Merit Medical Systems Inc 10-Q Filing

Ticker: MMSI · Form: 10-Q · Filed: Apr 30, 2024 · CIK: 856982

Merit Medical Systems Inc 10-Q Filing Summary
FieldDetail
CompanyMerit Medical Systems Inc (MMSI)
Form Type10-Q
Filed DateApr 30, 2024
Pages15
Reading Time17 min
Sentimentneutral

Sentiment: neutral

FAQ

What type of filing is this?

This is a 10-Q filing submitted by Merit Medical Systems Inc (ticker: MMSI) to the SEC on Apr 30, 2024.

How long is this filing?

Merit Medical Systems Inc's 10-Q filing is 15 pages with approximately 4,374 words. Estimated reading time is 17 minutes.

Where can I view the full 10-Q filing?

The complete filing is available on SEC EDGAR. You can also read the AI-decoded analysis with risk assessment and key highlights on ReadTheFiling.

Filing Stats: 4,374 words · 17 min read · ~15 pages · Grade level 16.8 · Accepted 2024-04-30 16:15:29

Filing Documents

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Consolidated Balance Sheets 3 Consolidated Statements of Income 5 Consolidated Statements of Comprehensive Income 6 Consolidated Statements of Stockholders' Equity 7 Consolidated Statements of Cash Flows 8 Condensed Notes to Consolidated Financial Statements 10 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 29 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 4.

Controls and Procedures

Controls and Procedures 35 PART II. OTHER INFORMATION 35 Item 1.

Legal Proceedings

Legal Proceedings 35 Item 1A.

Risk Factors

Risk Factors 35 Item 5. Other information 36 Item 6. Exhibits 37

SIGNATURES

SIGNATURES 38 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS MERIT MEDICAL SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands) March 31, December 31, ASSETS 2024 2023 (unaudited) Current assets: Cash and cash equivalents $ 581,921 $ 587,036 Trade receivables — net of allowance for credit losses — 2024 — $ 9,327 and 2023 — $ 9,023 180,663 177,885 Other receivables 10,980 10,517 Inventories 302,733 303,871 Prepaid expenses and other current assets 24,437 24,286 Prepaid income taxes 4,088 4,016 Income tax refund receivables 453 859 Total current assets 1,105,275 1,108,470 Property and equipment: Land and land improvements 25,982 26,017 Buildings 191,218 191,491 Manufacturing equipment 327,628 316,930 Furniture and fixtures 63,790 63,044 Leasehold improvements 53,772 53,638 Construction-in-progress 58,296 61,439 Total property and equipment 720,686 712,559 Less accumulated depreciation ( 337,025 ) ( 329,036 ) Property and equipment — net 383,661 383,523 Other assets: Intangible assets: Developed technology — net of accumulated amortization — 2024 — $ 333,920 and 2023 — $ 321,488 277,085 283,999 Other — net of accumulated amortization — 2024 — $ 78,771 and 2023 — $ 76,887 40,399 41,884 Goodwill 381,539 382,240 Deferred income tax assets 7,072 7,288 Right-of-use operating lease assets 72,639 63,047 Other assets 58,682 54,793 Total other assets 837,416 833,251 Total assets $ 2,326,352 $ 2,325,244 See condensed notes to consolidated financial statements. (continued) 3 Table of Contents MERIT MEDICAL SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands) March 31, December 31, LIABILITIES AND STOCKHOLDERS' EQUITY 2024 2023 (unaudited) Current liabilities: Trade payables $ 48,377 $ 65,944 Accrued expenses 113,220 120,447 Short-term operating lease liabilities 12,472 12,087 Incom

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