Filing Flows › Merit Medical Systems (MMSI) › Q1 2025
Merit Medical Systems (MMSI) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 24, 2025
Merit Medical Systems (MMSI) reported revenue of $355M for the first quarter 2025 (Q1 2025), +10% from a year earlier and +0.1% from the quarter before. Operating margin was 11.5%, net earnings $30.1M (8.5% of revenue).
Merit Medical Systems, Q1 2025: revenue $355M (+10% year over year), operating margin 11.5%, net earnings $30.1M, operating cash flow $40.6M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $355M | +0.1% | +10% |
| Gross profit | $172M | -0.6% | +13% |
| Operating profit | $41.0M | +12% | +14% |
| Net earnings | $30.1M | +8% | +7% |
| Operating cash flow | $40.6M | -41% | +12% |
| Free cash flow | $19.5M | -70% | -20% |
What changed
Revenue was $355.4M in Q1 2025, up 10% year over year and roughly flat from the previous quarter. Cardiovascular was the largest line at 95% of revenue. Cardiovascular added $25.3M year over year (up 8%), 80% of the total change.
Gross margin was 48.4%, up 1.5 points from a year earlier. Operating profit was $41.0M, a 11.5% margin (up 0.4 points year over year). Of the extra revenue versus a year earlier, 16% reached operating profit, above the 11% margin then. Operating expenses grew 13% against revenue growth of 10%. The fastest-growing cost line was SG&A (+14%). Net earnings were $30.1M, up 7% year over year. The effective tax rate was 20.6%.
Operating cash flow was $40.6M (up 12% year over year), 135% of net earnings. Non-cash charges added back $29.3M of depreciation and amortization and $9.1M of share-based compensation. Working capital and other items used $27.9M. Capital expenditures of $21.1M left free cash flow of $19.5M.
Questions
What was Merit Medical Systems' revenue in the first quarter 2025?
Merit Medical Systems (MMSI) reported revenue of $355M for the first quarter 2025 (Q1 2025), +10% from a year earlier and +0.1% from the quarter before.
Was Merit Medical Systems profitable in the first quarter 2025?
Operating profit was $41.0M (11.5% of revenue) and net earnings $30.1M.