# Merit Medical Systems, Inc. (MMSI)

> Source: Nexqual · https://nexqual.com/MMSI · data as of 2026-10-23 14:57 UTC · cite as "Nexqual, Merit Medical Systems, Inc. (MMSI), nexqual.com/MMSI" · informational, not investment advice.

**Price:** USD 93.06 (-0.94% today) · US market open, as of October 23, 2026 at 14:57 UTC; quotes may be delayed. Prev close 93.94 · day 92.83–93.87 · 52w 59.74–94.75 · market cap $5.56B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.58B, net income $146M (9.2% margin), free cash flow $203M (SEC filings).
- Valuation: P/E 38.2x (avg 45.4x at the last 3 fiscal year-ends), EV/EBITDA 17.9x, net debt $288M.
- 1 of 80 tracked superinvestors hold MMSI (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $2.8M; 3 not under a Rule 10b5-1 plan ($2.8M); 2 by opportunistic insiders (2 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 5 Form 4 filings, $573K; 0 by opportunistic insiders, 1 by routine insiders.
- Total return with dividends: 1Y +11.7% vs S&P 500 +14.5%; 5Y +38.4% vs S&P 500 +77.2%.
- Next earnings: 2026-10-29, EPS estimate USD 1.03, revenue estimate $410M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.07B | $1.15B | $1.26B | $1.36B | $1.52B | $1.58B |
| Gross profit | $485M | $519M | $584M | $643M | $738M | — |
| Operating income | $60.9M | $87.6M | $124M | $156M | $185M | $201M |
| Net income | $48.5M | $74.5M | $94.4M | $120M | $128M | $146M |
| EPS (diluted) | $0.84 | $1.29 | $1.62 | $2.03 | $2.13 | — |
| Free cash flow | $119M | $69.3M | $111M | $186M | $216M | $203M |
| Gross margin | 45.2% | 45.1% | 46.4% | 47.4% | 48.7% | — |
| Operating margin | 5.7% | 7.6% | 9.9% | 11.5% | 12.2% | 12.8% |
| Net margin | 4.5% | 6.5% | 7.5% | 8.9% | 8.5% | 9.2% |
| Revenue growth | +11.5% | +7.1% | +9.2% | +7.9% | +11.8% | — |
| Cash + short-term investments | $67.8M | $58.4M | $587M | $377M | $446M | — |
| Total debt | $243M | $198M | $823M | $730M | $734M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 38.2x · P/S 3.5x · EV/EBITDA 17.9x · EV/Sales 3.7x · P/FCF 27.3x · P/B 3.3x · FCF yield 3.66% · Earnings yield 2.62% · Net debt $288M · EV $5.84B
P/E at fiscal year-ends: Dec 2025 41.5x, Dec 2024 47.7x, Dec 2023 47.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold MMSI. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Lee Ainslie | Maverick Capital | 0.61% | $67.9M | Added +37.0% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-24 | Peterson Neil W. | CHIEF OPERATING OFFICER | 7,500 | $678K | 29.4% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-04 | Peterson Neil W. | CHIEF OPERATING OFFICER | 21,449 | $1.8M | 45.6% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-07 | Ward Lynne N. | Director | 5,000 | $313K | 39% | No | Too little history (no open-market trades in 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
5 purchases, $573K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-11 | Smith Christian Adam | Chief Commercial Officer | 1,626 | $99K | 61 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-07 | Lloyd Brian G. | CHIEF LEGAL OFFICER, SECRETARY | 2,000 | $125K | 62.63 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-06 | Aronson Martha Goldberg | President and CEO | 2,000 | $121K | 60.44 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-06 | Parra Raul Jr. | CFO AND TREASURER | 1,500 | $92K | 61.01 | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
| 2026-05-05 | Voigt Michel J. | CHIEF HUMAN RESOURCES OFFICER | 2,250 | $136K | 60.65 | Too little history (no open-market trades in 2024) |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-29 | Needham | Reiterated | Buy | $101 |
| 2026-08-13 | B of A Securities | Target raised | Neutral | $92 → $97 |
| 2026-08-11 | BTIG | Reiterated | Buy | $105 |
| 2026-08-03 | Canaccord Genuity | Target raised | Buy | $85 → $94 |
| 2026-07-31 | JP Morgan | Target raised | Overweight | $77 → $95 |
| 2026-07-31 | Piper Sandler | Target raised | Overweight | $96 → $106 |
| 2026-07-31 | Wells Fargo | Target raised | Equal-Weight | $74 → $83 |
| 2026-07-31 | Needham | Target raised | Buy | $90 → $101 |
| 2026-07-31 | BTIG | Target raised | Buy | $100 → $105 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +11.7% | +38.4% |
| S&P 500 (SPY) | +14.5% | +77.2% |
| Per year | +11.7% | +6.7% |
| Volatility (annualized) | 29.7% | 26.9% |
| Max drawdown | -35.3% (Jan 2026→May 2026) | -43.9% (Feb 2025→May 2026) |

## Peers (Medical Instruments & Supplies)
TFX (Teleflex Incorporated) USD 136.23 -0.26% · STVN (Stevanato Group S.p.A.) USD 19.7 +1.00% · MMED (MiniMed Group, Inc.) USD 18.11 -0.98% · BLCO (Bausch + Lomb Corporation) USD 17.32 -0.63% · ICUI (ICU Medical, Inc.) USD 166.37 -1.16% · ATR (AptarGroup, Inc.) USD 126.88 -0.95%

## More
Full page: https://nexqual.com/MMSI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in MMSI's own 10-K filed 2026-02-24 (https://www.sec.gov/Archives/edgar/data/856982/000085698226000008/mmsi-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Biolife Delaware | "We are amortizing the Biolife developed technology intangible assets over 12 years, the trademark intangible assets over 12 years, and the customer list intangible asset on an accelerated basis over 12 years." |
| Customer | ANGIODYNAMICS INC (ANGO) | "We are amortizing the AngioDynamics developed technology intangible assets over ten years, the trademark intangible assets over 11 years, and the customer list intangible asset on an accelerated basis over ten years." |
| Customer | Merit and Cook Medical Holdings | "We are amortizing Cook developed technology intangible assets over ten years, the trademark intangible assets over 12 years, and the customer list intangible asset on an accelerated basis over 12 years." |
| Customer | EndoGastric Solutions | "We are amortizing the EGS developed technology intangible assets over ten years, the trademark intangible assets over 11 years, and the customer list intangible asset on an accelerated basis over 11 years." |
| Partner | Pentax of America | "Cash outflows invested in acquisitions for the year ended December 31, 2025 were $144.8 million and were primarily related to payments required by our merger agreement with Biolife LLC ($120.0 million) and our asset purc…" |
| Partner | Scholten Surgical Instruments | "On March 8, 2024, we entered into an asset purchase agreement with Scholten Surgical Instruments, Inc. ("SSI") to acquire the assets associated with the Bioptome™, Novatome®, and Sensatome™ devices." |
| Partner | Medical | "As a former shareholder of Cianna Medical, a former Merit director was eligible for payments for the achievement of sales milestones specified in our merger agreement with Cianna Medical completed in 2018." |
| Competitor | Johnson & Johnson (JNJ) | "Our primary competitors in our spine market are Medtronic, Stryker Corporation, and Johnson & Johnson." |

Other companies that name MMSI in their own reports (relationship from MMSI's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | ANGIODYNAMICS INC (ANGO) | 10-K 2026-07-14 | "The Company and Merit entered into various agreements to facilitate the transition of the divested businesses to Merit, including a Transition Services Agreement and Contract Manufacturing Agreement." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Foundational | $281.0M | 67.1% | +7.1% |
| Foundational Access | $161.8M | 38.6% | +6.4% |
| Therapeutic | $137.9M | 32.9% | +14.8% |
| Foundational Original Equipment Manufacturer | $48.3M | 11.5% | +11.8% |
| Foundational Vascular Intervention | $41.7M | 9.9% | +19.2% |
| Therapeutic Vascular Intervention | $34.4M | 8.2% | +6.8% |
| Therapeutic Cardiac Therapies | $28.5M | 6.8% | +24.3% |
| Foundational Procedural Solutions | $27.9M | 6.7% | -11.9% |
| Therapeutic Oncology | $25.8M | 6.2% | +7.6% |
| Therapeutic Endoscopy | $23.6M | 5.6% | +28.5% |
| Therapeutic Original Equipment Manufacturer | $12.8M | 3.1% | +31.5% |
| Therapeutic Renal Therapies | $12.7M | 3.0% | -0.8% |
| Product & Service Other | $1.2M | 0.3% | +257.2% |
| Total revenue | $418.8M | 100% | — |
The lines above cover 200% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $252.1M | 60.2% | +11.0% |
| Non Us | $166.8M | 39.8% | +7.3% |
| Total revenue | $418.8M | 100% | — |

## Company outlook (8-K filed 2026-07-30)

- "(2) "Prior Guidance" reflects Merit's full-year 2026 financial guidance, previously introduced on April 30, 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.03 | $1.02 | +1.5% | $410.4M | 10 |
| Next quarter (ends 2026-12-31) | $1.14 | $1.15 | -1.2% | $425.0M | 10 |
| Current fiscal year (ends 2026-12-31) | $4.30 | $4.07 | +5.6% | $1.64B | 10 |
| Next fiscal year (ends 2027-12-31) | $4.61 | $4.40 | +4.8% | $1.74B | 10 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-29): ±8.1%; last 8 reports averaged ±4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 35.5% | ±8.1% |
| 2026-12-18 | 56 | 30.4% | ±9.6% |
| 2027-01-15 | 84 | 30.3% | ±11.7% |
| 2027-04-16 | 175 | 30.4% | ±16.8% |