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ICU Medical vs Merit Medical Systems: ICUI and MMSI compared
ICU Medical is the larger company: $560M of revenue in its latest quarter (Q3 2026) against $416M for Merit Medical Systems (Q3 2026). Merit Medical Systems is growing faster (+8% against +4% a year earlier). Merit Medical Systems is more profitable, with an operating margin of 14.1% against 9.3%.
Where the money goes: ICUI and MMSI
ICU Medical (ICUI) · Q3 2026
ICU Medical, Q3 2026: revenue $560M (+4% year over year), operating margin 9.3%, net earnings $26.8M, operating cash flow $99.6M. The chart follows the revenue to costs, profit and cash.
Merit Medical Systems (MMSI) · Q3 2026
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 follows the revenue to costs, profit and cash.
| ICU Medical (ICUI) | Merit Medical Systems (MMSI) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $560M | $416M |
| Revenue growth, Y/Y | +4% | +8% |
| Gross margin | 41.9% | 48.2% |
| Operating margin | 9.3% | 14.1% |
| Net earnings | $26.8M | $42.3M |
| Net margin | 4.8% | 10.2% |
| Operating cash flow | $99.6M | $65.3M |
| Free cash flow | $83.4M | $52.9M |
| Market value | $4.3B | $5.3B |
| P/E | — | 32.7× |
| Analysts’ mean target | $193.38 | $107.00 |
Where the revenue comes from
ICU Medical
- Infusion Consumables: $298M (53%)
- Infusion Systems: $193M (34%)
- Vital Care: $69.5M (12%)
Merit Medical Systems
- Foundational: $276M (66%)
- Therapeutic: $141M (34%)
Questions
Which is bigger, ICU Medical or Merit Medical Systems?
ICU Medical is the larger company: $560M of revenue in its latest quarter (Q3 2026) against $416M for Merit Medical Systems (Q3 2026).
Is ICU Medical or Merit Medical Systems growing faster?
Merit Medical Systems is growing faster (+8% against +4% a year earlier).
Which is more profitable, ICU Medical or Merit Medical Systems?
Merit Medical Systems is more profitable, with an operating margin of 14.1% against 9.3%.
More: ICU Medical earnings · how ICU Medical makes money · Merit Medical Systems earnings · how Merit Medical Systems makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 5, 2026; 10-Q filed Oct 29, 2026). Fiscal quarters can end on different dates. Not investment advice.