Quick 2Q Thoughts, What Matters Most for 2H, and Introducing 2028 Estimates

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Quick 2Q Thoughts, What Matters Most for 2H, and Introducing 2028 Estimates

C O M PA N Y N O T E

J u l y 1 0 , 2 0 2 6

Merit Medical Systems (MMSI) Overweight

CONCLUSION PRICE: US$71.46

We're officially in 2H, a welcome change in the calendar for MMSI after underperforming in TARGET: US$96.00

1H amid a handful of investor frustrations mostly centered on OEM and a 2H-weighted co- ~21x NTM+1 EPS of $4.58

wide revenue guide. It's these same points that we believe will help determine the direction

of share performance as soon as later this month when 2Q results are reported, and we'll Jason Bednar, CFA

Sr. Research Analyst, Piper Sandler & Co.reiterate our recent post-management-meeting comments that we're comfortable MMSI's 414 831-6392, jason.bednar@psc.com

OEM franchise will indeed improve meaningfully from 4Q/1Q results (down mid-teens%),

Joseph Downing

which should single-handedly make the back-half guide look much more achievable. To Research Analyst, Piper Sandler & Co.

that end, we're calling for a 2Q beat-and-raise for MMSI and are highlighting our conviction 212 284-9338, joseph.downing@psc.com

in the stock as we see 2Q serving as the catalyst needed to move MMSI's ytd performance Andrea Irawan

closer to that of peers. Reiterate OW and top-idea status, PT remains $96. Research Analyst, Piper Sandler & Co.

212 284-9587, andrea.irawan@psc.com

• 2Q Call - Beat and Raise. We're a broken record in highlighting MMSI's pristine track Changes Previous Current

record vs. Street in the current decade, and prudent guidance (revs and OM%) combined Rating — Overweight

with management's confidence in a near-term OEM inflection has us comfortable 2Q-26 Price Tgt — US$96.00

will continue that run of quarterly beats.