Key Takeaways from Management Meetings

研报英文原文证据摘录

Key Takeaways from Management Meetings

believe FY26E EPS — US$4.08

FY27E EPS — US$4.50 underpin the company's new reporting structure ("Foundational" and "Therapeutic") that

is intended to simplify understanding of the company's important growth platforms. 52-Week High / Low US$100.19 / US$59.74

Shares Out (mil) 60.0

Market Cap. (mil) US$3,676.2

• Thinking Out Loud on Next LRP. Management was understandably noncommittal on Total Assets ($mil) 2,686

what shape a new LRP could take once MMSI completes its current 3-year CGI program. Avg Daily Vol (000) 803

But the team indicated the current metrics in play - revenue, OM%, and FCF - are Div Yield 0.00%

appropriate. We'll have more to say on the topic when we get closer to the next LRP Fiscal Year End Dec

being issued (early 2027), but we generally don't see the MMSI profile deviating from

what's been a reliable compounder (+5-7% organic revenue, LDD EPS). Price Performance - 1 Year

USD

• Confident in OEM Recovery. MMSI's OEM business has received outsized investor 110

attention after a few challenging quarters, including a disappointing 14% revenue decline 100

in the most recent 1Q. But we found management very confident the recovery towards 90

"normal" growth is taking place real time, with CFO Parra confidently pointing to at least 80

MSD growth in 2Q and delivering full-year growth consistent with the typical MSD-HSD

growth the team expects from OEM. These types of results would not only be impressive 70

(implies DD+ OEM growth in 2H), but it would have the dual effect of addressing what we 60

think is one of the bigger bear arguments on the stock and helping single-handedly add 50

~200-300bps to company-wide growth in 2H vs. what MMSI posted in 1Q (not to mention May-25 Jul-25 Sep-25 Nov-25 Jan-26 Mar-26 May-26