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Merit Medical To See Sustained Revenue Growth Despite Macro Headwinds, Bullish Analyst Says

Posted By:

Benzinga


Apr. 27, 2023, 04:12 PM

  • Needham analyst Mike Matson reiterated a Buy rating on the shares of Merit Medical Systems Inc (NASDAQ:MMSI), raising the price target to $90 from $84.
  • Merit Medical is executing “well on its strategy” despite macro headwinds, and the analyst anticipates sustained strong revenue growth, margin improvement, and free cash flow.
  • Noting the bull case assumptions, Matson expects organic revenue growth to accelerate into the high-single digits or better, driven by recent acquisitions and new product launches, resulting in significant operating margin improvement.
  • The analyst believes that the company’s revenue growth will return to the mid-single digits or better and EPS growth will return to 15%+. In 1Q23, reported revenue grew 8% Y/Y to $297.6 million.
  • Based on the above, the analyst raised the 2023 and 2024 EPS estimates to $2.90 from $2.85 and to $3.21 from $3.11, respectively.
  • Price Action: MMSI shares closed higher by 5.27% at $81.76 on Thursday.

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