Merit CFO Unexpectedly Resigns; Shares Still Overvalued
On May 31, Merit Medical announced the resignation of CFO Bernard Birkett, who had held the position nearly two and a half years and was only the second person in the role since the firm's founding in 1987. While we plan no changes to our $27 fair value estimate, we are surprised by his leaving and hope the firm provides additional detail over the coming months. We thought Birkett did an admirable job as CFO and brought some much-needed financial discipline to the enterprise during his tenure. R...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.
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