Merit Medical Systems (MMSI) 44th Annual J.P. Morgan Healthcare Conference summary

Leadership Transition and Strategic Focus

• New CEO appointed in October 2025, succeeding the founder, with a new executive team and global operating committee established, emphasizing a transition from founder-led to founder-inspired leadership.

• Board leadership transitioned smoothly, with no anticipated changes in strategic direction.

• CEO conducted a global listening tour, customer visits, and town halls to inform strategy and prioritize scaling the business globally.

• Strategic planning for 2027–2030 underway, building on current platforms, global engagement, and disciplined M&A.

Financial Performance and Growth Outlook

• Achieved $1,514M in revenue for 2025, reflecting 11–12% GAAP growth and 11% constant currency growth.

• Operating margin improved to 17.2% in 2025, with a target of 20–22% by end of 2026.

• Cumulative free cash flow expected to exceed $400M by end of 2026.

• Revenue is globally diversified: 40% international, 60% U.S.

• Growth driven by new product development, organic growth, and strategic M&A.

Product Portfolio and Innovation

• 2025 revenue split: 68% foundational products (6% CAGR), 32% therapeutic products (19% CAGR) across cardiac, renal, vascular, oncology, and endoscopy.

• Cardiac therapies and vascular interventions are high-growth segments, supported by acquisitions and dedicated sales teams.

• Oncology and endoscopy portfolios enhanced by acquisitions and new product launches, such as SCOUT MD and C2 CryoBalloon.

• WRAPSODY, the first PMA-approved product, addresses a 95,000-unit U.S. market, is margin accretive, and demonstrated significant improvement in vessel patency for dialysis patients.

• Robust R&D engine supports innovation in high-growth therapeutic areas, integrating cross-functional teams and global input.