Merit Medical Systems Inc.
MMSI evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for MMSI—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · MMSI
Merit Medical Systems Inc. is a leading manufacturer and marketer of proprietary medical devices for interventional, diagnostic and therapeutic procedures, with a focus on sustainable growth and enhanced profitability through its CGI Program.
Key risk: High debt leverage
BioSniper Score
Based on 3 of 6 signals
Limited data coverage
Market Cap
$5.40B
Cash Runway
—
Lead Asset
—
Next Catalyst
—
Financial data as of Jun 30, 2026.
Tracking 9 clinical trials for Merit Medical Systems Inc..
Merit Medical Systems Inc. is a leading manufacturer and marketer of proprietary medical devices for interventional, diagnostic and therapeutic procedures, with a focus on sustainable growth and enhanced profitability through its CGI Program.
- Cash and equivalents of $450.9M as of 2026-06-30 [sec].
- Total revenue of $418.8M and net income of $38.8M for the quarter ended June 30, 2026 [sec].
- Shareholders' equity of $1,488.0M and total debt of $736.3M as of 2026-06-30 [sec].
- Completed the acquisition of View Point (OneMark® Detection Imaging System and OneMark Tissue Markers) on April 1, 2026 [sec_mda].
- CGI Program targets for the three-year period ending December 31, 2026 include revenue growth, non-GAAP operating margin improvement, and free cash flow generation [sec].
What works
- Strong revenue growth in therapeutic sales, up 14.8% in Q2 2026 vs. Q2 2025, driven by Cardiac Therapies (+24.3%) and Endoscopy (+28.5%) [sec_mda].
- CGI Program execution: achieved 7.0% constant currency organic revenue growth and 130 bps non-GAAP operating margin improvement in 2025 [sec].
- Robust liquidity with $450.9M cash and $697M net available borrowing capacity as of June 30, 2026 [sec_mda].
- Expanding global intellectual property portfolio and successful CEO transition planning [sec].
What to weigh
- Total debt of $736.3M as of 2026-06-30 represents a significant leverage position relative to equity [sec].
- Selling, general and administrative expenses as a percentage of net sales increased from 29.5% in 2024 to 30.0% in 2025 [sec_mda].
- Integration risks associated with recent acquisitions (View Point, C2 Cryoballoon, EsophyX Z+) could impact near-term margins [sec].
- Forward-looking statements are subject to inherent risks and uncertainties that may adversely impact operations and financial results [sec_mda].
From the filings
Quoted directly from source documents.
Cash position as of June 30, 2026
“As of June 30, 2026, we had cash, cash equivalents, and restricted cash of $450.9 million”
SEC MD&A · July 30, 2026
CGI Program 2025 financial results
“revenues of $1.516 billion, representing approximately 7.0% year-over-year constant currency, organic, revenue growth; (ii) non-GAAP operating margin year-over-year improvement of 130 basis points; and (iii) free cash flow generation of more than $215 million, up 16% year-over year”
SEC filings · March 31, 2026
Therapeutic sales growth in Q2 2026
“Our therapeutic sales for the three-month period ended June 30, 2026 were $137.9 million, up 14.8% when compared to sales in the corresponding period of 2025 of $120.1 million.”
SEC MD&A · July 30, 2026
Acquisition of View Point
“On April 1, 2026, we completed the acquisition of View Point, which included the OneMark® Detection Imaging System and OneMark Tissue Markers”
SEC MD&A · July 30, 2026
Risks & what to watch (4)›
Key risks
- High debt leverage — Total debt of $736.3M as of 2026-06-30, with shareholders' equity of $1,488.0M, resulting in a debt-to-equity ratio of ~0.49 [sec].
- Integration of acquisitions — Recent acquisitions (View Point, C2 Cryoballoon, EsophyX Z+) require successful integration to achieve expected synergies and margins [sec].
- Rising SG&A expenses — SG&A as a percentage of net sales increased from 29.5% in 2024 to 30.0% in 2025, potentially pressuring operating margins [sec_mda].
- Forward-looking uncertainties — Inherent risks and uncertainties may adversely impact operations and financial results, as noted in MD&A [sec_mda].
What to watch
- Progress toward CGI Program three-year targets (revenue growth, operating margin, free cash flow) by December 31, 2026 [sec].
- Integration and revenue contribution from the View Point acquisition (OneMark® system) completed April 1, 2026 [sec_mda].
- Trends in therapeutic sales growth, particularly Cardiac Therapies and Endoscopy platforms [sec_mda].
- Debt reduction and cash flow generation trajectory, with free cash flow of $215M in 2025 [sec].
Sources: SEC filings · SEC MD&A · Generated August 30, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 3 of 6 signals · derived from public data
No clinical pipeline tracked — this score reflects financial & catalyst signals only.
Profitable (positive operating cash flow)
D/E 0.70 · 1% dilution
No tracked pipeline phase
No tracked pipeline candidates
No upcoming catalysts tracked
5 buys · 3 sells (180d)
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
399
Total value held
$4.10B
| Holder | Shares | Value |
|---|---|---|
| blackrock, inc. | 8,834,315 | $608.9M |
| vanguard capital management llc | 5,312,326 | $366.2M |
| vanguard portfolio management llc | 3,523,088 | $242.8M |
| state street corp | 2,360,982 | $162.7M |
| fuller & thaler asset management, inc. | 2,115,526 | $145.8M |
| geode capital management, llc | 1,508,374 | $104.0M |
| morgan stanley | 1,260,959 | $86.9M |
| dimensional fund advisors lp | 1,237,298 | $85.3M |
| ubs group ag | 1,201,506 | $82.8M |
| nomura asset management international inc. | 1,198,269 | $82.6M |
Showing top 10 of 399 institutional holders of Merit Medical Systems Inc.. Open the full 13F history after sign-in.
Short Interest
as of May 18, 2026- % of float
- 7.3%
- Days to cover
- 5.2
- Shares short
- 3,241,531
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
MMSI short interestGovernance
Frequently asked questions
What is the AI investment thesis for Merit Medical Systems Inc.?
Merit Medical Systems Inc. is a leading manufacturer and marketer of proprietary medical devices for interventional, diagnostic and therapeutic procedures, with a focus on sustainable growth and enhanced profitability through its CGI Program.
Who is the CEO of Merit Medical Systems Inc.?
Ms. Martha Goldberg Aronson is the chief executive officer of Merit Medical Systems Inc. (MMSI).
Where is Merit Medical Systems Inc. headquartered?
Merit Medical Systems Inc. (MMSI) is headquartered in South Jordan, UT, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.