MMSI
P/E (ttm): 28.63
PERIOD ENDING.... 31-Dec-07 .30-Sep-07 .30-Jun-07 .31-Mar-07
Retained Earnings .111,947 . 107,220 .102,925 .99,329
Total Revenue ......54,343 .50,584 .. 51,811 .. 51,030
Sale (Buy) Stock.... 6,141 . (1,068) ...(3,877)..... 664 <---
Net Borrowings.... (5,213)..... (153)....... 72 ..... 81 <-------
http://stockcharts.com/charts/gallery.html?mmsi
<---damn! shoulda woulda
coulda.. retrace to $13?
Short % of Float (as of 26-Feb-08): 7.90%
Qtrly Revenue Growth (yoy): 6.90% <---------good/ok
Qtrly Earnings Growth (yoy): 54.90% <---------xlnt
Total Debt (mrq): 0 <----------xlnt
Merit Medical Systems, Inc. engages in the development, manufacture, and
marketing of disposable medical devices used in interventional and
diagnostic procedures in the United States. The company produces coronary
control syringes; inflation devices and monitors; specialty syringes;
high-pressure tubing and connectors; waste management products;
disposable blood pressure transducer and pressure monitoring tubing and
accessories; and disposable hemostasis valves and accessories, and guide
wire torque devices. Its products also include manifolds and stopcocks;
radial artery compression systems; contrast management systems, drip
sets, and spikes; medication labeling system; and angiography needles and
accessories. In addition, Merit Medical Systems develops drainage
catheters and accessories; pericardiocentesis catheters and procedure
trays; thrombolytic infusion catheters and accessories; diagnostic
angiographic pigtail catheters, diagnostic cardiology and radiology
catheters, and marker band catheters; chronic dialysis catheters; and
guide catheters. Further, the company provides percutaneous sheath
introducers, obturators, and vessel dialators; diagnostic guide wires and
accessories, and hydrophilic guide wires; pressure infusor bags;
procedure trays and packs, drapes, and prep kits; spinal procedure trays
and accessories; and safety scalpel. It serves hospital-based
cardiologists, radiologists, anesthesiologists, physiatrists,
neurologists, technicians, and nurses. Merit Medical Systems operates in
the United States, Ireland, Germany, France, the United Kingdom, Belgium,
and the Netherlands. The company was founded in 1987 and is headquartered
in South Jordan, Utah.
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FROM THE 10K ANNUAL RE****T:
During 2007, we made substantial progress in the Company's financial
condition, particularly our net income which increased 26.7%, compared to
the same period of 2006. This improvement was largely the result of an
increase in sales in 2007 of 9%, a slight increase in gross margins, a
decrease in our operating expenses as a percentage of sales by 1.1%, and
an improvement of 2.5% in our effective income tax rate, when compared to
the operating results for the same period in 2006. For the first time in
three years, our net income and gross margins improved when compared to
the same period in the prior year. Our focus in 2007, on reducing costs
and becoming more efficient, has started to make a difference in gross
margin improvements. We have had three consecutive quarters of gross
margin improvement, which is up 2.8% of sales since the first quarter of
2007. During 2007, we improved our gross margins, principally through
improved production efficiencies which resulted in lower headcount,
improved product mix, the transfer of the manufacturing process of four
products to Mexico, and certain automation projects. Management believes
future improvement in profitability will be driven by increases in gross
margins. During 2008, we plan to transfer one additional product line to
Mexico, continue to implement new automation and efficiency projects and
focus our sales efforts on a product mix with higher gross margins,
including the introduction of several new high margin products
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International sales in 2007 were approximately $64.9 million, or 31% of
total sales; international sales in 2006 were approximately $53.7
million, or 28% of total sales; international sales in 2005 were
approximately $45.3 million, or 26% of total sales. These increases
primarily resulted from greater acceptance of our products in
international markets, ongoing growth in our European direct sales, and
increased sales related to improvement in the exchange rate between the
Euro and the U.S. Dollar,
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We have begun to see operating leverage (30 basis points) in our research
and development ("R&D") expenses. We have a full pipeline of new products
and management believes that we have an effective level of capabilities
and expertise to continue the flow of new organically developed products
into the near-term future
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