MMSI on Nasdaq
MERIT MEDICAL SYSTEMS INC
American surgical and medical instruments and apparatus company.
Price unavailable
Last updated Oct 18, 2026.
Overview
Compare with INTEGRA LIFESCIENCES HOLDINGS CORP, Penumbra or Haemonetics, or pick any stock.
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
48.7%Gross margin3
12.2%Operating margin3
8.5%Net margin3
11.8%Revenue growth, 20253
8.1%Return on equity3
0.46×Debt to equity3
$215.7MFree cash flow3
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Business segments
Cardiovascular brought in 95% of the revenue MERIT MEDICAL SYSTEMS INC broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Cardiovascular | $1.2B | $1.3B | $1.4B |
| Endoscopy | $36.8M | $54.8M | $72.9M |
Regions
United States brought in 60% of the revenue MERIT MEDICAL SYSTEMS INC broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| United States | $727.0M | $800.8M | $909.5M |
| Outside the United States | $530.4M | $555.7M | $606.4M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue51¢$777.6M
- Selling, general and admin30¢$455.2M
- Other costs7¢$112.1M
- Income tax3¢$42.4M
- Profit8¢$128.5M
Out of $1.5B in revenue.3
Where each dollar of operating cash went, fiscal 2025
- Capital spending27¢$81.7M
- Kept or used elsewhere73¢$215.7M
Out of $297.4M of cash from operations.3
Financial statements
Every line of the income statement in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net sales | $1.5B | $1.4B | $1.3B |
| Cost of sales | $777.6M | $713.2M | $673.5M |
| Gross profit | $738.3M | $643.3M | $583.9M |
| Selling, general and administrative | $455.2M | $399.7M | $373.7M |
| Research and development | $97.4M | $87.5M | $82.7M |
| Impairment charges | $270.0K | ||
| Contingent consideration expense | $984.0K | $443.0K | $1.7M |
| Acquired in-process research and development | $1.6M | ||
| Total operating expenses | $553.5M | $487.6M | $459.9M |
| Income from operations | $184.7M | $155.7M | $123.9M |
| Interest income | $15.1M | $26.2M | $2.5M |
| Interest expense | -$26.5M | -$31.2M | -$15.5M |
| Other (expense) income - net | -$2.4M | -$711.0K | $1.2M |
| Total other expense - net | -$13.8M | -$5.7M | -$11.9M |
| Income before income taxes | $170.9M | $150.0M | $112.1M |
| Income tax expense | $42.4M | $29.6M | $17.7M |
| Net income | $128.5M | $120.4M | $94.4M |
| Basic (in dollars per share) | $2.17 | $2.07 | $1.64 |
| Diluted (in dollars per share) | $2.13 | $2.03 | $1.62 |
| Basic (in shares) | 59.2M shares | 58.2M shares | 57.6M shares |
| Diluted (in shares) | 60.5M shares | 59.4M shares | 58.4M shares |
Every line of the balance sheet in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $446.4M | $376.7M | $587.0M |
| Trade receivables - net of allowance for credit losses - 2025 - $10,136 and 2024 - $9,729 | $203.7M | $190.2M | |
| Other receivables | $17.8M | $16.6M | |
| Inventories | $333.7M | $306.1M | |
| Prepaid expenses and other current assets | $31.5M | $28.5M | |
| Prepaid income taxes | $4.9M | $3.3M | |
| Income tax refund receivables | $2.1M | $2.3M | |
| Total current assets | $1.0B | $923.8M | |
| Land and land improvements | $30.5M | $25.8M | |
| Buildings | $200.0M | $192.3M | |
| Manufacturing equipment | $365.3M | $340.9M | |
| Furniture and fixtures | $60.9M | $61.3M | |
| Leasehold improvements | $65.2M | $58.8M | |
| Construction-in-progress | $82.9M | $58.7M | |
| Total property and equipment | $804.8M | $737.8M | |
| Less accumulated depreciation | -$376.4M | -$351.6M | |
| Property and equipment - net | $428.4M | $386.2M | $383.5M |
| Goodwill | $506.8M | $463.5M | $382.2M |
| Deferred income tax assets | $7.0M | $16.0M | |
| Right-of-use operating lease assets | $87.6M | $65.5M | |
| Other assets | $78.2M | $65.3M | |
| Total other assets | $1.2B | $1.1B | |
| Total assets | $2.7B | $2.4B | |
| Trade payables | $60.6M | $68.5M | |
| Accrued expenses | $159.5M | $134.1M | |
| Short-term operating lease liabilities | $10.9M | $10.3M | |
| Income taxes payable | $8.9M | $3.5M | |
| Total current liabilities | $239.8M | $216.4M | |
| Long-term debt | $734.0M | $729.6M | |
| Deferred income tax liabilities | $19.7M | $240.0K | |
| Liabilities related to unrecognized tax benefits | $2.2M | $2.1M | |
| Deferred compensation payable | $17.5M | $19.2M | |
| Deferred credits | $1.4M | $1.5M | |
| Long-term operating lease liabilities | $76.7M | $54.8M | |
| Other long-term obligations | $10.3M | $15.5M | |
| Total liabilities | $1.1B | $1.0B | |
| Preferred stock - 5,000 shares authorized; no shares issued as of December 31, 2025 and December 31, 2024 | $0 | $0 | |
| Common stock, no par value - 100,000 shares authorized; issued and outstanding as of December 31, 2025 - 59,424 and December 31, 2024 - 58,743 | $763.9M | $703.2M | |
| Retained earnings | $824.0M | $695.5M | |
| Accumulated other comprehensive loss | -$3.6M | -$19.4M | |
| Total stockholders' equity | $1.6B | $1.4B | $1.2B |
| Total liabilities and stockholders' equity | $2.7B | $2.4B | |
| Trade receivables, allowances | $10.1M | $9.7M | |
| Preferred stock shares authorized (in shares) | 5.0M shares | 5.0M shares | |
| Preferred stock shares issued (in shares) | 0 shares | 0 shares | |
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | |
| Common stock shares authorized (in shares) | 100.0M shares | 100.0M shares | |
| Common stock shares issued (in shares) | 59.4M shares | 58.7M shares | |
| Common stock shares outstanding (in shares) | 59.4M shares | 58.7M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net Income (Loss) | $128.5M | $120.4M | $94.4M |
| Depreciation and amortization | $123.2M | $102.7M | $90.0M |
| Gain on disposition of business | -$249.0K | -$431.0K | |
| Loss on sale or abandonment of property and equipment | $2.3M | $1.5M | $5.8M |
| Write-off of certain intangible assets and other long-term assets | $313.0K | $456.0K | $506.0K |
| Acquired in-process research and development | $1.6M | ||
| Amortization of right-of-use operating lease assets | $11.5M | $12.0M | $11.3M |
| Fair value adjustments related to contingent consideration liabilities | $984.0K | $443.0K | $1.7M |
| Amortization of deferred credits | -$103.0K | -$103.0K | -$104.0K |
| Amortization and write-off of long-term debt issuance costs | $5.7M | $6.8M | $1.7M |
| Deferred income taxes | $5.2M | -$14.9M | -$12.6M |
| Stock-based compensation expense | $43.5M | $28.5M | $21.3M |
| Trade receivables | -$7.3M | -$13.7M | -$11.9M |
| Other receivables | $4.4M | -$6.5M | $2.4M |
| Inventories | -$21.6M | -$2.3M | -$32.1M |
| Prepaid expenses and other current assets | -$2.5M | -$4.3M | $1.3M |
| Prepaid income taxes | -$1.6M | $709.0K | -$92.0K |
| Income tax refund receivables | $246.0K | -$1.5M | -$58.0K |
| Other assets | -$1.7M | -$6.1M | -$6.0M |
| Trade payables | $1.0M | -$2.3M | -$7.3M |
| Accrued expenses | $14.3M | $9.7M | -$2.5M |
| Income taxes payable | $5.2M | -$1.8M | -$1.7M |
| Liabilities related to unrecognized tax benefits | $80.0K | $206.0K | |
| Deferred compensation payable | -$1.7M | $2.0M | $1.9M |
| Operating lease liabilities | -$11.2M | -$12.2M | -$11.5M |
| Other long-term obligations | -$947.0K | $1.0M | -$2.5M |
| Total adjustments | $168.9M | $100.4M | $50.7M |
| Net cash, cash equivalents, and restricted cash provided by operating activities | $297.4M | $220.8M | $145.2M |
| Property and equipment | -$81.7M | -$35.1M | -$34.3M |
| Intangible assets | -$3.1M | -$2.9M | -$2.4M |
| Proceeds from asset and business dispositions | $303.0K | $5.0K | $632.0K |
| Cash paid for notes receivable and other investments | -$18.1M | -$10.4M | -$4.8M |
| Cash paid in acquisitions, net of cash acquired | -$144.8M | -$320.2M | -$134.5M |
| Net cash, cash equivalents, and restricted cash used in investing activities | -$247.4M | -$368.7M | -$175.3M |
| Proceeds from issuance of common stock | $28.2M | $40.9M | $15.6M |
| Proceeds from issuance of long-term debt | $1.2B | ||
| Payments on long-term debt | -$99.1M | -$579.6M | |
| Purchase of capped call option | -$66.5M | ||
| Long-term debt issuance costs | -$677.0K | ||
| Contingent payments related to acquisitions | -$2.7M | -$261.0K | -$3.6M |
| Payment of taxes related to an exchange of common stock | -$9.5M | -$1.6M | -$5.1M |
| Net cash, cash equivalents, and restricted cash provided by (used in) financing activities | $16.0M | -$60.0M | $559.3M |
| Effect of exchange rates on cash, cash equivalents, and restricted cash | $3.8M | -$2.5M | -$484.0K |
| Net increase (decrease) in cash, cash equivalents and restricted cash | $69.8M | -$210.4M | $528.6M |
| Interest (net of capitalized interest of $1,398, $1,005 and $1,272, respectively) | $21.0M | $23.2M | $14.1M |
| Income taxes | $31.4M | $45.0M | $31.5M |
| Property and equipment purchases in accounts payable | $3.1M | $13.2M | $8.3M |
| Acquisition purchases in accrued expenses and other long-term obligations | $3.9M | $5.0M | $3.7M |
| Merit common stock surrendered (118, 0 and 86 shares, respectively) in exchange for exercise of stock options | $10.9M | $5.8M | |
| Right-of-use operating lease assets obtained in exchange for operating lease liabilities | $32.7M | $9.9M | $8.9M |
| Net capitalized interest | $1.4M | $1.0M | $1.3M |
| Common stock surrendered in exchange for exercise of stock options (in shares) | 118.0K shares | 0 shares | 86.0K shares |
Leadership
Who has led MERIT MEDICAL SYSTEMS INC, and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
2010201520202025
- Chief executive officerMartha Goldberg Aronson Oct 7, 2025 to now11
- Chief executive officerFred P. Lampropoulos Jan 20, 2006 to Oct 7, 202512
- ChairFred P. Lampropoulos Nov 20, 2025 to now13
- PresidentMartha Goldberg Aronson Oct 7, 2025 to now11
- PresidentJustin J. Lampropoulos Mar 2, 2021 to Mar 23, 202114
- PresidentFred P. Lampropoulos Jan 20, 2006 to Mar 2, 202112
- Chief financial officerRaul Parra Jr. Jun 7, 2018 to now15
- Chief financial officerBernard Birkett Nov 16, 2015 to Mar 6, 201816
- Chief financial officerKent W. Stanger Jan 20, 2006 to Mar 3, 201617
- Chief operating officerRonald Frost Jan 9, 2014 to Aug 12, 202218
- Chief operating officerB. Leigh Weintraub Jan 20, 2006 to Nov 30, 200619
- Chief operating officerArlin D. Nelson Dec 12, 2006 to Aug 2, 201320
Board members and other officers (24)
- EVP of Global OperationsSheri Lewis Sep 1, 2026 to now21
- Chief Strategy & Innovation O.Robert Fredericks Jun 2, 2022 to Jun 2, 202222
- Chief Human Resources OfficerMichel James Voigt Dec 21, 2020 to now23
- EXEC. V.P. MKTG & STRATEGYJustin J. Lampropoulos Jun 1, 2015 to Feb 28, 202024
- Chief Accounting OfficerGreg L. Barnett Jan 20, 2006 to Aug 3, 201525
- VP of SalesMartin R. Stephens Jan 20, 2006 to Feb 18, 201526
- Board memberMartha Goldberg Aronson Oct 7, 2025 to now11
- Board memberSilvia Perez May 20, 2024 to now27
- Board memberLaura S. Kaiser May 26, 2022 to now28
- Board memberMichael R. McDonnell May 26, 2022 to now29
- Board memberDavid Floyd Jun 24, 2020 to now30
- Board memberLonny J. Carpenter Jun 24, 2020 to now31
- Board memberElizabeth Huebner Jan 10, 2019 to Jan 10, 201932
- Board memberJill Anderson Jan 10, 2019 to Sep 13, 202133
- Board memberLynne Ward Aug 22, 2019 to now34
- Board memberThomas James Gunderson Jun 1, 2017 to now35
- Board memberF. Ann Millner Jul 27, 2015 to now36
- Board memberNolan E. Karras Nov 15, 2011 to May 29, 202037
- Board memberFred P. Lampropoulos Jan 20, 2006 to now12
- Board memberKent W. Stanger Jan 20, 2006 to Jan 23, 202017
- Board memberRex C. Bean Feb 14, 2006 to Jun 6, 201338
- Board memberMichael E. Stillabower Jun 21, 2006 to Aug 6, 201939
- Board memberRichard W. Edelman Jun 21, 2006 to May 26, 201740
- General counselRashelle Perry Jan 20, 2006 to Dec 2, 201541
Timeline
Recent filings
- Sep 9, 20264
- Sep 1, 20263
- Aug 25, 20264
- Aug 25, 20264
- Aug 24, 2026144
- Aug 20, 20268-K
- Aug 5, 20264
- Aug 4, 2026144
- Jul 30, 20268-K
- Jul 30, 202610-Q
- Jun 29, 2026S-8
- Jun 26, 202611-K
- Jun 17, 20264
- Jun 8, 20264
- May 29, 2026SD
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- 12
- 13SEC EDGARFred P. Lampropoulos, Chair
- 14SEC EDGARJustin J. Lampropoulos, President
- 15
- 16
- 17
- 18
- 19
- 20
- 21
- 22
- 23
- 24
- 25
- 26SEC EDGARMartin R. Stephens, VP of Sales
- 27SEC EDGARSilvia Perez, Board member
- 28SEC EDGARLaura S. Kaiser, Board member
- 29SEC EDGARMichael R. McDonnell, Board member
- 30SEC EDGARDavid Floyd, Board member
- 31SEC EDGARLonny J. Carpenter, Board member
- 32SEC EDGARElizabeth Huebner, Board member
- 33SEC EDGARJill Anderson, Board member
- 34SEC EDGARLynne Ward, Board member
- 35SEC EDGARThomas James Gunderson, Board member
- 36SEC EDGARF. Ann Millner, Board member
- 37SEC EDGARNolan E. Karras, Board member
- 38SEC EDGARRex C. Bean, Board member
- 39SEC EDGARMichael E. Stillabower, Board member
- 40SEC EDGARRichard W. Edelman, Board member
- 41SEC EDGARRashelle Perry, General counsel
- 42