Merit Medical Systems Inc. (MMSI) reported a GAAP net income of $35.7 million, or $0.61 per share, for the second quarter of 2024, compared to $20.2 million, or $0.35 per share, in the same period of 2023.
On a non-GAAP basis, net income for Q2 2024 was $53.8 million, or $0.92 per share, up from $45.9 million, or $0.78 per share, in Q2 2023.
The company's quarterly revenue reached $338.0 million, marking a 5.6% increase from the same quarter ending June 30, 2023. When adjusted for constant currency, Q2 2024 revenue grew by 6.6% year-over-year and 5.0% on an organic basis.
Analysts surveyed by Thomson Reuters had projected earnings of $0.87 per share and revenues of $334.55 million for the quarter. Typically, these analyst estimates exclude special items.
Merit Medical Systems has revised its non-GAAP earnings per share forecast for fiscal year 2024 to a range of $3.27 to $3.35, up from the previous outlook of $3.22 to $3.31. The company now anticipates annual net sales between $1.335 billion and $1.345 billion, compared to the earlier estimate of $1.324 billion to $1.340 billion. Analysts forecast the company to achieve earnings of $3.29 per share and revenues of $1.33 billion for FY 2024.
