Merit Medical Systems (MMSI – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Michael Matson from Needham remains neutral on the stock and has a $81.00 price target.
Michael Matson has assigned a Buy rating to Merit Medical Systems, citing a robust preannouncement of revenues that exceeded market expectations for the fourth quarter of 2023. In detail, the company’s disclosed revenue range of $1.255-1.259 billion represents a year-over-year growth of 9.0-9.4% on a reported basis and 9.6-9.9% on a constant currency basis, surpassing the consensus estimate of $1.248 billion. This performance suggests an anticipated fourth-quarter revenue between $322-326 million, which also outstrips the consensus forecast of $315 million.
Matson’s positive outlook on Merit Medical Systems is further bolstered by the company’s effective execution of its strategies amidst challenging macroeconomic conditions. He foresees continued robust revenue growth, improved profit margins, and substantial free cash flow. These factors underscore his confidence in the company’s financial health and future performance, leading to the reaffirmation of the Buy rating.
According to TipRanks, Matson is an analyst with an average return of -2.0% and a 46.18% success rate. Matson covers the Healthcare sector, focusing on stocks such as Atricure, Hologic, and Veracyte.
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Merit Medical Systems (MMSI) Company Description:
Merit Medical Systems, Inc. engages in the manufacture and market of proprietary disposable medical devices. It operates through Cardiovascular and Endoscopy segments. The Cardiovascular segment consists of peripheral intervention, cardiac intervention, interventional oncology and spine, and cardiovascular and critical care product groups. The Endoscopy segment integrates advanced non-vascular stent technology with balloon dilators, inflation devices, guide wires, procedure kits, and other devices that are used by gastroenterologists, endoscopists, pulmonologists, and thoracic and general surgeons. The company was founded by Fred P. Lampropoulos, Darla Gill, Kent W. Stanger and William Padilla in July 1987 and is headquartered in South Jordan, UT.
Read More on MMSI:
- Merit Medical Announces Projected Preliminary Unaudited Revenue for the Year Ended December 31, 2023 and Plans to Announce Fourth Quarter and Year End 2023 Results and Issue Fiscal Year 2024 Guidance on February 28, 2024
- Merit Medical upgraded to Buy from Hold at Canaccord
- Merit Medical announces process for CEO succession planning
- Merit Medical Announces Process for Chief Executive Officer Succession Planning
- Merit Medical management to meet with Oppenheimer
