Key Developments For Merit Medical Systems Inc
Merit Medical Systems Inc (MMSI.O) (Nasdaq)
Merit Medical Systems, Inc. Announces 510(K) Clearance For Merit Laureate Hydrophilic Guide Wire
Merit Medical Systems, Inc. announced that it has received 510(k) clearance from the FDA for the Merit Laureate hydrophilic guide wire. The Merit Laureate guide wire is fabricated from a core nitinol wire, covered with a urethane jacket and coated with a process that produces a slippery surface.
Merit Medical Systems, Inc. Acquires EN Snare Product Rights From Hatch Medical, L.L.C
Merit Medical Systems, Inc. announced that it has acquired intellectual property, including patents, certain trademarks and know-how, associated with the EN Snare foreign body removal device from Hatch Medical, L.L.C. The purchase price consists of an initial payment of $14 million with an additional payment of $7 million due once Merit introduces the product into the marketplace, which the Company believes will be early January 2010. The purchase price will be funded by existing cash reserves and a partial use of the Company's $30 million credit facility.
Merit Medical Systems, Inc. Announces 510(k) Clearance
Merit Medical Systems, Inc. announced that it has received 510(k) clearance from the FDA for the 55 cm ProGuide(tm) Chronic Dialysis Catheter. This device, which is implanted percutaneously, is used for attaining long-term vascular access for hemodialysis and apheresis.
Merit Medical Systems, Inc. Announces Closing of Alveolus, Inc. And Biosearch Medical Products, Inc. Deals
Merit Medical Systems, Inc. announced that the previously signed definitive agreements to acquire the assets of Alveolus, Inc., and Biosearch Medical Products, Inc. have been closed. The combined purchase price of approximately $20.6 million was paid from cash reserves and is subject to post closing adjustments.
Merit Medical Systems, Inc. Issues FY 2009 Guidance; EPS Guidance Slightly Below Analysts' Estimates
Merit Medical Systems, Inc. announced guidance which includes the anticipated impact of the pending Alveolus, Inc. and Biosearch Medical Products, Inc. transactions. The Company estimates that sales from its existing business will be approximately $248-$251 million for fiscal 2009. The Company believes that revenues for the combined businesses will be in the range of $260-$263 million. The Company expects earnings for Merit's existing business will be in the range of $0.84-$0.86 per share for fiscal 2009. When adjusted to include business from the Alveolus and Biosearch transactions, it estimates earnings to be in the range of $0.77-$0.79 per share. The new earnings estimates are affected by Statement of Financial Accounting Standards No. 141 which, effective January 1, 2009, states that expenses of the Alveolus and Biosearch transactions must be expensed during the applicable period, rather than capitalized. Merit's management estimates that revenues for the calendar year 2010 will be in the range of $290-$300 million and earnings to be in the range of $0.90-$1.00 per share. According to Reuters Estimates, analysts were expecting the Company to report revenues of $249 million and EPS of $0.87 for the same period.
