Merit Medical posts higher Q3 revenue, record earnings
Merit Medical Systems, a Utah-based maker of disposable medical products, reported its third-quarter revenue increased 6 percent over the same quarter in 2011 and reached $95.9 million.
Net income for the third quarter was a record $7.2 million, or 17 cents per share, compared with $4.6 million, or 11 cents per share, for the third quarter a year ago.
"We experienced our typical summer slowdown in the third quarter, due to a lower number of procedures and the annual European summer holiday season," Fred P. Lampropoulos, Merit's chairman and CEO said in a statement announcing the company's financial results.
Revenue for the nine-month period ended Sept. 30 was a record $292.1 million compared with $268.4 million for the comparable nine-month period in 2011, an increase of 9 percent.
Net income for the nine-month period was a record $19.1 million, compared with $18.1 million in the corresponding period of 2011.
Lampropoulos went on to indicate the company continues to expect growth for the year to be within its previously expected range of 9 percent to 12 percent.