Filing Flows › Merit Medical Systems (MMSI) › Q1 2026
Merit Medical Systems (MMSI) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 30, 2026
Merit Medical Systems (MMSI) reported revenue of $382M for the first quarter 2026 (Q1 2026), +7% from a year earlier and -3% from the quarter before. Operating margin was 11.6%, net earnings $41.0M (10.7% of revenue).
Merit Medical Systems, Q1 2026: revenue $382M (+8% year over year), operating margin 11.6%, net earnings $41.0M, operating cash flow $40.7M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $382M | -3% | +7% |
| Gross profit | $185M | -5% | +7% |
| Operating profit | $44.2M | -19% | +8% |
| Net earnings | $41.0M | +8% | +36% |
| Operating cash flow | $40.7M | -59% | +0.3% |
| Free cash flow | $24.7M | -67% | +26% |
What changed
Revenue was $381.9M in Q1 2026, up 7% year over year and down 3% from the previous quarter. Foundational was the largest line at 67% of revenue. Foundational added $15.1M year over year (up 6%), 57% of the total change.
Gross margin was 48.4%, unchanged from Q1 2025. Operating profit was $44.2M, a 11.6% margin (unchanged year over year). Of the extra revenue versus Q1 2025, 12% reached operating profit, above the 12% margin then. Operating expenses grew 7% against revenue growth of 7%. Net earnings were $41.0M, up 36% year over year. The effective tax rate was 23.4%.
Operating cash flow was $40.7M (roughly flat year over year), 99% of net earnings. Non-cash charges added back $30.5M of depreciation and amortization and $9.0M of share-based compensation. Working capital and other items used $39.8M. Capital expenditures of $16.0M left free cash flow of $24.7M.
Questions
What was Merit Medical Systems' revenue in the first quarter 2026?
Merit Medical Systems (MMSI) reported revenue of $382M for the first quarter 2026 (Q1 2026), +7% from a year earlier and -3% from the quarter before.
Was Merit Medical Systems profitable in the first quarter 2026?
Operating profit was $44.2M (11.6% of revenue) and net earnings $41.0M.