Filing Flows › Merit Medical Systems (MMSI) › Q3 2026 › vs Q3 2025
Merit Medical Systems (MMSI) Q3 2026 vs Q3 2025 (year over year)
Merit Medical Systems's revenue rose $32.1M (+8%) from $384M in Q3 2025 to $416M in Q3 2026. The biggest changes: Therapeutic +$22.2M (+19%); Foundational +$9.9M (+4%). Gross margin 48.2% against 48.5% (-0.3 pts).
Merit Medical Systems, Q3 2026: revenue $416M (+8% year over year), operating margin 14.1%, net earnings $42.3M, operating cash flow $65.3M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 48.2% | 48.5% | -0.3 pts |
| Operating margin | 14.1% | 11.1% | +3.0 pts |
| Net margin | 10.2% | 7.2% | +2.9 pts |
| Free cash flow margin | 12.7% | 13.7% | -1.0 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Access | $158M | $152M | $6.4M | +4% |
| OEM | $46.3M | $41.5M | $4.8M | +12% |
| Vascular Intervention | $42.4M | $35.4M | $7.0M | +20% |
| Vascular Intervention | $35.8M | $33.1M | $2.7M | +8% |
| Cardiac Therapies | $27.5M | $25.5M | $2.0M | +8% |
| Procedural Solutions | $27.2M | $32.3M | −$5.1M | -16% |
| Oncology | $27.1M | $23.3M | $3.8M | +16% |
| Endoscopy | $23.4M | $17.6M | $5.8M | +33% |
| Renal Therapies | $13.6M | $13.8M | −$258K | -2% |
| OEM | $13.1M | $10.0M | $3.1M | +32% |
| Other | $2.0M | $221K | $1.8M | +808% |
| Foundational | $276M | $266M | $9.9M | +4% |
| Therapeutic | $141M | $119M | $22.2M | +19% |
| Revenue | $416M | $384M | $32.1M | +8% |
| Gross profit | $201M | $186M | $14.2M | +8% |
| Cost of revenue | $216M | $198M | $17.9M | +9% |
| Operating profit | $58.8M | $42.6M | $16.2M | +38% |
| Operating expenses | $142M | $144M | −$1.9M | -1% |
| Pre-tax earnings | $55.8M | $38.5M | $17.2M | +45% |
| Other expense, net | $3.0M | $4.1M | −$1.1M | -27% |
| Research & development | $22.4M | $24.0M | −$1.6M | -7% |
| SG&A | $120M | $120M | −$290K | -0.2% |
| Net earnings | $42.3M | $27.8M | $14.6M | +52% |
| Income tax | $13.5M | $10.8M | $2.7M | +25% |
| Depreciation & amortization | $31.9M | $31.3M | $600K | +2% |
| Share-based compensation | $13.6M | $13.6M | $9K | +0.1% |
| Working capital & other | $22.6M | −$2.3M | $24.9M | — |
| Operating cash flow | $65.3M | $75.0M | −$9.7M | -13% |
| Free cash flow (OCF − capex) | $52.9M | $52.5M | $385K | +0.7% |
| Capital expenditures | $12.3M | $22.4M | −$10.1M | -45% |
Questions
How much did Merit Medical Systems's revenue grow year over year in Q3 2026?
Merit Medical Systems's revenue rose $32.1M (+8%) from $384M in Q3 2025 to $416M in Q3 2026.
What drove Merit Medical Systems's revenue change in Q3 2026?
Therapeutic +$22.2M (+19%); Foundational +$9.9M (+4%).