Merit Medical (NSDQ:MMSI) shares ticked up today on fourth-quarter results that topped the consensus forecast.
Shares of MMSI were up 5.5% at $62.32 per share in mid-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.4%.
The South Jordan, Utah-based company posted profits of $20.6 million, or 36¢ per share, on sales of $278.5 million for the three months ended Dec. 31, 2021, for a 34% bottom-line gain on sales growth of 7.9%.
Adjusted to exclude one-time items, earnings per share were 71¢, 20¢ ahead of Wall Street, where analysts were looking for sales of nearly $271 million.
“We delivered a fourth-quarter performance that drove our 2021 financial results above the high end of our revenue and non-GAAP EPS guidance ranges, reflecting strong execution from our team despite the challenging operating environment,” Merit Medical Chairman and CEO Fred P. Lampropoulos said in a news release. “By product category, fourth-quarter sales growth was driven primarily by low double-digit growth year-over-year in sales of our peripheral intervention and cardiac intervention products and mid-teens growth year-over-year in sales of OEM products.”
Merit said it expects to log adjusted EPS of between $2.41 and $2.56 for the 2022 fiscal year. The company set its sales guidance for the year at a range of between $1.117 billion and $1.140 billion.