MERIT MEDICAL SYSTEMS INC
MMSI · Surgical & Medical Instruments & Apparatus · 59.7M shares · +1%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: -$19M (gross $2M, SBC $21M)
Reference price $61.00 · est. market cap ~$3.6B — last insider purchase, 2026-05-11 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B75Diversified, profitable cardiovascular/endoscopy device company with strong cash generation and consistent above-average margins.
Strengths
- Top-decile cash generation: FCF $216M (90th), FCF margin 14.2% (85.5th), OCF margin 19.6% (88th)
- Above-average profitability — operating margin 12.2% (83.5th), net margin 8.5% (80th), ROA 4.8% (80.5th) — on 11.8% revenue growth
Risks
- ROE 8.1% (66th) and gross margin 48.7% (32nd) are only mid-pack, so returns are good but not top-decile
- Acquisition-driven growth and EU MDR transition costs; CIA only recently completed
Notable findings
- High convictionHigh conviction — notable institutional holders, insider buying, and a strong balance sheet
- Customer concentration~60% of revenue from one customer/distributor — 5 million, or 60
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Exec changeRecent 8-K item 5.02 8-K ↗
- FDA recallFDA recall (Class II) — Philips Bridge Prep Kit REF: K12-09098C Sterile EO, Rx ONLY (2026-04-02)
- Strong balance sheetStrong balance sheet — $446M cash & investments
- Insider buyingInsider buying — 5 open-market buy(s) by 5 insider(s) (cluster of 5 insiders, ~$573,294, last 6mo) Form 4 ↗
- FDA approvalFDA clearance/approval — WRAPSODY® Cell-Impermeable Endoprosthesis (2026-06-11)
- Insider sellingInsider selling — 2 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$763,035, last 6mo) Form 4 ↗
- Notable holderHeld by 6 notable fund(s): STATE STREET CORP, FMR LLC, CITADEL ADVISORS LLC +3 more (as of 2026-03-31)
- New fund positionNotable fund(s) opened this quarter: Bridgewater Associates, LP
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
48.7%
Operating margin
12.2%
Net margin
8.5%
Return on equity
8.1%
Return on assets
4.8%
ROIC
6.3%
Revenue growth (QoQ)
-3.1%
Net-income growth
6.8%
Debt / equity
0.5×
Net debt / EBITDA
0.9×
Current ratio
4.3×
Free cash flow
$216M
EBITDA
$308M
Tangible book value
$1.1B
Cash & investments
$446M
Stock comp / revenue
2.9%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-15 | Voigt Michel J. | Gift | 65 | — |
| 2026-06-05 | Lloyd Brian G. | Gift | 2.0K | — |
| 2026-05-20 | Gunderson Thomas J. | Option exercise | 14K | $52.17 |
| 2026-05-20 | Gunderson Thomas J. | Option exercise | 7.5K | $52.17 |
| 2026-05-18 | Ward Lynne N. | Grant | 3.5K | — |
| 2026-05-18 | Kaiser Laura S. | Grant | 3.5K | — |
| 2026-05-18 | Gunderson Thomas J. | Grant | 3.5K | — |
| 2026-05-18 | Millner F. Ann Ed.D. | Grant | 3.5K | — |
| 2026-05-18 | Carpenter Lonny J. | Grant | 3.5K | — |
| 2026-05-18 | Ward Scott R. | Grant | 3.5K | — |
| 2026-05-18 | McDonnell Michael R. | Grant | 3.5K | — |
| 2026-05-18 | Evans Stephen C. | Grant | 3.5K | — |
| 2026-05-18 | Perez Silvia M. | Grant | 3.5K | — |
| 2026-05-11 | Smith Christian Adam | Buy | 1.6K | $61.00 |
| 2026-05-07 | Lloyd Brian G. | Buy | 2.0K | $62.62 |
| 2026-05-07 | Ward Lynne N. | Sell | 5.0K | $62.61 |
| 2026-05-06 | Parra Raul Jr. | Buy | 1.5K | $61.01 |
| 2026-05-06 | Aronson Martha Goldberg | Buy | 2.0K | $60.44 |
| 2026-05-05 | Voigt Michel J. | Buy | 2.2K | $60.65 |
| 2026-02-26 | Lloyd Brian G. | Tax withheld | 5.8K | $78.02 |
| 2026-02-26 | Aronson Martha Goldberg | Grant | 28K | — |
| 2026-02-26 | Smith Christian Adam | Grant | 8.2K | — |
| 2026-02-26 | Smith Christian Adam | Grant | 6.4K | — |
| 2026-02-26 | Smith Christian Adam | Grant | 6.8K | — |
| 2026-02-26 | Smith Christian Adam | Tax withheld | 2.0K | $78.02 |
| 2026-02-26 | Peterson Neil W. | Grant | 7.7K | — |
| 2026-02-26 | Peterson Neil W. | Grant | 17K | — |
| 2026-02-26 | Peterson Neil W. | Tax withheld | 6.1K | $78.02 |
| 2026-02-26 | Voigt Michel J. | Grant | 7.7K | — |
| 2026-02-26 | Voigt Michel J. | Grant | 6.4K | — |
| 2026-02-26 | Voigt Michel J. | Grant | 17K | — |
| 2026-02-26 | Voigt Michel J. | Tax withheld | 6.7K | $78.02 |
| 2026-02-26 | Parra Raul Jr. | Grant | 12K | — |
| 2026-02-26 | Parra Raul Jr. | Grant | 9.6K | — |
| 2026-02-26 | Parra Raul Jr. | Grant | 17K | — |
| 2026-02-26 | Parra Raul Jr. | Tax withheld | 5.8K | $78.02 |
| 2026-02-26 | Lloyd Brian G. | Grant | 10K | — |
| 2026-02-26 | Lloyd Brian G. | Grant | 6.4K | — |
| 2026-02-26 | Lloyd Brian G. | Grant | 17K | — |
| 2026-01-06 | Peterson Neil W. | Option exercise | 5.0K | $54.40 |
| 2026-01-06 | Peterson Neil W. | Sell | 5.0K | $90.00 |
| 2025-11-25 | Lampropoulos Fred P. | Sell | 10K | $88.04 |
| 2025-11-21 | Lampropoulos Fred P. | Sell | 25K | $87.31 |
| 2025-11-20 | Lampropoulos Fred P. | Sell | 20K | $85.13 |
| 2025-11-18 | Lampropoulos Fred P. | Sell | 5.0K | $84.83 |
| 2025-10-03 | Aronson Martha Goldberg | Grant | 20K | — |
| 2025-10-03 | Aronson Martha Goldberg | Grant | 20K | — |
| 2025-08-29 | Lampropoulos Fred P. | Option exercise | 159K | $55.73 |
| 2025-08-29 | Lampropoulos Fred P. | Tax withheld | 125K | $90.54 |
| 2025-08-29 | Lampropoulos Fred P. | Option exercise | 2.0K | $55.73 |
| 2025-08-29 | Lampropoulos Fred P. | Tax withheld | 1.5K | $90.54 |
| 2025-08-22 | Ward Lynne N. | Option exercise | 3.0K | $34.46 |
| 2025-08-22 | Ward Lynne N. | Sell | 3.0K | $88.56 |
| 2025-08-11 | Ward Lynne N. | Option exercise | 2.4K | $34.46 |
| 2025-08-11 | Ward Lynne N. | Sell | 2.4K | $84.89 |
| 2025-06-13 | Parra Raul Jr. | Option exercise | 9.7K | $56.25 |
| 2025-06-13 | Parra Raul Jr. | Option exercise | 5.5K | $65.03 |
| 2025-06-13 | Parra Raul Jr. | Sell | 15K | $93.75 |
| 2025-06-10 | Lampropoulos Fred P. | Sell | 400 | $95.61 |
| 2025-06-05 | Lampropoulos Fred P. | Sell | 10K | $95.19 |
| 2025-06-02 | Voigt Michel J. | Gift | 55 | — |
| 2025-06-02 | McDonnell Michael R. | Sell | 1.8K | $94.51 |
| 2025-05-30 | McDonnell Michael R. | Sell | 1.8K | $94.30 |
| 2025-05-30 | Floyd David | Sell | 3.5K | $94.16 |
| 2025-05-30 | Lampropoulos Fred P. | Sell | 10K | $95.12 |
| 2025-05-27 | LAMPROPOULOS FRED P | Sell | 20K | $96.54 |
| 2025-05-15 | Millner F. Ann | Option exercise | 21K | $52.17 |
| 2025-05-15 | Millner F. Ann | Sell | 21K | $96.47 |
| 2025-05-15 | Gunderson Thomas James | Grant | 2.2K | — |
| 2025-05-15 | Ward Lynne | Grant | 2.2K | — |
| 2025-05-15 | MCDONNELL MICHAEL R | Grant | 2.2K | — |
| 2025-05-15 | Kaiser Laura S. | Grant | 2.2K | — |
| 2025-05-15 | Floyd David | Grant | 2.2K | — |
| 2025-05-15 | Floyd David | Grant | 2.2K | — |
| 2025-05-15 | Evans Stephen C. | Grant | 2.2K | — |
| 2025-05-15 | Carpenter Lonny J | Grant | 2.2K | — |
| 2025-05-15 | Millner F. Ann | Grant | 2.2K | — |
| 2025-05-15 | Perez Silvia | Grant | 2.2K | — |
| 2025-04-01 | Peterson Neil | Option exercise | 5.0K | $54.40 |
| 2025-04-01 | Peterson Neil | Sell | 5.0K | $104.53 |
| 2025-03-13 | Lloyd Brian G. | Gift | 4.7K | — |
| 2025-03-05 | LAMPROPOULOS FRED P | Sell | 11K | $104.05 |
| 2025-03-05 | LAMPROPOULOS FRED P | Sell | 20K | $103.75 |
| 2025-03-05 | LAMPROPOULOS FRED P | Sell | 410 | $103.75 |
| 2025-03-05 | LAMPROPOULOS FRED P | Sell | 2.6K | $103.75 |
| 2025-03-05 | Parra Raul Jr. | Option exercise | 5.4K | $37.71 |
| 2025-03-05 | Parra Raul Jr. | Sell | 5.4K | $103.58 |
| 2025-03-05 | Lloyd Brian G. | Sell | 30K | $102.90 |
| 2025-03-05 | Lloyd Brian G. | Option exercise | 30K | $55.73 |
| 2025-03-04 | Voigt Michel James | Gift | 620 | — |
| 2025-03-04 | Lloyd Brian G. | Gift | 48 | — |
| 2025-03-03 | Evans Stephen C. | Sell | 5.0K | $105.31 |
| 2025-03-03 | Peterson Neil | Option exercise | 5.0K | $54.40 |
| 2025-03-03 | Peterson Neil | Sell | 5.0K | $105.00 |
| 2025-02-28 | Gunderson Thomas James | Tax withheld | 13K | $99.95 |
| 2025-02-28 | LAMPROPOULOS FRED P | Option exercise | 4.0K | $44.80 |
| 2025-02-28 | LAMPROPOULOS FRED P | Tax withheld | 2.5K | $102.04 |
| 2025-02-28 | Voigt Michel James | Grant | 5.5K | — |
| 2025-02-28 | Voigt Michel James | Option exercise | 7.3K | $56.25 |
| 2025-02-28 | Voigt Michel James | Option exercise | 4.0K | $65.03 |
| 2025-02-28 | Voigt Michel James | Option exercise | 2.5K | $70.58 |
| 2025-02-28 | Voigt Michel James | Sell | 14K | $99.68 |
| 2025-02-28 | Parra Raul Jr. | Grant | 7.8K | — |
| 2025-02-28 | Parra Raul Jr. | Sell | 12K | $98.81 |
| 2025-02-28 | Gunderson Thomas James | Option exercise | 25K | $50.50 |
| 2025-02-28 | Peterson Neil | Grant | 6.3K | — |
| 2025-02-28 | Lloyd Brian G. | Grant | 7.1K | — |
| 2025-02-28 | Lloyd Brian G. | Option exercise | 25K | $44.80 |
| 2025-02-28 | Lloyd Brian G. | Sell | 25K | $99.50 |
| 2025-02-28 | LAMPROPOULOS FRED P | Grant | 20K | — |
| 2025-02-28 | LAMPROPOULOS FRED P | Option exercise | 38K | $44.80 |
| 2025-02-28 | LAMPROPOULOS FRED P | Tax withheld | 26K | $102.04 |
| 2025-02-27 | Peterson Neil | Tax withheld | 4.3K | $98.50 |
| 2025-02-27 | Voigt Michel James | Tax withheld | 4.5K | $98.50 |
| 2025-02-27 | Lloyd Brian G. | Grant | 12K | — |
| 2025-02-27 | Lloyd Brian G. | Tax withheld | 4.2K | $98.50 |
| 2025-02-27 | Parra Raul Jr. | Tax withheld | 8.3K | $98.50 |
| 2025-02-27 | Peterson Neil | Grant | 12K | — |
| 2025-02-27 | Parra Raul Jr. | Grant | 21K | — |
| 2025-02-27 | LAMPROPOULOS FRED P | Grant | 31K | — |
| 2025-02-27 | LAMPROPOULOS FRED P | Tax withheld | 14K | $98.50 |
| 2025-02-27 | Voigt Michel James | Grant | 12K | — |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT06807099 ↗ | WRAP North America Venous Stenosis, Venous Occlusion | — | Recruiting | 2027-12-01 |
| NCT06422871 ↗ | PReSeRVE-HD: Observational Study of the Merit HeRO® Graft and Super HeRO® in Patients on Hemodialysis End Stage Renal Disease, Hemodialysis Access Failure | — | Recruiting | 2027-06-28 |
| NCT05050799 ↗ | US Post-Market Surveillance Study of the Surfacer System Venous Disease | — | Recruiting | 2026-12-15 |
| NCT06587282 ↗ | PREEMIE: Study for Treatment of PDA in Premature Infants Patent Ductus Arteriosus (PDA) | NA | Active Not Recruiting | 2026-08-01 |
| NCT03311451 ↗ | C2 CryoBalloon™ 180 Ablation System Dose De-escalation Study. Barrett Esophagus | NA | Active Not Recruiting | 2026-06-18 |
| NCT06153667 ↗ | Bearing nsPVA Embolization for Uterine Artery Embolization (BETTER-UAE) Uterine Fibroid | — | Recruiting | 2026-06-01 |
| NCT05062291 ↗ | Merit WRAPSODY™ Endoprosthesis for Treatment of Stenosis or Occlusion (WRAP) Venous Stenosis, Venous Occlusion | — | Active Not Recruiting | 2026-04-15 |
| NCT05818150 ↗ | GAE Using Embosphere Microspheres vs Corticosteroid Injections for Treatment of Symptomatic Knee OA (MOTION) Knee Osteoarthritis | NA | Active Not Recruiting | 2026-04-01 |
| NCT05307783 ↗ | EmboCube Gelatin Embolization to Control Bleeding or Hemorrhaging Hemorrhage, Bleeding Hemorrhage | — | Completed | 2024-03-15 |
| NCT04540302 ↗ | The Merit WRAPSODY AV Access Efficacy Study (WAVE) Venous Stenosis, Venous Occlusion | NA | Completed | 2024-02-22 |
| NCT04815291 ↗ | Streamlined Localization Using SCOUT® at Biopsy (STREAMLoc ) Breast Cancer | NA | Terminated | 2024-01-15 |
| NCT04541576 ↗ | The Merit WRAPSODY Central Feasibility Study Venous Stenosis, Venous Occlusion | NA | Withdrawn | 2022-07-01 |
| NCT04866290 ↗ | HepaSphere™ Microspheres Prospective Registry Metastatic Colorectal Cancer | — | Completed | 2021-06-01 |
| NCT01387932 ↗ | HepaSphere/Quadrasphere Microspheres for Delivery of Doxorubicin for the Treatment of Hepatocellular Cancer Hepatocellular Carcinoma | PHASE3 | Terminated | 2021-02-01 |
| NCT03994185 ↗ | The Merit WRAPSODY™ Endovascular Stent Graft for Treatment of Iliac Artery Occlusive Disease Stenosis of Artery, Peripheral Arterial Disease | NA | Withdrawn | 2020-09-01 |
| NCT03644017 ↗ | The Merit WRAPSODY™ Endovascular Stent Graft Venous Stenosis, Venous Occlusion | NA | Completed | 2020-02-25 |
| NCT03527589 ↗ | Embosphere® PROstate Post Market Study Benign Prostatic Hyperplasia, Lower Urinary Tract Symptoms | — | Completed | 2020-01-21 |
| NCT03209050 ↗ | Evaluation of the Surfacer System Approach to Central Venous Access Venous Occlusion | NA | Completed | 2019-05-24 |
| NCT02164175 ↗ | Data Collection Registry of the HeRO Graft for End Stage Renal Disease Patients Receiving Hemodialysis End Stage Renal Failure on Dialysis | — | Withdrawn | 2018-12-01 |
| NCT02875899 ↗ | Surfacer System to Facilitate Access in Venous Occlusions Chronic Venous Thrombosis, Venous Thrombosis Upper Extremity | — | Completed | 2018-09-20 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-19 | Exec/director change5.03Shareholder voteReg FDExhibits | filing ↗ |
| 2026-04-30 | ResultsReg FDExhibits | filing ↗ |
| 2026-04-13 | Reg FDExhibits | filing ↗ |
| 2026-04-01 | Reg FDExhibits | filing ↗ |
| 2026-02-24 | ResultsReg FDExhibits | filing ↗ |
| 2026-01-08 | ResultsExec/director changeReg FDExhibits | filing ↗ |
| 2025-11-13 | Reg FDExhibits | filing ↗ |
| 2025-11-03 | Reg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-19 | 2026-05-13 | 0000856982-26-000030 ↗ |
| 8-K | 2026-04-30 | 2026-04-30 | 0000856982-26-000023 ↗ |
| 10-Q | 2026-04-30 | 2026-03-31 | 0000856982-26-000025 ↗ |
| 8-K | 2026-04-13 | 2026-04-13 | 0000856982-26-000020 ↗ |
| 8-K | 2026-04-01 | 2026-04-01 | 0000856982-26-000018 ↗ |
| 8-K | 2026-02-24 | 2026-02-24 | 0000856982-26-000007 ↗ |
| 10-K | 2026-02-24 | 2025-12-31 | 0000856982-26-000008 ↗ |
| 8-K | 2026-01-08 | 2026-01-04 | 0000856982-26-000002 ↗ |
| 8-K | 2025-11-13 | 2025-11-13 | 0000856982-25-000060 ↗ |
| 8-K | 2025-11-03 | 2025-11-03 | 0000856982-25-000058 ↗ |
| 10-Q | 2025-10-30 | 2025-09-30 | 0000856982-25-000056 ↗ |
| 8-K | 2025-10-30 | 2025-10-30 | 0000856982-25-000055 ↗ |