Fourth Quarter Continues Streak of Impressive Growth at Merit; Outlook Implies More to Come
No-moat Merit Medical reported another consistent quarter to close out 2018. Revenue and earnings for the full-year fell in line with our forecast, with reported revenue growth of 21.3% and organic constant currency growth of 11.4% compared with our estimates of 20.7% and 11.9%, respectively. As we roll and update our model, we'll likely raise our $33 per share fair value estimate by a modest amount to incorporate the cash flows received since our last update, but we don't intend to make any mea...Merit Medical Systems manufactures and markets proprietary disposable medical devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care and endoscopy. The company conducts its business through two segments: Cardiovascular, which includes its Peripheral Intervention, Cardiac Intervention, Cardiovascular and Critical Care, Interventional Oncology and Spine and Breast Cancer Localization and Guidance product groups; and Endoscopy, which provides non-vascular stents to treat gastrointestinal and pulmonary disease including AERO?, AEROmini? and AERO DV? Fully Covered Tracheobronchial Stents and Alimaxx-B? Biliary Stent Systems.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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