Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $604M | $728M | $883M | $995M | $964M | $1.07B | $1.15B | $1.26B | $1.36B | $1.52B |
| Revenue growth | — | 20.5% | 21.3% | 12.7% | -3.1% | 11.5% | 7.1% | 9.2% | 7.9% | 11.8% |
| Gross profit | $265M | $326M | $395M | $432M | $401M | $485M | $519M | $584M | $643M | $738M |
| Gross margin | 43.9% | 44.8% | 44.7% | 43.5% | 41.6% | 45.2% | 45.1% | 46.4% | 47.4% | 48.7% |
| Operating income | $34.9M | $33.1M | $58.6M | $15.4M | -$1.56M | $60.9M | $87.6M | $124M | $156M | $185M |
| Operating margin | 5.8% | 4.5% | 6.6% | 1.6% | -0.2% | 5.7% | 7.6% | 9.9% | 11.5% | 12.2% |
| Net income | $20.1M | $27.5M | $42.0M | $5.45M | -$9.84M | $48.5M | $74.5M | $94.4M | $120M | $128M |
| Net margin | 3.3% | 3.8% | 4.8% | 0.5% | -1.0% | 4.5% | 6.5% | 7.5% | 8.9% | 8.5% |
| EPS (diluted) | $0.45 | $0.55 | $0.78 | $0.10 | -$0.18 | $0.84 | $1.29 | $1.62 | $2.03 | $2.13 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $53.6M | $62.7M | $86.5M | $77.8M | $165M | $147M | $114M | $145M | $221M | $297M |
| Capital expenditures | $32.8M | $38.6M | $63.3M | $78.2M | $46.0M | $27.9M | $45.0M | $34.3M | $35.1M | $81.7M |
| Free cash flow | $20.8M | $24.1M | $23.2M | -$360K | $119M | $119M | $69.3M | $111M | $186M | $216M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $19.2M | $32.3M | $67.4M | $44.3M | $56.9M | $67.8M | $58.4M | $587M | $377M | $446M |
| Total assets | $943M | $1.11B | $1.62B | $1.76B | $1.66B | $1.65B | $1.66B | $2.33B | $2.42B | $2.69B |
| Total liabilities | $445M | $435M | $687M | $807M | $706M | $608M | $520M | $1.12B | $1.04B | $1.10B |
| Long-term debt | $314M | $259M | $373M | $432M | $344M | $234M | $187M | $823M | $730M | $734M |
| Shareholders' equity | $498M | $676M | $933M | $950M | $959M | $1.04B | $1.14B | $1.20B | $1.38B | $1.58B |
| Retained earnings | $294M | $321M | $363M | $368M | $358M | $406M | $481M | $575M | $696M | $824M |
| Shares (wtd avg diluted) | 44.9M | 50.1M | 53.9M | 56.2M | 55.4M | 57.4M | 57.7M | 58.4M | 59.4M | 60.5M |
Every figure is extracted from MERIT MEDICAL SYSTEMS INC’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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