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Utah's Merit Medical posts record second quarter, six-month revenue

Published August 5, 2013 3:31 pm

This is an archived article that was published on sltrib.com in 2013, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

Merit Medical Systems Inc., a company that develops and manufacturers disposable catheters and other devices used in a variety of healthcare procedures, said it achieved record revenue for the second quarter and first half of its 2013 fiscal year.

The South Jordan-based Merit said its revenue for the quarter ended June 30 reached a record $109.9 million, an increase of 9 percent over the $100.5 million in revenue generated in the same period a year earlier. Revenue for the six-month period also ended June 30 were $213.8 million compared with $196.1 million for the corresponding period in 2012.

"The second quarter of 2013 was evidence of our plan for performance and profit improvement," Fred Lampropoulos, Merit's chairman and chief executive, said in a statement announcing the company's latest financial results.

Lampropoulos noted that during the second quarter Merit started up its new manufacturing facility and consolidated its former facility into its new South Jordan campus. "Although we anticipate that some ongoing expenses and startup costs will continue during the third quarter of 2013, we came in below cost estimates and five weeks ahead of our scheduled plan."

Due in part to the expenses associated with the move, Merit reported that its net income for the quarter was $3.8 million, or 9 cents per share, compared to $6.1 million, or 14 cents per share, for the same quarter of fiscal 2012. And for the six month period ended June 30, 2013, net income was $4.4 million, or 10 cents per share, compared with $11.8 million, or 28 cents per share, for the corresponding period a year earlier.