Filing Flows › Merit Medical Systems (MMSI) › Q2 2025
Merit Medical Systems (MMSI) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 30, 2025
Merit Medical Systems (MMSI) reported revenue of $382M for the second quarter 2025 (Q2 2025), +13% from a year earlier and +8% from the quarter before. Operating margin was 12.3%, net earnings $32.6M (8.5% of revenue).
Merit Medical Systems, Q2 2025: revenue $382M (+13% year over year), operating margin 12.3%, net earnings $32.6M, operating cash flow $83.3M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $382M | +8% | +13% |
| Gross profit | $184M | +7% | +15% |
| Operating profit | $46.9M | +14% | +2% |
| Net earnings | $32.6M | +8% | -9% |
| Operating cash flow | $83.3M | +105% | +22% |
| Free cash flow | $69.6M | +256% | +20% |
What changed
Revenue was $382.5M in Q2 2025, up 13% year over year and up 8% from the previous quarter. Cardiovascular was the largest line at 95% of revenue. Cardiovascular added $36.2M year over year (up 11%), 81% of the total change.
Gross margin was 48.2%, up 0.6 points from a year earlier. Operating profit was $46.9M, a 12.3% margin (down 1.3 points year over year). Of the extra revenue versus a year earlier, 2% reached operating profit, below the 14% margin then. Operating expenses grew 19% against revenue growth of 13%. The fastest-growing cost line was Research & development (+20%). Net earnings were $32.6M, down 9% year over year. The effective tax rate was 24.9%.
Operating cash flow was $83.3M (up 22% year over year), 256% of net earnings. Non-cash charges added back $31.0M of depreciation and amortization and $10.9M of share-based compensation. Working capital and other items added $8.9M. Capital expenditures of $13.8M left free cash flow of $69.6M.
Questions
What was Merit Medical Systems' revenue in the second quarter 2025?
Merit Medical Systems (MMSI) reported revenue of $382M for the second quarter 2025 (Q2 2025), +13% from a year earlier and +8% from the quarter before.
Was Merit Medical Systems profitable in the second quarter 2025?
Operating profit was $46.9M (12.3% of revenue) and net earnings $32.6M.