Merit Medical Systems Inc. Files 2023 Annual Report on Form 10-K

Ticker: MMSI · Form: 10-K · Filed: Feb 28, 2024 · CIK: 856982

Merit Medical Systems Inc 10-K Filing Summary
FieldDetail
CompanyMerit Medical Systems Inc (MMSI)
Form Type10-K
Filed DateFeb 28, 2024
Risk Levelmedium
Pages14
Reading Time17 min
Sentimentneutral

Sentiment: neutral

Topics: 10-K, Annual Report, Merit Medical Systems, Financials, SEC Filing

TL;DR

<b>Merit Medical Systems Inc. has submitted its 2023 10-K annual report detailing financial performance and position.</b>

AI Summary

MERIT MEDICAL SYSTEMS INC (MMSI) filed a Annual Report (10-K) with the SEC on February 28, 2024. Merit Medical Systems Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business address is 1600 West Merit Parkway, South Jordan, UT 84095. The filing includes data related to valuation allowance of deferred tax assets and allowance for credit losses for multiple years. Key financial statement components like Retained Earnings, Accumulated Translation Adjustment, and Accumulated Other Comprehensive Income are detailed as of December 31 for 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking MERIT MEDICAL SYSTEMS INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Merit Medical Systems Inc.'s financial health and operational results for the fiscal year 2023, crucial for investors and stakeholders to assess performance and future outlook. The detailed financial data, including specific line items and historical comparisons, allows for in-depth analysis of the company's financial stability, profitability trends, and asset management.

Risk Assessment

Risk Level: medium — MERIT MEDICAL SYSTEMS INC shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report, but lacks specific forward-looking financial performance figures or significant business updates within the provided header information, necessitating a deeper review of the full document for a precise risk assessment.

Analyst Insight

Review the full 10-K filing to identify specific revenue drivers, cost structures, and any disclosed risks or strategic initiatives that could impact future performance.

Key Numbers

  • 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
  • 2024-02-28 — Filing Date (FILED AS OF DATE)
  • 57306000 — Value (Prepaid Expense and Other Assets Current (2023))
  • 57858000 — Value (Prepaid Expense and Other Assets Current (2022))

Key Players & Entities

  • MERIT MEDICAL SYSTEMS INC (company) — FILER
  • 0000856982 (company) — CENTRAL INDEX KEY
  • UT (location) — STATE OF INCORPORATION
  • SOUTH JORDAN (location) — CITY
  • 84095 (location) — ZIP
  • 8012531600 (phone) — BUSINESS PHONE
  • 000-18592 (regulator) — SEC FILE NUMBER
  • 24696712 (other) — FILM NUMBER

FAQ

When did MERIT MEDICAL SYSTEMS INC file this 10-K?

MERIT MEDICAL SYSTEMS INC filed this Annual Report (10-K) with the SEC on February 28, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by MERIT MEDICAL SYSTEMS INC (MMSI).

Where can I read the original 10-K filing from MERIT MEDICAL SYSTEMS INC?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by MERIT MEDICAL SYSTEMS INC.

What are the key takeaways from MERIT MEDICAL SYSTEMS INC's 10-K?

MERIT MEDICAL SYSTEMS INC filed this 10-K on February 28, 2024. Key takeaways: Merit Medical Systems Inc. filed its 10-K report for the fiscal year ending December 31, 2023.. The filing covers the period from January 1, 2023, to December 31, 2023.. The company's principal business address is 1600 West Merit Parkway, South Jordan, UT 84095..

Is MERIT MEDICAL SYSTEMS INC a risky investment based on this filing?

Based on this 10-K, MERIT MEDICAL SYSTEMS INC presents a moderate-risk profile. The filing is a standard 10-K, which is a comprehensive annual report, but lacks specific forward-looking financial performance figures or significant business updates within the provided header information, necessitating a deeper review of the full document for a precise risk assessment.

What should investors do after reading MERIT MEDICAL SYSTEMS INC's 10-K?

Review the full 10-K filing to identify specific revenue drivers, cost structures, and any disclosed risks or strategic initiatives that could impact future performance. The overall sentiment from this filing is neutral.

How does MERIT MEDICAL SYSTEMS INC compare to its industry peers?

Merit Medical Systems Inc. operates in the Surgical & Medical Instruments & Apparatus industry (SIC code 3841).

Are there regulatory concerns for MERIT MEDICAL SYSTEMS INC?

The filing is a 10-K, an annual report required by the U.S. Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934.

Industry Context

Merit Medical Systems Inc. operates in the Surgical & Medical Instruments & Apparatus industry (SIC code 3841).

Regulatory Implications

The filing is a 10-K, an annual report required by the U.S. Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934.

What Investors Should Do

  1. Analyze the full 10-K document for detailed financial statements, including the income statement, balance sheet, and cash flow statement.
  2. Examine the Management's Discussion and Analysis of Financial Condition and Results of Operations section for insights into business performance and trends.
  3. Review the Risk Factors section for potential challenges and uncertainties facing Merit Medical Systems Inc.

Key Dates

  • 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
  • 2024-02-28: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial header information for the 2023 10-K filing; a comparison to the previous year's filing would require access to that document.

Filing Stats: 4,182 words · 17 min read · ~14 pages · Grade level 17.3 · Accepted 2024-02-28 17:07:48

Filing Documents

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 20 Item 1B. Unresolved Staff Comments 35 Item 1C. Cybersecurity 35 Item 2.

Properties

Properties 36 Item 3.

Legal Proceedings

Legal Proceedings 36 Item 4. Mine Safety Disclosures 36 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 37 Item 6. Reserved 38 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 38 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 48 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 49 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 92 Item 9A.

Controls and Procedures

Controls and Procedures 92 Item 9B. Other Information 94 PART III Item 10. Directors, Executive Officers and Corporate Governance 94 Item 11.

Executive Compensation

Executive Compensation 94 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 94 Item 13. Certain Relationships and Related Transactions and Director Independence 94 Item 14. Principal Accountant Fees and Services 94 PART IV Item 15. Exhibits and Financial Statement Schedules 94 Item 16. Form 10-K Summary 100

SIGNATURES

SIGNATURES 101 Table of Contents PART I Unless otherwise indicated in this report, "Merit," "we," "us," "our," and similar terms refer to Merit Medical Systems, Inc. and our consolidated subsidiaries. DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS This report includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements in this report, other than statements of historical fact, are "forward-looking statements" for purposes of these provisions, including any projections of earnings, revenues or other financial items, any statements of the plans and objectives of our management for future operations, any statements concerning proposed new products or services, any statements regarding the integration, development or commercialization of the business or any assets acquired from other parties, any statements regarding future economic conditions or performance, and any statements of assumptions underlying any of the foregoing. In some cases, forward-looking statements can be identified by the use of terminology such as "may," "will," "expects," "plans," "anticipates," "intends," "seeks," "believes," "estimates," "potential," "forecasts," "continue," or other forms of these words or similar words or expressions, or the negative thereof or other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements contained herein are reasonable, there can be no assurance that such expectations or any of the forward-looking statements will prove to be correct, and actual results will likely differ, and could differ materially, from those projected or assumed in the forward-looking statements. Investors are cautioned not to unduly rely on any such forward-looking statements. All subsequent forward-looking statements attributable to us or persons acting on our behalf are

Business

Item 1. Business. Our Company Merit Medical Systems, Inc. is 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. We strive to be the most customer-focused company in healthcare. Each day we are determined to make a difference by understanding our customers' needs and innovating and delivering a diverse range of products that improve the lives of people and communities throughout the world. We believe that long-term value is created for our customers, employees, shareholders, and communities when we focus outward and are determined to deliver an exceptional customer experience. 1 Table of Contents Merit Medical Systems, Inc. was founded in 1987 by Fred P. Lampropoulos, Kent W. Stanger, Darla Gill and William Padilla. Initially, we focused our operations on injection and insert molding of plastics. Our first product was a specialized control syringe used to inject contrast solution into a patient's arteries for a diagnostic cardiac procedure called an angiogram. Since that time, our products and product lines have expanded substantially, both through internal research and development projects and through strategic acquisitions. Business Strategy Our business strategy focuses on five target areas as follows: enhancing global growth and profitability through research and development, sales model optimization, cost discipline and operational focus; optimizing our operational capability through lean processes, cost effective environments and asset utilization; targeting high-growth, high-return opportunities by understanding, innovating and delivering in our core divisions; maintaining a highly disciplined, customer-focused enterprise guided by strong core values to globally address unmet or underserved healthcare needs; and creating a sustainable business for our employees, shareholders and community.

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