Merit Medical Systems

MMSI

Medical - Instruments & Supplies · Healthcare

Price

$73.99

-1.56 (-2.06%)

Market Cap

$4.41B

Exchange

NASDAQ

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+5.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 57.4M (2021) → 60.5M (2025)

Merit Medical Systems, Inc. designs, develops, manufactures, and markets single-use medical products for interventional, diagnostic, and therapeutic procedures, primarily in cardiology, radiology, oncology, critical care, and endoscopy. The company operates in two segments, Cardiovascular and Endoscopy. It provides peripheral intervention products for the diagnosis and treatment of diseases in peripheral vessels and organs; and cardiac intervention products, such as access, angiography, electrop

Winston Score History

Politician Trades

3 trades / 12mo

1 Congressional buy and 2 sells on MMSI in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+7.9% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+35.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$97M/ year

↑ Rising (+16% vs prior year)

6.4% of revenue

Below sector average (18%)

R&D investment increasing — building for the future

Insider Activity

2.5%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$490M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Merit Medical Systems is growing revenue at 8% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

48.2%

Healthy — 48.2% gross margin

Operating Margin

11.4%

Modest — 11.4% operating margin

ROCE

1.8%

Weak — 1.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+11.2%

Steady sales growth (11.2% YoY)

EPS YoY

+12.4%

Earnings growing (12.4% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

213%

Turns 213% of profit into real cash

FCF Margin

13.9%

Converts sales into free cash efficiently (13.9%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.46

Conservative — low debt load (0.46)

Interest Cover

7.08x

Adequate interest coverage (7.1x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

31.5x

Pricey — P/E 31.5

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+16.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (31.5 → 15.0)

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Dividends

Not applicable for this business.

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