Merit Medical Systems, Inc. reported significant financial performance improvements for the three and nine-month periods ended September 30, 2024, compared to the same periods in 2023. Net sales for Q3 2024 reached $339.8 million, a 7.8% increase from $315.2 million in Q3 2023. For the nine-month period, sales totaled $1,001.4 million, up 7.3% from $932.9 million in the prior year. The growth was driven by strong demand in the U.S. and favorable trends in the EMEA and APAC regions, despite a slight negative impact from foreign currency fluctuations.
The Cardiovascular segment contributed significantly to this growth, with Q3 2024 sales of $322.9 million, up from $306.1 million in Q3 2023. The Peripheral Intervention product line saw a notable increase of 7.4%, while Endoscopy sales surged by 85.8% in Q3 2024, bolstered by the recent acquisition of the EsophyX® Z+ device, which generated $6.8 million in sales.
Gross profit margins improved, with Q3 2024 gross profit as a percentage of sales at 46.4%, up from 45.1% in Q3 2023. Net income for Q3 2024 was $28.4 million, or $0.48 per share, compared to $25.8 million, or $0.44 per share, in Q3 2023. For the nine-month period, net income rose to $92.4 million, or $1.57 per share, from $66.8 million, or $1.14 per share, in the previous year.
The company’s operating income also showed improvement, with Q3 2024 income from operations at $37.3 million, compared to $35.1 million in Q3 2023. The Cardiovascular segment's operating income increased to $37.6 million from $32.6 million year-over-year.
Merit Medical made strategic acquisitions, including the $105 million purchase of the EsophyX® Z+ device from EndoGastric Solutions, which contributed to both revenue and goodwill, now totaling $399.4 million as of September 30, 2024. The company also entered into an asset purchase agreement with Cook Medical Holdings for approximately $210 million, expected to close in Q4 2024.
On the balance sheet, total assets increased to $2.38 billion, up from $2.33 billion at the end of 2023. Current assets decreased slightly to $1.08 billion, while cash and cash equivalents fell to $523.1 million from $587.0 million. Long-term debt decreased to $750.5 million from $823.0 million, reflecting improved financial leverage.
Overall, Merit Medical's performance in 2024 reflects a robust growth trajectory, driven by strategic acquisitions and strong sales across its product segments.
About MERIT MEDICAL SYSTEMS INC
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