Fred Lampropoulos will continue to serve as Chairman of Merit's Board of Directors

Merit announces preliminary unaudited revenue for the quarter ended June 30, 2025

SOUTH JORDAN, Utah, July 07, 2025 (GLOBE NEWSWIRE) -- Merit Medical Systems, Inc. (NASDAQ: MMSI), a global leader of healthcare technology, announced today the appointment of Martha Aronson as Merit's new President and Chief Executive Officer, effective October 3, 2025. Fred P. Lampropoulos will remain as Chairman of the Board, President and CEO of Merit through October 3, 2025. Upon Ms. Aronson's appointment, Mr. Lampropoulos will continue to serve as Chairman of the Board.

"I am pleased to welcome Martha to Merit," said Mr. Lampropoulos. "I believe the company has never been in a stronger position. Martha is uniquely qualified to lead Merit into the future and drive its continued success. Her keen intellect and proven track record of empowering global teams through collaborative excellence, consistent with "The Merit Way," makes her the ideal leader for Merit's next stage of growth. Since our founding in 1987, we have achieved significant milestones, including strong returns delivered to shareholders since our IPO on May 10, 1990. I am incredibly proud of these achievements. With Martha's experience and capability, I look forward to supporting her vision while she charts Merit's course forward."

Ms. Aronson has extensive experience in global healthcare. Her business management experience includes overseeing global healthcare businesses ranging in size from $500 million to $1 billion. She was the Executive Vice President and President of Global Healthcare for Ecolab, Inc. and previously served as the Senior Vice President and President -- North America for Hill-Rom Holdings, Inc. Prior to that, she spent nearly 20 years at Medtronic in various general management and leadership roles, both in the United States and internationally. Aronson guided and advised companies as a board director, most recently serving as a director, and formerly as Chair of the Board, for CONMED Corporation. She also served as a director of Methode Electronics, Inc., Clinical Innovations, LLC, Cardiovascular Systems, Inc., Beta Bionics, Inc., Hutchinson Technology, Inc., Bright Uro, and OmCare.

She holds a Bachelor of Arts in Economics from Wellesley College where she graduated magna cum laude and Phi Beta Kappa. She was named All-American in Division III tennis and Academic All-American while at Wellesley. She also earned a Master of Business Administration from Harvard Business School.

"I am excited to join Merit and truly honored to take on this role," said Aronson. "Fred has built and grown an extraordinary company over the past four decades, starting with one single idea and building it into the incredibly successful global company that it is today. Working with the talented team at Merit, I look forward to building upon his remarkable legacy and leading the company into a future of continued excellence and innovation."

"The Board is delighted to welcome Martha to Merit," said Dr. F. Ann Millner, Lead Independent Director. "Through a meticulous selection process, we identified her as an exceptional fit for our organization. With her extensive global expertise and profound understanding of our industry, we are confident she will lead Merit into a successful new chapter."

Dr. Millner added, "On behalf of Merit's Board of Directors, we extend our deepest appreciation to Fred Lampropoulos for his 38 years of leadership and dedication to Merit. Fred is a visionary leader committed to medical innovation, employee well-being, and community involvement. His foundation of The Merit Way will continue to inspire and guide the company for years to come. Equally admirable is Fred's philanthropic work, reflecting his deep dedication to the well-being of others. As Merit's founder, he has advanced patient care and significantly improved health outcomes worldwide. Fred's genuine leadership reaches beyond the workplace and has touched communities around the globe."

Second Quarter 2025 Preliminary Revenue Results

Merit also announced preliminary unaudited revenue in the range of approximately $380 to $384 million for the quarter ended June 30, 2025, a projected increase of approximately 12% to 14% compared to revenue reported for the quarter ended June 30, 2024. Preliminary constant currency revenue for the quarter ended June 30, 2025, increased in the range of approximately 11% to 13% compared to the prior year period. Constant currency revenue is a non-GAAP financial measure. A reconciliation of this financial measure to its most directly comparable GAAP financial measure is included under the heading "Non-GAAP Financial Measure" below.

As previously announced on July 3, 2025, Merit plans to release its financial results for the quarter ended June 30, 2025, after the close of the stock market on Wednesday, July 30, 2025. Merit plans to hold its investor conference call on the same day (Wednesday, July 30, 2025) at 5:00 p.m. Eastern (4:00 p.m. Central, 3:00 p.m. Mountain, and 2:00 p.m. Pacific). To access the conference call, please pre-register using the following link. Registrants will receive confirmation with dial-in details. A live webcast and slide deck can be accessed using this link. A link to both register for the conference call and view the webcast will be made available at www.merit.com.

Non-GAAP Financial Measure

Although Merit's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), Merit's management believes that the non-GAAP financial measure of constant currency revenue referenced in this release may provide investors with useful information regarding the underlying business trends and performance of Merit's ongoing operations and can be useful for period-over-period comparisons of such operations.

Merit's management team uses this non-GAAP financial measure to evaluate Merit's financial performance generally, to compare operating and financial results to prior periods, to evaluate changes in the results of its operating segments, and to measure and allocate financial resources internally. However, Merit's management does not consider this non-GAAP measure in isolation or as an alternative to measures determined in accordance with GAAP.

Readers should consider the non-GAAP measure used in this release in addition to, not as a substitute for, financial reporting measures prepared in accordance with GAAP. This non-GAAP financial measure generally excludes some, but not all, items that may affect Merit's revenue. In addition, it is subject to inherent limitations as it reflects the exercise of judgment by management about which items are excluded. The non-GAAP financial measure used in this release may not be comparable with similarly titled measures of other companies. Merit urges readers to review the reconciliation of the non-GAAP financial measure to its most directly comparable GAAP financial measure included herein, and not to rely on any single financial measure to evaluate Merit's business or results of operations.

Constant Currency Revenue

Merit's constant currency revenue is prepared by converting the current-period preliminary unaudited revenue of subsidiaries whose functional currency is a currency other than the U.S. dollar at the applicable foreign exchange rates in effect during the comparable prior-year period and adjusting for the effects of hedging transactions on preliminary unaudited revenue, which are recorded in the U.S. dollar. The preliminary constant currency revenue adjustment of $(2.3) million to preliminary unaudited revenue for the quarter ended June 30, 2025 was calculated using the applicable average foreign exchange rates for the quarter ended June 30, 2024.

Non-GAAP Financial Measure Reconciliation

The following table sets forth supplemental financial data and corresponding reconciliation of non-GAAP preliminary constant currency revenue to Merit's corresponding financial measure prepared in accordance with GAAP for the quarter ended June 30, 2025.

Reconciliation of Preliminary Unaudited Revenue Range to Preliminary Constant Currency Revenue Range (Non-GAAP)

(Unaudited; in thousands except percentages)

 
                                         Three months Ended 
                                              June 30, 
                % Change (a)              2025             2024 
                -------------      -------------------  ---------- 
Preliminary 
 Unaudited 
 Revenue 
 Range           12.4 -- 13.6   %  $380,000 - 384,000   $338,003 
 
Add: Impact of foreign 
 exchange                                      (2,300)        -- 
 
Preliminary 
 Constant 
 Currency 
 Revenue (b)     11.7 -- 12.9   %  $377,700 - 381,700   $338,003 
                                    =================    ======= 
 
 

(a) Amounts in this table are rounded while percentages are calculated from the underlying amounts.

(b) A non-GAAP financial measure. For a definition of this non-GAAP financial measure, see the section of this release entitled "Non-GAAP Financial Measure."

ABOUT MERIT

Founded in 1987, Merit Medical Systems, Inc. is engaged in the development, manufacture, and distribution of proprietary disposable medical devices used in interventional, diagnostic, and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care, and endoscopy. Merit serves client hospitals worldwide with a domestic and international sales force and clinical support team totaling more than 800 individuals. Merit employs approximately 7,300 people worldwide.

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July 07, 2025 16:05 ET (20:05 GMT)