The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $1.3 billion
Based in SOUTH JORDAN, Utah, MERIT MEDICAL SYSTEMS INC operates in the MANUFACTURING sector.
The consolidated statements of income for the quarters ended December 31, 2023, 2022, and 2021, are as follows:
Net sales for the quarter ended December 31, 2023, amounted to $1.257 billion, showing an increase from the previous quarter's net sales of $1.151 billion in 2022 and $1.075 billion in 2021.
Cost of sales for the same period was $673 million in 2023, $632 million in 2022, and $589 million in 2021.
Gross profit for the quarter ended December 31, 2023, was $584 million, compared to $519 million in 2022 and $485 million in 2021.
Operating expenses, including selling, general and administrative costs, research and development expenses, legal settlement charges, impairment charges, contingent consideration expenses, and acquired in-process research and development, totaled $460 million in 2023, $432 million in 2022, and $424 million in 2021.
Income from operations for the quarter ended December 31, 2023, amounted to $124 million, as compared to $88 million in 2022 and $61 million in 2021.
Other income and expenses, such as interest income, interest expenses, and other net income, resulted in a total expense of $11.9 million in 2023, $4.9 million in 2022, and $7 million in 2021.
Income before income taxes for the quarter ended December 31, 2023, was $112 million, showing an increase from $83 million in 2022 and $54 million in 2021.
Income tax expense for the same period was $17.7 million in 2023, $8.1 million in 2022, and $5.5 million in 2021.
Net income for the quarter ended December 31, 2023, was $94.4 million, higher than the previous quarter's net income of $74.5 million in 2022 and $48.5 million in 2021.
Earnings per common share for the quarter ended December 31, 2023, were $1.64 for basic and $1.62 for diluted, compared to $1.31 and $1.29 in 2022, and $0.86 and $0.84 in 2021, respectively.
Weighted average shares outstanding for the quarter ended December 31, 2023, were 57.6 million for basic and 58.4 million for diluted, higher than 56.8 million and 57.7 million in 2022, and 56.1 million and 57.4 million in 2021, respectively.
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