Merit Medical Introduces “Continued Growth Initiatives” Program and Financial Targets for Three-Year Period Ending December 31, 2026

SOUTH JORDAN, Utah, Feb. 28, 2024 (GLOBE NEWSWIRE) -- Merit Medical Systems, Inc. (NASDAQ: MMSI), a leading global manufacturer and marketer of healthcare technology, today introduced its Continued Growth Initiatives Program and related financial targets for the three-year period ending December 31, 2026.

Merit’s new multi-year financial targets are:

• Total revenue increase at a compound annual growth rate (CAGR) of 5% to 7% on an organic, constant currency, basis* for the three-year period ending December 31, 2026.
• Non-GAAP operating margin* of 20.0% to 22.0% for the year ending December 31, 2026.
• Cumulative free cash flow* generation of at least $400 million for the three-year period ending December 31, 2026.
  

* Organic revenue, organic revenue on a constant currency basis, non-GAAP operating margin and free cash flow are non-GAAP financial measures. A reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures is included under the heading “Non-GAAP Financial Measures” below. Merit does not provide financial targets for GAAP reported financial measures (other than revenue) or a reconciliation of forward-looking Non-GAAP financial measures to the most directly comparable GAAP reported financial measures because Merit is unable to predict with reasonable certainty the financial impact of items such as expenses related to acquisitions or other extraordinary transactions, non-cash expenses related to amortization or write-off of previously acquired tangible and intangible assets, certain severance expenses, performance-based stock compensation expenses, corporate transformation expenses, expenses resulting from non-ordinary course litigation or administrative proceedings and resulting settlements, governmental proceedings, and changes in governmental or industry regulations. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period. For the same reasons, the Company is unable to address the significance of the unavailable information, which could be material to future results. Specifically, Merit is not, without unreasonable effort, able to reliably predict the impact of these items and Merit believes inclusion of a reconciliation of these forward-looking non-GAAP measures to their GAAP counterparts could be confusing to investors or cause undue reliance.