MERIT MEDICAL SYSTEMS INC (MMSI)

Merit Medical Systems, Inc. is a manufacturer and marketer of proprietary medical devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care and endoscopy. Founded in 1987, it started with injection and insert molding of plastics and a control syringe used for angiograms. Its product lines have since expanded through internal research and development and strategic acquisitions. The company's strategy centers on global growth and profitability, lean operations, high-growth opportunities in its core divisions, a customer-focused culture, and long-term sustainability.

The company operates through two segments: cardiovascular and endoscopy. The cardiovascular segment includes peripheral intervention, cardiac intervention, custom procedural solutions and original equipment manufacturer (OEM) categories. Peripheral intervention covers access (HeRO Graft, dialysis catheters, Wrapsody Endoprosthesis), angiography (Laureate and SplashWire guide wires, Performa diagnostic catheters), drainage (Aspira and ReSolve systems), delivery systems (microcatheters), embolotherapy (Embosphere and HepaSphere microspheres) and intervention products such as infusion catheters, balloon catheters and snares. It also includes a spine group (vertebral augmentation, STAR tumor ablation, bone biopsy) and an oncology group (SCOUT Radar Localization, soft tissue biopsy devices, SAVI Brachytherapy). Cardiac intervention covers Prelude introducer sheaths, guide wires and diagnostic catheters, electrophysiology and cardiac rhythm management devices, fluid management products, radial and femoral hemostasis devices, and inflation devices and hemostasis valves. Custom procedural solutions offers standard and custom kits, trays and packs, critical care products, manifold kits, and Dual Cap and Medallion syringes. The text provided does not describe the endoscopy and OEM offerings in detail.

Merit's products are used across many clinical areas, including radiology, interventional radiology, neurointerventional radiology, diagnostic and interventional cardiology, electrophysiology, interventional pulmonology and nephrology, orthopedic spine surgery, interventional oncology, pain management, breast cancer surgery, intensive care and interventional gastroenterology. Its customers include hospitals, outpatient access centers and other healthcare facilities worldwide, and it offers facility-unique and custom procedural solutions at customers' request. Hospital customers' focus on their COVID-19 response disrupted normal operations in recent years. In 2022, restrictions generally eased and the company achieved the highest annual revenue in its history, though freight and logistical costs and obstacles continue.

Merit designs, develops, markets and manufactures its products through its own operations and contract manufacturers. It sells through a direct sales force and distributors, including an exclusive worldwide distribution agreement (excluding Japan) with SB-Kawasumi Laboratories for the SwiftNINJA microcatheter. It conducts business through domestic and foreign subsidiaries and representative offices. Its principal offices are at 1600 West Merit Parkway, South Jordan, Utah.