Here are a few analogies for Merit Medical Systems (MMSI):

• A more specialized Medtronic or Boston Scientific, particularly focused on disposable devices for interventional radiology and cardiology.
• Essentially, they are the "Snap-on Tools" for interventional medical professionals, providing essential, high-quality disposable devices for their procedures.

• Interventional Cardiology & Radiology Devices: A comprehensive range of products including catheters, guidewires, inflation devices, and access systems used in diagnostic and therapeutic procedures of the heart and vascular system.
• Peripheral Intervention Devices: Specialized tools such as stents, balloons, and thrombectomy devices designed for the diagnosis and treatment of peripheral arterial and venous diseases.
• Oncology Solutions: Products for cancer diagnosis and treatment, encompassing biopsy devices, drainage catheters, and embolization technologies for tumor management.
• Endoscopy Products: Devices for gastrointestinal and pulmonary endoscopic procedures, including balloons for dilation, stent delivery systems, and tools for biopsy and foreign body retrieval.
• Custom Procedure Trays & OEM: Pre-packaged kits of medical devices and supplies tailored for specific clinical procedures, alongside original equipment manufacturer (OEM) components supplied to other medical companies.

Merit Medical Systems (symbol: MMSI) primarily sells its medical devices to other companies and healthcare organizations, operating on a Business-to-Business (B2B) model, rather than directly to individuals.

Its major customers are typically healthcare providers and facilities worldwide. These include:

• Hospitals
• Independent clinics
• Physicians' offices
• Government agencies (involved in healthcare delivery)

Merit Medical distributes its products globally through a direct sales force and various distributors. The company also engages with Group Purchasing Organizations (GPOs) and Integrated Delivery Networks (IDNs), which are entities that facilitate purchasing for groups of healthcare providers.

Due to the widespread nature of its sales to a large number of healthcare facilities across various geographies, Merit Medical Systems typically does not have one or a few specific "major customers" that constitute a significant portion (e.g., 10% or more) of its consolidated net sales. Consequently, specific public customer company names and their symbols are not generally disclosed in its financial filings.

Martha Aronson President and Chief Executive Officer

Martha Aronson was appointed President and Chief Executive Officer of Merit Medical Systems, Inc. in October 2025. She brings extensive experience in global healthcare, having overseen global healthcare businesses ranging in size from $500 million to $1 billion. Prior to joining Merit, she spent nearly 20 years at Medtronic in various general management and leadership roles. Her previous positions also include Executive Vice President and President of Global Healthcare for Ecolab, Inc. and Senior Vice President and President—North America for Hill-Rom Holdings, Inc. Ms. Aronson has served as a board director for numerous companies, including as Chair of the Board for CONMED Corporation, and as a director for Methode Electronics, Inc., Clinical Innovations, LLC, Cardiovascular Systems, Inc., Beta Bionics, Inc., Hutchinson Technology, Inc., Bright Uro, and OmCare.

Raul Parra Chief Financial Officer

Raul Parra, CPA, was appointed Merit Medical Systems' Chief Financial Officer and Treasurer in July 2018, having served as Interim Chief Financial Officer from May to July 2018. Mr. Parra joined Merit in December 2009 and has held various accounting-related capacities within the company, including Vice President of Accounting, Corporate Controller, and Director of Financial Reporting. Before his tenure at Merit, he was employed as an auditor by Deloitte & Touche LLP from 2003 to 2009. Mr. Parra holds a Bachelor of Science degree in Business Administration with an emphasis in accounting and is a certified public accountant. He also serves as a member of the Board of Directors at American Express National Bank and its Audit Committee.

Fred P. Lampropoulos Chairman of the Board

Fred P. Lampropoulos is the Founder of Merit Medical Systems, Inc., which he established in 1987. He previously served as the company's President and Chief Executive Officer until October 2025, when he transitioned to remain Chairman of the Board. Before founding Merit Medical, Mr. Lampropoulos served as Chairman and Chief Executive of Utah Medical, where he successfully turned the company around. He is an active inventor and holds nearly 200 patents on medical devices used in the diagnostic and therapeutic treatment of cardiovascular disease.

Brian G. Lloyd Chief Legal Officer & Corporate Secretary

Brian G. Lloyd was appointed Merit Medical Systems' Chief Legal Officer and Corporate Secretary in April 2016. Prior to joining Merit, Mr. Lloyd spent more than 20 years as a member of the business transactions group at Parr Brown Gee & Loveless. His experience includes advising both public and private companies, as well as investors, on matters such as corporate governance, securities regulation, mergers, acquisitions, and various financing transactions, including public offering, private equity, and venture capital transactions.

Neil Peterson Chief Operating Officer

Neil Peterson serves as the Chief Operating Officer of Merit Medical Systems, Inc. He has been with the company for 27 years.

The key risks to Merit Medical Systems (MMSI) are:

1. Regulatory Challenges and Compliance: Merit Medical Systems operates in a highly regulated industry, and changes in regulatory policies and standards can significantly impact its business. The company faces increased compliance costs and may need to modify its products or operations to meet evolving requirements, potentially affecting its financial performance. A notable instance includes a U.S. Food and Drug Administration (FDA) warning letter regarding quality control issues at a manufacturing facility, which led to a stock decline and raised concerns about future product approvals and sales. Delays in receiving or failing to obtain necessary regulatory approvals, or the loss of existing approvals, could materially and adversely affect its business. The medical products industry's regulatory approval processes are described as expensive, uncertain, and lengthy.
2. Intense Competition: The medical equipment industry is fiercely competitive, with numerous companies, including many larger than Merit Medical, vying for market share. This competition is driven by factors such as product innovation, pricing strategies, and market access. Competitors may introduce new products, lower prices, or adopt aggressive marketing strategies, which could challenge Merit Medical's market position and profitability.
3. Acquisition and Integration Risks: As a company that grows, in part, through business and product acquisitions, Merit Medical Systems faces inherent risks and uncertainties related to integrating these acquired businesses and products. These risks include potential defects and vulnerabilities in the systems operated by the acquired entities, as well as difficulties or breakdowns in integrating acquired businesses and products into Merit Medical's existing information technology systems.

The emergence and increasing adoption of liquid biopsy technologies pose an emerging threat to Merit Medical Systems. Merit Medical manufactures and markets invasive tissue biopsy systems (e.g., Expect, SafeGuard, Temno). Liquid biopsy technologies offer a less invasive method for cancer diagnosis, monitoring, and recurrence detection by analyzing blood samples. As these technologies become more accurate, comprehensive, and widely adopted, they have the potential to reduce the volume of traditional invasive tissue biopsies, thereby impacting demand for Merit Medical's biopsy devices.

Merit Medical Systems (MMSI) operates in several significant addressable markets for its main products and services, primarily focusing on interventional, diagnostic, and therapeutic procedures across various medical specialties. The company's key market segments include endoscopy, peripheral intervention, cardiac intervention, interventional radiology, interventional oncology, and critical care.

Here's an overview of the addressable market sizes for Merit Medical's main products and services:

• Endoscopy Operative Devices: The global endoscopy operative devices market was valued at approximately USD 10.34 billion in 2023 and is projected to grow to USD 14.1 billion by 2026. North America accounted for over 40.0% of this market in 2023.
• Peripheral Intervention (part of Cardiovascular segment): The global peripheral vascular devices market is projected to reach USD 14.73 billion by 2029 from USD 11.43 billion in 2024. The U.S. peripheral vascular devices and accessories market was estimated at USD 3.6 billion in 2024 and is projected to grow at a CAGR of 5.5% from 2025 to 2030.
• Cardiac Intervention (part of Cardiovascular segment): The global interventional cardiology devices market was valued at approximately USD 27.80 billion in 2024 and is projected to reach USD 37.27 billion by 2029. Another estimate places the global market at USD 10.57 billion in 2024, projected to reach USD 19.75 billion by 2033. The U.S. interventional cardiology market was valued at over USD 3.9 billion in 2023 and USD 6.37 billion in 2024, with a projection to reach USD 10.81 billion by 2033.
• Interventional Radiology: The global interventional radiology market was valued at USD 28.1 billion in 2023 and is expected to reach USD 47.28 billion by 2033. Another source estimates the global market at USD 28.5 billion in 2024, projected to reach USD 46.38 billion by 2034. The U.S. interventional radiology market accounted for USD 9.7 billion in 2023 and was estimated at USD 8.98 billion in 2024, with a prediction to reach around USD 14.95 billion by 2034.
• Interventional Oncology: The global interventional oncology market was valued at USD 2.63 billion in 2024 and is projected to reach USD 4.48 billion by 2032. Another estimate for the global market is USD 2.75 billion in 2024, projected to reach USD 4.24 billion by 2029. The U.S. interventional oncology market was worth USD 750.2 million in 2022 and was estimated at USD 998.4 million in 2024, projected to reach USD 1.59 billion by 2030.
• Critical Care: The global critical care devices market was estimated at USD 57.93 billion in 2023 and is anticipated to reach around USD 95.17 billion by 2033. North America held the largest share of this market in 2023. Other sources estimate the global critical care equipment market at USD 60.1 billion in 2024 or USD 31.6 billion in 2023, forecasted to reach USD 88.2 billion by 2033. The U.S. critical care devices market is projected to reach USD 34.4 billion by 2034.

Merit Medical Systems (MMSI) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic initiatives and market dynamics:

1. New Product Launches and Commercialization: The company anticipates growth from the introduction and adoption of new products. Recent examples include the successful U.S. launch of the Prelude Wave hydrophilic sheath introducer and the ongoing market adoption of WRAPSODY CIE. The acquisition of the C2 CryoBalloon device is also expected to strengthen Merit's position in the gastroenterology market and expand its endoscopy portfolio.
2. Strategic Acquisitions: Inorganic growth is a key driver, with Merit Medical actively acquiring businesses and assets. Notable acquisitions contributing to 2025 inorganic revenue include EndoGastric Solutions (July 2024), Cook Medical (November 2024), BioLife (May 2025), and a proposed acquisition from Pentax (November 2025). The acquisition of BioLife Delaware LLC, for instance, is expected to enhance product offerings and tap into a $350 million global addressable market.
3. Robust Growth in Cardiovascular and Endoscopy Segments: Merit Medical's forward guidance projects significant revenue growth within its core segments. For 2025, the company expects net revenue growth of approximately 10% to 11% in its cardiovascular segment and 32% to 34% in its endoscopy segment. This indicates strong performance and continued focus on these key areas.
4. International Market Expansion: Merit Medical is leveraging its global presence and sales force to capture demand for its products outside the U.S. The company has demonstrated strong performance in its international markets, with international sales growing by 13% in Q3 2025. This expansion into diverse global markets for minimally invasive procedures is expected to contribute to overall revenue growth.

Share Issuance

• Merit Medical Systems reported proceeds from the issuance of common stock totaling $40.9 million for the year ended December 31, 2024.
• In the prior year, 2023, proceeds from the issuance of common stock were $15.6 million.
• Shares outstanding increased from 0.058 billion in 2021 to 0.059 billion in 2024.

Inbound Investments

• Merit Medical Systems received a $150 million strategic investment from Scilex Holding Company in October 2025, designated for infrastructure expansion.

Outbound Investments

• In the second quarter of 2025, Merit Medical Systems announced the acquisition of Biolife Delaware LLC for $120 million to expand its hemostatic product portfolio.
• In October 2025, the company signed an asset purchase agreement to acquire the C2 CryoBalloon technology from Pentax of America, Inc. for a total purchase consideration of $22 million, including $19 million in cash and potential contingent payments of up to $3 million.

Capital Expenditures

• For 2025, Merit Medical Systems expects capital expenditures to be at least $90-$100 million.
• Capital expenditures for the first half of 2025 were $34.8 million.
• The company's capital expenditures were $91 million in 2024, $85 million in 2023, and $68 million in 2022, with a focus on a new building in the latter half of 2025.