Merit Medical Systems Reports Q2 2024 Financials

TL;DR

**MMSI Q2: Retained earnings up slightly to $581.9M. Focus on accounting details.**

AI Summary

Merit Medical Systems Inc. reported its financial results for the period ending June 30, 2024. The company's retained earnings stood at $581,920,000, a slight increase from $578,580,000 at the end of the previous period. The filing also references various accounting standards related to prepaid expenses, other non-operating income/expense, and contingent consideration from business combinations.

Why It Matters

This filing provides insight into Merit Medical Systems' financial health and performance, impacting investor confidence and potential future business strategies.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediate red flags or significant negative developments.

Key Numbers

• $581.9B — Retained Earnings (As of June 30, 2024)
• $578.6B — Retained Earnings (Prior Period)

Key Players & Entities

• MERIT MEDICAL SYSTEMS INC (company) — Filer
• 20240630 (date) — Period of Report
• 20240801 (date) — Filing Date
• $581,920,000 (dollar_amount) — Retained Earnings
• $578,580,000 (dollar_amount) — Previous Retained Earnings

FAQ

Filing Documents

• mmsi-20240630x10q.htm (10-Q) — 2448KB
• mmsi-20240630xex2d1.htm (EX-2.1) — 620KB
• mmsi-20240630xex10d2.htm (EX-10.2) — 33KB
• mmsi-20240630xex31d1.htm (EX-31.1) — 10KB
• mmsi-20240630xex31d2.htm (EX-31.2) — 11KB
• mmsi-20240630xex32d1.htm (EX-32.1) — 6KB
• mmsi-20240630xex32d2.htm (EX-32.2) — 6KB
• mmsi-20240630x10q001.jpg (GRAPHIC) — 4KB
• 0000856982-24-000078.txt ( ) — 12285KB
• mmsi-20240630.xsd (EX-101.SCH) — 55KB
• mmsi-20240630_cal.xml (EX-101.CAL) — 74KB
• mmsi-20240630_def.xml (EX-101.DEF) — 328KB
• mmsi-20240630_lab.xml (EX-101.LAB) — 577KB
• mmsi-20240630_pre.xml (EX-101.PRE) — 485KB
• mmsi-20240630x10q_htm.xml (XML) — 2573KB

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 9 Condensed Notes to Consolidated Financial Statements 11 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 32 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 40 Item 4.

Controls and Procedures

Controls and Procedures 41 PART II. OTHER INFORMATION 41 Item 1.

Legal Proceedings

Legal Proceedings 41 Item 1A.

Risk Factors

Risk Factors 41 Item 5. Other information 43 Item 6. Exhibits 44

SIGNATURES

SIGNATURES 45 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) June 30, December 31, ASSETS 2024 2023 (unaudited) Current assets: Cash and cash equivalents $ 636,658 $ 587,036 Trade receivables — net of allowance for credit losses — 2024 — $ 9,276 and 2023 — $ 9,023 182,415 177,885 Other receivables 10,612 10,517 Inventories 298,224 303,871 Prepaid expenses and other current assets 26,179 24,286 Prepaid income taxes 4,123 4,016 Income tax refund receivables 4,335 859 Total current assets 1,162,546 1,108,470 Property and equipment: Land and land improvements 25,952 26,017 Buildings 191,030 191,491 Manufacturing equipment 330,290 316,930 Furniture and fixtures 64,755 63,044 Leasehold improvements 58,595 53,638 Construction-in-progress 61,060 61,439 Total property and equipment 731,682 712,559 Less accumulated depreciation ( 345,743 ) ( 329,036 ) Property and equipment — net 385,939 383,523 Other assets: Intangible assets: Developed technology — net of accumulated amortization — 2024 — $ 346,763 and 2023 — $ 321,488 264,195 283,999 Other — net of accumulated amortization — 2024 — $ 80,628 and 2023 — $ 76,887 39,227 41,884 Goodwill 381,433 382,240 Deferred income tax assets 7,013 7,288 Right-of-use operating lease assets 69,903 63,047 Other assets 61,583 54,793 Total other assets 823,354 833,251 Total assets $ 2,371,839 $ 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) June 30, December 31, LIABILITIES AND STOCKHOLDERS' EQUITY 2024 2023 (unaudited) Current liabilities: Trade payables $ 55,573 $ 65,944 Accrued expenses 117,574 120,447 Short-term operating lease liabilities 11,743 12,087 Incom

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View this 10-Q filing on SEC EDGAR