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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Merit Medical Systems Inc | NASDAQ:MMSI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.40 | 0.55% | 73.78 | 73.36 | 74.29 | 74.21 | 73.26 | 73.40 | 275,941 | 00:18:01 |
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Utah
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87-0447695
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Identification No.)
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Common Stock
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44,309,320
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Title or class
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Number of Shares
Outstanding at May 5, 2016
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MERIT MEDICAL SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED MARCH 31, 2016 AND 2015
(In thousands, except per share amounts - unaudited)
|
|||||||
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
NET SALES
|
$
|
138,077
|
|
|
$
|
129,577
|
|
|
|
|
|
||||
COST OF SALES
|
77,977
|
|
|
74,194
|
|
||
|
|
|
|
||||
GROSS PROFIT
|
60,100
|
|
|
55,383
|
|
||
|
|
|
|
||||
OPERATING EXPENSES:
|
|
|
|
||||
Selling, general and administrative
|
41,704
|
|
|
36,885
|
|
||
Research and development
|
10,588
|
|
|
9,672
|
|
||
Contingent consideration expense
|
102
|
|
|
122
|
|
||
|
|
|
|
||||
Total operating expenses
|
52,394
|
|
|
46,679
|
|
||
|
|
|
|
||||
INCOME FROM OPERATIONS
|
7,706
|
|
|
8,704
|
|
||
|
|
|
|
||||
OTHER INCOME (EXPENSE):
|
|
|
|
||||
Interest income
|
9
|
|
|
53
|
|
||
Interest expense
|
(1,329
|
)
|
|
(1,574
|
)
|
||
Other income (expense) — net
|
(480
|
)
|
|
280
|
|
||
|
|
|
|
||||
Other expense — net
|
(1,800
|
)
|
|
(1,241
|
)
|
||
|
|
|
|
||||
INCOME BEFORE INCOME TAXES
|
5,906
|
|
|
7,463
|
|
||
|
|
|
|
||||
INCOME TAX EXPENSE
|
1,555
|
|
|
2,289
|
|
||
|
|
|
|
||||
NET INCOME
|
$
|
4,351
|
|
|
$
|
5,174
|
|
|
|
|
|
||||
EARNINGS PER COMMON SHARE:
|
|
|
|
||||
Basic
|
$
|
0.10
|
|
|
$
|
0.12
|
|
|
|
|
|
||||
Diluted
|
$
|
0.10
|
|
|
$
|
0.12
|
|
|
|
|
|
||||
AVERAGE COMMON SHARES:
|
|
|
|
||||
Basic
|
44,275
|
|
|
43,703
|
|
||
|
|
|
|
||||
Diluted
|
44,579
|
|
|
44,145
|
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
Net income
|
$
|
4,351
|
|
|
$
|
5,174
|
|
Other comprehensive income (loss):
|
|
|
|
||||
Interest rate swap
|
(729
|
)
|
|
(898
|
)
|
||
Less income tax benefit
|
284
|
|
|
349
|
|
||
Foreign currency translation adjustment
|
1,228
|
|
|
(2,311
|
)
|
||
Less income tax benefit (expense)
|
(90
|
)
|
|
106
|
|
||
Total other comprehensive income (loss)
|
693
|
|
|
(2,754
|
)
|
||
Total comprehensive income
|
$
|
5,044
|
|
|
$
|
2,420
|
|
|
|
|
|
|
March 31,
|
|
December 31,
|
||||
|
2016
|
|
2015
|
||||
Finished goods
|
$
|
54,075
|
|
|
$
|
59,170
|
|
Work-in-process
|
12,323
|
|
|
8,540
|
|
||
Raw materials
|
44,328
|
|
|
38,289
|
|
||
|
|
|
|
||||
Total
|
$
|
110,726
|
|
|
$
|
105,999
|
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
Cost of goods sold
|
$
|
123
|
|
|
$
|
93
|
|
Research and development
|
42
|
|
|
27
|
|
||
Selling, general, and administrative
|
459
|
|
|
400
|
|
||
Stock-based compensation expense before taxes
|
$
|
624
|
|
|
$
|
520
|
|
|
Three months ended March 31,
|
||
|
2016
|
|
2015
|
Risk-free interest rate
|
1.40%
|
|
1.53%
|
Expected option life
|
5.0
|
|
5.0
|
Expected dividend yield
|
—%
|
|
—%
|
Expected price volatility
|
37.06%
|
|
35.11%
|
|
Net
Income
|
|
Shares
|
|
Per Share
Amount
|
|||
Period ended March 31, 2016:
|
|
|
|
|
|
|
|
|
Basic EPS
|
$
|
4,351
|
|
|
44,275
|
|
|
$0.10
|
Effect of dilutive stock options and warrants
|
|
|
|
304
|
|
|
|
|
|
|
|
|
|
|
|||
Diluted EPS
|
$
|
4,351
|
|
|
44,579
|
|
|
$0.10
|
|
|
|
|
|
|
|||
Stock options excluded from the calculation of common stock equivalents as the impact was anti-dilutive
|
|
|
978
|
|
|
|
||
|
|
|
|
|
|
|||
Period ended March 31, 2015:
|
|
|
|
|
|
|
|
|
Basic EPS
|
$
|
5,174
|
|
|
43,703
|
|
|
$0.12
|
Effect of dilutive stock options and warrants
|
|
|
|
442
|
|
|
|
|
|
|
|
|
|
|
|||
Diluted EPS
|
$
|
5,174
|
|
|
44,145
|
|
|
$0.12
|
|
|
|
|
|
|
|||
Stock options excluded from the calculation of common stock equivalents as the impact was anti-dilutive
|
|
|
383
|
|
|
|
||
|
|
|
|
|
|
Assets Acquired
|
|
|
|
Inventories
|
|
2,455
|
|
Fixed Assets
|
|
290
|
|
|
|
|
|
Intangibles
|
|
|
|
Developed Technology
|
|
12,100
|
|
Trademarks
|
|
700
|
|
Customer Lists
|
|
400
|
|
Goodwill
|
|
2,555
|
|
|
|
|
|
Total assets acquired
|
|
18,500
|
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
Revenues
|
|
|
|
|
|
||
Cardiovascular
|
$
|
132,544
|
|
|
$
|
124,764
|
|
Endoscopy
|
5,533
|
|
|
4,813
|
|
||
Total revenues
|
138,077
|
|
|
129,577
|
|
||
|
|
|
|
||||
Operating income
|
|
|
|
|
|
||
Cardiovascular
|
6,648
|
|
|
8,069
|
|
||
Endoscopy
|
1,058
|
|
|
635
|
|
||
Total operating income
|
7,706
|
|
|
8,704
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||
Term loan
|
$
|
62,462
|
|
|
$
|
64,962
|
|
Revolving credit loans
|
165,940
|
|
|
142,631
|
|
||
Total long-term debt
|
228,402
|
|
|
207,593
|
|
||
Less current portion
|
10,000
|
|
|
10,000
|
|
||
Long-term portion
|
$
|
218,402
|
|
|
$
|
197,593
|
|
Years Ending
|
|
Future Minimum
|
||
December 31
|
|
Principal Payments
|
||
2016
|
|
7,500
|
|
|
2017
|
|
220,902
|
|
|
Total future minimum principal payments
|
|
$
|
228,402
|
|
Currency
|
Symbol
|
Forward Notional Amount
|
|
Euro
|
EUR
|
662
|
|
British Pound
|
GBP
|
626
|
|
Chinese Yuan Renminbi
|
CNY
|
44,670
|
|
Mexican Peso
|
MXN
|
30,000
|
|
Brazilian Real
|
BRL
|
1,007
|
|
Australian Dollar
|
AUD
|
2,100
|
|
Hong Kong Dollar
|
HKD
|
6,725
|
|
|
|
|
|
Fair Value Measurements Using
|
||||||||||||
|
|
Total Fair
|
|
Quoted prices in
|
|
Significant other
|
|
Significant
|
||||||||
|
|
Value at
|
|
active markets
|
|
observable inputs
|
|
Unobservable inputs
|
||||||||
Description
|
|
March 31, 2016
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts (1)
|
|
$
|
(727
|
)
|
|
$
|
—
|
|
|
$
|
(727
|
)
|
|
$
|
—
|
|
Foreign currency contracts (2)
|
|
$
|
(46
|
)
|
|
$
|
—
|
|
|
$
|
(46
|
)
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
Fair Value Measurements Using
|
||||||||||||
|
|
Total Fair
|
|
Quoted prices in
|
|
Significant other
|
|
Significant
|
||||||||
|
|
Value at
|
|
active markets
|
|
observable inputs
|
|
Unobservable inputs
|
||||||||
Description
|
|
December 31, 2015
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts (1)
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
—
|
|
Foreign currency contracts (2)
|
|
$
|
(278
|
)
|
|
$
|
—
|
|
|
$
|
(278
|
)
|
|
$
|
—
|
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
Beginning balance
|
$
|
1,024
|
|
|
$
|
1,886
|
|
Fair value adjustments recorded to income during the period
|
71
|
|
|
122
|
|
||
Contingent payments made
|
(167
|
)
|
|
(166
|
)
|
||
Ending balance
|
$
|
928
|
|
|
$
|
1,842
|
|
Contingent consideration liability (asset)
|
|
Fair value at March 31, 2016
|
|
Valuation technique
|
|
Unobservable inputs
|
|
Range
|
||
Revenue-based payments
|
|
$
|
928
|
|
|
Discounted cash flow
|
|
Discount rate
|
|
5% - 15%
|
|
|
|
|
|
Probability of milestone payment
|
|
100%
|
|||
|
|
|
|
|
|
Projected year of payments
|
|
2016-2028
|
||
|
|
|
|
|
|
|
|
|
||
Contingent Receivable
|
|
$
|
(681
|
)
|
|
Discounted cash flow
|
|
Discount rate
|
|
10%
|
|
|
|
|
|
Probability of milestone payment
|
|
75%
|
|||
|
|
|
|
|
|
Projected year of payments
|
|
2016-2019
|
||
Contingent consideration liability
|
|
Fair value at December 31, 2015
|
|
Valuation technique
|
|
Unobservable inputs
|
|
Range
|
||
Revenue-based payments
|
|
$
|
874
|
|
|
Discounted cash flow
|
|
Discount rate
|
|
5% - 15%
|
|
|
|
|
|
Probability of milestone payment
|
|
100%
|
|||
|
|
|
|
|
|
Projected year of payments
|
|
2016-2028
|
||
|
|
|
|
|
|
|
|
|
||
Other payments
|
|
$
|
150
|
|
|
Discounted cash flow
|
|
Discount rate
|
|
—%
|
|
|
|
|
|
Probability of milestone payment
|
|
100%
|
|||
|
|
|
|
|
|
Projected year of payments
|
|
2016
|
||
|
|
|
|
|
|
|
|
|
|
2016
|
||
Goodwill balance at January 1
|
$
|
184,472
|
|
Effect of foreign exchange
|
20
|
|
|
Additions as the result of acquisitions
|
2,555
|
|
|
Goodwill balance at March 31
|
$
|
187,047
|
|
|
March 31, 2016
|
||||||||||
|
Gross Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net Carrying
Amount
|
||||||
Patents
|
$
|
12,496
|
|
|
$
|
(2,691
|
)
|
|
$
|
9,805
|
|
Distribution agreements
|
5,626
|
|
|
(3,000
|
)
|
|
2,626
|
|
|||
License agreements
|
19,639
|
|
|
(2,616
|
)
|
|
17,023
|
|
|||
Trademarks
|
7,974
|
|
|
(2,702
|
)
|
|
5,272
|
|
|||
Covenants not to compete
|
1,028
|
|
|
(886
|
)
|
|
142
|
|
|||
Customer lists
|
21,216
|
|
|
(15,443
|
)
|
|
5,773
|
|
|||
Royalty agreements
|
267
|
|
|
(267
|
)
|
|
—
|
|
|||
|
|
|
|
|
|
||||||
Total
|
$
|
68,246
|
|
|
$
|
(27,605
|
)
|
|
$
|
40,641
|
|
|
December 31, 2015
|
||||||||||
|
Gross Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net Carrying
Amount
|
||||||
Patents
|
$
|
12,014
|
|
|
$
|
(2,595
|
)
|
|
$
|
9,419
|
|
Distribution agreements
|
5,626
|
|
|
(2,853
|
)
|
|
2,773
|
|
|||
License agreements
|
19,109
|
|
|
(2,438
|
)
|
|
16,671
|
|
|||
Trademarks
|
7,259
|
|
|
(2,554
|
)
|
|
4,705
|
|
|||
Covenants not to compete
|
1,028
|
|
|
(873
|
)
|
|
155
|
|
|||
Customer lists
|
20,793
|
|
|
(15,023
|
)
|
|
5,770
|
|
|||
Royalty agreements
|
267
|
|
|
(267
|
)
|
|
—
|
|
|||
|
|
|
|
|
|
||||||
Total
|
$
|
66,096
|
|
|
$
|
(26,603
|
)
|
|
$
|
39,493
|
|
|
Three Months Ended
|
||
|
March 31,
|
||
|
2016
|
|
2015
|
Net sales
|
100%
|
|
100%
|
Gross profit
|
43.5
|
|
42.7
|
Selling, general and administrative expenses
|
30.2
|
|
28.5
|
Research and development expenses
|
7.7
|
|
7.5
|
Contingent consideration expense
|
0.1
|
|
0.1
|
Income from operations
|
5.6
|
|
6.7
|
Other (expense) - net
|
(1.3)
|
|
(1.0)
|
Income before income taxes
|
4.3
|
|
5.8
|
Net income
|
3.2
|
|
4.0
|
|
|
|
Three Months Ended March 31,
|
||||||
|
% Change
|
|
2016
|
|
2015
|
||||
Cardiovascular
|
|
|
|
|
|
|
|||
Stand-alone devices
|
16.5%
|
|
$
|
43,331
|
|
|
$
|
37,179
|
|
Custom kits and procedure trays
|
4.3%
|
|
28,879
|
|
|
27,686
|
|
||
Inflation devices
|
(5.2)%
|
|
17,712
|
|
|
18,690
|
|
||
Catheters
|
1.9%
|
|
23,899
|
|
|
23,457
|
|
||
Embolization devices
|
3.8%
|
|
10,783
|
|
|
10,392
|
|
||
CRM/EP
|
7.9%
|
|
7,940
|
|
|
7,360
|
|
||
Total
|
6.2%
|
|
132,544
|
|
|
124,764
|
|
||
|
|
|
|
|
|
||||
Endoscopy
|
|
|
|
|
|
||||
Endoscopy devices
|
15.0%
|
|
5,533
|
|
|
4,813
|
|
||
|
|
|
|
|
|
||||
Total
|
6.6%
|
|
$
|
138,077
|
|
|
$
|
129,577
|
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
Operating Income
|
|
|
|
|
|||
Cardiovascular
|
$
|
6,648
|
|
|
$
|
8,069
|
|
Endoscopy
|
1,058
|
|
|
635
|
|
||
Total operating income
|
$
|
7,706
|
|
|
$
|
8,704
|
|
Currency
|
Symbol
|
Forward Notional Amount
|
|
Euro
|
EUR
|
662
|
|
British Pound
|
GBP
|
626
|
|
Chinese Yuan Renminbi
|
CNY
|
44,670
|
|
Mexican Peso
|
MXN
|
30,000
|
|
Brazilian Real
|
BRL
|
1,007
|
|
Australian Dollar
|
AUD
|
2,100
|
|
Hong Kong Dollar
|
HKD
|
6,725
|
|
Exhibit No.
|
|
Description
|
10.1
|
|
Third Amendment to Amended and Restated Credit Agreement, dated as of February 3, 2016, by and among Merit Medical Systems, Inc., certain subsidiaries of Merit Medical Systems, Inc., the lenders identified therein and Wells Fargo Bank, as administrative agent for the lenders
|
|
|
|
31.1
|
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
31.2
|
|
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
32.1
|
|
Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
32.2
|
|
Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
101
|
|
The following financial information from the quarterly report on Form 10-Q of Merit Medical Systems, Inc. for the quarter ended March 31, 2016, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Statements of Income, (ii) Consolidated Balance Sheets, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Cash Flows, and (v) Notes to the Consolidated Financial Statements
|
Date:
|
May 9, 2016
|
|
/s/ FRED P. LAMPROPOULOS
|
|
|
|
FRED P. LAMPROPOULOS
PRESIDENT AND CHIEF EXECUTIVE OFFICER
|
|
|
|
|
|
|
|
|
Date:
|
May 9, 2016
|
|
/s/ BERNARD J. BIRKETT
|
|
|
|
BERNARD J. BIRKETT
CHIEF FINANCIAL OFFICER
|
1 Year Merit Medical Systems Chart |
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