Merit Medical Systems, Inc. reported a notable increase in financial performance for the third quarter and first nine months of 2025, as detailed in its latest 10-Q filing. For the three months ending September 30, 2025, the company achieved net sales of $384.2 million, reflecting a 13.0% increase from $339.8 million in the same period of 2024. For the nine-month period, sales rose to $1.122 billion, up 12.0% from $1.001 billion year-over-year. The gross profit margin also improved, reaching 48.5% for the third quarter compared to 46.4% in the prior year, driven by favorable sales trends and product mix.
Despite the revenue growth, net income for the third quarter decreased slightly to $27.8 million, or $0.46 per share, down from $28.4 million, or $0.48 per share, in the previous year. For the nine-month period, net income was $90.5 million, or $1.49 per share, compared to $92.4 million, or $1.57 per share, in 2024. The decline in net income was attributed to increased selling, general, and administrative (SG&A) expenses, which rose by 20.2% in the third quarter, primarily due to higher labor costs and performance-based compensation.
Strategically, Merit Medical has been active in expanding its product offerings and market presence. The company completed the acquisition of Biolife, L.L.C. in May 2025, which contributed approximately $6.6 million in sales since the merger. Additionally, the company has made significant investments in research and development, with R&D expenses increasing to $24.0 million in the third quarter, up 16.8% from the previous year. This investment is aimed at enhancing product innovation and maintaining competitive advantage in the medical device market.
Operationally, Merit Medical reported a strong performance in both domestic and international markets. U.S. sales for the third quarter were $230.6 million, representing 60.0% of total sales, while international sales reached $153.6 million, accounting for 40.0% of total sales. The company also noted a significant increase in its cash position, with cash and cash equivalents totaling $394.6 million as of September 30, 2025, alongside a net available borrowing capacity of approximately $697 million under its credit agreement.
Looking ahead, Merit Medical remains optimistic about its growth trajectory, bolstered by its recent acquisitions and ongoing product development initiatives. The company is closely monitoring the evolving trade policy environment, which may impact production costs and pricing strategies. Management believes that existing cash balances, anticipated future cash flows, and available credit will adequately support operations and strategic investments in the near term.
About MERIT MEDICAL SYSTEMS INC
Merit Medical Systems, Inc. designs, manufactures, and markets proprietary medical devices for interventional, diagnostic, and therapeutic procedures across cardiology, radiology, oncology, critical care, and endoscopy. Its products include catheters, stents, biopsy systems, and procedural kits, serving hospitals and healthcare providers worldwide. The company emphasizes innovation, quality, and customer focus, operating through two segments—cardiovascular and endoscopy—and leveraging global R&D, manufacturing, and distribution to address unmet healthcare needs.
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