SOUTH JORDAN, Utah—Raul Jr. Parra, the Chief Financial Officer and Treasurer of Merit Medical Systems Inc. (NASDAQ:MMSI), recently sold a significant portion of the company's stock. According to a filing with the Securities and Exchange Commission, Parra sold 29,646 shares on November 5, 2024, at an average price of $98.02 per share, totaling approximately $2.9 million.
In addition to the sale, Parra exercised options to acquire 34,000 shares. These transactions were executed at prices ranging from $44.8 to $55.73 per share, amounting to a total value of $1,851,100. Following these transactions, Parra now holds 16,361 shares directly, as indicated in the filing.
Merit Medical (TASE:PMCN) Systems, headquartered in South Jordan, Utah, specializes in the manufacturing of medical devices used in interventional and diagnostic procedures. The company is listed on the NASDAQ under the ticker symbol MMSI.
In other recent news, Merit Medical Systems Inc. has reported a robust Q3 performance, exceeding expectations with a 7.8% increase in total revenue, reaching $339.8 million. The company also experienced a significant upturn in free cash flow, totaling $38 million for the quarter and over $120 million year-to-date, marking a 116% increase from the previous year. In addition to these financial highlights, Merit Medical has also recently acquired Cook Medical's lead management portfolio, a move expected to generate substantial revenue in the coming years.
On the analyst front, the company's non-GAAP operating profit saw a 19% rise, hitting a non-GAAP operating margin of 19.2%. In terms of future expectations, the company has updated its financial guidance, forecasting a GAAP net revenue growth of 6.9% to 7.6% for 2024.
These developments are part of the company's recent strategic moves, which also include positive trial results for the WRAPSODY program and preparations for FDA approval. Merit Medical's management, including CEO Fred Lampropoulos and CFO Raul Parra, have expressed confidence in their strategy and the future of their products.
InvestingPro Insights
The recent stock sale by Merit Medical Systems' CFO Raul Jr. Parra comes at a time when the company's financial metrics and market performance paint an interesting picture. According to InvestingPro data, Merit Medical Systems boasts a market capitalization of $5.94 billion, reflecting its significant presence in the medical devices sector.
The company's stock has shown strong momentum, with a 42.26% price total return over the past year and a 26.77% return in the last six months. This upward trajectory has brought the stock price to 99.12% of its 52-week high, trading at $102.48 as of the last close. These figures align with an InvestingPro Tip indicating that the stock has seen a "large price uptick over the last six months."
However, investors should note that Merit Medical Systems is trading at a relatively high P/E ratio of 49.18, which an InvestingPro Tip suggests is "high relative to near-term earnings growth." This valuation metric might be a factor for potential investors to consider, especially in light of the recent insider sale.
On the financial front, Merit Medical Systems has demonstrated solid performance with revenue of $1.33 billion in the last twelve months as of Q3 2024, representing an 8.12% growth. The company's profitability is also noteworthy, with a gross profit margin of 46.83% and an operating income margin of 11.51% for the same period.
For those interested in a deeper analysis, InvestingPro offers 16 additional tips for Merit Medical Systems, providing a comprehensive view of the company's financial health and market position.
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