Merit Medical Systems, Inc. (NASDAQ:MMSI) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 9.62%.
Merit Medical Systems, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 41.18% to $0.10 in the quarter versus EPS of $0.17 in the year-earlier quarter.
Revenue: Rose 8.66% to $103.9 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Merit Medical Systems, Inc. reported adjusted EPS income of $0.10 per share. By that measure, the company missed the mean analyst estimate of $0.14. It missed the average revenue estimate of $108.28 million.
Quoting Management: “First quarter results were a function of the initiation of the medical device tax, new expenses associated with our recent acquisition of Thomas Medical, as well as the expenses associated with our new facilities,” said Fred P. Lampropoulos, Merit’s Chairman and Chief Executive Officer. “In order to reduce expenses and improve profitability, we have undertaken a critical look at our costs starting with SG&A. Discretionary spending, such as community support, trade shows and company participation in benefits, has been substantially reduced. We are also reprioritizing our R&D projects.”
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