Key Developments: Merit Medical Systems Inc (MMSI.OQ)
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17 May 2013
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$9.92
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Latest Key Developments (Source: Significant Developments)
Merit Medical Systems Inc Issues FY 2013 Guidance Below Analysts' Estimates
Merit Medical Systems Inc announced that for fiscal 2013, it expects revenues to be in the range of $445-$455 million, an increase of approximately 13-15%, compared to revenues of $394.3 million for the year ended December 31, 2012. Also, based on information currently available to Merit's management, Merit estimates that, absent non-recurring transactions, Merit's GAAP earnings per share for fiscal 2013 to be in the range of $0.30-$0.36, compared to GAAP earnings per share of $0.46 for the year ended December 31, 2012, and non-GAAP earnings per share of $0.50-$0.56. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $461 million and EPS of $0.64 for fiscal 2013. Full Article
Merit Medical Systems Inc Issues FY 2013 Mixed Guidance
Merit Medical Systems Inc announced that for fiscal 2013, it expects revenues will be in the range of $455-$465 million, GAAP earnings per share for 2013 will be in the range of $0.40-$0.46 and non-GAAP earnings per share of $0.61-$0.67. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $447 million and EPS of $0.89 for fiscal 2013. Full Article
Merit Medical Systems Inc Completes Acquisition of GE Healthcare's Thomas Medical Products
Merit Medical Systems Inc announced that it has completed the acquisition of Thomas Medical Products, Inc. (Thomas Medical) from GE Healthcare in an all-cash transaction valued at approximately $167 million, subject to customary post-closing adjustments.Thomas Medical will now operate as Merit Medical Systems, Inc., Malvern Division. Merit financed the full amount of the purchase price through the expansion of Merit's existing credit facility to $275 million, which Wells Fargo Bank provided in a single bank transaction. Merit expects the acquisition to be immediately accretive to its net earnings on a non-GAAP basis, adjusted for transaction costs, one-time purchase accounting directives and amortization of intangibles. In connection with the transaction, Piper Jaffray & Co. served as financial advisor to Merit and rendered a fairness opinion to Merit's board of directors. Raymond James Financial, Inc. also rendered a fairness opinion to Merit's board of directors. Parr Brown Gee & Loveless served as the legal advisor to Merit. Moelis & Company LLC served as financial advisor and Paul Hastings LLP served as legal advisor to GE Healthcare. Full Article
Merit Medical Systems Inc Signs Agreement To Acquire Thomas Medical Products, Unit Of GE Healthcare
Merit Medical Systems Inc announced that it has entered into a stock purchase agreement to acquire Thomas Medical Products, Inc. (Thomas Medical) from GE Healthcare in an all-cash transaction valued at approximately $167 million, subject to customary post-closing adjustments. The transaction has been approved by Merit's board of directors and is subject to the satisfaction or waiver (in accordance with the provisions of the stock purchase agreement) of certain closing conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act and other customary conditions. Merit currently anticipates that the proposed transaction will close prior to December 31, 2012. The transaction is not subject to a financing condition, as Merit has secured a commitment from Wells Fargo to expand Merit's existing credit facility to an amount that Merit believes will be sufficient to consummate the proposed transaction. In connection with the proposed transaction, Piper Jaffray & Co. served as financial advisor to Merit and rendered a fairness opinion to Merit's board of directors. Raymond James Financial, Inc. also rendered a fairness opinion to Merit's board of directors. Parr Brown Gee & Loveless served as the legal advisor to Merit. Moelis & Company LLC served as financial advisor and Paul Hastings LLP served as legal advisor to GE Healthcare. Full Article
Merit Medical Systems Inc Comments On FY 2013 Profit Guidance
Merit Medical Systems Inc announced that it expect profitability in fiscal 2013 as it implement cost-cutting initiatives, combined with new products and market share gains. Full Article
Merit Medical Systems Inc Issues FY 2012 Guidance; EPS Guidance Below Analysts' Estimates
Merit Medical Systems Inc announced that for fiscal 2012, it expects revenue to be in the range of $392-$402 million, GAAP earnings per share to be in the range of $0.55-$0.60 and non-GAAP earnings per share of $0.67-$0.72, excluding the acquired in-process research and development and the amortization of intangibles, net of tax. According to I/B/E/S estimates, analysts are expecting the Company to report revenues of $396 million and EPS of $0.88 for fiscal 2012. Full Article
Merit Medical Systems Inc Receives FDA Warning Letter Regarding Merit Laureate Hydrophilic Guidewire
Merit Medical Systems Inc announced that it has received a warning letter from the U.S. Food and Drug Administration (FDA) regarding modifications to the hydrophilic coating process for the Merit Laureate Hydrophilic Guidewire after an inspection of the Company's facility in Galway, Ireland. The Company intends to respond to the letter within 15 business days, as required by the FDA. Merit has already begun to resolve the issues that were raised. In the meantime, Merit's Irish facility remains fully functional for all other products. Full Article
Merit Medical Systems, Inc. Announces Purchase Of Assets Of Ostial Solutions, LLC
Merit Medical Systems, Inc. announced that it has acquired the assets of Ostial Solutions, LLC, a privately-held company based in Kalamazoo, Michigan, under terms which require approximately 33% of the anticipated purchase price to be paid at closing, approximately 22% of the anticipated purchase price to be paid within six months of closing and the balance to be paid only upon achievement of negotiated earn-out objectives. The primary asset of Ostial Solutions is the patented Ostial Pro Stent Positioning System, which facilitates precise stent implantation in coronary and renal aorto-ostial lesions, eliminating guesswork when deploying a stent at the true ostium of the vessel. Terms of the transaction were not disclosed. Full Article
Merit Medical Systems, Inc. Announces Closing Of Public Offering Of Common Stock
Merit Medical Systems, Inc. announced that it closed its public offering of 5,520,000 shares of common stock, including 720,000 shares issued as a result of the underwriters' exercise of their over-allotment option. The net proceeds to the Company from the offering are approximately $87.6 million, after deducting underwriting discounts, commissions and estimated offering expenses. Piper Jaffray & Co. was the sole manager for the offering. Full Article
Merit Medical Systems, Inc. Prices Common Stock Offering
Merit Medical Systems, Inc. announced the pricing of its previously announced underwritten public offering of 4,800,000 shares of its common stock at a public offering price of $16.75 per share. In connection with the offering, Merit has also granted the underwriter a 30-day option to purchase up to an additional 720,000 shares of common stock to cover over-allotments, if any. Piper Jaffray & Co. acted as the sole manager for the offering. Net proceeds from the sale of the shares after underwriting discounts and commissions and other offering expenses are expected to be approximately $76.1 million. If the underwriter exercises its over-allotment option in full, net proceeds from the offering will be approximately $87.6 million. The offering is subject to customary closing conditions and is expected to close on June 22, 2011. Merit plans to use the net proceeds from the offering to repay approximately $25 million of indebtedness under its existing unsecured credit agreement, to expand manufacturing facilities, for potential strategic acquisitions, and general corporate purposes. Full Article
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