Merit Medical Announces Record Sales, Up 15%, and Record Earnings, Up 17%, for the Third Quarter Ended September 30, 2009

SOUTH JORDAN, UTAH, Oct. 27, 2009 (GLOBE NEWSWIRE) -- Merit Medical Systems, Inc. (Nasdaq:MMSI - News), a leading manufacturer and marketer of proprietary disposable medical devices used in interventional and diagnostic procedures, particularly in cardiology, radiology and gastroenterology, today announced record revenues of $66.8 million for the quarter ended September 30, 2009, an increase of 15% over revenues of $58.2 million for the third quarter of 2008. Revenues for the nine-month period ended September 30, 2009 were a record $190.0 million, compared with $169.1 million for the comparable nine-month period in 2008, a gain of 12%. Net income for the third quarter ended September 30, 2009 was a record $6.1 million, up 17% to $0.21 per share, compared to $5.2 million, or $0.18 per share, for the comparable quarter of 2008. Net income for the nine-month period ended September 30, 2009 was a record $17.5 million, up 14% to $0.61 per share, compared to $15.3 million, or $0.54 per share, for the same period of 2008. In the third quarter of 2009, compared to the third quarter of 2008, catheter sales increased 23%; stand-alone device sales rose 13%; custom kit and tray sales grew 12%; and inflation devices sales fell 2% due primarily to decreased deliveries to an OEM customer. Excluding sales to that OEM customer, inflation device sales were up 3% for the third quarter of 2009, relative to the comparable quarter of 2008. For the nine-month period ended September 30, 2009, compared to the nine month...
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Merit Medical Systems Announces Three-Part Deal With Vysera Biomedical Limited

SOUTH JORDAN, Utah, Oct. 27, 2009 (GLOBE NEWSWIRE) -- Merit Medical Systems, Inc. (Nasdaq:MMSI - News), a leading manufacturer and marketer of proprietary disposable devices used primarily in cardiology, radiology and gastroenterology procedures, announced today that the Company has completed a three-part deal with Vysera Biomedical Limited located in Galway, Ireland, which will give Merit access to certain intellectual property and know-how for valve technology, opportunities to commercialize certain biomaterial technology and equity ownership in Vysera. The transactions provide Merit with an exclusive license for certain valve technology that may be incorporated into non-vascular stents, specifically esophageal stents, to address acid reflux conditions. Secondly, the transactions provide Merit with an exclusive license for the development and use of certain biomaterial technology for the coating of selected non-vascular stents and gastrointestinal and drainage catheters. Finally, the transactions provide Merit with an equity investment of approximately $2.4 million, which will give Merit an approximate 14.45% fully-diluted participating equity interest in Vysera. Additionally, Fred P. Lampropoulos, Merit's Chairman and Chief Executive Officer, has been elected as a director of Vysera. The total amount paid by Merit to Vysera in license fees and equity purchase payments is approximately $3.9 million. "We are pleased to join the Enterprise Equity Investment Fund Limited, Enterpri...
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MERIT MEDICAL SYSTEMS INC Files SEC form 8-K, Other Events, Financial Statements and Exhibits

Item 8.01 Other Event On October 21, 2009, Merit Medical Systems, Inc. ("Merit") completed a transaction with Vysera Biomedical Limited, a medical device company based in Galway, Ireland ("Vysera"). In the transaction, Merit and Vysera entered into an Exclusive License, Development and Supply Agreement (the "License Agreement"), pursuant to which Vysera granted to Merit an exclusive license to use, modify and sell certain valve technology and biomaterial coating technology for medical devices (the "Licensed Technology") and other intellectual property associated with the Licensed Technology, and to develop and market improvements to the Licensed Technology. Under the License Agreement, Merit paid Vysera a license fee of $1.5 million, and agreed to pay royalties on products sold by Merit that incorporate the Licensed Technology. Vysera has agreed to supply valve products to Merit to be sold by Merit to end users, to be incorporated into other Merit products, and to be further developed by Merit for other commercial uses. The parties also granted to each other perpetual, royalty-free licenses to use crossover improvements they develop based upon the Licensed Technology. Vysera has also agreed that, for the term of the License Agreement, it will not compete with Merit in the market for valve products. In the transaction, Merit also purchased 253,047 A Ordinary Shares of Vysera, for an aggregate price of €1,600,000. In connection with the purchase of the Vysera A Ordinary Shares, Merit obtained the right to appoint one member of Vysera's board of directors or, if Merit does not elect to appoint a director of Vysera, to designate an observer to attend meetings of Vysera's board of directors. On October 27, 2009, Merit issued a press release, entitled "Merit Medical Systems Announces Three-Part Deal with Vysera Biomedical Limited," relating to the transactions described above, a copy of which is filed as Exhibit 99.1 to th...
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MERIT MEDICAL SYSTEMS INC Files SEC form 10-Q, Quarterly Report

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Disclosure Regarding Forward-Looking Statements This Report includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements in this Report, other than statements of historical fact, are forward-looking statements for purposes of these provisions, including any projections of earnings, revenues or other financial items, any statements of the plans and objectives of management for future operations, any statements concerning proposed new products or services, any statements regarding the integration, development or commercialization of the business or assets acquired from other parties, any statements regarding future economic conditions or performance, and any statements of assumptions underlying any of the foregoing. All forward-looking statements included in this Report are made as of the date hereof and are based on information available to us as of such date. We assume no obligation to update any forward-looking statement. In some cases, forward-looking statements can be identified by the use of terminology such as "may," "will," "expects," "plans," "anticipates," "intends," "believes," "estimates," "potential," or "continue," or the negative thereof or other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements contained herein are reasonable, there can be no assurance that any such expectation or any forward-looking statement will prove to be correct. Our actual results will vary, and may vary materially, from those projected or assumed in the forward-looking statements. Our financial condition and results of operations, as well as any ...
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Merit Medical Announces 510(K) Clearance for the Merit Laureate(TM) Hydrophilic Guide Wire

SOUTH JORDAN, Utah, Nov. 10, 2009 (GLOBE NEWSWIRE) -- Merit Medical Systems, Inc. (Nasdaq:MMSI - News), a leading manufacturer and marketer of proprietary disposable medical devices used in interventional and diagnostic procedures, particularly in cardiology, radiology and gastroenterology, today announced that it has received 510(k) clearance from the FDA for the Merit Laureate(TM) hydrophilic guide wire. "This 510(k) clearance from the FDA is the culmination of three years of challenging research that we believe will position Merit as a major player in a $150-200 million hydrophilic guide wire market," said Fred P. Lampropoulos, Merit's Chairman and Chief Executive Officer. "Over the next several years, we believe this product will be able to produce approximately $30 million in sales with gross margins exceeding current company averages." "This product will be sold in both our cardiology and radiology sales points," Lampropoulos added. "Procedures that include drainage catheter access, dialysis catheter placement as well as difficult vascular access procedures commonly use hydrophilic guide wires." The Merit Laureate(TM) guide wire is fabricated from a unique core nitinol wire, covered with a urethane jacket and coated with a proprietary process that produces a slippery surface. Features of the wire, including torquability and pushability, allow passage through tortuous anatomy. The project, which was code-named "The Irish Project" is scheduled for worldwide release in January ...
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Merit says FDA approves Laureate guide wire

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MERIT MEDICAL SYSTEMS INC Financials

PERIOD ENDING30-Sep-0930-Jun-0931-Mar-0931-Dec-08Total Revenue66,759  64,837  58,371  57,996  Cost of Revenue38,224  36,694  33,563  34,503  Gross Profit28,535  28,143  24,808  23,493  Operating ExpensesResearch Development3,292  2,893  2,079  2,404  Selling General and Administrative16,780  16,287  14,829  12,887  Non Recurring -   -   -   -  Others -   -   -   -  Total Operating Expenses -   -   -   -  Operating Income or Loss8,463  8,963  7,900  8,202  Income from Continuing OperationsTotal Other Income/Expenses Net(29)22  174  358  Earnings Before Interest And Taxes8,434  8,985  8,074  8,560  Interest Expense -   -   -  17  Income Before Tax8,434  8,985  8,074  8,543  Income Tax Expense2,349  3,144  2,537  3,151  Minority Interest -   -   -   -  Net Income From Continuing Ops6,085  5,841  5,537  5,392  Non-recurring EventsDiscontinued Operations -   -   -   -  Extraordinary Items -   -   -   ...
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Coverage initiated on Merit Medical by Thomas Weisel

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