Filing Flows › Merit Medical Systems (MMSI) › Q3 2025
Merit Medical Systems (MMSI) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
Merit Medical Systems (MMSI) reported revenue of $384M for the third quarter 2025 (Q3 2025), +13% from a year earlier and +0.4% from the quarter before. Operating margin was 11.1%, net earnings $27.8M (7.2% of revenue).
Merit Medical Systems, Q3 2025: revenue $384M (+13% year over year), operating margin 11.1%, net earnings $27.8M, operating cash flow $75.0M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $384M | +0.4% | +13% |
| Gross profit | $186M | +1% | +18% |
| Operating profit | $42.6M | -9% | +14% |
| Net earnings | $27.8M | -15% | -2% |
| Operating cash flow | $75.0M | -10% | +58% |
| Free cash flow | $52.5M | -24% | +38% |
What changed
Revenue was $384.2M in Q3 2025, up 13% year over year and roughly flat from the previous quarter. Cardiovascular was the largest line at 95% of revenue. Cardiovascular added $43.6M year over year (up 13%), 98% of the total change.
Gross margin was 48.5%, up 2.2 points from a year earlier. Operating profit was $42.6M, a 11.1% margin (up 0.1 points year over year). Of the extra revenue versus a year earlier, 12% reached operating profit, above the 11% margin then. Operating expenses grew 20% against revenue growth of 13%. The fastest-growing cost line was SG&A (+20%). Net earnings were $27.8M, down 2% year over year. The effective tax rate was 28.0%.
Operating cash flow was $75.0M (up 58% year over year), 270% of net earnings. Non-cash charges added back $31.3M of depreciation and amortization and $13.6M of share-based compensation. Capital expenditures of $22.4M left free cash flow of $52.5M.
Questions
What was Merit Medical Systems' revenue in the third quarter 2025?
Merit Medical Systems (MMSI) reported revenue of $384M for the third quarter 2025 (Q3 2025), +13% from a year earlier and +0.4% from the quarter before.
Was Merit Medical Systems profitable in the third quarter 2025?
Operating profit was $42.6M (11.1% of revenue) and net earnings $27.8M.