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Merit Medical posts higher Q3 revenue, record earnings

Published October 26, 2012 10:16 am

This is an archived article that was published on sltrib.com in 2012, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

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.