MMSIMERIT MEDICAL SYSTEMS INC

Surgical & Medical Instruments & Apparatus

Revenue: $1.5B; 12% YoY
Operating margin: 12.2%; 6.2% YoY
EBITDA: $308M; 19% YoY
Market cap: $5.2B
Employees: 7,500; $202K revenue each
Net debt / EBITDA: 0.8×; $234M net debt
AI in 10-K: 2.3; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
231% of net income
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
18% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeYes
$202K · 13th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.3 per 10K words · 60th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.2B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$8M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.1B	$1.2B	$1.3B	$1.4B	$1.5B	12%
Operating income	$61M	$88M	$124M	$156M	$185M	19%
Net income	$48M	$75M	$94M	$120M	$128M	6.8%
Operating cash flow	$147M	$114M	$145M	$221M	$297M	35%
Capex	$28M	$45M	$34M	$35M	$82M	133%
Stock-based comp	$16M	$18M	$21M	$28M	$43M	53%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Oct 18, 2021	Starboard Value LP	SC 13D/A	2.5%	Passive
May 27, 2020	Starboard Value LP	SC 13D/A	8.7%	Active
Jan 27, 2020	Starboard Value LP	SC 13D/A	—	Passive
Jan 13, 2020	Starboard Value LP	SC 13D	—	Passive

Insider trading

Open-market buys, 12 mo: $573K · 5
Open-market sells, 12 mo: $8M · 8
Net: −$8M

Pay vs performance

No pay-versus-performance disclosure yet.