The strong results and positive guidance suggest Merit Medical is executing well on its growth strategy. Traders should monitor the company's ability to maintain margin expansion and revenue growth, particularly in the endoscopy segment. The 6-8% revenue growth guidance for 2026 provides a clear target to evaluate future performance against.
Price Chart
Executive Summary
Merit Medical reported strong fourth quarter and full year 2025 results, with revenue of $393.9 million (up 11% YoY) and $1.516 billion (up 12% YoY), driven by growth in cardiovascular and endoscopy segments. The company also issued fiscal year 2026 guidance, projecting revenue of $1.610-$1.630 billion (6-8% growth) and non-GAAP EPS of $4.01-$4.15 (5-8% growth), reflecting continued confidence in its growth trajectory and profitability improvements.
Key Financial Metrics
Key Facts
- Fourth quarter revenue was $393.9 million, up 11% year-over-year
- Full year 2025 revenue was $1.516 billion, up 12% year-over-year
- GAAP EPS was $0.63 for Q4 (up 37% YoY) and $2.13 for full year (up 5% YoY)
- Non-GAAP EPS was $1.04 for Q4 (up 12% YoY) and $3.83 for full year (up 11% YoY)
- GAAP operating margin improved to 13.8% in Q4 (from 10.3% in prior year) and 12.2% for full year (from 11.5%)
- 2026 guidance calls for revenue of $1.610-$1.630 billion (6-8% growth) and non-GAAP EPS of $4.01-$4.15 (5-8% growth)
- Endoscopy Devices segment grew 33% year-over-year, the fastest growing segment
- Free cash flow was $215.7 million for the year, up 16% year-over-year
Financial Impact
Revenue growth of 12% and EPS growth of 5% in 2025, with guidance for 6-8% revenue growth and 5-8% EPS growth in 2026
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Cardiovascular | $1.4B | +11.0% |
| Endoscopy | $72.9M | +33.0% |
Risk Factors
- Integration risks from recent acquisitions (C2 Acquisition, Biolife Merger, Cook Transaction, EGS Transaction)
- Potential impact of trade policies and tariffs from the U.S. and other countries
- Supply chain, manufacturing, or sterilization disruptions
- Fluctuations in interest or foreign currency exchange rates
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (MMSI) — Batch item 1 | 0000856982-26-000007 |
| Document: mmsi-20260224xex99d2.htm | 0000856982-26-000007 |
| Document: mmsi-20260224x8k.htm | 0000856982-26-000007 |
| Document: 0000856982-26-000007-index-headers.html | 0000856982-26-000007 |
| Document: 0000856982-26-000007-index.html | 0000856982-26-000007 |
| Document: 0000856982-26-000007.txt | 0000856982-26-000007 |
| 8-K Filing (MMSI) — Batch item 7 | 0000856982-26-000007 |
| CONTEXT: Previous Earnings (2026-02-24) | 0000856982-26-000007 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 2, 2026 13w ago | Press Release | $71.09 $87.00 | ▲ +22.38% | ▲ +18.81% | $85.89 (+20.83%) |
May 5, 2026 21w ago | Insider Cluster | $60.44 $83.35 | ▲ +37.91% | ▲ +35.17% | $85.89 (+42.12%) |
May 5, 2026 21w ago | Insider Cluster | $60.44 $83.35 | ▲ +37.91% | ▲ +35.17% | $85.89 (+42.12%) |
Apr 30, 2026 22w ago | Press Release | $62.01 $78.29 | ▲ +26.25% | ▲ +23.18% | $85.89 (+38.52%) |
Apr 16, 2026 24w ago | Court Ruling | $70.10 $73.26 | ▲ +4.51% | ▼ −2.54% | $85.89 (+22.53%) |
Apr 13, 2026 24w ago | 8-K | $70.54 $71.46 | ▲ +1.30% | ▼ −7.22% | $85.89 (+21.77%) |
Feb 24, 2026 31w ago | 8-K | $79.23 $64.49 | ▼ −18.60% | ▼ −25.55% | $85.89 (+8.41%) |
US Market Status
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