Merit Medical Systems, Inc. (MMSI)

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Merit Medical Systems, Inc. (MMSI)

Q4 2013 Results Earnings Conference Call

February 24, 2014 5:00 PM ET


Fred Lampropoulos - Chairman and CEO

Rashelle Perry - Chief Legal Officer

Kent Stanger - Chief Financial Officer


Tom Gunderson - Piper Jaffray

Jim Sidoti - Sidoti & Company

Jayson Bedford - Raymond James

Mike Petusky - Noble Financial

Ross Taylor - CL King



Good day, ladies and gentlemen, and thank you for standing by. Welcome to Merit Medical Systems Inc. Fourth Quarter and Year End 2013 Earnings Conference Call. During today's presentation all participants 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 to Mr. Fred Lampropoulos, with -- the Chairman and Chief Executive Officer. Please go ahead, sir.

Fred Lampropoulos

Thank you very much. Good afternoon, ladies and gentlemen. We are broadcasting from Salt Lake City where we have assembled our staff and what I think is very favorable 60 degree weather out here on what is almost a spring day. We will start our meeting today with giving and thanking you for joining us and we will have Rashelle Perry, our Chief Legal Officer read our Safe Harbor comments.

Rashelle Perry

Thank you, Fred. During our discussion today, reference maybe 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 maybe 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.

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 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. The table included in our release and 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 and not as a substitute for, financial reporting measures prepared in accordance with GAAP. These non-GAAP financial measures exclude some but not all items that affect net income. And finally, these calculations may not be comparable with similarly titled measures of other companies.

Fred Lampropoulos

Thank you, Rashelle. And she did all that from memory and I think that’s terrific. She will now recite the Gettysburg Address. Okay. Thank you, Rashelle. Appreciate that. Ladies and gentlemen, again, we’re delighted that you have joined us, just a couple of issues and some housekeeping things.

We had initially intended to discuss our guidance and business plans for 2014 today. However, because of some scheduling issues with the Board and some travel, Presidents club and number of issues, we still have a few things that we need to get together for our Board and we are planning on meeting on Friday.

We have scheduled the meeting for 1 o’clock on Monday. Excuse me, 3 o’clock Salt Lake time on Monday to go through a complete business update for the year. We apologize for the inconvenience. But again as a matter of policy we think it's only prudent to make sure that the Board, we have to see this and this Board meeting is scheduled for Friday.

By the way that Board meeting has been schedule for awhile and there are lot of these other issues people having surgery and this and that, and we just could not get everybody together to get a final review done and so as much as I -- I am sorry to disappoint you with that. I think one week is prudent and we will have that done.

Kent will be traveling to Orlando to attend a Medical Device Conference the following day and we will be able to discuss those results, as well as questions on the call. So we appreciate your understanding and we are sorry to disappoint you in terms of the timing.

We are here today to talk about the fourth quarter and the year, and I think there are some very interesting things here to talk about really that you will find interesting today. I think the numbers and some of the accomplishments for the year are in front of you.

Needless to say, we are all aware some of the challenges that we had during the year and particularly as we started out the year with a new transaction and the acquisition of Thomas Medical and as we all know that started out on a rocky road.

And I would say today that as we take a look at where we are with Thomas, definitely we made substantial, I think improvement in the opportunities. Let me give you a couple of things that we've done.

We took a lot or took some of the OEM business and that’s converted it to direct. And we believe our goal this year would be at a $10 million ramp rate by the end of the year of 2014. We finished last year at $5 million ramp rate that was essentially from the dead start.

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