- Q1 worldwide revenue of $171.1 million ($172.3 million on a
comparable, constant currency* basis), up 23.9% as reported (up
24.8% on a comparable, constant currency* basis) over Q1 2016
- Q1 2017 core revenue* up 11.7% over Q1 2016 core revenue* (core
revenue* up 12.6% on a comparable, constant currency* basis)
- Q1 2017 GAAP EPS was $0.32, compared to $0.10 in Q1 2016; Q1
2017 non-GAAP EPS* was $0.28, compared to $0.19 in Q1 2016
- Q1 2017 GAAP gross margin was 44.4%, compared to 43.5% in Q1
2016; Q1 2017 non-GAAP gross margin* was 48.3%, compared to 45.9%
for Q1 2016
* Constant currency revenue, core revenue,
non-GAAP EPS, non-GAAP gross margin and non-GAAP net income
(referenced below) are non-GAAP financial measures. A
reconciliation of these and other non-GAAP financial measures used
in this release to their most directly comparable GAAP financial
measure is included under the heading “Non-GAAP Financial Measures”
below.
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 and endoscopy, today announced sales of
$171.1 million for the quarter ended March 31, 2017, an increase of
23.9% over sales of $138.1 million for the quarter ended March 31,
2016. On a constant currency basis, sales for the first
quarter of 2017 would have been up 24.8% over sales for the
comparable quarter of 2016.
Merit’s GAAP net income for the first quarter of
2017 was $14.8 million, or $0.32 per share, compared to $4.4
million, or $0.10 per share, for the first quarter of 2016. GAAP
net income for the first quarter of 2017 included a bargain
purchase gain of approximately $12.2 million, or $0.27 per share
pre-tax, which Merit recognized as a result of its acquisition of
the critical care division of Argon Medical Devices, Inc., and
approximately $(4.8) million, or $(0.11) per share pre-tax, of
legal expenses Merit incurred in responding to the pending subpoena
from the Department of Justice. Merit’s non-GAAP net income*
for the quarter ended March 31, 2017 was $12.7 million, or $0.28
per share, compared to $8.3 million, or $0.19 per share, for the
quarter ended March 31, 2016. Given the circumstances of the Argon
acquisition, which closed during the first quarter of 2017, and the
complexity of the transaction, the entire purchase price allocation
for the transaction (as well as the gain on bargain purchase) is
considered provisional at this time and is subject to adjustment to
reflect new information obtained about factors and circumstances
that existed as of the acquisition date that, if known, would have
affected the measurement of the amounts recognized as of that date,
while the measurement period remains open.
Merit’s sales by category for the three months
ended March 31, 2017, compared to the corresponding period in 2016,
were as follows:
|
|
|
Three Months Ended |
|
|
|
|
March 31, |
|
|
% Change |
|
|
2017 |
|
|
2016 |
|
Cardiovascular |
|
|
|
|
|
|
Stand-alone
devices |
47.9 |
% |
|
$ |
64,108 |
|
$ |
43,331 |
|
Custom kits and
procedure trays |
0.0 |
% |
|
|
28,875 |
|
|
28,879 |
|
Inflation devices |
4.5 |
% |
|
|
18,507 |
|
|
17,712 |
|
Catheters |
24.5 |
% |
|
|
29,753 |
|
|
23,899 |
|
Embolization
devices |
16.2 |
% |
|
|
12,527 |
|
|
10,783 |
|
CRM/EP |
38.8 |
% |
|
|
11,017 |
|
|
7,940 |
|
Total |
24.3 |
% |
|
|
164,787 |
|
|
132,544 |
|
|
|
|
|
|
|
|
Endoscopy |
|
|
|
|
|
|
Endoscopy devices |
13.5 |
% |
|
|
6,282 |
|
|
5,533 |
|
|
|
|
|
|
|
|
Total |
23.9 |
% |
|
$ |
171,069 |
|
$ |
138,077 |
|
|
|
|
|
|
|
|
“Our management team is pleased with our
performance during the first quarter, especially with the
activities involved in the integration of the acquisitions of
DFINE, the critical care division of Argon and the assets of
Catheter Connections,” said Fred P. Lampropoulos, Merit’s Chairman
and Chief Executive Officer. “We delivered strong revenue
growth across all sales divisions in the first quarter.”
“We continue to focus on our promised
deliverables, revenue growth, gross margin expansion, our R&D
pipeline, and discipline in controlling our SG&A expenses,”
Lampropoulos said.
“We plan to deliver a two-year extension of our
three-year plan following the second quarter of 2017,” Lampropoulos
added. “We reaffirm our revenue guidance of $713-$723 million
and non-GAAP earnings of $1.15-$1.20 per share for the year ending
December 31, 2017, without reduction due to our recent public stock
offering. Our guidance on GAAP EPS for the year ending
December 31, 2017 is updated from $0.54-$0.60 to $0.80-$0.86 to
reflect the bargain purchase gain recognized from the Argon
acquisition.”
2017 GUIDANCEBased upon information currently
available to Merit's management, Merit estimates that for the year
ending December 31, 2017, absent material acquisitions or
non-recurring transactions, Merit's revenues will be in the range
of $713-$723 million, an increase of approximately 18-20%, compared
to revenues of $603.8 million for the year ended December 31,
2016. Also, based on information currently available to
Merit's management, Merit estimates that, absent material
acquisitions or non-recurring transactions, Merit's GAAP earnings
per share for 2017 will be in the range of $0.80-$0.86 and
non-GAAP* earnings per share for 2017 will be in the range of
$1.15-$1.20. Merit’s financial guidance for the year ending
December 31, 2017 is subject to risks and uncertainties,
including, but not limited to, potential accounting adjustments
attributable to Merit’s ongoing valuation of intangibles and other
financial assets acquired from Argon Medical Devices, Inc. and
Catheter Connections, Inc., as well as risks and uncertainties
identified in Merit’s public filings.
CONFERENCE CALLMerit will hold its investor
conference call (conference ID 1848749) today, Thursday, April 27,
2017, at 5:00 p.m. Eastern (4:00 p.m. Central, 3:00 p.m. Mountain,
and 2:00 p.m. Pacific). The domestic telephone number is
(844) 578-9672, and the international number is (508)
637-5656. A live webcast will also be available for the
conference call at www.merit.com/investors.
|
BALANCE SHEET |
(In thousands) |
|
March 31, |
|
December 31, |
|
|
2017 |
|
|
|
2016 |
|
|
(Unaudited) |
|
|
ASSETS |
|
|
|
Current Assets |
|
|
|
Cash and cash
equivalents |
$ |
26,464 |
|
|
$ |
19,171 |
|
Trade
receivables, net |
|
95,252 |
|
|
|
80,521 |
|
Employee
receivables |
|
161 |
|
|
|
198 |
|
Other
receivables |
|
4,902 |
|
|
|
5,445 |
|
Inventories |
|
134,310 |
|
|
|
120,695 |
|
Prepaid expenses
and other assets |
|
7,778 |
|
|
|
6,226 |
|
Prepaid income
taxes |
|
2,604 |
|
|
|
2,525 |
|
Deferred income
tax assets |
|
- |
|
|
|
8,219 |
|
Income tax
refunds receivable |
|
680 |
|
|
|
423 |
|
Total Current Assets |
|
272,151 |
|
|
|
243,423 |
|
|
|
|
|
Property and
equipment, net |
|
283,384 |
|
|
|
276,573 |
|
Intangibles,
net |
|
208,590 |
|
|
|
182,697 |
|
Goodwill |
|
219,911 |
|
|
|
211,927 |
|
Deferred income
tax assets |
|
2,047 |
|
|
|
171 |
|
Other assets |
|
29,098 |
|
|
|
28,012 |
|
Total Assets |
$ |
1,015,181 |
|
|
$ |
942,803 |
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
Current
Liabilities |
|
|
|
Trade
payables |
|
32,625 |
|
|
|
30,619 |
|
Accrued
expenses |
|
52,875 |
|
|
|
44,947 |
|
Current portion
of long-term debt |
|
16,998 |
|
|
|
10,000 |
|
Advances from
employees |
|
479 |
|
|
|
572 |
|
Income taxes
payable |
|
2,120 |
|
|
|
2,193 |
|
Total Current Liabilities |
|
105,097 |
|
|
|
88,331 |
|
|
|
|
|
Deferred income tax
liabilities |
|
20,482 |
|
|
|
25,981 |
|
Liabilities related to
unrecognized tax benefits |
|
438 |
|
|
|
438 |
|
Deferred compensation
payable |
|
9,399 |
|
|
|
9,211 |
|
Deferred credits |
|
2,510 |
|
|
|
2,550 |
|
Long-term debt |
|
220,408 |
|
|
|
314,373 |
|
Other long-term
obligations |
|
4,505 |
|
|
|
3,730 |
|
Total
Liabilities |
|
362,839 |
|
|
|
444,614 |
|
|
|
|
|
Stockholders'
Equity |
|
|
|
Common
stock |
|
344,498 |
|
|
|
206,186 |
|
Retained
earnings |
|
308,687 |
|
|
|
293,885 |
|
Accumulated
other comprehensive loss |
|
(843 |
) |
|
|
(1,882 |
) |
Total
stockholders' equity |
|
652,342 |
|
|
|
498,189 |
|
Total Liabilities and
Stockholders' Equity |
$ |
1,015,181 |
|
|
$ |
942,803 |
|
|
|
|
|
INCOME STATEMENT |
(Unaudited, in thousands except per share
amounts) |
|
|
|
|
|
Three Months Ended |
|
March 31, |
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
SALES |
$ |
171,069 |
|
|
$ |
138,077 |
|
|
|
|
|
COST OF SALES |
|
95,127 |
|
|
|
77,977 |
|
|
|
|
|
GROSS PROFIT |
|
75,942 |
|
|
|
60,100 |
|
|
|
|
|
OPERATING EXPENSES |
|
|
|
Selling, general
and administrative |
|
57,771 |
|
|
|
41,704 |
|
Research and
development |
|
12,525 |
|
|
|
10,588 |
|
Contingent
consideration expense |
|
37 |
|
|
|
102 |
|
Total |
|
70,333 |
|
|
|
52,394 |
|
|
|
|
|
INCOME FROM
OPERATIONS |
|
5,609 |
|
|
|
7,706 |
|
|
|
|
|
OTHER INCOME
(EXPENSE) |
|
|
|
Interest
income |
|
83 |
|
|
|
9 |
|
Interest
(expense) |
|
(2,706 |
) |
|
|
(1,329 |
) |
Bargain purchase
gain |
|
12,243 |
|
|
|
- |
|
Other income
(expense) |
|
264 |
|
|
|
(480 |
) |
Total
other income (expense) - net |
|
9,884 |
|
|
|
(1,800 |
) |
|
|
|
|
INCOME BEFORE INCOME
TAXES |
|
15,493 |
|
|
|
5,906 |
|
|
|
|
|
INCOME TAX EXPENSE |
|
690 |
|
|
|
1,555 |
|
|
|
|
|
NET INCOME |
$ |
14,803 |
|
|
$ |
4,351 |
|
|
|
|
|
EARNINGS PER COMMON
SHARE- |
|
|
|
Basic |
$ |
0.33 |
|
|
$ |
0.10 |
|
|
|
|
|
Diluted |
$ |
0.32 |
|
|
$ |
0.10 |
|
|
|
|
|
AVERAGE COMMON
SHARES- |
|
|
|
Basic |
|
44,830 |
|
|
|
44,275 |
|
|
|
|
|
Diluted |
|
45,820 |
|
|
|
44,579 |
|
|
|
|
|
Non-GAAP Financial MeasuresAlthough Merit’s
financial statements are prepared in accordance with accounting
principles which are generally accepted in the United States of
America (“GAAP”), Merit’s management believes that certain non-GAAP
financial measures referred to in this release provide investors
with useful information regarding the underlying business trends
and performance of Merit’s ongoing operations and can be useful for
period-over-period comparisons of such operations. Non-GAAP
financial measures used in this release include:
- constant currency revenue;
- core revenue;
- non-GAAP earnings per share;
- non-GAAP gross margin; and
- non-GAAP net income.
Merit’s management team uses these non-GAAP
financial measures to evaluate Merit’s profitability and
efficiency, to compare operating results to prior periods, to
evaluate changes in the operating results of its operating
segments, and to measure and allocate financial resources
internally. However, Merit’s management does not consider such
non-GAAP measures in isolation or as an alternative to such
measures determined in accordance with GAAP.
Readers should consider non-GAAP measures used
in this release in addition to, not as a substitute for, financial
reporting measures prepared in accordance with GAAP. These
non-GAAP financial measures exclude some, but not all, items that
may affect Merit's net income. In addition, they are subject to
inherent limitations as they reflect the exercise of judgment by
management about which items are excluded. Merit believes it is
useful to exclude such expenses in the calculation of non-GAAP
earnings per share, non-GAAP gross margin and non-GAAP net income
(in each case, as further illustrated in the reconciliation table
below) because such amounts in any specific period may not directly
correlate to the underlying performance of Merit’s business
operations and can vary significantly between periods as a result
of factors such as new acquisitions, non-cash expense related to
amortization of previously acquired tangible and intangible assets,
unusual compensation expenses or expense resulting from litigation
or governmental proceedings. Merit may incur similar types of
expenses in the future, and the non-GAAP financial information
included in this release should not be viewed as a statement or
indication that these types of expenses will not recur.
Additionally, the non-GAAP financial measures used in this release
may not be comparable with similarly titled measures of other
companies. Merit urges investors and potential investors to
review the reconciliations of its non-GAAP financial measures to
the comparable GAAP financial measures, and not to rely on any
single financial measure to evaluate Merit’s business or results of
operations.
Constant Currency ReconciliationMerit’s revenue
on a constant currency basis is prepared by translating the
current-period reported sales of subsidiaries whose functional
currency is other than the U.S. dollar at the applicable foreign
exchange rates in effect during the comparable prior-year period.
The constant currency revenue adjustment of $1.3 million for
the three-month period ended March 31, 2017 was calculated using
the applicable average foreign exchange rates for the three-month
period ended March 31, 2016.
Core RevenueMerit’s core revenue is defined as
reported revenue excluding revenues from the acquisitions of the
HeRO® Graft (excluded January 2017 only) and DFINE, Inc. in 2016
and Catheter Connections, Inc. and the critical care division of
Argon Medical Devices, Inc. in 2017.
Other Non-GAAP Financial Measure
ReconciliationThe following table sets forth supplemental financial
data and corresponding reconciliations of non-GAAP net income and
non-GAAP earnings per share to Merit’s net income and earnings per
share prepared in accordance with GAAP for the three-month periods
ended March 31, 2017 and 2016. Non-GAAP gross margin is
calculated by reducing GAAP cost of sales by amounts recorded for
amortization of intangible assets and inventory mark-up related to
acquisitions. The non-GAAP income adjustments referenced in the
following table do not reflect stock-based compensation expense of
approximately $577,000 and $624,000 for the three-month periods
ended March 31, 2017 and 2016, respectively.
CONSOLIDATED STATEMENTS OF OPERATIONS - NON-GAAP |
FOR THE
THREE MONTHS ENDED MARCH 31, 2017 AND 2016 (Unaudited) |
In
thousands, except per share data |
|
|
|
|
|
|
Three Months Ended |
|
March 31, 2017 |
|
Pre-Tax |
Tax Impact (a) |
After-Tax |
Per Share Impact |
GAAP net
income |
$ |
15,493 |
|
$ |
(690 |
) |
$ |
14,803 |
|
$ |
0.32 |
|
|
|
|
|
|
Non-GAAP
adjustments: |
|
|
|
|
Cost of
Sales |
|
|
|
|
Amortization of intangibles |
|
4,826 |
|
|
(1,805 |
) |
|
3,021 |
|
|
0.07 |
|
Inventory
mark-up related to acquisitions |
|
1,893 |
|
|
(736 |
) |
|
1,157 |
|
|
0.03 |
|
Selling, General
& Administrative |
|
|
|
|
Severance |
|
1,216 |
|
|
(473 |
) |
|
743 |
|
|
0.02 |
|
Acquisition-related (c) |
|
1,552 |
|
|
(282 |
) |
|
1,270 |
|
|
0.03 |
|
Fair
value adjustment to contingent consideration (d) |
|
37 |
|
|
(15 |
) |
|
22 |
|
|
0.00 |
|
Long-term
asset impairment charge (b) |
|
18 |
|
|
(7 |
) |
|
11 |
|
|
0.00 |
|
Amortization of intangibles |
|
1,343 |
|
|
(518 |
) |
|
825 |
|
|
0.02 |
|
Special
legal expense (e) |
|
4,840 |
|
|
(1,883 |
) |
|
2,957 |
|
|
0.06 |
|
Other (Income)
Expense |
|
|
|
|
Gain from
bargain purchase (f) |
|
(12,243 |
) |
|
- |
|
|
(12,243 |
) |
|
(0.27 |
) |
Amortization of long-term debt issuance costs |
|
172 |
|
|
(67 |
) |
|
105 |
|
|
0.00 |
|
|
|
|
|
|
Adjusted net
income |
$ |
19,147 |
|
$ |
(6,476 |
) |
$ |
12,671 |
|
$ |
0.28 |
|
|
|
|
|
|
Diluted shares |
|
|
|
|
45,820 |
|
|
|
|
|
|
|
Three Months Ended |
|
March 31, 2016 |
|
Pre-Tax |
Tax Impact (a) |
After-Tax |
Per Share Impact |
GAAP net
income |
$ |
5,906 |
|
$ |
(1,555 |
) |
$ |
4,351 |
|
$ |
0.10 |
|
|
|
|
|
|
Non-GAAP
adjustments: |
|
|
|
|
Cost of
Sales |
|
|
|
|
Amortization of intangibles |
|
3,220 |
|
|
(1,181 |
) |
|
2,039 |
|
|
0.05 |
|
Selling, General
& Administrative |
|
|
|
|
Severance |
|
1,219 |
|
|
(474 |
) |
|
745 |
|
|
0.02 |
|
Acquisition-related (c) |
|
736 |
|
|
(286 |
) |
|
450 |
|
|
0.01 |
|
Fair
value adjustment to contingent consideration (d) |
|
101 |
|
|
(40 |
) |
|
61 |
|
|
0.00 |
|
Amortization of intangibles |
|
799 |
|
|
(304 |
) |
|
495 |
|
|
0.01 |
|
Other (Income)
Expense |
|
|
|
|
Amortization of long-term debt issuance costs |
|
257 |
|
|
(100 |
) |
|
157 |
|
|
0.00 |
|
|
|
|
|
|
Adjusted net
income |
$ |
12,238 |
|
$ |
(3,940 |
) |
$ |
8,298 |
|
$ |
0.19 |
|
|
|
|
|
|
Diluted shares |
|
|
|
|
44,579 |
|
|
|
|
|
|
(a) Reflects the tax effect of the non-GAAP adjustments
(b) Represents abandoned patents
(c) Represents costs related to acquisitions
(d) Represents changes in the fair value of contingent
consideration liabilities and contingent receivables as a result of
acquisitions
(e) Costs incurred in responding to an inquiry from the U.S.
Department of Justice
(f) Represents the bargain purchase gain realized from the
acquisition of the critical care division of Argon Medical Devices,
Inc.
|
Reconciliation of Reported Revenue to Core Revenue (Non-GAAP),
Constant Currency Revenue (Non-GAAP) |
For the
three months ended March 31, 2017 |
(Unaudited,
in thousands) |
|
|
Three months ended |
|
March 31, |
|
% Change |
|
2017 |
|
2016 |
Reported
Revenue |
23.9 |
% |
$ |
171,069 |
$ |
138,077 |
|
|
|
|
LESS Sales from: |
|
|
|
Certain
acquisitions* |
|
|
16,773 |
|
- |
|
|
|
Core
Revenue |
11.7 |
% |
$ |
154,296 |
$ |
138,077 |
|
|
Three months ended |
|
March 31, |
|
% Change |
|
2017 |
|
2016 |
Reported
Revenue |
23.9 |
% |
$ |
171,069 |
$ |
138,077 |
|
|
|
|
Add: Impact of foreign
exchange** |
|
|
1,265 |
|
- |
|
|
|
|
Constant Currency Revenue |
24.8 |
% |
$ |
172,334 |
$ |
138,077 |
|
|
|
|
*Represents sales from the acquisitions of Hero in February
2016; DFINE in July 2016; Catheter Connections in 2017; and the
critical care division of Argon Medical Devices in 2017
**The constant currency revenue adjustment of
$1.3 million for the three-month period ended March 31, 2017 was
calculated using the applicable average foreign exchange rates for
the three-month period ended March 31, 2016.
ABOUT MERITFounded in 1987, Merit Medical
Systems, Inc. is engaged in the development, manufacture and
distribution of proprietary disposable medical devices used in
interventional, diagnostic and therapeutic procedures, particularly
in cardiology, radiology and endoscopy. Merit serves client
hospitals worldwide with a domestic and international sales force
totaling approximately 290 individuals. Merit employs
approximately 4,500 people worldwide with facilities in South
Jordan, Utah; Pearland, Texas; Richmond, Virginia; Malvern,
Pennsylvania; Rockland, Massachusetts; San Jose, California;
Maastricht and Venlo, The Netherlands; Paris, France; Galway,
Ireland; Beijing, China; Tijuana, Mexico; Joinville, Brazil;
Markham, Ontario, Canada; Melbourne, Australia; Tokyo, Japan; and
Singapore.
FORWARD-LOOKING STATEMENTSStatements contained
in this release which are not purely historical, including, without
limitation, statements regarding Merit's forecasted plans,
revenues, net income, financial results or anticipated or completed
acquisitions, are forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 and are
subject to risks and uncertainties such as those described in
Merit's Annual Report on Form 10-K for the year ended December 31,
2016 and subsequent filings with the Securities and Exchange
Commission. Such risks and uncertainties include risks
relating to Merit's potential inability to successfully manage
growth through acquisitions, including the inability to
commercialize technology acquired through completed, proposed or
future transactions; product recalls and product liability claims;
expenditures relating to research, development, testing and
regulatory approval or clearance of Merit's products and risks that
such products may not be developed successfully or approved for
commercial use; governmental scrutiny and regulation of the medical
device industry, including governmental inquiries, investigations
and proceedings involving Merit; reforms to the 510(k) process
administered by the U.S. Food and Drug Administration; restrictions
on Merit's liquidity or business operations resulting from its
current debt agreements; infringement of Merit's technology or the
assertion that Merit's technology infringes the rights of other
parties; the potential of fines, penalties or other adverse
consequences if Merit's employees or agents violate the U.S.
Foreign Corrupt Practices Act or other laws or regulations; laws
and regulations targeting fraud and abuse in the healthcare
industry; potential for significant adverse changes in governing
regulations; changes in tax laws and regulations in the United
States or other countries; increases in the prices of commodity
components; negative changes in economic and industry conditions in
the United States or other countries; termination or interruption
of relationships with Merit's suppliers, or failure of such
suppliers to perform; fluctuations in exchange rates;
concentration of a substantial portion of Merit's revenues among a
few products and procedures; development of new products and
technology that could render Merit's existing products obsolete;
market acceptance of new products; volatility in the market price
of Merit's common stock; modification or limitation of governmental
or private insurance reimbursement policies; changes in healthcare
policies or markets related to healthcare reform initiatives;
failure to comply with applicable environmental laws; changes in
key personnel; work stoppage or transportation risks; introduction
of products in a timely fashion; price and product competition;
availability of labor and materials; fluctuations in and
obsolescence of inventory; and other factors referred to in Merit's
Annual Report on Form 10-K for the year ended December 31, 2016 and
other materials filed with the Securities and Exchange Commission.
All subsequent forward-looking statements attributable to Merit or
persons acting on its behalf are expressly qualified in their
entirety by these cautionary statements. Actual results will likely
differ, and may differ materially, from anticipated results.
Financial estimates are subject to change and are not intended to
be relied upon as predictions of future operating results, and
Merit assumes no obligation to update or disclose revisions to
those estimates.
TRADEMARKSUnless noted otherwise, trademarks and
registered trademarks used in this release are the property of
Merit Medical Services, Inc., in the United States and other
jurisdictions.
Contact: Anne-Marie Wright, Vice President, Corporate Communications
Phone: (801) 208-4167 e-mail: awright@merit.com Fax: (801) 253-1688
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