Filing Flows › Merit Medical Systems (MMSI) › How it makes money
How Merit Medical Systems (MMSI) makes money
Merit Medical Systems (MMSI) made $416M of revenue in the third quarter 2026 (Q3 2026), +8% from a year earlier. Foundational brought in $276M (66%); Therapeutic brought in $141M (34%). Of every dollar of revenue, 48¢ was left as gross profit, 14¢ was left as operating profit, 10¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Foundational | $276M | 66.2% | -1% | +4% |
| ↳ Access | $158M | 37.9% | -2% | +4% |
| ↳ Vascular Intervention | $35.8M | 8.6% | +4% | +8% |
| ↳ Cardiac Therapies | $27.5M | 6.6% | -3% | +8% |
| ↳ Procedural Solutions | $27.2M | 6.5% | -3% | -16% |
| ↳ Oncology | $27.1M | 6.5% | +5% | +16% |
| Therapeutic | $141M | 33.8% | +0.2% | +19% |
| ↳ OEM | $46.3M | 11.1% | -4% | +12% |
| ↳ Vascular Intervention | $42.4M | 10.2% | +2% | +20% |
| ↳ Endoscopy | $23.4M | 5.6% | -0.9% | +33% |
| ↳ Renal Therapies | $13.6M | 3.3% | +7% | -2% |
| ↳ OEM | $13.1M | 3.1% | +2% | +32% |
| ↳ Other | $2.0M | 0.5% | +62% | +808% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $416M | 100.0% |
| Cost of revenue | $216M | 51.8% |
| Gross profit | $201M | 48.2% |
| Operating expenses | $142M | 34.1% |
| Operating profit | $58.8M | 14.1% |
| Income tax | $13.5M | 3.2% |
| Net earnings | $42.3M | 10.2% |
| Operating cash flow | $65.3M | 15.7% |
| Free cash flow | $52.9M | 12.7% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $416M | +8% |
| Q2 2026 | $419M | +10% |
| Q1 2026 | $382M | +8% |
| Q4 2025 | $394M | +11% |
| Q3 2025 | $384M | +13% |
| Q2 2025 | $382M | +13% |
| Q1 2025 | $355M | +10% |
From Merit Medical Systems' 10-Q filed Oct 29, 2026 (on EDGAR).
Questions
How does Merit Medical Systems make money?
Merit Medical Systems (MMSI) made $416M of revenue in the third quarter 2026 (Q3 2026), +8% from a year earlier. Foundational brought in $276M (66%); Therapeutic brought in $141M (34%). Of every dollar of revenue, 48¢ was left as gross profit, 14¢ was left as operating profit, 10¢ was left as net earnings.
What is Merit Medical Systems' biggest business?
Foundational: $276M in the third quarter 2026, 66% of revenue, +4% from a year earlier.
What is Merit Medical Systems' profit margin?
Net earnings were $42.3M, 10.2% of revenue, in the third quarter 2026; the operating margin was 14.1%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.