MERIT MEDICAL SYSTEMS INC
For the period ended Sep 30, 2024. Filed Oct 30, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 30, 2024
MMSI$87.81-0.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows
| | | | | | | |
|---|---|---|---|---|---|---|
| · · Nine Months Ended | ||||||
| · · September 30, | ||||||
| · 2024 · 2023 | ||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: · · · | ||||||
| Net income | | $92,410 | | $66,782 | ||
| Adjustments to reconcile net income to net cash provided by operating activities: | | | ||||
| Depreciation and amortization | | 74,093 | | 66,359 | ||
| Loss on sale or abandonment of property and equipment | | 215 | | 4,761 | ||
| Write-off of certain intangible assets and other long-term assets | | 401 | | 461 | ||
| Acquired in-process research and development | | — | | 1,550 | ||
| Amortization of right-of-use operating lease assets | | | 9,043 | | | 8,621 |
| Fair value adjustments related to contingent consideration liabilities | | | 292 | | | 2,177 |
| Amortization of deferred credits | | (77) | | (78) | ||
| Amortization of long-term debt issuance costs | | 4,431 | | 744 | ||
| Stock-based compensation expense | | 18,958 | | 15,346 | ||
| Changes in operating assets and liabilities, net of acquisitions and divestitures: | | | | | ||
| Trade receivables | | (9,540) | | (3,852) | ||
| Other receivables | | (4,670) | | (1,040) | ||
| Inventories | | (2,844) | | (34,426) | ||
| Prepaid expenses and other current assets | | (5,871) | | (72) | ||
| Prepaid income taxes | | — | | (24) | ||
| Income tax refund receivables | | (7,530) | | (8,682) | ||
| Other assets | | (3,860) | | (719) | ||
| Trade payables | | (6,489) | | (20,332) | ||
| Accrued expenses | | (614) | | (599) | ||
| Income taxes payable | | (2,246) | | (3,431) | ||
| Deferred compensation payable | | 2,051 | | 245 | ||
| Operating lease liabilities | | | (9,056) | | | (8,573) |
| Other long-term obligations | | 2,958 | | (2,318) | ||
| Total adjustments | | 59,645 | | 16,118 | ||
| Net cash, cash equivalents, and restricted cash provided by operating activities | | 152,055 | | 82,900 | ||
| | | | | | | |
| CASH FLOWS FROM INVESTING ACTIVITIES: | | | ||||
| Capital expenditures for: | | | ||||
| Property and equipment | | (31,668) | | (27,151) | ||
| Intangible assets | | (2,138) | | (1,756) | ||
| Proceeds from the sale of property and equipment | | 5 | | 181 | ||
| Issuance of note receivables | | (6,662) | | — | ||
| Cash paid in acquisitions and investments, net of cash acquired | | (113,743) | | (138,278) | ||
| Net cash, cash equivalents, and restricted cash used in investing activities | | $(154,206) | | $(167,004) | ||
| | |
|---|---|
| See condensed notes to consolidated financial statements. | (continued) |
CONSOLIDATED STATEMENTS OF CASH FLOWS
| | | | | | | |
|---|---|---|---|---|---|---|
| | Nine Months Ended | |||||
| · · September 30, | ||||||
| · · 2024 · · 2023 | ||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: · · · | ||||||
| Proceeds from issuance of common stock | | $15,424 | | $11,446 | ||
| Proceeds from issuance of long-term debt | | — | | 480,499 | ||
| Payments on long-term debt | | | (76,063) | | | (391,624) |
| Long-term debt issuance costs | | — | | (5,240) | ||
| Contingent payments related to acquisitions | | (209) | | (3,502) | ||
| Payment of taxes related to an exchange of common stock | | (1,592) | | (5,123) | ||
| Net cash, cash equivalents, and restricted cash (used in) provided by financing activities | | (62,440) | | 86,456 | ||
| Effect of exchange rates on cash, cash equivalents, and restricted cash | | 724 | | (2,181) | ||
| Net increase (decrease) in cash, cash equivalents and restricted cash | | (63,867) | | 171 | ||
| | | | | | | |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH: | | | ||||
| Beginning of period | | | 589,144 | | | 60,558 |
| End of period | | $525,277 | | $60,729 | ||
| | | | | | | |
| RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS: | | | | | | |
| Cash and cash equivalents | | | 523,128 | | | 58,673 |
| Restricted cash reported in prepaid expenses and other current assets | | | 2,149 | | | 2,056 |
| Total cash, cash equivalents and restricted cash | | $525,277 | | $60,729 | ||
| | | | | | | |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | | | ||||
| Cash paid during the period for: | | | ||||
| Interest (net of capitalized interest of $712 and $941, respectively) | | $20,977 | | $9,572 | ||
| Income taxes | | | 33,054 | | | 24,875 |
| | | | | | | |
| SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES | | | ||||
| Property and equipment purchases in accounts payable | | $8,907 | | $4,613 | ||
| Acquisition purchases in accrued expenses and other long-term obligations | | | 4,894 | | | 3,674 |
| Merit common stock surrendered (0 and 86 shares, respectively) in exchange for exercise of stock options | | | — | | | 5,809 |
| Right-of-use operating lease assets obtained in exchange for operating lease liabilities | | | 9,191 | | | 7,560 |
| | |
|---|---|
| See condensed notes to consolidated financial statements. | (concluded) |
MERIT MEDICAL SYSTEMS, INC. AND SUBSIDIARIES
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