partially offset by decreased sales in our drainage and intervention products."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","(b)","OEM, which increased by $5.1 million, or 11.8%, from the corresponding period of 2025. This increase was driven primarily by increased sales of our access, sensors and angiography products, partially offset by decreased sales in our kits and cardiac rhythm management/electrophysiology (\u201cCRM/EP\u201d) products."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","(c)","Vascular Intervention, which increased by $6.7 million, or 19.2%, from the corresponding period of 2025. This increase was driven primarily by increased sales of our drainage and biopsy products."]]
[[/GREPCENT_TABLE]]

The foregoing increase in sales for the three-month period ended June 30, 2026 was partially offset by decreased sales within our Procedural Solutions platform, which decreased by $3.8 million, or 11.9%, from the corresponding period of 2025. This decrease was driven primarily by the sale of the DualCap® product line to Health Line, partially offset by increased sales of our trays.

Our foundational sales for the six-month period ended June 30, 2026 were $536.4 million, up 6.7% when compared to the corresponding period of 2025 of $502.8 million. Sales for the six-month period ended June 30, 2026 were favorably affected by increased sales within the following platforms:

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/856982/000085698226000008/mmsi-20251231x10k.htm
Complete FY 2025 MD&A: /company/MMSI/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-24
Report date: 2025-12-31

Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the Consolidated Financial Statements and related Notes thereto set forth in Item 8 of this report.

Discussion of the year ended December 31, 2024, compared to the year ended December 31, 2023 is included in Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the year ended December 31, 2024, and is incorporated by reference into this Form 10-K.

Overview

We design, develop, manufacture, market and sell medical products for interventional and diagnostic procedures. For financial reporting purposes, we report our operations in two operating segments: cardiovascular and endoscopy. Our cardiovascular segment consists of four product categories: peripheral intervention, cardiac intervention, custom procedural solutions, and OEM. Within these product categories, we sell a variety of products, including cardiology and radiology devices (which assist in diagnosing and treating coronary arterial disease, peripheral vascular disease and other nonvascular diseases), as well as embolotherapeutic, cardiac rhythm management, electrophysiology, critical care, breast cancer localization and guidance, biopsy, and interventional oncology and spine devices. Our endoscopy segment consists of gastroenterology and pulmonology devices which assist in the palliative treatment of expanding esophageal, tracheobronchial and biliary strictures caused by malignant tumors.

For the year ended December 31, 2025, we reported sales of $1.516 billion, up $159.4 million or 11.8%, compared to 2024 sales of $1.357 billion. Our revenue results for the year ended December 31, 2025 were driven primarily by demand in the U.S. and favorable international sales trends, particularly in Europe, the Middle East and Africa (“EMEA”) region.

Gross profit as a percentage of sales was 48.7% for the year ended December 31, 2025 as compared to 47.4% for the year ended December 31, 2024.

Net income for the year ended December 31, 2025 was $128.5 million, or $2.13 per share, as compared to $120.4 million, or $2.03 per share, for the year ended December 31, 2024.

In May 2025, we completed a merger transaction with Biolife Delaware, L.L.C. (“Biolife”), a manufacturer of unique patented hemostatic devices under the brand names StatSeal® and WoundSeal®. In November 2025, pursuant to the terms of an asset purchase agreement between Merit and Pentax of America, Inc., we acquired the C2 CryoBalloon® device and related technology.

In February 2024, we introduced our “Continued Growth initiatives” Program with muti-year financial targets for the three-year period ending December 31, 2026, which reflects our commitment to better-position Merit for long-term, sustainable growth and enhanced profitability.

Results of Operations

The following table sets forth certain operational data as a percentage of sales for the years indicated:

[[GREPCENT_TABLE]]
[["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","2025","\u200b \u200b \u200b","2024","\u200b \u200b \u200b","2023"],["Net sales","100","%","100","%","100","%"],["Gross profit","48.7","","47.4","","46.4","\u200b"],["Selling, general and administrative expenses","30.0","","29.5","","29.7","\u200b"],["Research and development expenses","6.4","","6.4","","6.6","\u200b"],["Contingent consideration expense","0.1","","0.0","","0.1","\u200b"],["Acquired in-process research and development expense","\u2014","","\u2014","","0.1","\u200b"],["Income from operations","12.2","","11.5","","9.9","\u200b"],["Other expense \u2014 net","(0.9)","","(0.4)","","(0.9)","\u200b"],["Income before income taxes","11.3","","11.1","","8.9","\u200b"],["Net income","8.5","","8.9","","7.5","\u200b"]]
[[/GREPCENT_TABLE]]

​

39

Table of Contents

Sales

Listed below are the sales by product category within each operating segment for the years ended December 31, 2025, 2024 and 2023 (in thousands, other than percentage changes):

[[GREPCENT_TABLE]]
[["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","% Change","\u200b \u200b \u200b","2025","\u200b \u200b \u200b","% Change","\u200b \u200b \u200b","2024*","\u200b \u200b \u200b","2023*"],["Cardiovascular","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Peripheral Intervention","8.8","%","$","579,840","","10.2","%","$","532,770","","$","483,265"],["Cardiac Intervention","21.7","%","","448,914","","3.4","%","","368,951","","","356,650"],["Custom Procedural Solutions","4.6","%","","209,333","","3.3","%","","200,033","","","193,717"],["OEM","2.5","%","","204,955","","7.0","%","","199,990","","","186,928"],["Total","10.9","%","","1,443,042","","6.7","%","","1,301,744","","","1,220,560"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Endoscopy","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Endoscopy Devices","33.0","%","","72,864","","48.8","%","","54,770","","","36,806"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Total","11.8","%","$","1,515,906","","7.9","%","$","1,356,514","","$","1,257,366"]]
[[/GREPCENT_TABLE]]

*Commencing January 1, 2025, we reorganized our sales teams and product categories to include revenues from the sale of our spine devices under our OEM product category. Revenue figures for 2024 and 2023 have been recast to reflect this realignment of our portfolio of spine products, representing approximately $22.6 million and $22.4 million in revenue, respectively, within the OEM product category to provide comparability between the reported periods.

​

Cardiovascular Sales. Our cardiovascular sales for the year ended December 31, 2025 were $1.443 billion, up 10.9%, when compared to the year ended December 31, 2024 of $1.302 billion. Sales for the year ended December 31, 2025 were favorably affected by increased sales of:

[[GREPCENT_TABLE]]
[["","(a)","Cardiac intervention products, which increased by $80.0 million, or 21.7%, from the corresponding period of 2024. This increase was driven primarily by $35.3 million in incremental sales associated with products acquired from Cook in November 2024, $11.9 million in sales associated with products acquired in connection with the Biolife Merger in May 2025 and increased sales of our intervention, cardiac rhythm management/electrophysiology (\u201cCRM/EP\u201d), angiography, access and fluid management products."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","(b)","Peripheral intervention products, which increased by $47.1 million, or 8.8%, from the corresponding period of 2024. This increase was driven primarily by increased sales of our embolotherapy, radar localization, access, delivery systems and drainage products."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","(c)","Custom procedural solutions products, which increased by $9.3 million, or 4.6% from the corresponding period of 2024. This increase was driven primarily by increased sales of our kits, trays and critical care products."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","(d)","OEM products, which increased by $5.0 million, or 2.5% from the corresponding period of 2024. This increase was driven primarily by increased sales of our intervention, CRM/EP, kits and peripheral intervention products, offset partially by decreased sales of our access and coated tube and wire products."]]
[[/GREPCENT_TABLE]]

Endoscopy Sales. Our endoscopy sales for the year ended December 31, 2025 were $72.9 million, up 33.0%, when compared to sales for the year ended December 31, 2024 of $54.8 million. Sales for the year ended December 31, 2025 were favorably affected by increased sales of our EsophyX® Z+ device acquired from Endogastric Solutions, Inc. in July 2024.

Geographic Sales

Listed below are sales by geography for the years ended December 31, 2025, 2024 and 2023 (in thousands, other than percentage changes):

[[GREPCENT_TABLE]]
[["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","% Change","\u200b \u200b \u200b","2025","\u200b \u200b \u200b","% Change","\u200b \u200b \u200b","2024","\u200b \u200b \u200b","2023"],["United States","13.6","%","$","909,466","\u200b","10.2","%","$","800,780","\u200b","$","726,989"],["International","9.1","%","\u200b","606,440","\u200b","4.8","%","\u200b","555,734","\u200b","\u200b","530,377"],["Total","11.8","%","$","1,515,906","","7.9","%","$","1,356,514","","$","1,257,366"]]
[[/GREPCENT_TABLE]]

​

40

Table of Contents

United States Sales: U.S. sales for the year ended December 31, 2025 were $909.5 million, or 60.0% of net sales, up 13.6% when compared to 2024. The increase in our domestic sales in 2025 was driven primarily by our U.S. direct, endoscopy, and OEM businesses.

International Sales. International sales for the year ended December 31, 2025 were $606.4 million, or 40.0% of net sales, up 9.1% when compared to 2024. The increase in our international sales during 2025 was primarily a result of higher sales in EMEA, which increased $37.9 million or 15.3%, higher Rest of World (“ROW”) sales which increased $7.0 million or 12.2%, and higher sales in our Asia Pacific region, which increased $5.8 million or 2.3%, compared to the corresponding period of 2024.

Our international sales are subject to foreign currency exchange rate fluctuations between the natural currency of a foreign country and the U.S. Dollar. Foreign currency exchange rate fluctuations, calculated by using the applicable average foreign exchange rates for the prior year increased sales 0.3% for the year ended December 31, 2025 compared to 2024.

Gross Profit

Our gross profit as a percentage of sales was 48.7%, 47.4%, and 46.4% for the years ended December 31, 2025, 2024 and 2023, respectively. The increase in gross profit as a percentage of sales for 2025, as compared to 2024, was primarily due to favorable changes in pricing and product mix, partially offset by higher intangible amortization expense as a percentage of sales associated with acquisitions and unfavorable manufacturing variances.

Operating Expenses

Selling, General and Administrative Expenses. Our selling, general and administrative (“SG&A”) expenses as a percentage of sales were 30.0%, 29.5% and 29.7% for the years ended December 31, 2025, 2024 and 2023, respectively. SG&A expenses increased $55.5 million, or 13.9%, for the year ended December 31, 2025 compared to 2024. The increase in SG&A expenses for the year ended December 31, 2025 compared to the year ended December 31, 2024 was primarily due to an increase in labor-related costs including (i) variable compensation associated with performance-based bonus programs, commissions associated with sales growth, as well as an increase in expense associated with both performance and non-performance based equity awards; and (ii) headcount additions to support investment in the business and growth from acquisitions, including those in connection with the Cook Transaction and the Biolife Merger. In addition, higher marketing, advertising, and travel expenditures contributed to the year‑over‑year increase in 2025.

Research and Development Expenses. Our research and development (“R&D”) expenses as a percentage of sales were 6.4%, 6.4% and 6.6% for the years ended December 31 2025, 2024, and 2023, respectively. R&D expenses increased by $9.9 million or 11.3% to $97.4 million for the year ended December 31, 2025, compared to $87.5 million in 2024. The increase in R&D expenses for the ye

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/MMSI/mda/fy2025/
All MD&A years: /company/MMSI/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/MMSI/mda/fy2024/): filed 2025-02-25; accession 0000856982-25-000011 (https://www.sec.gov/Archives/edgar/data/856982/000085698225000011/mmsi-20241231x10k.htm)
- [FY 2023 MD&A](/company/MMSI/mda/fy2023/): filed 2024-02-28; accession 0000856982-24-000015 (https://www.sec.gov/Archives/edgar/data/856982/000085698224000015/mmsi-20231231x10k.htm)
- [FY 2022 MD&A](/company/MMSI/mda/fy2022/): filed 2023-02-24; accession 0000856982-23-000011 (https://www.sec.gov/Archives/edgar/data/856982/000085698223000011/mmsi-20221231x10k.htm)
- [FY 2021 MD&A](/company/MMSI/mda/fy2021/): filed 2022-03-01; accession 0000856982-22-000013 (https://www.sec.gov/Archives/edgar/data/856982/000085698222000013/mmsi-20211231x10k.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 3841 Surgical & Medical Instruments & Apparatus) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/MMSI.md · JSON record: /company/MMSI.json · verified financials: /company/MMSI/financials.json / /company/MMSI/financials.csv · machine TOC for the whole site: /llms.txt