Merit Medical Systems: Return to Beats and Raises in 2Q With Big Revenue and EPS Upside

研报英文原文证据摘录

Merit Medical Systems: Return to Beats and Raises in 2Q With Big Revenue and EPS Upside

Robbie Marcus, CFA AC North America Equity Research

(1-212) 622-6657 30 July 2026 J P M O R G A N

robert.j.marcus@jpmorgan.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

Merit sets itself apart from its competitors in the cardiovascular

and endoscopy spaces by (1) dedicating focus to areas that have

been overlooked by its oftentimes larger competitors and (2)

leveraging its vertical integration, which provides stability to

supply chain and manufacturing. The supply-oriented nature of

the portfolio provides stability and visibility to consistent mid-

single-digit growth, with the potential for upside as the company

shifts toward higher-growth, more innovative products like

WRAPSODY. We see a path for this to translate into P&L and

YTD 1m 3m 12m earnings upside as well, with a reasonable guidance framework

Abs -5.4% 20.2% 22.2% 0.5% for this year.

Rel -24.1% 22.8% 17.0% -31.5%

Valuation

Company Data

Our December 2026 price target of $95 (up from $77 off of

Shares O/S (mn) 60

52-week range ($) 94.75-59.74 higher estimates and an improved 2026 outlook) values MMSI

Market cap ($ mn) 5,002.08 at ~20x our 2027 EPS forecast, a premium to where peers trade,

Exchange rate 1.00 given (1) the company’s demonstrated ability to consistently

Free float (%) 97.3%

3M ADV (mn) 0.85 drive numbers higher; (2) the potential for upside and

3M ADV ($ mn) 57.2 acceleration in growth as Merit enters more innovative areas;

Volatility (90 Day) 35 and (3) the stability of Merit’s end-market exposure and business

Index RUSSELL 2000

BBG ANR (Buy | Hold | Sell) 9|2|0 model.

Key Metrics (FYE Dec)

Performance Drivers$ in millions FY25A FY26E FY27E FY28E

Financial Estimates