The raised guidance midpoint implies Q4 2026 non-GAAP EPS of ~$1.08-$1.12, suggesting continued momentum. The Solo Pace acquisition is small (~0.8% of market cap) but strategically expands the structural heart portfolio; integration risk is low given the existing distribution relationship. Watch for Q4 2026 results and any update on the longer-term strategic plan mentioned in the CEO commentary.
Price Chart
Executive Summary
Merit Medical reported Q3 2026 revenue of $416.2M (up 8.4% YoY) and GAAP EPS of $0.70 (up 51% YoY), exceeding consensus estimates of $410.6M and $1.04 non-GAAP EPS. The company raised full-year 2026 guidance: revenue to $1.635-$1.642B and non-GAAP EPS to $4.33-$4.37, reflecting stronger-than-expected organic growth of 9% constant currency. Separately, Merit acquired Solo Pace for ~$45M in cash, expanding its cardiac therapies platform with TAVR pacing technology.
Key Financial Metrics
Key Facts
- Q3 2026 reported revenue of $416.2M, up 8.4% YoY from $384.2M
- GAAP EPS of $0.70, up 51% from $0.46 in Q3 2025
- Non-GAAP EPS of $1.12, up 22% from $0.92 in Q3 2025
- Organic constant currency revenue growth of 8.9% in Q3 2026
- GAAP operating margin improved to 14.1% from 11.1% in Q3 2025
- Non-GAAP operating margin improved to 21.3% from 19.7% in Q3 2025
- Full-year 2026 revenue guidance raised to $1.635-$1.642B (prior $1.631-$1.643B)
- Full-year 2026 non-GAAP EPS guidance raised to $4.33-$4.37 (prior $4.25-$4.35)
- Acquired Solo Pace on October 13, 2026 for ~$45M cash
- Cash and cash equivalents of $503.6M as of September 30, 2026
- Total debt of $747.5M unchanged from year-end 2025
Financial Impact
Revenue beat consensus by ~$5.6M (1.4%); non-GAAP EPS of $1.12 vs consensus $1.04 (7.7% beat); guidance raised by $0.08-$0.02 at midpoint for non-GAAP EPS
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Foundational | $275.7M | +6.0% |
| Therapeutic | $140.5M | +14.0% |
Risk Factors
- GAAP gross margin declined to 48.2% from 48.5% in Q3 2025
- Non-GAAP gross margin declined to 52.8% from 53.6% in Q3 2025
- Operating cash flow year-to-date of $175.2M is down from $198.9M in the prior year period
- Free cash flow year-to-date of $129.5M is down from $141.6M in the prior year period
- Solo Pace acquisition integration and revenue contribution uncertainty
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000856982-26-000051 |
| Document: mmsi-ex99d2.htm | 0000856982-26-000051 |
| Document: mmsi-20261029x8k.htm | 0000856982-26-000051 |
| Document: mmsi-ex99d3.htm | 0000856982-26-000051 |
| Document: 0000856982-26-000051-index-headers.html | 0000856982-26-000051 |
| Document: 0000856982-26-000051-index.html | 0000856982-26-000051 |
| Document: 0000856982-26-000051.txt | 0000856982-26-000051 |
| 8-K Data (Synthetic) | 0000856982-26-000051 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | No price | awaiting T+60 | awaiting T+60 | No price |
Oct 29, 2026 3d ago | Press Release | $93.39 | awaiting T+60 | awaiting T+60 | $86.24 (−7.66%) |
Oct 29, 2026 3d ago | Press Release | $93.39 | awaiting T+60 | awaiting T+60 | $86.24 (−7.66%) |
Oct 27, 2026 4d ago | Institutional Cluster | $92.21 | awaiting T+60 | awaiting T+60 | $86.24 (−6.47%) |
Jul 2, 2026 17w ago | Press Release | $71.09 $87.00 | ▲ +22.38% | ▲ +18.81% | $86.24 (+21.31%) |
May 5, 2026 25w ago | Insider Cluster | $60.44 $83.35 | ▲ +37.91% | ▲ +35.17% | $86.24 (+42.69%) |
May 5, 2026 25w ago | Insider Cluster | $60.44 $83.35 | ▲ +37.91% | ▲ +35.17% | $86.24 (+42.69%) |
Apr 30, 2026 26w ago | Press Release | $62.01 $78.29 | ▲ +26.25% | ▲ +23.18% | $86.24 (+39.07%) |
Apr 16, 2026 28w ago | Court Ruling | $70.10 $73.26 | ▲ +4.51% | ▼ −2.54% | $86.24 (+23.02%) |
Apr 13, 2026 28w ago | 8-K | $70.54 $71.46 | ▲ +1.30% | ▼ −7.22% | $86.24 (+22.26%) |
US Market Status
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