Pitch Book Calculations Grp5

Merit Medical Systems Inc | Income Statement | Thomson Reuters Eikon 14-Aug-2016 18:57
Income Statement
Annual YoY Growth in Millions of U.S. Dollars
2015 2014 2013 2012 2011
Earnings Quality Score 42 61 16 7 12
Period End Date 31-Dec-2015 31-Dec-2014 31-Dec-2013 31-Dec-2012 31-Dec-2011
Revenue 542.1 509.7 449.0 394.3 359.4
1Y Growth 6.4% 13.5% 13.9% 9.7% 21.1%
Net Sales 542.1 509.7 449.0 394.3 359.4
1Y Growth 6.4% 13.5% 13.9% 9.7% 21.1%
Other Revenue, Total -- -- -- -- --
1Y Growth -- -- -- -- --
Total Revenue 542.1 509.7 449.0 394.3 359.4
1Y Growth 6.4% 13.5% 13.9% 9.7% 21.1%
Cost of Revenue, Total 306.4 284.5 254.7 212.3 194.0
1Y Growth 7.7% 11.7% 20.0% 9.4% 15.3%
Cost of Revenue 306.4 284.5 254.7 212.3 194.0
1Y Growth 7.7% 11.7% 20.0% 9.4% 15.3%
Gross Profit 235.8 225.2 194.4 182.0 165.5
1Y Growth 4.7% 15.9% 6.8% 10.0% 28.8%
Selling/General/Admin. Expenses, Total 156.3 147.9 128.6 119.4 104.5

1Y Growth 5.7% 15.0% 7.7% 14.3% 19.3%
Selling/General/Administrative Expense 154.6 146.7 127.4 117.9 104.5
1Y Growth 5.4% 15.1% 8.1% 12.8% 19.3%
Labor & Related Expense 1.7 1.2 1.2 1.6 --
1Y Growth 44.4% (3.4%) (20.5%) -- --
Research & Development 41.8 36.6 33.9 30.2 27.8
1Y Growth 14.1% 8.1% 12.0% 8.9% 81.1%
Depreciation/Amortization -- -- -- -- --
1Y Growth -- -- -- -- --
Interest Expense, Net - Operating -- -- -- -- --
1Y Growth -- -- -- -- --
Interest/Investment Income - Operating -- -- -- -- --
1Y Growth -- -- -- -- --
Interest Expense(Income) - Net Operating -- -- -- -- --
1Y Growth -- -- -- -- --
Interest Exp.(Inc.),Net-Operating, Total -- -- -- -- --
1Y Growth -- -- -- -- --
Unusual Expense (Income) 0.0 1.1 8.1 5.1 0.0
1Y Growth < (99%) (86.4%) 58.6% 5.1% < (99%)
Impairment-Assets Held for Use 0.0 1.1 8.1 0.0 0.0
1Y Growth < (99%) (86.4%) 8.1% 0.0% < (99%)
Impairment-Assets Held for Sale -- -- -- 2.4 --
1Y Growth -- -- -- -- --
Other Unusual Expense (Income) -- -- -- 2.7 --
1Y Growth -- -- -- -- --
Other Operating Expenses, Total 0.1 (0.6) (4.1) -- --
1Y Growth > 99% 86.0% -- -- --
Other Operating Expense 0.1 (0.6) (4.1) -- --
1Y Growth > 99% 86.0% -- -- --
Total Operating Expense 504.6 469.5 421.2 367.0 326.3
1Y Growth 7.5% 11.5% 14.8% 12.5% 16.7%
Operating Income 37.5 40.2 27.8 27.2 33.2
1Y Growth (6.5%) 44.3% 2.2% (17.9%) 92.9%
Interest Expense, Net Non-Operating (6.2) (8.8) (8.0) (0.6) (0.8)
1Y Growth 29.4% (9.8%) < (99%) 23.4% (32.4%)
Interest Expense - Non-Operating (6.2) (8.8) (8.0) (0.6) (0.8)
1Y Growth 29.4% (9.8%) < (99%) 23.4% (32.4%)
Interest/Invest Income - Non-Operating (0.1) 0.3 0.1 0.2 0.1
1Y Growth < (99%) > 99% (75.3%) 66.7% > 99%
Interest Income - Non-Operating 0.3 0.2 0.3 0.2 0.1
1Y Growth 25.3% (14.9%) 12.8% 75.2% > 99%
Investment Income - Non-Operating (0.4) 0.0 (0.2) 0.0 --
1Y Growth < (99%) > 99% < (99%) -- --
Interest Income(Exp), Net Non-Operating -- -- -- -- --
1Y Growth -- -- -- -- --
Interest Inc.(Exp.),Net-Non-Op., Total (6.4) (8.6) (8.0) (0.4) (0.7)
1Y Growth 25.9% (7.3%) < (99%) 41.1% (17.4%)
Gain (Loss) on Sale of Assets -- -- -- -- --
1Y Growth -- -- -- -- --
Other, Net 0.0 0.0 0.0 0.8 0.3
1Y Growth > 99% (28.6%) < (99%) > 99% > 99%
Other Non-Operating Income (Expense) 0.0 0.0 0.0 0.8 0.3
1Y Growth > 99% (28.6%) < (99%) > 99% > 99%
Net Income Before Taxes 31.2 31.6 19.8 27.6 32.9
1Y Growth (1.2%) 59.1% (28.2%) (16.0%) 95.8%
Provision for Income Taxes 7.4 8.6 3.3 7.9 19.7
1Y Growth (14.0%) > 99% (58.7%) (59.8%) > 99%
Net Income After Taxes 23.8 23.0 16.6 19.7 13.2
1Y Growth 3.6% 38.6% (15.9%) 49.2% 6.0%
Minority Interest -- -- -- -- --
1Y Growth -- -- -- -- --
Equity In Affiliates -- -- -- -- --
1Y Growth -- -- -- -- --
U.S. GAAP Adjustment -- -- -- -- --
1Y Growth -- -- -- -- --
Net Income Before Extra. Items 23.8 23.0 16.6 19.7 13.2
1Y Growth 3.6% 38.6% (15.9%) 49.2% 6.0%
Accounting Change -- -- -- -- --
1Y Growth -- -- -- -- --
Discontinued Operations -- -- -- -- --
1Y Growth -- -- -- -- --
Extraordinary Item -- -- -- -- --
1Y Growth -- -- -- -- --
Tax on Extraordinary Items -- -- -- -- --
1Y Growth -- -- -- -- --
Total Extraordinary Items -- -- -- -- --
1Y Growth -- -- -- -- --
Net Income 23.8 23.0 16.6 19.7 13.2
1Y Growth 3.6% 38.6% (15.9%) 49.2% 6.0%
Preferred Dividends -- -- -- -- --
1Y Growth -- -- -- -- --
General Partners' Distributions -- -- -- -- --
1Y Growth -- -- -- -- --
Miscellaneous Earnings Adjustment -- -- -- -- --
1Y Growth -- -- -- -- --
Pro Forma Adjustment -- -- -- -- --
1Y Growth -- -- -- -- --
Interest Adjustment - Primary EPS -- -- -- -- --
1Y Growth -- -- -- -- --
Total Adjustments to Net Income -- -- -- -- --
1Y Growth -- -- -- -- --
Income Available to Com Excl ExtraOrd 23.8 23.0 16.6 19.7 13.2
1Y Growth 3.6% 38.6% (15.9%) 49.2% 6.0%
Income Available to Com Incl ExtraOrd 23.8 23.0 16.6 19.7 13.2
1Y Growth 3.6% 38.6% (15.9%) 49.2% 6.0%
Basic Weighted Average Shares 44.0 43.1 42.6 42.2 39.1
1Y Growth 2.1% 1.3% 1.0% 7.9% 10.8%
Basic EPS Excluding Extraordinary Items 0.54 0.53 0.39 0.47 0.34
1Y Growth 1.5% 36.9% (16.8%) 38.2% (4.3%)
Basic EPS Including Extraordinary Items 0.54 0.53 0.39 0.47 0.34
1Y Growth 1.5% 36.9% (16.8%) 38.2% (4.3%)
Dilution Adjustment -- -- 0.0 0.0 0.0
1Y Growth -- -- 0.0% 0.0% 0.0%
Diluted Net Income 23.8 23.0 16.6 19.7 13.2
1Y Growth 3.6% 38.6% (15.9%) 49.2% 6.0%
Diluted Weighted Average Shares 44.5 43.4 42.9 42.6 39.7
1Y Growth 2.5% 1.2% 0.6% 7.2% 10.4%
Diluted EPS Excluding ExtraOrd Items 0.53 0.53 0.39 0.46 0.33
1Y Growth 1.0% 37.0% (16.5%) 39.1% (4.0%)
Diluted EPS Including ExtraOrd Items 0.53 0.53 0.39 0.46 0.33
1Y Growth 1.0% 37.0% (16.5%) 39.1% (4.0%)
Supplemental ($ Millions)
DPS - Common Stock Primary Issue 0.00 0.00 0.00 -- 0.00
1Y Growth 0.0% 0.0% -- -- 0.0%
Dividends per Share - Com Stock Issue 2 -- -- -- -- --
1Y Growth -- -- -- -- --
1Y Growth -- -- -- -- --
1Y Growth -- -- -- -- --
Special DPS - Common Stock Primary Issue -- -- -- -- --
1Y Growth -- -- -- -- --
Special DPS - Common Stock Issue 2 -- -- -- -- --
1Y Growth -- -- -- -- --
1Y Growth -- -- -- -- --
1Y Growth -- -- -- -- --
Gross Dividends - Common Stock 0.0 0.0 0.0 0.0 0.0
1Y Growth 0.0% 0.0% 0.0% 0.0% 0.0%
Pro Forma Stock Compensation Expense -- -- -- -- 0.0
1Y Growth -- -- -- -- --
Net Income after Stock Based Comp. Exp. -- -- -- -- --
1Y Growth -- -- -- -- --
Basic EPS after Stock Based Comp. Exp. -- -- -- -- --
1Y Growth -- -- -- -- --
Diluted EPS after Stock Based Comp. Exp. -- -- -- -- --
1Y Growth -- -- -- -- --
Stock-Based Compensation, Supplemental 2.2 1.5 1.5 1.9 1.6
1Y Growth 53.6% (0.5%) (23.5%) 16.6% 27.0%
Interest Expense, Supplemental 6.2 8.8 8.0 0.6 0.8
1Y Growth (29.4%) 9.8% > 99% (23.4%) 32.4%
Interest Capitalized, Supplemental -- -- -- -- --
1Y Growth -- -- -- -- --
Interest Expense (Financial Oper), Suppl -- -- -- -- --
1Y Growth -- -- -- -- --
Net Revenues -- -- -- -- --
1Y Growth -- -- -- -- --
Depreciation, Supplemental 22.6 21.0 18.4 15.0 13.2
1Y Growth 7.6% 14.3% 22.4% 13.9% 16.7%
Funds From Operations - REIT -- -- -- -- --
1Y Growth -- -- -- -- --
(Gain) Loss on Sale of Assets, Suppl. -- -- -- -- --
1Y Growth -- -- -- -- --
Impairment-Assets Held for Sale, Suppl. -- -- -- 0.1 0.1
1Y Growth -- -- -- 38.8% (82.6%)
Impairment-Assets Held for Use, Suppl. -- -- -- -- --
1Y Growth -- -- -- -- --
Litigation Charge, Supplemental -- -- -- -- 0.0
1Y Growth -- -- -- -- < (99%)
Purchased R&D Written-Off, Supplemental -- -- -- -- --
1Y Growth -- -- -- -- --
Restructuring Charge, Supplemental -- -- -- -- --
1Y Growth -- -- -- -- --
Other Unusual Expense(Income), Suppl. -- -- -- 2.6 0.1
1Y Growth -- -- -- > 99% (98.4%)
Non-Recurring Items, Supplemental, Total -- -- -- 2.7 0.2
1Y Growth -- -- -- > 99% (97.0%)
Total Special Items 0.0 1.1 8.1 7.8 0.2
1Y Growth < (99%) (86.4%) 3.7% > 99% (98.7%)
Normalized Income Before Taxes 31.2 32.7 27.9 35.4 33.1
1Y Growth (4.5%) 17.0% (21.2%) 7.1% 5.2%
Effect of Special Items on Income Taxes 0.0 0.3 1.3 2.2 0.1
1Y Growth < (99%) (77.5%) (40.3%) > 99% (97.0%)
Inc Tax Ex Impact of Sp Items 7.4 8.9 4.6 10.1 19.8
1Y Growth (16.9%) 93.4% (54.6%) (48.7%) > 99%
Normalized Income After Taxes 23.8 23.8 23.3 25.3 13.3
1Y Growth 0.1% 1.9% (7.7%) 90.2% (43.0%)
Normalized Inc. Avail to Com. 23.8 23.8 23.3 25.3 13.3
1Y Growth 0.1% 1.9% (7.7%) 90.2% (43.0%)
Basic Normalized EPS 0.54 0.55 0.55 0.60 0.34
1Y Growth (1.9%) 0.7% (8.7%) 76.3% (48.6%)
Diluted Normalized EPS 0.53 0.55 0.54 0.59 0.33
1Y Growth (2.4%) 0.7% (8.3%) 77.4% (48.4%)
Amort of Acquisition Costs, Supplemental -- -- -- -- --
1Y Growth -- -- -- -- --
Amort of Intangibles, Supplemental 14.8 14.9 14.2 7.5 6.0
1Y Growth (0.7%) 4.9% 89.3% 25.0% 69.2%
Rental Expense, Supplemental 10.7 8.1 5.5 4.8 4.1
1Y Growth 32.1% 47.3% 14.6% 17.1% 10.8%
Labor & Related Expense Suppl. 2.2 1.5 1.5 1.8 --
1Y Growth 53.6% (0.5%) (18.4%) -- --
EPS, Supplemental -- -- -- -- --
1Y Growth -- -- -- -- --
Advertising Expense, Supplemental -- -- -- -- --
1Y Growth -- -- -- -- --
Equity in Affiliates, Supplemental -- -- -- -- --
1Y Growth -- -- -- -- --
Minority Interest, Supplemental -- -- -- -- --
1Y Growth -- -- -- -- --
Research & Development Exp, Supplemental 41.8 36.6 33.9 30.2 27.8
1Y Growth 14.1% 8.1% 12.0% 8.9% 81.1%
Audit Fees 0.7 0.7 0.7 0.7 0.6
1Y Growth (2.3%) 3.8% (5.2%) 16.3% 6.3%
Audit-Related Fees 0.0 0.0 0.0 0.3 0.0
1Y Growth 2.6% 5.2% (89.9%) > 99% 1.7%
Tax Fees 0.2 0.2 0.3 0.2 0.5
1Y Growth 19.9% (36.5%) 47.9% (60.1%) > 99%
All Other Fees 0.0 0.0 0.0 0.0 0.0
1Y Growth 0.0% 0.0% 0.0% 0.0% < (99%)
Reported Recurring Revenue -- -- -- -- --
1Y Growth -- -- -- -- --
Reported Net Premiums Written -- -- -- -- --
1Y Growth -- -- -- -- --
Reported Total Revenue -- -- -- -- --
1Y Growth -- -- -- -- --
Reported Operating Revenue -- -- -- -- --
1Y Growth -- -- -- -- --
Reported Total Cost of Revenue -- -- -- -- --
1Y Growth -- -- -- -- --
Reported Total Sales, General & Admin. -- -- -- -- --
1Y Growth -- -- -- -- --
Reported Gross Profit -- -- -- -- --
1Y Growth -- -- -- -- --
Reported Operating Profit -- -- -- -- --
1Y Growth -- -- -- -- --
Reported Operating Profit Margin -- -- -- -- --
1Y Growth -- -- -- -- --
Reported Ordinary Profit -- -- -- -- --
1Y Growth -- -- -- -- --
Reported Net Income After Tax -- -- -- -- --
1Y Growth -- -- -- -- --
Reported Basic EPS -- -- -- -- --
1Y Growth -- -- -- -- --
Reported Diluted EPS -- -- -- -- --
1Y Growth -- -- -- -- --
Reported Net Business Profits -- -- -- -- --
1Y Growth -- -- -- -- --
Islamic Income -- -- -- -- --
1Y Growth -- -- -- -- --
Zakat -- -- -- -- --
1Y Growth -- -- -- -- --
Islamic Section, Supplemental -- -- -- -- --
1Y Growth -- -- -- -- --
Normalized EBIT 37.5 41.3 35.9 35.0 33.4
1Y Growth (9.0%) 14.8% 2.5% 5.0% 4.8%
Normalized EBITDA 75.0 77.2 68.5 57.6 52.6
1Y Growth (2.9%) 12.6% 19.0% 9.5% 12.6%
Tax & Pension Items ($ Millions)
Current Tax - Total 3.9 4.7 1.9 7.4 8.2
1Y Growth (16.5%) > 99% (74.0%) (9.7%) 67.0%
Current Tax - Domestic 0.0 1.3 (0.7) 5.4 5.7
1Y Growth < (99%) > 99% < (99%) (5.5%) 59.6%
Current Tax - Foreign 3.2 2.6 2.3 1.0 1.5
1Y Growth 21.7% 13.8% > 99% (33.3%) > 99%
Current Tax - Local 0.7 0.8 0.3 1.0 1.0
1Y Growth (2.7%) > 99% (67.2%) 1.3% 68.2%
Deferred Tax - Total 3.5 3.9 1.4 0.5 1.7
1Y Growth (10.9%) > 99% > 99% (67.3%) > 99%
Deferred Tax - Domestic 3.3 4.1 1.1 0.9 1.1
1Y Growth (20.3%) > 99% 25.0% (22.3%) > 99%
Deferred Tax - Foreign (0.1) (0.1) 0.0 0.0 0.5
1Y Growth (5.6%) < (99%) < (99%) (95.6%) > 99%
Deferred Tax - Local 0.3 (0.1) 0.3 (0.3) 0.1
1Y Growth > 99% < (99%) > 99% < (99%) > 99%
Income Tax - Total 7.4 8.6 3.3 7.9 9.8
1Y Growth (14.0%) > 99% (58.7%) (19.6%) > 99%
Income Tax by Region - Total -- -- -- -- --
1Y Growth -- -- -- -- --
Domestic Pension Plan Expense -- -- -- -- --
1Y Growth -- -- -- -- --
Foreign Pension Plan Expense -- -- -- -- --
1Y Growth -- -- -- -- --
Post-Retirement Plan Expense -- -- -- -- --
1Y Growth -- -- -- -- --
Total Pension Expense 0.9 0.9 0.7 724.0 0.5
1Y Growth (2.1%) 21.9% < (99%) > 99% (17.0%)
Defined Contribution Expense - Domestic 0.9 0.9 0.7 724.0 0.5
1Y Growth (2.1%) 21.9% < (99%) > 99% (17.0%)
Assumptions -- -- -- -- --
1Y Growth -- -- -- -- --
Total Plan Interest Cost -- -- -- -- --
1Y Growth -- -- -- -- --
Total Plan Service Cost -- -- -- -- --
1Y Growth -- -- -- -- --
Total Plan Expected Return -- -- -- -- --
1Y Growth -- -- -- -- --
Total Plan Other Expense -- -- -- -- --
1Y Growth -- -- -- -- --
Dividends and Capital Changes
Merit Medical Systems Ord Shs
0
Share Split -- -- -- -- (05-May)
2010 2009 2008 2007 2006
17 20 62 75 44
31-Dec-2010 31-Dec-2009 31-Dec-2008 31-Dec-2007 31-Dec-2006
296.8 257.5 227.1 207.8 190.7
15.3% 13.3% 9.3% 9.0% 14.5%
296.8 257.5 227.1 207.8 190.7
15.3% 13.3% 9.3% 9.0% 14.5%
-- -- -- -- --
-- -- -- -- --
296.8 257.5 227.1 207.8 190.7
15.3% 13.3% 9.3% 9.0% 14.5%
168.3 148.7 133.9 128.0 117.6
13.2% 11.0% 4.6% 8.8% 20.6%
168.3 148.7 133.9 128.0 117.6
13.2% 11.0% 4.6% 8.8% 20.6%
128.5 108.8 93.3 79.8 73.1
18.1% 16.7% 16.9% 9.2% 5.8%
87.6 64.8 53.1 48.1 45.5

35.2% 21.9% 10.4% 5.8% 17.9%
87.6 64.8 53.1 48.1 45.5
35.2% 21.9% 10.4% 5.8% 17.9%
-- -- -- -- --
-- -- -- -- --
15.3 11.2 9.2 8.7 8.6
37.3% 21.9% 5.4% 1.2% 22.7%
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8.3 0.0 0.0 0.0 --
8.3% 0.0% 0.0% -- --
8.3 0.0 0.0 0.0 --
8.3% 0.0% 0.0% -- --
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279.6 224.6 196.2 184.8 171.7
24.5% 14.5% 6.1% 7.7% 20.0%
17.2 32.8 31.0 23.0 19.0
(47.6%) 6.0% 34.9% 20.8% (19.2%)
(0.6) 0.0 0.0 0.0 0.0
< (99%) (64.7%) < (99%) 75.0% 33.3%
(0.6) 0.0 0.0 0.0 0.0
< (99%) (64.7%) < (99%) 75.0% 33.3%
0.0 0.2 0.8 0.4 0.3
(80.9%) (77.2%) 98.7% 57.2% (49.1%)
0.0 0.2 0.8 0.4 0.3
(80.9%) (77.2%) 98.7% 57.2% (49.1%)
-- -- -- -- --
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(0.6) 0.2 0.8 0.4 0.2
< (99%) (80.4%) 95.9% 63.9% (49.7%)
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-- -- -- -- --
0.1 0.1 0.1 0.0 (0.1)
50.5% 0.0% > 99% > 99% 31.9%
0.1 0.1 0.1 0.0 (0.1)
50.5% 0.0% > 99% > 99% 31.9%
16.8 33.1 31.8 23.4 19.2
(49.3%) 3.9% 36.1% 22.0% (19.7%)
4.3 10.6 11.1 7.8 6.9
(59.0%) (5.0%) 42.3% 13.5% (15.3%)
12.5 22.5 20.7 15.6 12.3
(44.7%) 8.7% 33.0% 26.7% (22.0%)
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12.5 22.5 20.7 15.6 12.3
(44.7%) 8.7% 33.0% 26.7% (22.0%)
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12.5 22.5 20.7 15.6 12.3
(44.7%) 8.7% 33.0% 26.7% (22.0%)
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12.5 22.5 20.7 15.6 12.3
(44.7%) 8.7% 33.0% 26.7% (22.0%)
12.5 22.5 20.7 15.6 12.3
(44.7%) 8.7% 33.0% 26.7% (22.0%)
35.3 35.0 34.7 34.3 34.2
0.8% 0.9% 1.3% 0.3% 1.8%
0.35 0.64 0.60 0.45 0.36
(45.1%) 7.8% 31.3% 26.3% (23.4%)
0.35 0.64 0.60 0.45 0.36
(45.1%) 7.8% 31.3% 26.3% (23.4%)
0.0 0.0 0.0 0.0 0.0
0.0% 0.0% 0.0% 0.0% --
12.5 22.5 20.7 15.6 12.3
(44.7%) 8.7% 33.0% 26.7% (22.0%)
36.0 35.8 35.7 35.3 35.3
0.6% 0.2% 1.2% (0.1%) 1.4%
0.35 0.63 0.58 0.44 0.35
(45.0%) 8.5% 31.4% 26.9% (23.1%)
0.35 0.63 0.58 0.44 0.35
(45.0%) 8.5% 31.4% 26.9% (23.1%)
0.00 0.00 0.00 0.00 0.00

0.0% 0.0% 0.0% 0.0% 0.0%
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0.0 0.0 0.0 0.0 0.0
0.0% 0.0% 0.0% 0.0% 0.0%
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1.3 1.2 1.0 1.1 1.5
9.5% 22.9% (14.9%) (24.8%) --
0.6 0.0 0.0 0.0 0.0
> 99% 64.7% > 99% (75.0%) (33.3%)
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11.3 9.9 9.3 8.6 7.8
13.9% 7.1% 7.4% 10.7% 38.3%
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0.6 0.3 -- -- --
84.2% -- -- -- --
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0.5 -- -- -- --
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5.2 0.3 -- -- --
> 99% -- -- -- --
6.3 0.7 -- -- --
> 99% -- -- -- --
14.6 0.7 0.0 0.0 --
> 99% 0.7% 0.0% -- --
31.4 33.8 31.8 23.4 19.2
(6.9%) 6.0% 36.1% 22.0% (19.7%)
3.8 0.2 0.0 0.0 --
> 99% 0.2% 0.0% -- --
8.1 10.8 11.1 7.8 6.9
(24.8%) (3.1%) 42.3% 13.5% (15.3%)
23.3 23.0 20.7 15.6 12.3
1.5% 10.9% 33.0% 26.7% (22.0%)
23.3 23.0 20.7 15.6 12.3
1.5% 10.9% 33.0% 26.7% (22.0%)
0.66 0.66 0.60 0.45 0.36
0.7% 9.9% 31.3% 26.3% (23.4%)
0.65 0.64 0.58 0.44 0.35
0.9% 10.7% 31.4% 26.9% (23.1%)
-- -- -- -- --
-- -- -- -- --
3.5 2.3 1.0 0.8 0.5
51.4% > 99% 19.3% 69.9% > 99%
3.7 2.8 2.6 2.6 3.2
32.1% 7.7% 0.0% (18.8%) (6.5%)
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15.3 11.2 9.2 8.7 8.6
37.3% 21.9% 5.4% 1.2% 22.7%
0.6 0.6 0.6 0.6 0.4
3.4% 2.8% (0.4%) 35.2% (14.3%)
0.0 0.0 0.0 0.0 0.0
(18.4%) 20.0% (3.8%) (10.3%) (38.3%)
0.2 0.1 0.1 0.1 0.2
87.0% 20.5% (36.0%) (41.8%) 16.7%
0.0 0.0 0.0 0.0 0.1
(47.8%) > 99% (89.5%) (64.8%) 0.1%
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31.8 33.5 31.0 23.0 19.0
(5.0%) 8.2% 34.9% 20.8% (19.2%)
46.7 45.8 41.2 32.4 27.3
2.0% 11.1% 27.2% 18.8% (7.1%)
4.9 8.8 11.3 6.8 6.5

(44.4%) (22.4%) 65.5% 4.9% 17.3%
3.5 7.8 9.7 5.7 5.1
(54.8%) (19.1%) 71.3% 10.3% 14.9%
0.7 0.2 0.6 0.4 0.4
> 99% (60.3%) 63.5% (14.7%) (2.7%)
0.6 0.7 1.0 0.8 0.9
(13.6%) (31.6%) 26.0% (15.5%) 47.7%
(0.6) 1.8 (0.2) 1.0 0.4
< (99%) > 99% < (99%) > 99% (85.4%)
0.0 1.3 (0.1) 0.8 0.1
(97.6%) > 99% < (99%) > 99% (95.2%)
0.0 0.3 0.0 0.0 0.2
< (99%) > 99% 72.7% < (99%) > 99%
(0.5) 0.2 0.0 0.3 0.1
< (99%) > 99% < (99%) > 99% (76.1%)
4.3 10.6 11.1 7.8 6.9
(59.0%) (5.0%) 42.3% 13.5% (15.3%)
-- -- -- -- --
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0.6 0.6 0.5 0.6 0.8
2.7% 1.7% (14.8%) (24.9%) 21.1%
0.6 0.6 0.5 0.6 0.8
2.7% 1.7% (14.8%) (24.9%) 21.1%
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Merit Medical Systems Inc | Balance Sheet | Thomson Reuters Eikon 14-Aug-2016 18:58
Balance Sheet
2006 2007 2008 2009
Earnings Quality Score 44 75 62 20
Period End Date 31-Dec-2006 31-Dec-2007 31-Dec-2008 31-Dec-2009
Assets ($ Millions)
Cash and Short Term Investments 9.8 17.6 34.0 6.1
1Y Growth > 99% 78.6% 93.6% (82.0%)
Cash & Equivalents 9.8 17.6 34.0 6.1
1Y Growth > 99% 78.6% 93.6% (82.0%)
Accounts Receivable - Trade, Net 25.7 26.6 27.7 31.0
1Y Growth 1.2% 3.4% 4.2% 11.5%
Accounts Receivable - Trade, Gross 26.3 27.1 28.3 31.5
1Y Growth 0.4% 3.1% 4.2% 11.5%
Provision for Doubtful Accounts (0.6) (0.5) (0.5) (0.5)
1Y Growth 27.0% 11.3% (1.6%) (7.1%)
Total Receivables, Net 26.2 28.2 29.3 32.2
1Y Growth (1.6%) 7.6% 3.9% 10.0%
Receivables - Other 0.5 1.6 1.6 1.3
1Y Growth (61.0%) > 99% (1.9%) (18.3%)
Total Inventory 38.6 34.1 38.4 47.2
1Y Growth 20.2% (11.6%) 12.5% 23.0%
Inventories - Finished Goods 20.5 17.1 17.8 24.5
1Y Growth 26.2% (16.7%) 4.3% 37.5%
Inventories - Work In Progress 3.7 3.3 4.8 5.5
1Y Growth (3.1%) (10.2%) 43.6% 15.7%
Inventories - Raw Materials 14.3 13.7 15.8 17.1
1Y Growth 19.5% (4.5%) 15.1% 8.7%
Prepaid Expenses 1.0 1.3 1.0 1.8
1Y Growth 0.8% 25.8% (24.1%) 82.8%
Other Current Assets, Total 0.0 0.8 2.8 3.3
1Y Growth (92.9%) > 99% > 99% 18.2%
Deferred Income Tax - Current Asset 0.0 0.8 2.8 3.3
1Y Growth (92.9%) > 99% > 99% 18.2%
Total Current Assets 75.6 82.0 105.5 90.6
1Y Growth 17.4% 8.4% 28.6% (14.1%)
Property/Plant/Equipment, Total - Gross 136.4 150.2 160.1 176.7

1Y Growth 8.9% 10.2% 6.6% 10.4%
Buildings - Gross 50.8 53.0 59.7 60.3
1Y Growth 3.8% 4.3% 12.5% 1.1%
Land/Improvements - Gross 7.9 8.0 8.0 9.8
1Y Growth 27.3% 0.5% 0.2% 22.3%
Machinery/Equipment - Gross 54.4 61.4 68.2 77.1
1Y Growth 17.1% 13.0% 11.0% 13.0%
Construction in Progress - Gross 7.3 10.7 7.6 14.0
1Y Growth (0.8%) 46.0% (28.8%) 83.8%
Other Property/Plant/Equipment - Gross 15.9 17.1 16.7 15.6
1Y Growth (2.1%) 7.5% (2.5%) (6.6%)
Property/Plant/Equipment, Total - Net 92.4 99.7 103.9 114.6
1Y Growth 7.9% 7.9% 4.3% 10.3%
Accumulated Depreciation, Total (44.0) (50.5) (56.2) (62.1)
1Y Growth (11.0%) (14.9%) (11.2%) (10.5%)
Goodwill, Net 7.5 9.5 13.0 33.0
1Y Growth 17.6% 26.3% 37.0% > 99%
Intangibles, Net 4.4 6.2 6.9 26.9
1Y Growth 30.2% 41.7% 12.2% > 99%
Intangibles - Gross 5.9 8.3 10.0 32.3
1Y Growth 21.6% 42.0% 20.4% > 99%
Accumulated Intangible Amortization (1.5) (2.2) (3.1) (5.5)
1Y Growth (2.4%) (42.9%) (43.8%) (74.6%)
Long Term Investments -- -- -- --
1Y Growth -- -- -- --
LT Investments - Other -- -- -- --
1Y Growth -- -- -- --
Note Receivable - Long Term -- -- -- --
1Y Growth -- -- -- --
Other Long Term Assets, Total 2.7 3.0 2.4 6.4
1Y Growth 11.6% 10.8% (20.5%) > 99%
Defered Income Tax - Long Term Asset 0.0 0.0 0.0 --
1Y Growth 0.0% > 99% > 99% --
Other Long Term Assets 2.7 3.0 2.4 6.4
1Y Growth 11.5% 10.8% (21.2%) > 99%
Total Assets 182.7 200.4 231.8 271.5
1Y Growth 12.6% 9.7% 15.6% 17.1%
Liabilities ($ Millions)
Accounts Payable 10.6 10.3 10.6 13.4
1Y Growth 3.4% (3.0%) 3.4% 25.7%
Payable/Accrued -- -- -- --
1Y Growth -- -- -- --
Accrued Expenses 8.5 9.5 10.0 12.2
1Y Growth (1.0%) 12.1% 5.1% 22.3%
Notes Payable/Short Term Debt 0.0 0.0 0.0 7.0
1Y Growth 0.0% 0.0% 0.0% 7.0%
Current Port. of LT Debt/Capital Leases 0.0 -- -- --
1Y Growth < (99%) -- -- --
Other Current liabilities, Total 1.6 2.0 0.6 0.4
1Y Growth (15.7%) 25.7% (71.5%) (37.6%)
Customer Advances -- -- -- --
1Y Growth -- -- -- --
Income Taxes Payable 1.2 0.7 0.4 0.1
1Y Growth > 99% (37.4%) (50.3%) (59.6%)
Deferred Income Tax - Current Liability 0.2 -- -- --
1Y Growth (83.3%) -- -- --
Other Current Liabilities 0.2 1.3 0.2 0.2
1Y Growth (22.5%) > 99% (83.6%) 0.5%
Total Current Liabilities 20.7 21.8 21.2 32.9
1Y Growth (0.2%) 5.4% (2.9%) 55.4%
Total Long Term Debt 0.0 0.0 0.0 0.0

1Y Growth < (99%) 0.0% 0.0% 0.0%
Long Term Debt 0.0 -- -- --
1Y Growth -- -- -- --
Total Debt 0.0 0.0 0.0 7.0
1Y Growth < (99%) 0.0% 0.0% 7.0%
Deferred Income Tax 5.5 6.1 8.8 11.3
1Y Growth 31.3% 11.2% 44.2% 28.3%
Deferred Income Tax - LT Liability 5.5 6.1 8.8 11.3
1Y Growth 31.3% 11.2% 44.2% 28.3%
Minority Interest -- -- -- --
1Y Growth -- -- -- --
Other Liabilities, Total 5.3 8.2 7.5 8.5
1Y Growth 8.9% 53.9% (7.9%) 13.5%
Other Long Term Liabilities 5.3 8.2 7.5 8.5
1Y Growth 8.9% 53.9% (7.9%) 13.5%
Total Liabilities 31.5 36.1 37.5 52.7
1Y Growth 5.7% 14.6% 3.9% 40.7%
Shareholders Equity ($ Millions)

Redeemable Preferred Stock, Total -- -- -- --
1Y Growth -- -- -- --
Preferred Stock - Non Redeemable, Net -- -- -- --
1Y Growth -- -- -- --
Common Stock, Total 54.4 52.5 61.7 63.7
1Y Growth 12.9% (3.5%) 17.6% 3.2%
Common Stock 54.4 52.5 61.7 63.7
1Y Growth 12.9% (3.5%) 17.6% 3.2%
Additional Paid-In Capital -- -- -- --
1Y Growth -- -- -- --
Retained Earnings (Accumulated Deficit) 97.0 111.9 132.7 155.2
1Y Growth 14.5% 15.4% 18.5% 17.0%
Treasury Stock - Common -- -- -- --
1Y Growth -- -- -- --
ESOP Debt Guarantee -- -- -- --
1Y Growth -- -- -- --
Unrealized Gain (Loss) -- -- -- --
1Y Growth -- -- -- --
Other Equity, Total (0.2) (0.1) (0.1) (0.1)
1Y Growth 60.5% 62.9% (3.6%) (46.6%)
Other Comprehensive Income (0.2) (0.1) (0.1) (0.1)
1Y Growth 60.5% 62.9% (3.6%) (46.6%)
Total Equity 151.2 164.4 194.3 218.8
1Y Growth 14.1% 8.7% 18.2% 12.6%
Total Liabilities & Shareholders' Equity 182.7 200.4 231.8 271.5

1Y Growth 12.6% 9.7% 15.6% 17.1%
Shares Outstanding - Common Issue 2 -- -- -- --
1Y Growth -- -- -- --
1Y Growth -- -- -- --
1Y Growth -- -- -- --
Total Common Shares Outstanding 34.6 34.3 35.1 35.2
1Y Growth 1.8% (0.8%) 2.5% 0.3%
Shares Outs - Common Stock Primary Issue 34.6 34.3 35.1 35.2
1Y Growth 1.8% (0.8%) 2.5% 0.3%
Treas Shares - Common Stock Prmry Issue -- -- -- --
1Y Growth -- -- -- --
Treasury Shares - Common Issue 2 -- -- -- --
1Y Growth -- -- -- --
1Y Growth -- -- -- --
1Y Growth -- -- -- --
Total Preferred Shares Outstanding -- -- -- --
1Y Growth -- -- -- --
Treasury Shares - Preferred Issue 1 -- -- -- --
1Y Growth -- -- -- --
1Y Growth -- -- -- --
1Y Growth -- -- -- --
1Y Growth -- -- -- --
1Y Growth -- -- -- --
1Y Growth -- -- -- --
Minority Interest - Redeemable -- -- -- --
1Y Growth -- -- -- --
Minority Interest - Non Redeemable -- -- -- --
1Y Growth -- -- -- --
Total Equity & Minority Interest 151.2 164.4 194.3 218.8
1Y Growth -- -- -- --
Full-Time Employees 1,709 1,515 1,654 1,875
1Y Growth 12.5% (11.4%) 9.2% 13.4%
Part-Time Employees -- -- -- --
1Y Growth -- -- -- --
Number of Common Shareholders 188 178 167 161
1Y Growth (6.0%) (5.3%) (6.2%) (3.6%)
Other Property/Plant/Equipment - Net -- -- -- --
1Y Growth -- -- -- --
Intangibles - Net -- -- -- --
1Y Growth -- -- -- --
Goodwill - Net 7.5 9.5 13.0 33.0
1Y Growth 17.6% 26.3% 37.0% > 99%
Short Term Debt Financial Sector, Suppl. -- -- -- --
1Y Growth -- -- -- --
Curr Port - LTD/Cap Lse Fin Sec., Suppl. -- -- -- --
1Y Growth -- -- -- --
Long Term Debt Financial Sector, Suppl. -- -- -- --
1Y Growth -- -- -- --
Capital Lease Oblig. - Fin Sector, Suppl -- -- -- --
1Y Growth -- -- -- --
Accumulated Goodwill Amortization Suppl. -- -- -- --
1Y Growth -- -- -- --
Accumulated Intangible Amort, Suppl. 1.5 2.2 3.1 5.5
1Y Growth 2.4% 42.9% 43.8% 74.6%
Deferred Revenue - Current -- -- -- --
1Y Growth -- -- -- --
Deferred Revenue - Long Term -- -- -- --
1Y Growth -- -- -- --
Curr Derivative Liab. Hedging, Suppl. -- -- -- --
1Y Growth -- -- -- --
Curr Derivative Liab. Spec./Trdg, Suppl. -- -- -- --
1Y Growth -- -- -- --
Non-Curr Derivative Liab. Hedging, Suppl -- -- -- --
1Y Growth -- -- -- --
Non-Curr Derivative Liab Spec/Trdg Suppl -- -- -- --
1Y Growth -- -- -- --
Total Risk-Weighted Capital -- -- -- --
1Y Growth -- -- -- --
Capital Adequacy - Core Tier 1 Capital % -- -- -- --
1Y Growth -- -- -- --
Leverage Ratio (Basel 3) -- -- -- --
1Y Growth -- -- -- --
Net Stable Funding Ratio (Basel 3) -- -- -- --
1Y Growth -- -- -- --
Capital Adequacy - Tier 2 Capital % -- -- -- --
1Y Growth -- -- -- --
1Y Growth -- -- -- --
Capital Adequacy -Tier 1 Capital (Value) -- -- -- --
1Y Growth -- -- -- --
1Y Growth -- -- -- --
1Y Growth -- -- -- --
Capital Adequacy - Core Tier 1 (Value) -- -- -- --
1Y Growth -- -- -- --
1Y Growth -- -- -- --
Capital Adequacy - Hybrid Tier 1 (Value) -- -- -- --
1Y Growth -- -- -- --
Capital Adequacy - Total Capital (Value) -- -- -- --
1Y Growth -- -- -- --
Liquidity Coverage Ratio (Basel 3) -- -- -- --
1Y Growth -- -- -- --
Capital Adequacy - Total Capital % -- -- -- --
1Y Growth -- -- -- --
Trading Account -- -- -- --
1Y Growth -- -- -- --
Credit Exposure -- -- -- --
1Y Growth -- -- -- --
Non-Performing Loans -- -- -- --
1Y Growth -- -- -- --
Assets under Management -- -- -- --
1Y Growth -- -- -- --
Total Current Assets less Inventory 37.1 47.9 67.1 43.4
1Y Growth 14.7% 29.1% 40.1% (35.3%)
Net Debt Incl. Pref.Stock & Min.Interest (9.8) (17.6) (34.0) 0.9
1Y Growth < (99%) (78.6%) (93.6%) > 99%
Tangible Book Value, Common Equity 139.3 148.7 174.3 158.9
1Y Growth 13.5% 6.7% 17.3% (8.9%)
Reported Total Assets -- -- -- --
1Y Growth -- -- -- --
Reported Total Liabilities -- -- -- --
1Y Growth -- -- -- --
Shareholders' Equity Excl. Stock Subscr. -- -- -- --
1Y Growth -- -- -- --
Reported Shareholder's Equity -- -- -- --
1Y Growth -- -- -- --
Reported Net Assets -- -- -- --
1Y Growth -- -- -- --
Reported Net Assets to Total Assets -- -- -- --
1Y Growth -- -- -- --
Reported Return on Assets -- -- -- --
1Y Growth -- -- -- --
Reported Return on Equity -- -- -- --
1Y Growth -- -- -- --
Islamic Investments & Deposits -- -- -- --
1Y Growth -- -- -- --
Islamic Receivables -- -- -- --
1Y Growth -- -- -- --
Islamic Debt -- -- -- --
1Y Growth -- -- -- --
Islamic Section, Supplemental -- -- -- --
1Y Growth -- -- -- --
Debt & Lease, Pension Items ($ Millions)
Total Long Term Debt, Supplemental -- -- -- --
1Y Growth -- -- -- --
Long Term Debt Maturing within 1 Year -- -- -- --
1Y Growth -- -- -- --
Long Term Debt Maturing in Year 2 -- -- -- --
1Y Growth -- -- -- --
1Y Growth -- -- -- --
1Y Growth -- -- -- --
1Y Growth -- -- -- --
Long Term Debt Maturing in 2-3 Years -- -- -- --
1Y Growth -- -- -- --
Long Term Debt Maturing in 4-5 Years -- -- -- --
1Y Growth -- -- -- --
Long Term Debt Matur. in Year 6 & Beyond -- -- -- --
1Y Growth -- -- -- --
Total Capital Leases, Supplemental -- -- -- --
1Y Growth -- -- -- --
Total Operating Leases, Supplemental 23.0 21.1 19.4 20.7
1Y Growth (9.0%) (8.5%) (8.1%) 6.7%
Operating Lease Payments Due in Year 1 2.4 2.1 2.1 2.6
1Y Growth (13.2%) (13.2%) 1.6% 21.9%
1Y Growth (12.2%) 4.5% (1.0%) 16.2%
1Y Growth 4.2% 0.5% (3.3%) 16.5%
1Y Growth 1.4% (3.9%) 0.4% 5.4%
1Y Growth (3.9%) 0.0% 0.2% 7.1%
Operating Lease Pymts. Due in 2-3 Years 3.8 3.9 3.8 4.4
1Y Growth (4.8%) 2.5% (2.1%) 16.3%
Operating Lease Pymts. Due in 4-5 Years 3.4 3.4 3.4 3.6
1Y Growth (1.3%) (2.0%) 0.3% 6.2%
Oper. Lse. Pymts. Due in Year 6 & Beyond 13.4 11.8 10.1 10.1
1Y Growth (11.0%) (12.4%) (14.1%) 0.1%
Total Funded Status -- -- -- --
1Y Growth -- -- -- --
Period End Assumptions -- -- -- --
1Y Growth -- -- -- --
Net Assets Recognized on Balance Sheet -- -- -- --
1Y Growth -- -- -- --
Asset Allocation -- -- -- --
1Y Growth -- -- -- --
Total Plan Obligations -- -- -- --
1Y Growth -- -- -- --
Total Plan Assets -- -- -- --
1Y Growth -- -- -- --
2010 2011 2012 2013 2014 2015
17 12 7 16 61 42
31-Dec-2010 31-Dec-2011 31-Dec-2012 31-Dec-2013 31-Dec-2014 31-Dec-2015
3.7 10.1 9.7 7.5 7.4 4.2

(39.1%) > 99% (4.0%) (23.3%) (1.4%) (43.2%)
3.7 10.1 9.7 7.5 7.4 4.2
(39.1%) > 99% (4.0%) (23.3%) (1.4%) (43.2%)
37.4 40.6 53.4 60.2 72.7 70.3
20.7% 8.5% 31.7% 12.7% 20.8% (3.3%)
38.0 41.0 54.3 61.0 73.6 71.6
20.5% 8.1% 32.4% 12.4% 20.6% (2.7%)
(0.6) (0.5) (0.9) (0.8) (0.9) (1.3)
(9.6%) 21.8% (92.2%) 5.8% (6.3%) (45.2%)
40.8 45.3 57.3 64.1 80.6 78.2
26.6% 11.0% 26.7% 11.8% 25.7% (2.9%)
3.4 4.7 3.9 3.9 7.8 7.9
> 99% 37.5% (16.7%) (0.4%) > 99% 1.1%
60.6 69.9 84.6 82.4 91.8 106.0
28.5% 15.4% 21.0% (2.6%) 11.4% 15.5%
30.8 38.1 48.2 43.4 50.0 59.2
25.6% 23.8% 26.6% (10.1%) 15.3% 18.3%
7.0 6.0 6.1 6.2 7.7 8.5
26.5% (13.8%) 0.1% 2.8% 23.4% 11.2%
22.8 25.8 30.3 32.8 34.1 38.3
33.2% 13.0% 17.6% 8.2% 4.0% 12.3%
2.5 4.7 5.4 6.4 6.3 8.6
41.1% 83.3% 15.6% 18.0% (1.1%) 36.7%
4.6 3.7 5.0 5.6 6.4 7.0
41.3% (20.3%) 34.3% 13.3% 13.1% 10.2%
4.6 3.7 5.0 5.6 6.4 7.0
41.3% (20.3%) 34.3% 13.3% 13.1% 10.2%
112.3 133.7 162.0 165.9 192.3 204.0
23.9% 19.0% 21.2% 2.4% 15.9% 6.1%
199.9 262.6 330.4 351.9 365.5 407.8

13.1% 31.3% 25.8% 6.5% 3.8% 11.6%
62.4 72.6 94.5 141.4 146.5 164.2
3.4% 16.3% 30.2% 49.7% 3.6% 12.0%
12.6 16.3 17.3 16.2 16.8 19.3
28.7% 29.4% 6.5% (6.4%) 3.6% 14.7%
92.8 103.6 117.6 136.8 145.0 158.8
20.5% 11.6% 13.5% 16.3% 6.0% 9.5%
13.8 47.5 74.6 25.2 21.9 26.3
(1.4%) > 99% 57.0% (66.3%) (13.2%) 20.3%
18.3 22.6 26.3 32.3 35.2 39.3
17.5% 23.2% 16.6% 22.9% 8.9% 11.6%
128.1 179.1 234.8 243.3 244.2 267.8
11.7% 39.9% 31.1% 3.6% 0.4% 9.7%
(71.9) (83.4) (95.6) (108.7) (121.3) (140.1)
(15.8%) (16.1%) (14.5%) (13.7%) (11.6%) (15.5%)
58.7 61.1 175.1 184.5 184.5 184.5
77.8% 4.2% > 99% 5.4% (0.0%) 0.0%
57.2 56.7 118.1 120.0 110.3 109.4
> 99% (0.9%) > 99% 1.6% (8.1%) (0.9%)
66.2 31.5 140.3 156.5 160.8 174.5
> 99% (52.4%) > 99% 11.5% 2.8% 8.5%
(9.0) (15.0) (22.2) (36.5) (50.5) (65.1)
(65.1%) (66.5%) (48.1%) (64.4%) (38.4%) (29.0%)
0.0 2.8 -- -- -- --
-- 2.8% -- -- -- --
0.0 2.8 -- -- -- --
-- 2.8% -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
13.3 13.6 15.3 14.6 15.9 13.1
> 99% 2.6% 12.2% (4.4%) 8.7% (17.4%)
4.1 5.4 4.2 0.8 0.0 0.0
-- 29.6% (21.0%) (81.1%) (98.9%) < (99%)
9.1 8.2 11.0 13.8 15.9 13.1
43.6% (9.6%) 33.8% 25.1% 15.0% (17.3%)
369.5 447.0 705.3 728.3 747.2 778.7
36.1% 21.0% 57.8% 3.3% 2.6% 4.2%
20.1 22.7 34.6 26.5 29.8 38.0

50.5% 13.1% 52.4% (23.5%) 12.4% 27.4%
-- -- -- -- -- --
-- -- -- -- -- --
18.9 20.2 27.3 27.7 33.8 37.8
54.9% 6.9% 35.0% 1.6% 22.1% 11.9%
0.0 0.0 0.0 0.0 0.0 0.0
< (99%) 0.0% 0.0% 0.0% 0.0% 0.0%
-- -- 10.0 10.0 10.0 10.0
-- -- -- 0.0% 0.0% 0.0%
1.2 0.9 1.1 1.4 1.8 2.1
> 99% (27.1%) 26.1% 25.8% 29.9% 16.3%
-- -- -- -- 0.4 --
-- -- -- -- -- --
0.9 0.6 0.5 1.1 1.4 1.5
> 99% (27.2%) (15.3%) > 99% 29.8% 6.0%
-- -- -- -- -- --
-- -- -- -- -- --
0.3 0.2 0.6 0.3 -- 0.6
44.8% (26.7%) > 99% (47.0%) -- --
40.2 43.8 73.0 65.6 75.4 87.9
22.1% 9.0% 66.7% (10.2%) 15.0% 16.5%
81.5 30.7 227.6 238.9 214.5 197.6

81.5% (62.3%) > 99% 5.0% (10.2%) (7.9%)
81.5 30.7 227.6 238.9 214.5 197.6
-- (62.3%) > 99% 5.0% (10.2%) (7.9%)
81.5 30.7 237.6 248.9 224.5 207.6
> 99% (62.3%) > 99% 4.8% (9.8%) (7.5%)
1.3 2.1 2.4 2.5 6.4 11.0
(88.7%) 66.7% 12.4% 7.4% > 99% 72.0%
1.3 2.1 2.4 2.5 6.4 11.0
(88.7%) 66.7% 12.4% 7.4% > 99% 72.0%
-- -- -- -- -- --
-- -- -- -- -- --
10.9 13.3 20.8 15.6 15.6 16.1
27.4% 22.1% 56.5% (25.1%) 0.1% 3.4%
10.9 13.3 20.8 15.6 15.6 16.1
27.4% 22.1% 56.5% (25.1%) 0.1% 3.4%
133.9 89.9 323.7 322.6 311.9 312.6
> 99% (32.8%) > 99% (0.4%) (3.3%) 0.2%
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
67.1 166.2 172.3 177.8 187.7 197.8
5.3% > 99% 3.7% 3.2% 5.6% 5.4%
67.1 166.2 172.3 177.8 187.7 197.8
5.3% > 99% 3.7% 3.2% 5.6% 5.4%
-- -- -- -- -- --
-- -- -- -- -- --
167.7 190.7 210.4 227.0 250.0 273.8
8.0% 13.7% 10.3% 7.9% 10.1% 9.5%
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
0.9 0.2 (1.2) 0.9 (2.4) (5.5)
> 99% (82.6%) < (99%) > 99% < (99%) < (99%)
0.9 0.2 (1.2) 0.9 (2.4) (5.5)
> 99% (82.6%) < (99%) > 99% < (99%) < (99%)
235.6 357.1 381.6 405.7 435.3 466.1
7.7% 51.6% 6.9% 6.3% 7.3% 7.1%
369.5 447.0 705.3 728.3 747.2 778.7

36.1% 21.0% 57.8% 3.3% 2.6% 4.2%
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
35.5 42.0 42.5 42.8 43.6 44.3
0.8% 18.3% 1.1% 0.8% 1.8% 1.5%
35.5 42.0 42.5 42.8 43.6 44.3
0.8% 18.3% 1.1% 0.8% 1.8% 1.5%
0.0 0.0 0.0 0.0 0.0 0.0
-- 0.0% 0.0% 0.0% 0.0% 0.0%
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
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-- -- -- -- -- --
235.6 357.1 381.6 405.7 435.3 466.1
-- -- -- -- -- --
2,178 2,400 2,760 2,888 3,105 3,754
16.2% 10.2% 15.0% 4.6% 7.5% 20.9%
-- -- -- -- -- --
-- -- -- -- -- --
154 140 136 140 134 127
(4.3%) (9.1%) (2.9%) 2.9% (4.3%) (5.2%)
-- -- -- -- -- --
-- -- -- -- -- --
-- 40.2 -- 0.0 0.0 0.0
-- -- -- -- 0.0% 0.0%
58.7 61.1 175.1 184.5 184.5 184.5
77.8% 4.2% > 99% 5.4% (0.0%) 0.0%
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
9.0 15.0 22.2 36.5 50.5 65.1
65.1% 66.5% 48.1% 64.4% 38.4% 29.0%
-- -- -- -- 0.4 --
-- -- -- -- -- --
-- 2.0 3.0 3.1 2.9 2.7
-- -- 50.2% 2.9% (5.7%) (5.9%)
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
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-- -- -- -- -- --
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-- -- -- -- -- --
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-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
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-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
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-- -- -- -- -- --
51.7 63.7 77.4 83.5 100.6 98.0
19.0% 23.3% 21.4% 7.9% 20.4% (2.5%)
77.8 20.6 227.8 241.4 217.1 203.4
> 99% (73.5%) > 99% 5.9% (10.0%) (6.3%)
119.8 239.3 88.3 101.2 140.5 172.3
(24.6%) > 99% (63.1%) 14.6% 38.8% 22.6%
-- -- -- -- -- --
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-- -- -- -- -- --
-- -- -- -- -- --
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-- -- -- -- -- --
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-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- 30.7 237.6 248.9 224.5 207.6

-- -- > 99% 4.8% (9.8%) (7.5%)
-- 0.0 10.0 10.0 10.0 10.0
-- -- 10.0% 0.0% 0.0% 0.0%
-- 0.0 10.0 10.0 10.0 197.6
-- -- 10.0% 0.0% 0.0% > 99%
-- 0.0 10.0 10.0 204.5 --
-- -- 10.0% 0.0% > 99% --
-- 15.4 103.8 218.9 -- --
-- -- > 99% > 99% -- --
-- 15.4 103.8 -- -- --
-- -- > 99% -- -- --
-- 0.0 20.0 20.0 214.5 197.6
-- -- 20.0% 0.0% > 99% (7.9%)
-- 30.7 207.6 218.9 -- --
-- -- > 99% 5.4% -- --
-- 0.0 0.0 0.0 0.0 0.0
-- -- 0.0% 0.0% 0.0% 0.0%
-- -- -- -- -- --
-- -- -- -- -- --
22.5 19.4 19.5 61.8 81.5 73.8
8.7% (13.8%) 0.4% > 99% 31.9% (9.4%)
3.4 3.4 3.9 6.6 8.9 9.2
30.8% 1.7% 13.0% 68.8% 35.0% 3.4%
2.7 2.9 3.6 6.0 8.5 8.0
19.0% 4.2% 26.5% 64.6% 42.1% (6.0%)
2.4 2.4 3.1 5.0 7.4 7.2
14.0% (1.8%) 33.7% 58.1% 49.5% (3.1%)
2.3 2.2 2.4 4.1 7.0 7.1
26.7% (3.9%) 10.2% 71.8% 70.5% 1.1%
2.2 2.2 2.1 4.1 7.0 5.0
20.6% 0.7% (4.2%) 96.3% 72.8% (28.6%)
5.1 5.2 6.8 10.9 15.9 15.2
16.6% 1.4% 29.7% 61.6% 45.5% (4.6%)
4.4 4.3 4.5 8.2 14.1 12.1
23.7% (1.7%) 3.0% 83.2% 71.7% (13.7%)
9.5 6.4 4.3 36.1 42.6 37.3
(5.7%) (33.1%) (32.1%) > 99% 18.2% (12.4%)
-- -- -- -- -- --
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-- -- -- -- -- --
-- -- -- -- -- --
Income Statement
Earnings Quality Score

Period End Date
Revenue
1Y Growth
Cost of Revenue, Total

1Y Growth
% of Sales
Average
Median
Gross Profit
1Y Growth
Selling/General/Admin. Expenses, Total

1Y Growth
% of Sales
Average
Median
Research & Development

1Y Growth
% of Sales
Average
Median
Depreciation/Amortization
1Y Growth
Interest Expense, Net - Operating
1Y Growth
Interest/Investment Income - Operating
1Y Growth
Interest Expense(Income) - Net Operating
1Y Growth
Interest Exp.(Inc.),Net-Operating, Total
1Y Growth
Unusual Expense (Income)
1Y Growth
Impairment-Assets Held for Use
1Y Growth
Impairment-Assets Held for Sale
1Y Growth
Other Unusual Expense (Income)
1Y Growth
Other Operating Expenses, Total
1Y Growth
Other Operating Expense
1Y Growth
Total Operating Expense
1Y Growth
Operating Income
1Y Growth
Interest Expense, Net Non-Operating
1Y Growth
Interest Expense - Non-Operating
1Y Growth
Interest/Invest Income - Non-Operating
1Y Growth
Interest Income - Non-Operating
1Y Growth
Investment Income - Non-Operating
1Y Growth
Interest Income(Exp), Net Non-Operating
1Y Growth
Interest Inc.(Exp.),Net-Non-Op., Total
1Y Growth
Gain (Loss) on Sale of Assets
1Y Growth
Other, Net
1Y Growth
Other Non-Operating Income (Expense)
1Y Growth
Net Income Before Taxes
1Y Growth
Provision for Income Taxes
1Y Growth
Net Income After Taxes
1Y Growth
Minority Interest
1Y Growth
Equity In Affiliates
1Y Growth
U.S. GAAP Adjustment
1Y Growth
Net Income Before Extra. Items
1Y Growth
Accounting Change
1Y Growth
Discontinued Operations
1Y Growth
Extraordinary Item
1Y Growth
Tax on Extraordinary Items
1Y Growth
Total Extraordinary Items
1Y Growth
Net Income
1Y Growth
Preferred Dividends
1Y Growth
General Partners' Distributions
1Y Growth
Miscellaneous Earnings Adjustment
1Y Growth
Pro Forma Adjustment
1Y Growth
Interest Adjustment - Primary EPS
1Y Growth
Total Adjustments to Net Income
1Y Growth
Income Available to Com Excl ExtraOrd
1Y Growth
Income Available to Com Incl ExtraOrd
1Y Growth
Basic Weighted Average Shares
1Y Growth
Basic EPS Excluding Extraordinary Items
1Y Growth
Basic EPS Including Extraordinary Items
1Y Growth
Dilution Adjustment
1Y Growth
Diluted Net Income
1Y Growth
Diluted Weighted Average Shares
1Y Growth
Diluted EPS Excluding ExtraOrd Items
1Y Growth
Diluted EPS Including ExtraOrd Items
1Y Growth
DPS - Common Stock Primary Issue
1Y Growth
Dividends per Share - Com Stock Issue 2
1Y Growth
1Y Growth
1Y Growth
Special DPS - Common Stock Primary Issue
1Y Growth
Special DPS - Common Stock Issue 2
1Y Growth
1Y Growth
1Y Growth
Gross Dividends - Common Stock
1Y Growth
Pro Forma Stock Compensation Expense
1Y Growth
Net Income after Stock Based Comp. Exp.
1Y Growth
Basic EPS after Stock Based Comp. Exp.
1Y Growth
Diluted EPS after Stock Based Comp. Exp.
1Y Growth
Stock-Based Compensation, Supplemental
1Y Growth
Interest Expense, Supplemental
1Y Growth
Interest Capitalized, Supplemental
1Y Growth
Interest Expense (Financial Oper), Suppl
1Y Growth
Net Revenues
1Y Growth
Depreciation, Supplemental
1Y Growth
Funds From Operations - REIT
1Y Growth
(Gain) Loss on Sale of Assets, Suppl.
1Y Growth
Impairment-Assets Held for Sale, Suppl.
1Y Growth
Impairment-Assets Held for Use, Suppl.
1Y Growth
Litigation Charge, Supplemental
1Y Growth
Purchased R&D Written-Off, Supplemental
1Y Growth
Restructuring Charge, Supplemental
1Y Growth
Other Unusual Expense(Income), Suppl.
1Y Growth
Non-Recurring Items, Supplemental, Total
1Y Growth
Total Special Items
1Y Growth
Normalized Income Before Taxes
1Y Growth
Effect of Special Items on Income Taxes
1Y Growth
Inc Tax Ex Impact of Sp Items
1Y Growth
Normalized Income After Taxes
1Y Growth
Normalized Inc. Avail to Com.
1Y Growth
Basic Normalized EPS
1Y Growth
Diluted Normalized EPS
1Y Growth
Amort of Acquisition Costs, Supplemental
1Y Growth
Amort of Intangibles, Supplemental
1Y Growth
Rental Expense, Supplemental
1Y Growth
Labor & Related Expense Suppl.
1Y Growth
EPS, Supplemental
1Y Growth
Advertising Expense, Supplemental
1Y Growth
Equity in Affiliates, Supplemental
1Y Growth
Minority Interest, Supplemental
1Y Growth
Research & Development Exp, Supplemental
1Y Growth
Audit Fees
1Y Growth
Audit-Related Fees
1Y Growth
Tax Fees
1Y Growth
All Other Fees
1Y Growth
Reported Recurring Revenue
1Y Growth
Reported Net Premiums Written
1Y Growth
Reported Total Revenue
1Y Growth
Reported Operating Revenue
1Y Growth
Reported Total Cost of Revenue
1Y Growth
Reported Total Sales, General & Admin.
1Y Growth
Reported Gross Profit
1Y Growth
Reported Operating Profit
1Y Growth
Reported Operating Profit Margin
1Y Growth
Reported Ordinary Profit
1Y Growth
Reported Net Income After Tax
1Y Growth
Reported Basic EPS
1Y Growth
Reported Diluted EPS
1Y Growth
Reported Net Business Profits
1Y Growth
Islamic Income
1Y Growth
Zakat
1Y Growth
Islamic Section, Supplemental
1Y Growth
Normalized EBIT
1Y Growth
Normalized EBITDA
1Y Growth
Tax & Pension Items ($ Millions)
Current Tax - Total
1Y Growth
Current Tax - Domestic
1Y Growth
Current Tax - Foreign
1Y Growth
Current Tax - Local
1Y Growth
Deferred Tax - Total
1Y Growth
Deferred Tax - Domestic
1Y Growth
Deferred Tax - Foreign
1Y Growth
Deferred Tax - Local
1Y Growth
Income Tax - Total
1Y Growth
Income Tax by Region - Total
1Y Growth
Domestic Pension Plan Expense
1Y Growth
Foreign Pension Plan Expense
1Y Growth
Post-Retirement Plan Expense
1Y Growth
Total Pension Expense
1Y Growth
Defined Contribution Expense - Domestic
1Y Growth
Assumptions
1Y Growth
Total Plan Interest Cost
1Y Growth
Total Plan Service Cost
1Y Growth
Total Plan Expected Return
1Y Growth
Total Plan Other Expense
1Y Growth
Dividends and Capital Changes
Merit Medical Systems Ord Shs
Share Split
2006 2007 2008 2009 2010 2011 2012 2013
44 75 62 20 17 12 7 16
31-Dec-2006 31-Dec-2007 31-Dec-2008 31-Dec-2009 31-Dec-2010 31-Dec-2011 31-Dec-2012 31-Dec-2013
190.7 207.8 227.1 257.5 296.8 359.4 394.3 449.0
14.5% 9.0% 9.3% 13.3% 15.3% 21.1% 9.7% 13.9%
117.6 128.0 133.9 148.7 168.3 194.0 212.3 254.7

20.6% 8.8% 4.6% 11.0% 13.2% 15.3% 9.4% 20.0%
61.67% 61.60% 58.96% 57.75% 56.70% 53.98% 53.84% 56.73%
56.29%
56.72%
73.1 79.8 93.3 108.8 128.5 165.5 182.0 194.4

5.8% 9.2% 16.9% 16.7% 18.1% 28.8% 10.0% 6.8%
45.5 48.1 53.1 64.8 87.6 104.5 119.4 128.6

17.9% 5.8% 10.4% 21.9% 35.2% 19.3% 14.3% 7.7%
23.86% 23.15% 23.38% 25.17% 29.51% 29.08% 30.28% 28.64%
27.99%
28.92%
8.6 8.7 9.2 11.2 15.3 27.8 30.2 33.9

22.7% 1.2% 5.4% 21.9% 37.3% 81.1% 8.9% 12.0%
4.51% 4.19% 4.05% 4.35% 5.15% 7.74% 7.66% 7.55%
7.57% -- -- -- -- -- -- --
7.66% -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- 0.0 0.0 0.0 8.3 0.0 5.1 8.1
-- -- 0.0% 0.0% 8.3% < (99%) 5.1% 58.6%
-- 0.0 0.0 0.0 8.3 0.0 0.0 8.1
-- -- 0.0% 0.0% 8.3% < (99%) 0.0% 8.1%
-- -- -- -- -- -- 2.4 --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- 2.7 --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- (4.1)
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- (4.1)
-- -- -- -- -- -- -- --
171.7 184.8 196.2 224.6 279.6 326.3 367.0 421.2

20.0% 7.7% 6.1% 14.5% 24.5% 16.7% 12.5% 14.8%
19.0 23.0 31.0 32.8 17.2 33.2 27.2 27.8
(19.2%) 20.8% 34.9% 6.0% (47.6%) 92.9% (17.9%) 2.2%
0.0 0.0 0.0 0.0 (0.6) (0.8) (0.6) (8.0)
33.3% 75.0% < (99%) (64.7%) < (99%) (32.4%) 23.4% < (99%)
0.0 0.0 0.0 0.0 (0.6) (0.8) (0.6) (8.0)
33.3% 75.0% < (99%) (64.7%) < (99%) (32.4%) 23.4% < (99%)
0.3 0.4 0.8 0.2 0.0 0.1 0.2 0.1
(49.1%) 57.2% 98.7% (77.2%) (80.9%) > 99% 66.7% (75.3%)
0.3 0.4 0.8 0.2 0.0 0.1 0.2 0.3
(49.1%) 57.2% 98.7% (77.2%) (80.9%) > 99% 75.2% 12.8%
-- -- -- -- -- -- 0.0 (0.2)
-- -- -- -- -- -- -- < (99%)
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
0.2 0.4 0.8 0.2 (0.6) (0.7) (0.4) (8.0)
(49.7%) 63.9% 95.9% (80.4%) < (99%) (17.4%) 41.1% < (99%)
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
(0.1) 0.0 0.1 0.1 0.1 0.3 0.8 0.0
31.9% > 99% > 99% 0.0% 50.5% > 99% > 99% < (99%)
(0.1) 0.0 0.1 0.1 0.1 0.3 0.8 0.0
31.9% > 99% > 99% 0.0% 50.5% > 99% > 99% < (99%)
19.2 23.4 31.8 33.1 16.8 32.9 27.6 19.8
(19.7%) 22.0% 36.1% 3.9% (49.3%) 95.8% (16.0%) (28.2%)
6.9 7.8 11.1 10.6 4.3 19.7 7.9 3.3
(15.3%) 13.5% 42.3% (5.0%) (59.0%) > 99% (59.8%) (58.7%)
12.3 15.6 20.7 22.5 12.5 13.2 19.7 16.6
(22.0%) 26.7% 33.0% 8.7% (44.7%) 6.0% 49.2% (15.9%)
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
12.3 15.6 20.7 22.5 12.5 13.2 19.7 16.6
(22.0%) 26.7% 33.0% 8.7% (44.7%) 6.0% 49.2% (15.9%)
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
12.3 15.6 20.7 22.5 12.5 13.2 19.7 16.6
(22.0%) 26.7% 33.0% 8.7% (44.7%) 6.0% 49.2% (15.9%)
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
12.3 15.6 20.7 22.5 12.5 13.2 19.7 16.6
(22.0%) 26.7% 33.0% 8.7% (44.7%) 6.0% 49.2% (15.9%)
12.3 15.6 20.7 22.5 12.5 13.2 19.7 16.6
(22.0%) 26.7% 33.0% 8.7% (44.7%) 6.0% 49.2% (15.9%)
34.2 34.3 34.7 35.0 35.3 39.1 42.2 42.6
1.8% 0.3% 1.3% 0.9% 0.8% 10.8% 7.9% 1.0%
0.36 0.45 0.60 0.64 0.35 0.34 0.47 0.39
(23.4%) 26.3% 31.3% 7.8% (45.1%) (4.3%) 38.2% (16.8%)
0.36 0.45 0.60 0.64 0.35 0.34 0.47 0.39
(23.4%) 26.3% 31.3% 7.8% (45.1%) (4.3%) 38.2% (16.8%)
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
-- 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
12.3 15.6 20.7 22.5 12.5 13.2 19.7 16.6
(22.0%) 26.7% 33.0% 8.7% (44.7%) 6.0% 49.2% (15.9%)
35.3 35.3 35.7 35.8 36.0 39.7 42.6 42.9
1.4% (0.1%) 1.2% 0.2% 0.6% 10.4% 7.2% 0.6%
0.35 0.44 0.58 0.63 0.35 0.33 0.46 0.39
(23.1%) 26.9% 31.4% 8.5% (45.0%) (4.0%) 39.1% (16.5%)
0.35 0.44 0.58 0.63 0.35 0.33 0.46 0.39
(23.1%) 26.9% 31.4% 8.5% (45.0%) (4.0%) 39.1% (16.5%)
0.00 0.00 0.00 0.00 0.00 0.00 -- 0.00

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
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-- -- -- -- -- -- -- --
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
-- -- -- -- -- 0.0 -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
1.5 1.1 1.0 1.2 1.3 1.6 1.9 1.5
-- (24.8%) (14.9%) 22.9% 9.5% 27.0% 16.6% (23.5%)
0.0 0.0 0.0 0.0 0.6 0.8 0.6 8.0
(33.3%) (75.0%) > 99% 64.7% > 99% 32.4% (23.4%) > 99%
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
7.8 8.6 9.3 9.9 11.3 13.2 15.0 18.4
38.3% 10.7% 7.4% 7.1% 13.9% 16.7% 13.9% 22.4%
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- 0.3 0.6 0.1 0.1 --
-- -- -- -- 84.2% (82.6%) 38.8% --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- 0.5 0.0 -- --
-- -- -- -- -- < (99%) -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- 0.3 5.2 0.1 2.6 --
-- -- -- -- > 99% (98.4%) > 99% --
-- -- -- 0.7 6.3 0.2 2.7 --
-- -- -- -- > 99% (97.0%) > 99% --
-- 0.0 0.0 0.7 14.6 0.2 7.8 8.1
-- -- 0.0% 0.7% > 99% (98.7%) > 99% 3.7%
19.2 23.4 31.8 33.8 31.4 33.1 35.4 27.9
(19.7%) 22.0% 36.1% 6.0% (6.9%) 5.2% 7.1% (21.2%)
-- 0.0 0.0 0.2 3.8 0.1 2.2 1.3
-- -- 0.0% 0.2% > 99% (97.0%) > 99% (40.3%)
6.9 7.8 11.1 10.8 8.1 19.8 10.1 4.6
(15.3%) 13.5% 42.3% (3.1%) (24.8%) > 99% (48.7%) (54.6%)
12.3 15.6 20.7 23.0 23.3 13.3 25.3 23.3
(22.0%) 26.7% 33.0% 10.9% 1.5% (43.0%) 90.2% (7.7%)
12.3 15.6 20.7 23.0 23.3 13.3 25.3 23.3
(22.0%) 26.7% 33.0% 10.9% 1.5% (43.0%) 90.2% (7.7%)
0.36 0.45 0.60 0.66 0.66 0.34 0.60 0.55
(23.4%) 26.3% 31.3% 9.9% 0.7% (48.6%) 76.3% (8.7%)
0.35 0.44 0.58 0.64 0.65 0.33 0.59 0.54
(23.1%) 26.9% 31.4% 10.7% 0.9% (48.4%) 77.4% (8.3%)
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
0.5 0.8 1.0 2.3 3.5 6.0 7.5 14.2
> 99% 69.9% 19.3% > 99% 51.4% 69.2% 25.0% 89.3%
3.2 2.6 2.6 2.8 3.7 4.1 4.8 5.5
(6.5%) (18.8%) 0.0% 7.7% 32.1% 10.8% 17.1% 14.6%
-- -- -- -- -- -- 1.8 1.5
-- -- -- -- -- -- -- (18.4%)
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
8.6 8.7 9.2 11.2 15.3 27.8 30.2 33.9
22.7% 1.2% 5.4% 21.9% 37.3% 81.1% 8.9% 12.0%
0.4 0.6 0.6 0.6 0.6 0.6 0.7 0.7
(14.3%) 35.2% (0.4%) 2.8% 3.4% 6.3% 16.3% (5.2%)
0.0 0.0 0.0 0.0 0.0 0.0 0.3 0.0
(38.3%) (10.3%) (3.8%) 20.0% (18.4%) 1.7% > 99% (89.9%)
0.2 0.1 0.1 0.1 0.2 0.5 0.2 0.3
16.7% (41.8%) (36.0%) 20.5% 87.0% > 99% (60.1%) 47.9%
0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.1% (64.8%) (89.5%) > 99% (47.8%) < (99%) 0.0% 0.0%
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
19.0 23.0 31.0 33.5 31.8 33.4 35.0 35.9
(19.2%) 20.8% 34.9% 8.2% (5.0%) 4.8% 5.0% 2.5%
27.3 32.4 41.2 45.8 46.7 52.6 57.6 68.5
(7.1%) 18.8% 27.2% 11.1% 2.0% 12.6% 9.5% 19.0%
6.5 6.8 11.3 8.8 4.9 8.2 7.4 1.9

17.3% 4.9% 65.5% (22.4%) (44.4%) 67.0% (9.7%) (74.0%)
5.1 5.7 9.7 7.8 3.5 5.7 5.4 (0.7)
14.9% 10.3% 71.3% (19.1%) (54.8%) 59.6% (5.5%) < (99%)
0.4 0.4 0.6 0.2 0.7 1.5 1.0 2.3
(2.7%) (14.7%) 63.5% (60.3%) > 99% > 99% (33.3%) > 99%
0.9 0.8 1.0 0.7 0.6 1.0 1.0 0.3
47.7% (15.5%) 26.0% (31.6%) (13.6%) 68.2% 1.3% (67.2%)
0.4 1.0 (0.2) 1.8 (0.6) 1.7 0.5 1.4
(85.4%) > 99% < (99%) > 99% < (99%) > 99% (67.3%) > 99%
0.1 0.8 (0.1) 1.3 0.0 1.1 0.9 1.1
(95.2%) > 99% < (99%) > 99% (97.6%) > 99% (22.3%) 25.0%
0.2 0.0 0.0 0.3 0.0 0.5 0.0 0.0
> 99% < (99%) 72.7% > 99% < (99%) > 99% (95.6%) < (99%)
0.1 0.3 0.0 0.2 (0.5) 0.1 (0.3) 0.3
(76.1%) > 99% < (99%) > 99% < (99%) > 99% < (99%) > 99%
6.9 7.8 11.1 10.6 4.3 9.8 7.9 3.3
(15.3%) 13.5% 42.3% (5.0%) (59.0%) > 99% (19.6%) (58.7%)
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
0.8 0.6 0.5 0.6 0.6 0.5 724.0 0.7
21.1% (24.9%) (14.8%) 1.7% 2.7% (17.0%) > 99% < (99%)
0.8 0.6 0.5 0.6 0.6 0.5 724.0 0.7
21.1% (24.9%) (14.8%) 1.7% 2.7% (17.0%) > 99% < (99%)
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- 0 -- --
(05-May)
2014 2015 2016E 2017E 2018E 2019E 2020E
61 42
31-Dec-2014 31-Dec-2015 31-Dec-2016
509.7 542.1 609.86 674.01 741.41 811.85 884.91
13.5% 6.4% 12.50% 10.52% 10.00% 9.50% 9.00%
284.5 306.4 343.28 379.38 417.32 456.97 498.09

11.7% 7.7%
55.82% 56.52% 56.29% 56.29% 56.29% 56.29% 56.29%
225.2 235.8 266.59 294.63 324.09 354.88 386.82

15.9% 4.7%
147.9 156.3 170.69 188.65 207.51 227.23 247.68

15.0% 5.7%
29.02% 28.83% 27.99% 27.99% 27.99% 27.99% 27.99%
36.6 41.8 46.15 51.00 56.10 61.43 66.96

8.1% 14.1%
7.18% 7.71% 7.57% 7.57% 7.57% 7.57% 7.57%
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
1.1 0.0
(86.4%) < (99%)
1.1 0.0
(86.4%) < (99%)
-- --
-- --
-- --
-- --
(0.6) 0.1
86.0% > 99%
(0.6) 0.1
86.0% > 99%
469.5 504.6
11.5% 7.5%
40.2 37.5
44.3% (6.5%)
(8.8) (6.2)
(9.8%) 29.4%
(8.8) (6.2)
(9.8%) 29.4%
0.3 (0.1)
> 99% < (99%)
0.2 0.3
(14.9%) 25.3%
0.0 (0.4)
> 99% < (99%)
-- --
-- --
(8.6) (6.4)
(7.3%) 25.9%
-- --
-- --
0.0 0.0
(28.6%) > 99%
0.0 0.0
(28.6%) > 99%
31.6 31.2
59.1% (1.2%)
8.6 7.4
> 99% (14.0%)
23.0 23.8
38.6% 3.6%
-- --
-- --
-- --
-- --
-- --
-- --
23.0 23.8
38.6% 3.6%
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
23.0 23.8
38.6% 3.6%
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
23.0 23.8
38.6% 3.6%
23.0 23.8
38.6% 3.6%
43.1 44.0
1.3% 2.1%
0.53 0.54
36.9% 1.5%
0.53 0.54
36.9% 1.5%
-- --
-- --
23.0 23.8
38.6% 3.6%
43.4 44.5
1.2% 2.5%
0.53 0.53
37.0% 1.0%
0.53 0.53
37.0% 1.0%
0.00 0.00
0.0% 0.0%
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
0.0 0.0
0.0% 0.0%
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
1.5 2.2
(0.5%) 53.6%
8.8 6.2
9.8% (29.4%)
-- --
-- --
-- --
-- --
-- --
-- --
21.0 22.6
14.3% 7.6%
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
1.1 0.0
(86.4%) < (99%)
32.7 31.2
17.0% (4.5%)
0.3 0.0
(77.5%) < (99%)
8.9 7.4
93.4% (16.9%)
23.8 23.8
1.9% 0.1%
23.8 23.8
1.9% 0.1%
0.55 0.54
0.7% (1.9%)
0.55 0.53
0.7% (2.4%)
-- --
-- --
14.9 14.8
4.9% (0.7%)
8.1 10.7
47.3% 32.1%
1.5 2.2
(0.5%) 53.6%
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
36.6 41.8
8.1% 14.1%
0.7 0.7
3.8% (2.3%)
0.0 0.0
5.2% 2.6%
0.2 0.2
(36.5%) 19.9%
0.0 0.0
0.0% 0.0%
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
41.3 37.5
14.8% (9.0%)
77.2 75.0
12.6% (2.9%)
4.7 3.9
> 99% (16.5%)
1.3 0.0
> 99% < (99%)
2.6 3.2
13.8% 21.7%
0.8 0.7
> 99% (2.7%)
3.9 3.5
> 99% (10.9%)
4.1 3.3
> 99% (20.3%)
(0.1) (0.1)
< (99%) (5.6%)
(0.1) 0.3
< (99%) > 99%
8.6 7.4
> 99% (14.0%)
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
0.9 0.9
21.9% (2.1%)
0.9 0.9
21.9% (2.1%)
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
2021E 2022E 2023E 2024E 2025E
962.34 1,044.14 1,130.28 1,220.71 1,312.26

8.75% 8.50% 8.25% 8.00% 7.50%
541.68 587.72 636.21 687.10 738.64
56.29% 56.29% 56.29% 56.29% 56.29%
420.67 456.42 494.08 533.60 573.62
269.35 292.24 316.35 341.66 367.29
27.99% 27.99% 27.99% 27.99% 27.99%
72.82 79.01 85.53 92.37 99.30
7.57% 7.57% 7.57% 7.57% 7.57%

Tax Rate
Terminal Growth Rate
Income Statement
Revenue
1Y Growth
Cost of Revenue, Total

% of Sales
Selling/General/Admin. Expenses, Total

% of Sales
Research & Development

% of Sales
Depreciation And Amortization

% of Sales
YOY Growth
Average
Median
Operating Income
Capex ( Data from Yahoo Finance)

% of Sales
YOY Growth
Average
Median
Working Capital
Change in WC
% of Sales
Average
Taxes
% of NI
Debt
Equity(Year End)
Total Value
Debt %
Equity %
EBIT*(1-Tax)
FCF
Beta 3 Yr Wkly
Rf
Market Risk Premium
Ke
Kd
WACC
WACC(Yahoo Finance)
Discount Period
Discount Factor
PV of FCF
Terminal Value
EV
Debt
Equity
NOSO
Intrinsic Value
30%
2.20%
2006 2007 2008 2009 2010 2011 2012
190.7 207.8 227.1 257.5 296.8 359.4 394.3

14.5% 9.0% 9.3% 13.3% 15.3% 21.1% 9.7%
117.6 128.0 133.9 148.7 168.3 194.0 212.3

61.67% 61.60% 58.96% 57.75% 56.70% 53.98% 53.84%
45.5 48.1 53.1 64.8 87.6 104.5 119.4

23.86% 23.15% 23.38% 25.17% 29.51% 29.08% 30.28%
8.6 8.7 9.2 11.2 15.3 27.8 30.2

4.51% 4.19% 4.05% 4.35% 5.15% 7.74% 7.66%
0 7.2 6.6 8.3 13.3 17.5 19.4

3.46% 2.91% 3.22% 4.48% 4.87% 4.92%
-8.33% 25.76% 60.24% 31.58% 10.86%
5.45%
5.07%
19 23 31 32.8 17.2 33.2 27.2
13.8 9.9 16.6 23.2 62.7 67.8

6.64% 4.36% 6.45% 7.82% 17.45% 17.20%
-28.26% 67.68% 39.76% 170.26% 8.13%
9.92%
7.82%
54.9 60.2 84.3 57.7 72.1 89.9 89

5.30 24.10 -26.60 14.40 17.80 -0.90
2.55% 10.61% -10.33% 4.85% 4.95% -0.23%
2.00%
6.9 7.8 11.1 10.6 4.3 19.7 7.9

30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%
0.00 0.00 0.00 7.00 81.50 30.70 227.60
13.3 16.1 21.7 22.96 12.04 23.24 19.04

13.30 4.20 -5.70 41.26 -12.26 -39.76 -28.46
1.03
1.58%
6.00%
7.77%
4.50%
6.42%
8.50%
166.7968888889 77.89514489 PV of TV
400.6802743981 400680274
318732
400361542
44300000
9.0375066
2016E growth 12.50%
2013 2014 2015 2016E 2017E 2018E 2019E 2020E
449.0 509.7 542.1 609.86 674.02 741.42 811.86 884.92

13.9% 13.5% 6.4% 12.50% 10.52% 10.00% 9.50% 9.00%
254.7 284.5 306.4 343.28 379.38 417.32 456.97 498.09

56.73% 55.82% 56.52% 56.29% 56.29% 56.29% 56.29% 56.29%
128.6 147.9 156.3 170.69 188.65 207.51 227.23 247.68

28.64% 29.02% 28.83% 27.99% 27.99% 27.99% 27.99% 27.99%
33.9 36.6 41.8 46.15 51.00 56.10 61.43 66.96

7.55% 7.18% 7.71% 7.57% 7.57% 7.57% 7.57% 7.57%
27.4 26.6 33.4 33.26 36.76 40.44 44.28 48.27

6.10% 5.22% 6.16% 5.45% 5.45% 5.45% 5.45% 5.45%
41.24% -2.92% 25.56% -0.41% 10.52% 10.00% 9.50% 9.00%
31.83 40.696 38.63 48.44 66.30 77.71 87.11 97.16
59.505 34.181 50.959 47.69 52.71 57.98 44.25 48.23

13.25% 6.71% 9.40% 7.82% 7.82% 7.82% 5.45% 5.45%
-12.23% -42.56% 49.09%
100.3 116.9 116.1

11.30 16.60 -0.80 12.22 13.51 14.86 16.27 17.73
2.52% 3.26% -0.15% 2.00% 2.00% 2.00% 2.00% 2.00%
3.3 8.6 7.4

30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%
238.90 214.50 197.60
480.00
677.60
0.291617473
0.708382527
22.281 28.4872 27.041 33.908 46.41 54.397 60.977 68.012

-21.12 4.31 10.28 7.26 16.96 22.00 44.74 50.32
0.33 1.33 2.33 3.33 4.33

0.9731730808 0.89693371 0.8266670184 0.76190509 0.70221667
7.0653201485 15.2108525 18.187168631 34.0906459 35.334124
Scenario analysis (Terminal Growth)

12
10
Bad Base Good
8
400.6802744 1% 2.20% 3.20%
6
30%
4
2
Term
0
Sensitivity Analysis (WACC Vs Terminal growth rate)

400.6802744 7.50% 8% 8.50% 9% 9.50%
1%
2.20%
3.20%
2021E 2022E 2023E 2024E 2025E
962.36 1,044.16 1,130.30 1,220.72 1,312.28

8.75% 8.50% 8.25% 8.00% 7.50%
541.68 587.72 636.21 687.10 738.64

56.29% 56.29% 56.29% 56.29% 56.29%
269.35 292.24 316.35 341.66 367.29

27.99% 27.99% 27.99% 27.99% 27.99%
72.82 79.01 85.53 92.37 99.30

7.57% 7.57% 7.57% 7.57% 7.57%
52.49 56.95 61.65 66.58 71.58

5.45% 5.45% 5.45% 5.45% 5.45%
8.75% 8.50% 8.25% 8.00% 7.50%
110.47 125.07 143.85 161.45 183.40
52.45 56.91 61.60 66.53 71.52

5.45% 5.45% 5.45% 5.45% 5.45%
19.28 20.92 22.65 24.46 26.30

2.00% 2.00% 2.00% 2.00% 2.00%
30.00% 30.00% 30.00% 30.00% 30.00%

77.329 87.5518 100.695 113.015 128.38
58.09 66.67 78.09 88.61 102.14
5.33 6.33 7.33 8.33 9.33

0.6472043 0.59650166 0.54977112 0.50670149 0.46700598
37.5939963 39.771129 42.9342325 44.8971567 47.7005039
Bad
Base
Good
Terminal growth
Price / EPS
(SmartEstimate
®)
Comparables Company Name (FY1)
MMSI.O Merit Medical Systems Inc 23.82
ANGO.OQ AngioDynamics Inc 24.96
VASC.OQ Vascular Solutions Inc 38.13
ICUI.OQ ICU Medical Inc 27.46
EW.N Edwards Lifesciences Corp 39.52
STJ.N St. Jude Medical Inc 20.61
BSX.N Boston Scientific Corp 21.64
JNJ.N Johnson & Johnson 18.41
Average 26.82
Median 24.39
Equity 580563749.238
NOSO 44300000
Intrinsic Value 13.1052765065
EV
Net Debt
Equity
Intrinsic Value
Price / Sales Price /
Ratio - Book Relative
SmartEstimate Value Per Valuatio
® Relative Price / Free Cash Share n Relative
(FY1, Valuation Flow Per Share (SmartEs Dividend Valuation
Consolidated, EV/EBITDA, (SmartEstimate ®) timate ®) Yield, EV/Sales,
InterimSum) NTM (FY1) (FY1) NTM NTM
12.31 0.0% 1.97
11.80 11.64 0.0% 1.83
18.82 0.0% 4.46
18.17 0.0% 6.53
7.8% 23.75 9.33 0.0% 7.27
2.9% 14.68 4.97 1.5% 4.50
3.7% 14.41 21.92 9.17 0.0% 4.12
12.19 5.04 2.6% 4.32
0.05 15.77 16.78 7.13 0.01 4.38

0.04 14.55 16.78 7.10 0.00 4.39
1071974436 238112641
318732 318732
1071655704 237793909
24.1908737 5.36780833
Merit Medical Systems Inc | Ratios - Profit/Value/Risk | Thomson Reuters Eikon 14-Aug-2016 19:06
Ratios - Profit/Value/Risk
Annual in Millions of U.S. Dollars
Fiscal Period: 2015 2014 2013
Period End Date: 31-Dec-2015 31-Dec-2014 31-Dec-2013
Profitability/Return
Sales/Receivables, FY 7.58 7.67 7.91
Revenue/Inventory, FY 5.48 5.85 5.38
Revenue/Wk Cap, FY 4.65 4.69 4.74
Revenue/Tot Assets, FY 0.71 0.69 0.63
EBITDA/Comm Shr Eqty, %, FY 16.63% 18.36% 17.41%
EBITDA/Tot Eqty, %, FY 16.63% 18.36% 17.41%
EBITDA/Tot Assets, %, FY 9.83% 10.46% 9.56%
ROFA Fixed Assets, %, FY 6.26% 6.14% 4.44%
ROE Comm Eqty, %, FY 5.28% 5.46% 4.21%
ROA Tot Assets, %, FY 3.12% 3.11% 2.31%
Inc Avail Comm/Tot Eqty, %, FY 5.28% 5.46% 4.21%
Reinvestment Rate, %, FY 5.28% 5.46% 4.21%
Revenue/Employee, FY 158,083.98 170,094.78 159,011.69
Value
Hist Mkt Cap, FY 822.92 755.83 674.40
Hist Mkt Cap, %Prd/Prd, FY 8.88% 12.08% 14.19%
Hist EV, FY 1,026.34 972.97 915.79
Hist EV, %Prd/Prd, FY 5.49% 6.24% 11.89%
Hist EV/Revenue, FY 1.89 1.91 2.04
Hist EV/EBITDA, FY 13.69 12.60 13.36
Hist EV/FCF, FY 123.48 42.29 -
Hist EV/OCF, FY 14.78 18.25 17.83
Hist EV/FOCF, FY 62.04 55.82 -
Hist Price/Rev/Shr (dil.), FY 1.53 1.48 1.50
Hist Price/EBITDA/Shr (dil), FY 11.04 9.74 9.85
Hist P/E, FY 34.76 32.74 40.74
Hist P/E Normalized (dil), FY 34.76 31.64 28.94
Hist Price/CF/Shr (dil.), FY 13.51 12.77 13.73
Hist Price/FCF/Shr (dil.), FY 99.55 32.70 -
Hist Price/OCF/Shr (dil.), FY 11.91 14.11 13.14
Hist Price/FOCF/Shr (dil.), FY 50.02 43.16 -
Hist Price/Comm Eqty, FY 1.77 1.74 1.66
Hist Price/Tang Comm Eqty, FY 4.78 5.38 6.66
Hist Price/Bk, Tot Eqty, FY 1.77 1.74 1.66
Hist Price/Tang Bk, Tot Eqty, FY 4.78 5.38 6.66
Hist Div Yield Comm Stk Primary, %, FY 0.00% 0.00% 0.00%
Risk
Beta 5 Yr Mthly 0.80 - -
Beta Up 5 Yr Mthly 0.36 - -
Beta Down 5 Yr Mthly 2.63 - -
Sharpe Ratio 5 Yr Mthly 0.03 - -
Beta 3 Yr Wkly 1.03 - -

Beta Up 3 Yr Wkly 1.04 - -
Beta Down 3 Yr Wkly 1.33 - -
Sharpe Ratio 3 Yr Wkly 0.07 - -
Volume Liquidity (daily shares move price 1%) 221,976.67 - -

Dollar Liquidity (daily $ move price 1%) 5,177,886.00 - -
Aug-2016 19:06
2012 2011 2010 2009 2008 2007

31-Dec-2012 31-Dec-2011 31-Dec-2010 31-Dec-2009 31-Dec-2008 31-Dec-2007
8.39 9.23 8.69 8.77 8.36 7.94

5.10 5.51 5.51 6.02 6.27 5.72
4.41 4.44 4.57 3.63 3.14 3.61
0.68 0.88 0.93 1.02 1.05 1.08
15.59% 17.74% 20.56% 22.17% 22.99% 20.54%
15.59% 17.74% 20.56% 22.17% 22.99% 20.54%
9.99% 12.88% 14.57% 18.20% 19.08% 16.92%
6.35% 5.86% 7.19% 17.25% 18.66% 14.96%
5.34% 4.46% 5.48% 10.91% 11.56% 9.88%
3.42% 3.24% 3.89% 8.95% 9.59% 8.14%
5.34% 4.46% 5.48% 10.91% 11.56% 9.88%
5.34% 4.46% 5.48% 10.91% 11.56% 9.88%
152,824.81 157,033.20 146,437.21 145,912.16 143,353.11 128,888.34
590.60 562.07 449.52 542.20 503.71 381.04

5.08% 25.04% (17.09%) 7.64% 32.19% (12.99%)
818.44 582.68 527.33 543.07 469.68 363.47
40.46% 10.50% (2.90%) 15.63% 29.22% (15.10%)
2.08 1.62 1.78 2.11 2.07 1.75
14.21 11.08 11.29 11.86 11.39 11.21
- - 204.00 35.89 29.25 43.82
17.44 17.13 15.17 18.06 16.79 11.36
- - 52.58 52.21 35.97 23.81
1.50 1.48 1.54 2.14 2.25 1.89
10.29 10.11 9.76 12.02 12.42 12.09
30.05 40.24 36.57 24.43 24.70 25.15
23.43 40.00 19.53 23.94 24.70 25.15
14.02 16.40 16.68 15.82 16.53 15.66
- - 176.25 36.37 31.88 47.27
12.62 15.63 13.11 18.30 18.30 12.25
- - 45.43 52.92 39.20 25.68
1.55 1.57 1.91 2.48 2.59 2.32
6.69 2.35 3.75 3.41 2.89 2.56
1.55 1.57 1.91 2.48 2.59 2.32
6.69 2.35 3.75 3.41 2.89 2.56
- 0.00% 0.00% 0.00% 0.00% 0.00%
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
2006
31-Dec-2006
7.45
5.40
3.87
1.11
19.24%
19.24%
15.82%
12.89%
8.67%
7.13%
8.67%
8.67%
118,137.55
437.93
32.80%
428.09
31.67%
2.25
15.69
76.75
22.16
99.07
2.35
16.40
36.37
36.37
21.74
80.21
23.16
103.54
2.90
3.14
2.90
3.14
0.00%
-
-
-
-
-
-
-
-
-
-
Range
Min Max Value EV
DCF 358 467
P/E 18.41 39.52 23.802 438.2 940.7
EV/Sales 1.83 7.27 542.1 992.0 3941.1
EV/EBITDA 11.8 23.75 73.69 869.5 1750.1
EV/EBITDA 869.5 1750.1
EV/Sales 992.0 3941.1
P/E 438.2 940.7
DCF 358.1 466.8
0 500 1000 1500 2000 2500 3000 3500 4000

2015 2016 2017 2018 2019 2020 2021
Assumed growth rate 3.92% 5.50% 6.50% 6.25% 6%
Revenue 20,261 28,833 29963.25 31611.23 33665.96 35770.09 37916.29
Cost of Revenue 6,309 9,142 9414.454 9932.249 10577.85 11238.96 11913.3
Gross Profit 13,952 19,691 20548.8 21678.98 23088.12 24531.12 26002.99
R&D 1,640 2,224
SG&A 7,022 9,576
Non-Recurring 791 669
Others 733 1,931
Operating Expenses 10,186 14,400 15014.59 15840.39 16870.01 17924.39 18999.85
Operating Income 3,766 5,291 5534.213 5838.595 6218.103 6606.735 7003.139
Other Income 386 431
EBIT 4,152 5,722 5,534 5,839 6,218 6,607 7,003
PPE 4,699 4,841 5989.654 6319.085 6729.826 7150.44 7579.466

Depreciation 1,382 2,849 2643.234 2788.612 2969.872 3155.489 3344.819
Current Assets 30,844 23,600

Current Liabilities 9,173 7,165
Working Capital 21,671 16,435 17079.05 18018.4 19189.6 20388.95 21612.29

Change in WC 0 644 939 1,171 1,199 1,223
Capital Expenditure 142 1,149 329 411 421 429
Free Cash Flows 6712.4 4724.475 5606.85 5740.608 6160.239 6594.652
Discount Period 0.333333 1.333333 1.333333 2.333333 2.333333 3.333333

Discount Factor 0.975426 0.905268 0.905268 0.840156 0.840156 0.779727
PV of FCF 6547.448 4276.914 5075.699 4823.003 5175.559 5142.027
EV 376207.6885
Debt 31240
Equity 344967.6885 (in millions)
NOSO 1395
2022 2023 2024 2025
5.75% 5.50% 5.25% 5%
40096.48 42301.78 44522.63 46748.76
12598.31 13291.22 13989.01 14688.46
27498.16 29010.56 30533.62 32060.3
20092.34 21197.42 22310.29 23425.8

7405.819 7813.139 8223.329 8634.496
7,406 7,813 8,223 8,634
8015.286 8456.127 8900.073 9345.077

3537.146 3731.689 3927.602 4123.982
terminal growth rate 5%
22854.99 24112.02 25377.9 26646.79

1,243 1,257 1,266 1,269
436 441 444 445
7042.693 7503.021 7974.105 8454.231
3.333333 4.333333 4.333333 5.333333

0.779727 0.723644 0.723644 0.671596
5491.376 5429.518 5770.416 5677.824
2015 2016 2017 2018 2019
Assumed growth rate 3.92% 5.50% 6.50%
Revenue 20,261 28,833 29963.25 31611.23 33665.96
Cost of Revenue 6,309 9,142 9414.454 9932.249 10577.85
Reduction in cost of Revenue 8.00% 9% 10% 12%
Cost Of Revenue After Synergies 8,411 8,567 8,939 9,309
Decrease in Cost of Revenue 731 847 993 1,269
Gross Profit 13,952 19,691 20548.8 21678.98 23088.12
R&D 1,640 2,224
SG&A 7,022 9,576
Non-Recurring 791 669
Others 733 1,931
Operating Expenses 10,186 14,400 15014.59 15840.39 16870.01
Operating Income 3,766 5,291 5534.213 5838.595 6218.103
Other Income 386 431
EBIT 4,152 5,722 5,534 5,839 6,218
PPE 4,699 4,841 5989.654 6319.085 6729.826

Depreciation 1,382 2,849 2643.234 2788.612 2969.872
Current Assets 30,844 23,600

Current Liabilities 9,173 7,165
Working Capital 21,671 16,435 17079.05 18018.4 19189.6

Change in WC 0 644 939 1,171
Capital Expenditure 142 1,149 329 411
Free Cash Flows 6712.4 4724.475 5606.85 5740.608

WACC 7.75%
Discount Period 0.33 1.33 1.33 2.33

Discount Factor 0.98 0.91 0.91 0.84
PV of FCF 6547.448 4276.914 5075.699 4823.003
EV 376207.688
EV in millions 376207688
Debt 31240000
Equity 344967688
NOSO 1395000
2020 2021 2022 2023 2024 2025
6.25% 6% 5.75% 5.50% 5.25% 5%
35770.09 37916.29 40096.48 42301.78 44522.63 46748.76
11238.96 11913.3 12598.31 13291.22 13989.01 14688.46
15% 17% 20% 20% 20% 20%
9,553 9,888 10,079 10,633 11,191 11,751
1,686 2,025 2,520 2,658 2,798 2,938
24531.12 26002.99 27498.16 29010.56 30533.62 32060.3
17924.39 18999.85 20092.34 21197.42 22310.29 23425.8

6606.735 7003.139 7405.819 7813.139 8223.329 8634.496
6,607 7,003 7,406 7,813 8,223 8,634
7150.44 7579.466 8015.286 8456.127 8900.073 9345.077

3155.489 3344.819 3537.146 3731.689 3927.602 4123.982
terminal growth rate 5%
20388.95 21612.29 22854.99 24112.02 25377.9 26646.79

1,199 1,223 1,243 1,257 1,266 1,269
421 429 436 441 444 445
6160.239 6594.652 7042.693 7503.021 7974.105 8454.231 Terminal Value 322797.9
2.33 3.33 3.33 4.33 4.33 5.33

0.84 0.78 0.78 0.72 0.72 0.67
5175.559 5142.027 5491.376 5429.518 5770.416 5677.824
2016E 2017E 2018E 2019E 2020E
Increase in Revenue(Merit) 670.85 741.41 822.97 901.15 991.10
Decrease in cost of Revenue(Medtronic) 731 847 993 1,269 1,686
Decrease in S,G&A(Merit) 8.53 9.43 12.45 13.63 17.34
Synergies 679.38 750.85 835.42 914.78 1008.44
Taking Medtronic's WACC 7.75%
Discount Period 0.33 1.33 1.33 2.33 2.33
Discount Factor 0.98 0.91 0.91 0.84 0.84
PV of Synergies 662.688102 679.7164 756.278 768.5609 847.2465
Value of synergies 27683.0303
Share Price Medtronic $86.78

NOSO Medtronic 1395000
Share Price Merit $23.82
NOSO Merit 44300000
Merit Valuation - 2016 Without With Synergies
Revenue 609 670.85

Cost of Revenue 343.28 343.28
SG&A 170.69 162.69
R&D 46.15 46.15
EBITDA 48.88 118.73
2021E 2022E 2023E 2024E 2025E T.V
1087.45 1190.32 1299.83 1403.81 1509.10
2,025 2,520 2,658 2,798 2,938
18.85 23.38 31.64 34.17 36.73
1106.30 1213.70 1331.46 1437.98 1545.83 28465.51
3.33 3.33 4.33 4.33 5.33

0.78 0.78 0.72 0.72 0.67
862.6139 946.3555 963.5051 1040.585 1038.171 19117.31
EV/EBITDA EBITDA EV Implied Share price
Value of Merit without synergies 14.55 73.69 1072.19 24.2029232506
Value of Merit with synergies 14.55 118 1716.9 38.7562076749
Value of Synergy 644.7105 Share price of Medtronic

Share price of Merit
ER( Range)
Deal size
premium
Premium (USD)
0.5329232506
15.0862076749
86.47
23.67
0.279899656 0.448204
1072.1895
0.0225147127
in millions
Size of the deal 1072.18
Earnings (2016) medtronic Earnings 3,538

EV of medtronic 376207.7 EPS 2.536200717
Existing debt of medtronic 31240
NOSO medtronic 1395
100% cash 100% stock

New debt 32312.18 New stock 387.81
Equity 344967.7 no. of shares 1782.81
EPS 1.984508
Earnings changed by interest 3409.553

EPS 2.444124
2.193976
90%
80%
best combination 70%
New debt 107.218 60%
New shares 338.985 50%
40%
EPS 2.46 30%
Dilution 0.030045 20%
10%
Stock
cash 50%
stock 50%
New debt 31776.09
Earnings 3473.776
new stock 1583.325
EPS 2.193976
10% 20% 30% 40% 50% 60% 70% 80% 90% Cash

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Merit Medical Systems Inc | Income Statement | Thomson Reuters Eikon 14-Aug-2016 18:57

Selling/General/Admin. Expenses, Total 156.3 147.9 128.6 119.4 104.5

87.6 64.8 53.1 48.1 45.5

0.00 0.00 0.00 0.00 0.00

4.9 8.8 11.3 6.8 6.5

Property/Plant/Equipment, Total - Gross 136.4 150.2 160.1 176.7

Total Long Term Debt 0.0 0.0 0.0 0.0

Shareholders Equity ($ Millions)

Total Liabilities & Shareholders' Equity 182.7 200.4 231.8 271.5

3.7 10.1 9.7 7.5 7.4 4.2

199.9 262.6 330.4 351.9 365.5 407.8

20.1 22.7 34.6 26.5 29.8 38.0

81.5 30.7 227.6 238.9 214.5 197.6

369.5 447.0 705.3 728.3 747.2 778.7

-- 30.7 237.6 248.9 224.5 207.6

Earnings Quality Score

Cost of Revenue, Total

Selling/General/Admin. Expenses, Total

Research & Development

117.6 128.0 133.9 148.7 168.3 194.0 212.3 254.7

73.1 79.8 93.3 108.8 128.5 165.5 182.0 194.4

45.5 48.1 53.1 64.8 87.6 104.5 119.4 128.6

8.6 8.7 9.2 11.2 15.3 27.8 30.2 33.9

171.7 184.8 196.2 224.6 279.6 326.3 367.0 421.2

0.00 0.00 0.00 0.00 0.00 0.00 -- 0.00

6.5 6.8 11.3 8.8 4.9 8.2 7.4 1.9

284.5 306.4 343.28 379.38 417.32 456.97 498.09

225.2 235.8 266.59 294.63 324.09 354.88 386.82

147.9 156.3 170.69 188.65 207.51 227.23 247.68

36.6 41.8 46.15 51.00 56.10 61.43 66.96

962.34 1,044.14 1,130.28 1,220.71 1,312.26

541.68 587.72 636.21 687.10 738.64

56.29% 56.29% 56.29% 56.29% 56.29%

420.67 456.42 494.08 533.60 573.62

269.35 292.24 316.35 341.66 367.29

27.99% 27.99% 27.99% 27.99% 27.99%

72.82 79.01 85.53 92.37 99.30

7.57% 7.57% 7.57% 7.57% 7.57%

Cost of Revenue, Total

Selling/General/Admin. Expenses, Total

Research & Development

Depreciation And Amortization

Capex ( Data from Yahoo Finance)

2006 2007 2008 2009 2010 2011 2012

190.7 207.8 227.1 257.5 296.8 359.4 394.3

117.6 128.0 133.9 148.7 168.3 194.0 212.3

45.5 48.1 53.1 64.8 87.6 104.5 119.4

8.6 8.7 9.2 11.2 15.3 27.8 30.2

0 7.2 6.6 8.3 13.3 17.5 19.4

19 23 31 32.8 17.2 33.2 27.2

13.8 9.9 16.6 23.2 62.7 67.8

54.9 60.2 84.3 57.7 72.1 89.9 89

6.9 7.8 11.1 10.6 4.3 19.7 7.9

13.3 16.1 21.7 22.96 12.04 23.24 19.04

2013 2014 2015 2016E 2017E 2018E 2019E 2020E

449.0 509.7 542.1 609.86 674.02 741.42 811.86 884.92

254.7 284.5 306.4 343.28 379.38 417.32 456.97 498.09

128.6 147.9 156.3 170.69 188.65 207.51 227.23 247.68

33.9 36.6 41.8 46.15 51.00 56.10 61.43 66.96

27.4 26.6 33.4 33.26 36.76 40.44 44.28 48.27

31.83 40.696 38.63 48.44 66.30 77.71 87.11 97.16

59.505 34.181 50.959 47.69 52.71 57.98 44.25 48.23

100.3 116.9 116.1

3.3 8.6 7.4