Merit Medical Systems, a Utah-based manufacturer of disposable medical devices used in imaging, announced its third-quarter earnings this week, including $136.1 million in revenue, which is up from $128.8 million in 2014.
The company also reported non-GAAP net income of $8.9 million for the quarter, or $0.20 earnings per share (EPS). That’s down from $10.7 million, or $0.25 EPS, in 2014.
“The third quarter, as we discussed in our second quarter call, had most of the elements of a ‘summer quarter,’” Fred P. Lampropoulos, Merit chairman and CEO, said in a statement. “Revenues for the third quarter of 2015 were down approximately $2 million from the second quarter of 2015, but were up 6 percent from the third quarter of 2014. As could be expected, contribution was lower, and consequently, gross margins were affected. But more importantly, we view this as a seasonal phenomenon and now behind us.”
Chicago-based Barrington Research Associates upgraded Merit’s stocks to "outperform” status in the days after the earnings announcement.
Michael has more than 16 years of experience as a professional writer and editor. He has written at length about cardiology, radiology, artificial intelligence and other key healthcare topics.