Merit Medical Systems, Inc. (MMSI) Issues Quarterly Earnings Results
Merit Medical Systems, Inc. (NASDAQ:MMSI) released its earnings results on Wednesday. The medical instruments supplier reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.07, Bloomberg Earnings reports. Merit Medical Systems had a return on equity of 9.36% and a net margin of 4.80%. The firm had revenue of $186.50 million for the quarter, compared to analyst estimates of $181.46 million. During the same quarter in the prior year, the firm posted $0.26 earnings per share. The company’s quarterly revenue was up 23.4% on a year-over-year basis. Merit Medical Systems updated its FY17 guidance to $1.23-$1.28 EPS.
Merit Medical Systems (NASDAQ:MMSI) traded down 2.70% during midday trading on Wednesday, hitting $37.80. The stock had a trading volume of 333,607 shares. Merit Medical Systems has a 52 week low of $20.70 and a 52 week high of $40.00. The company’s 50 day moving average price is $37.17 and its 200-day moving average price is $31.77. The stock has a market capitalization of $1.89 billion, a price-to-earnings ratio of 56.17 and a beta of 1.25.
Several research firms have weighed in on MMSI. Bank of America Corporation began coverage on Merit Medical Systems in a research note on Thursday, July 20th. They issued a “buy” rating and a $44.00 target price on the stock. Sidoti reissued a “buy” rating and issued a $46.00 target price (up previously from $41.00) on shares of Merit Medical Systems in a research note on Wednesday, June 28th. Wells Fargo & Company began coverage on Merit Medical Systems in a research note on Wednesday, April 5th. They issued an “outperform” rating and a $31.70 target price on the stock. BidaskClub raised Merit Medical Systems from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, June 27th. Finally, Canaccord Genuity reissued a “buy” rating and issued a $37.00 target price on shares of Merit Medical Systems in a research note on Friday, April 28th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $37.52.
In related news, insider Richard W. Edelman sold 20,000 shares of the stock in a transaction dated Friday, June 30th. The shares were sold at an average price of $37.62, for a total value of $752,400.00. Following the sale, the insider now directly owns 35,000 shares of the company’s stock, valued at approximately $1,316,700. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael E. Stillabower sold 17,110 shares of the stock in a transaction dated Friday, May 19th. The stock was sold at an average price of $33.71, for a total transaction of $576,778.10. Following the completion of the sale, the director now directly owns 52,778 shares in the company, valued at $1,779,146.38. The disclosure for this sale can be found here. Insiders sold a total of 82,944 shares of company stock worth $2,944,127 over the last three months. 5.60% of the stock is currently owned by corporate insiders.
About Merit Medical Systems
Merit Medical Systems, Inc is a manufacturer and marketer of disposable medical devices used in a range of interventional, diagnostic and therapeutic medical procedures. The Company operates in two segments: cardiovascular and endoscopy. The cardiovascular segment consists of cardiology and radiology devices, which assist in diagnosing and treating coronary arterial disease, peripheral vascular disease and other non-vascular diseases, and includes embolotherapeutic, cardiac rhythm management (CRM), electrophysiology (EP), and interventional oncology and spine devices.
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