Merit Medical Systems Inc 10-Q Filing

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

Merit Medical Systems Inc 10-Q Filing Summary
FieldDetail
CompanyMerit Medical Systems Inc (MMSI)
Form Type10-Q
Filed DateOct 30, 2024
Pages14
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 Oct 30, 2024.

How long is this filing?

Merit Medical Systems Inc's 10-Q filing is 14 pages with approximately 4,323 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: 4,323 words · 17 min read · ~14 pages · Grade level 18.5 · Accepted 2024-10-30 16:25:14

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 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 33 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 41 Item 4.

Controls and Procedures

Controls and Procedures 42 PART II. OTHER INFORMATION 42 Item 1.

Legal Proceedings

Legal Proceedings 42 Item 1A.

Risk Factors

Risk Factors 42 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) September 30, December 31, ASSETS 2024 2023 (unaudited) Current assets: Cash and cash equivalents $ 523,128 $ 587,036 Trade receivables — net of allowance for credit losses — 2024 — $ 9,266 and 2023 — $ 9,023 189,831 177,885 Other receivables 15,325 10,517 Inventories 310,527 303,871 Prepaid expenses and other current assets 27,105 24,286 Prepaid income taxes 4,216 4,016 Income tax refund receivables 8,185 859 Total current assets 1,078,317 1,108,470 Property and equipment: Land and land improvements 26,108 26,017 Buildings 192,323 191,491 Manufacturing equipment 334,787 316,930 Furniture and fixtures 66,593 63,044 Leasehold improvements 59,005 53,638 Construction-in-progress 66,699 61,439 Total property and equipment 745,515 712,559 Less accumulated depreciation ( 355,862 ) ( 329,036 ) Property and equipment — net 389,653 383,523 Other assets: Intangible assets: Developed technology — net of accumulated amortization — 2024 — $ 361,725 and 2023 — $ 321,488 322,325 283,999 Other — net of accumulated amortization — 2024 — $ 82,979 and 2023 — $ 76,887 49,839 41,884 Goodwill 399,448 382,240 Deferred income tax assets 7,253 7,288 Right-of-use operating lease assets 68,867 63,047 Other assets 62,382 54,793 Total other assets 910,114 833,251 Total assets $ 2,378,084 $ 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) September 30, December 31, LIABILITIES AND STOCKHOLDERS' EQUITY 2024 2023 (unaudited) Current liabilities: Trade payables $ 60,808 $ 65,944 Accrued expenses 127,255 120,447 Short-term operating lease liabilities 11,469 12,0

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