MERIT MEDICAL PROVIDES HISTORICAL REVENUES IN REVISED PRESENTATION FORMAT
*Core revenue is a non-GAAP financial measure. A reconciliation of core revenue to GAAP revenue is included under the heading “Non-GAAP Financial Measures” below.
SOUTH JORDAN, Utah, April 03, 2020 (GLOBE NEWSWIRE) -- Merit Medical Systems, Inc. (NASDAQ: MMSI), a leading manufacturer and marketer of proprietary disposable devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care and endoscopy, today provided a revised presentation of its annual revenues under new product categories for the years ended December 31, 2019, 2018, and 2017, as well as quarterly revenues for the quarterly periods from March 31, 2018 to December 31, 2019. As discussed in its quarterly financial conference call held on February 24, 2020, Merit has revised the format for presentation of its revenues in new product categories. During that call, Merit outlined the revised format and indicated that it would provide historical information consistent with the revised format. The revised presentation format is shown below.
“The purpose of the revised presentation format is to provide users of our financial statements with revenue information in revised product categories that more closely reflect the focus of our business by call point and end market,” said Fred P. Lampropoulos, Merit’s Chairman and Chief Executive Officer. “We believe this new format will more clearly reflect how we sell our products to our customers in each of our focused end markets and more adequately reflect the underlying commercial momentum in the business.”
Merit conducts its business through two operating segments: Cardiovascular (which includes Cardiac Intervention, Peripheral Intervention, Custom Procedural Solutions, and OEM) and Endoscopy. The revised presentation format discussed in this release does not change or replace Merit’s historical operating segments but rather provides revenue reporting under new categories for products within each operating segment. The diagram below illustrates the transition of Merit’s product categories from its historical presentation to its revised presentation:
Historical Presentation | Revised Presentation | |||
Operating Segment | Product Categories | Operating Segment | Product Categories | |
Cardiovascular | -Stand-Alone Devices | Cardiovascular | -Peripheral Intervention | |
-Cianna Medical | -Cardiac Intervention | |||
-Custom Kits and Procedure Trays | -Custom Procedural Solutions | |||
-Inflation Devices | -OEM | |||
-Catheters | ||||
-Embolization Devices | ||||
-CRM/EP | ||||
Endoscopy | -Endoscopy Devices | Endoscopy | -Endoscopy Devices |
Merit’s revenue under the new product categories for the years ended December 31, 2019, 2018, and 2017, respectively, was as follows (unaudited, in thousands):
2019 | 2018 | 2017 | |||||||
Cardiovascular | |||||||||
Peripheral Intervention | $ | 350,936 | $ | 276,113 | $ | 203,976 | |||
Cardiac Intervention | 304,797 | 278,496 | 234,986 | ||||||
Custom Procedural Solutions | 187,359 | 180,332 | 166,483 | ||||||
OEM | 117,889 | 114,536 | 95,168 | ||||||
Total | 960,981 | 849,477 | 700,613 | ||||||
Endoscopy | |||||||||
Endoscopy devices | 33,871 | 33,276 | 27,239 | ||||||
Total | $ | 994,852 | $ | 882,753 | $ | 727,852 |
Merit’s core* revenue (a non-GAAP financial measure) by product category for the years ended December 31, 2019, 2018, and 2017, respectively, was as follows (unaudited, in thousands):
2019 | 2018 | 2017 | |||||||
Cardiovascular | |||||||||
Peripheral Intervention | $ | 297,928 | $ | 225,568 | $ | 187,463 | |||
Cardiac Intervention | 304,797 | 278,496 | 234,986 | ||||||
Custom Procedural Solutions | 187,359 | 169,127 | 112,481 | ||||||
OEM | 117,889 | 114,465 | 94,665 | ||||||
Total | 907,973 | 787,656 | 629,595 | ||||||
Endoscopy | |||||||||
Endoscopy devices | 32,776 | 28,533 | 27,239 | ||||||
Total | $ | 940,749 | $ | 816,189 | $ | 656,834 |
Merit’s revenue by product category for the three-month periods ended March 31, June 30, September 30, and December 31, 2019, compared to the corresponding periods of 2018, was as follows (unaudited, in thousands):
Three-Month Period Ended | ||||||||||||
2019 | March 31 | June 30 | September 30 | December 31 | ||||||||
Cardiovascular | ||||||||||||
Peripheral Intervention | $ | 84,633 | $ | 88,848 | $ | 84,265 | $ | 93,192 | ||||
Cardiac Intervention | 72,540 | 79,643 | 74,859 | 77,755 | ||||||||
Custom Procedural Solutions | 45,861 | 47,216 | 46,258 | 48,024 | ||||||||
OEM | 27,446 | 30,959 | 29,044 | 30,440 | ||||||||
Total | 230,480 | 246,666 | 234,426 | 249,411 | ||||||||
Endoscopy | ||||||||||||
Endoscopy devices | 7,869 | 8,866 | 8,623 | 8,511 | ||||||||
Total | $ | 238,349 | $ | 255,532 | $ | 243,049 | $ | 257,922 | ||||
2018 | ||||||||||||
Cardiovascular | ||||||||||||
Peripheral Intervention | $ | 59,892 | $ | 69,283 | $ | 69,840 | $ | 77,099 | ||||
Cardiac Intervention | 65,419 | 72,749 | 68,681 | 71,647 | ||||||||
Custom Procedural Solutions | 45,754 | 44,918 | 44,098 | 45,562 | ||||||||
OEM | 24,790 | 29,437 | 29,531 | 30,778 | ||||||||
Total | 195,855 | 216,387 | 212,150 | 225,086 | ||||||||
Endoscopy | ||||||||||||
Endoscopy devices | 7,180 | 8,423 | 9,509 | 8,163 | ||||||||
Total | $ | 203,035 | $ | 224,810 | $ | 221,659 | $ | 233,249 |
Merit’s core* revenue (a non-GAAP financial measure) by product category for the three-month periods ended March 31, June 30, September 30, and December 31, 2019, compared to the corresponding periods of 2018, was as follows (unaudited, in thousands):
Three-Month Period Ended | ||||||||||||
2019 | March 31 | June 30 | September 30 | December 31 | ||||||||
Cardiovascular | ||||||||||||
Peripheral Intervention | $ | 65,466 | $ | 75,589 | $ | 70,120 | $ | 86,753 | ||||
Cardiac Intervention | 72,540 | 79,643 | 74,859 | 77,755 | ||||||||
Custom Procedural Solutions | 45,861 | 47,216 | 46,258 | 48,024 | ||||||||
OEM | 27,446 | 30,959 | 29,044 | 30,440 | ||||||||
Total | 211,313 | 233,407 | 220,281 | 242,972 | ||||||||
Endoscopy | ||||||||||||
Endoscopy devices | 7,234 | 8,408 | 8,623 | 8,511 | ||||||||
Total | $ | 218,547 | $ | 241,815 | $ | 228,904 | $ | 251,483 | ||||
2018 | ||||||||||||
Cardiovascular | ||||||||||||
Peripheral Intervention | $ | 52,839 | $ | 56,603 | $ | 57,519 | $ | 58,606 | ||||
Cardiac Intervention | 65,419 | 72,749 | 68,681 | 71,647 | ||||||||
Custom Procedural Solutions | 38,479 | 42,883 | 42,206 | 45,559 | ||||||||
OEM | 24,719 | 29,437 | 29,531 | 30,778 | ||||||||
Total | 181,456 | 201,672 | 197,937 | 206,590 | ||||||||
Endoscopy | ||||||||||||
Endoscopy devices | 6,944 | 6,774 | 7,626 | 7,189 | ||||||||
By: GlobeNewswire
- 03 Apr 2020
Back to overview
Enhance your business development with Biotechgate
|