Merit Medical Systems, Inc. (MMSI)

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Merit Medical Systems, Inc. (MMSI)

Q3 2013 Earnings Conference Call

October 23, 2013 17:00 pm ET


Fred Lampropoulos - Chairman & CEO

Rashelle Perry - General Counsel

Kent Stanger - CFO

Christian Tamagnini - Country Manager, Brazil


Tom Gunderson - Piper Jaffray

Chris Cooley - Stephens Incorporated

Jayson Bedford – Raymond James

Jim Sidoti - Sidoti & Company



Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Merit Medical Systems Incorporated Third Quarter 2013 Earnings Conference Call. During today's presentation all parties will be in a listen-only mode. Following the presentation the conference will be opened for questions. (Operator Instructions)

I would now like to turn the conference over Fred Lampropoulos, Chairman and CEO of Merit Medical Systems. Please go ahead, sir.

Fred Lampropoulos

Good afternoon, ladies and gentlemen. Thank you for joining us today we are delighted to be with you out in beautiful Salt Lake City with the temperature about 60 degrees and blue skies and so we thank you for taking the time. We are assembled in our conference area with members of our general staff and a special guest, our Country Manager from Brazil, Christian Tamagnini, who is here with us today. And Christian thank you for joining us from all the way from Sao Paulo. So we are delighted to have you here today.

We will turn some time over to our General Counsel who will pronounce our Safe Harbor provision, Rashelle Perry.

Rashelle Perry

Thank you, Fred.

During our discussion today, reference may be made to projections, anticipated events or other information which is not purely historical. Please be aware that statements made in this call which are not historical may be considered forward-looking statements. We caution you that all forward-looking statements involve risks, unanticipated events, and uncertainties that could cause our actual results to differ materially from those anticipated in such statements.

Many of these risks are discussed in our Annual Report on Form 10-K and other reports and filings with the SEC available on our website. Any forward-looking statements made in this call, are made only as of today's date and we do not assume any obligation to update such statements.

Although Merit's financial statements are prepared in accordance with accounting principles which are generally accepted in United States, GAAP, Merit's management believes that certain non-GAAP financial measures provide investors with useful information regarding the underlying business trends and performance of Merit's ongoing operations and can be useful for period-over-period comparisons of such operations. The table included in our release, which will be discussed on this call, sets forth supplemental financial data and corresponding reconciliations to GAAP financial statements.

Investors should consider these non-GAAP measures in addition to, not as a substitute for, financial reporting measures prepared in accordance with GAAP. These non-GAAP financial measures exclude some items that affect net income. Finally, these calculations may not be comparable with similarly titled measures of other companies.

Fred Lampropoulos

Anything else?

Rashelle Perry

That’s it.

Fred Lampropoulos

Okay. Thank you very much. Well, ladies and gentlemen again we are thankful for your interest in the company and what do I say. We have I think arguably one of the best quarters in company history. Our sales were up 20%. Our core business was up around 11.2% and we add in the time that is taken for our sales force who are converting some of the OEM business in our Thomas product to direct if we added those back in, we would add almost another $1 million to core. And so its even better than it appears there. Our business segments and I think listen, I don’t want to say that while I guess, I can’t say that we are surprised to the extent that every single business segment, every product line improves sequentially and we did this and what is our arguably a seasonal quarter.

And so I think I should give you some explanation to why we think as we look now back because we had guided down as you will recall between 5% and 7% which we will traditionally do in this third quarter because of the breaks in Europe and other locations, people vacation, physicians are gone, sales people are gone that being said, the numbers came in. And I think it speaks a lot to our strategies and the attention and focus that we put on the business that we all recall that first quarter. It was one of the most unpleasant calls I ever had to make and this is one of the most pleasant that recognize that as soon we finish today we have to start and we have already started on what we are going to need to do to make sure that we can continue to move the company forward.

So if we look at our leadership, I think in the first of the year, we had some changes in the responsibility in Europe and I think that in our group numbers in terms of sales both in dealers and direct they are outstanding numbers. They were all in the 20% plus increase in Europe in direct and in dealers in a summer quarter and I think I would argue I think very effectively that that is an extraordinary effort.

We take a look at our worldwide dealers, we performed well there. If we take a look at our sensor company, if we take a look in our coatings company, if we take a look in our OEM, just across the board every segment performed in all of the various branches and facilities from Melbourne to Richmond to Galway to Paris and others, Houston, Angleton facility.

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