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Dec 31, 2025
Merit Medical Q4 2025 Earnings Report
Merit Medical reported strong fourth quarter 2025 results with 11% revenue growth and significant margin expansion.
Key Takeaways
Merit Medical exceeded expectations in Q4 2025, driven by strong performance in its Cardiovascular and Endoscopy segments. The company achieved double-digit revenue growth, expanded its non-GAAP operating margin to 21.0%, and generated robust free cash flow, while issuing optimistic guidance for fiscal year 2026.
Reported Q4 revenue of $393.9 million, an 11% increase year-over-year.
GAAP EPS grew 37% to $0.63, while non-GAAP EPS rose 12% to $1.04.
Non-GAAP operating margin expanded to 21.0% from 19.6% in the prior year period.
Free cash flow generation for the full year reached $215.7 million, up 16% over 2024.
Revenue by Segment
Forward Guidance
For fiscal year 2026, Merit Medical expects total revenue between $1.610 billion and $1.630 billion and non-GAAP EPS between $4.01 and $4.15.
Positive Outlook
- Projected net sales growth of 6% to 8% on a reported basis.
- Anticipated constant currency revenue growth of 5% to 7%.
- Expected non-GAAP EPS growth of 5% to 8% year-over-year.
- Continued focus on the 'Continued Growth Initiatives Program' targets.
- Confidence in stable constant currency growth and improving profitability.
Challenges Ahead
- Potential impact of uncertain trade policies and related actions.
- Risks associated with international market acquisitions and integrations.
- Fluctuations in foreign currency exchange rates (estimated 0.8% headwind).
- Uncertainty regarding the timing and impact of governmental regulations.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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