Intrinsic value of Merit Medical Systems - MMSI

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$34.75

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$34.75

 
Intrinsic value

$1.43

 
Up/down potential

-96%

 
Rating

str. sell

 
Value-price divergence* premium content

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of MMSI stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  11.44
  23.90
  22.01
  20.31
  18.78
  17.40
  16.16
  15.04
  14.04
  13.14
  12.32
  11.59
  10.93
  10.34
  9.80
  9.32
  8.89
  8.50
  8.15
  7.84
  7.55
  7.30
  7.07
  6.86
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
Revenue, $m
  604
  748
  913
  1,099
  1,305
  1,532
  1,779
  2,047
  2,334
  2,641
  2,967
  3,310
  3,672
  4,052
  4,449
  4,864
  5,296
  5,747
  6,215
  6,702
  7,208
  7,735
  8,281
  8,849
  9,440
  10,054
  10,694
  11,359
  12,052
  12,773
  13,526
Variable operating expenses, $m
 
  692
  840
  1,006
  1,191
  1,395
  1,617
  1,857
  2,115
  2,390
  2,682
  2,969
  3,294
  3,634
  3,990
  4,362
  4,750
  5,154
  5,574
  6,011
  6,465
  6,937
  7,427
  7,937
  8,467
  9,018
  9,591
  10,188
  10,809
  11,457
  12,131
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  569
  692
  840
  1,006
  1,191
  1,395
  1,617
  1,857
  2,115
  2,390
  2,682
  2,969
  3,294
  3,634
  3,990
  4,362
  4,750
  5,154
  5,574
  6,011
  6,465
  6,937
  7,427
  7,937
  8,467
  9,018
  9,591
  10,188
  10,809
  11,457
  12,131
Operating income, $m
  35
  56
  73
  92
  113
  137
  162
  190
  219
  251
  285
  341
  379
  418
  459
  501
  546
  592
  641
  691
  743
  797
  854
  912
  973
  1,037
  1,103
  1,171
  1,243
  1,317
  1,395
EBITDA, $m
  79
  114
  139
  168
  199
  234
  272
  312
  356
  403
  453
  505
  560
  618
  679
  742
  808
  877
  948
  1,023
  1,100
  1,180
  1,264
  1,350
  1,441
  1,534
  1,632
  1,733
  1,839
  1,949
  2,064
Interest expense (income), $m
  9
  11
  15
  19
  23
  29
  34
  41
  47
  55
  62
  71
  79
  88
  98
  108
  118
  129
  141
  152
  165
  177
  191
  205
  219
  234
  249
  265
  282
  300
  318
Earnings before tax, $m
  25
  45
  58
  73
  90
  108
  128
  149
  172
  196
  222
  271
  299
  329
  361
  394
  428
  463
  500
  539
  578
  620
  663
  708
  754
  803
  853
  906
  960
  1,017
  1,077
Tax expense, $m
  5
  12
  16
  20
  24
  29
  35
  40
  46
  53
  60
  73
  81
  89
  97
  106
  115
  125
  135
  145
  156
  167
  179
  191
  204
  217
  230
  245
  259
  275
  291
Net income, $m
  20
  33
  43
  53
  66
  79
  93
  109
  126
  143
  162
  198
  219
  240
  263
  287
  312
  338
  365
  393
  422
  453
  484
  517
  551
  586
  623
  661
  701
  743
  786

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  19
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  943
  1,144
  1,396
  1,680
  1,995
  2,342
  2,721
  3,130
  3,570
  4,038
  4,536
  5,062
  5,615
  6,196
  6,803
  7,437
  8,098
  8,787
  9,503
  10,248
  11,022
  11,827
  12,662
  13,531
  14,434
  15,374
  16,351
  17,368
  18,428
  19,531
  20,682
Adjusted assets (=assets-cash), $m
  924
  1,144
  1,396
  1,680
  1,995
  2,342
  2,721
  3,130
  3,570
  4,038
  4,536
  5,062
  5,615
  6,196
  6,803
  7,437
  8,098
  8,787
  9,503
  10,248
  11,022
  11,827
  12,662
  13,531
  14,434
  15,374
  16,351
  17,368
  18,428
  19,531
  20,682
Revenue / Adjusted assets
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
Average production assets, $m
  419
  519
  633
  761
  904
  1,062
  1,233
  1,419
  1,618
  1,830
  2,056
  2,294
  2,545
  2,808
  3,083
  3,371
  3,670
  3,982
  4,307
  4,645
  4,995
  5,360
  5,739
  6,133
  6,542
  6,968
  7,411
  7,872
  8,352
  8,852
  9,373
Working capital, $m
  155
  181
  221
  266
  316
  371
  431
  495
  565
  639
  718
  801
  889
  981
  1,077
  1,177
  1,282
  1,391
  1,504
  1,622
  1,744
  1,872
  2,004
  2,142
  2,285
  2,433
  2,588
  2,749
  2,917
  3,091
  3,273
Total debt, $m
  324
  418
  537
  670
  819
  982
  1,160
  1,353
  1,560
  1,781
  2,015
  2,263
  2,524
  2,797
  3,083
  3,382
  3,693
  4,018
  4,355
  4,706
  5,070
  5,449
  5,843
  6,252
  6,678
  7,120
  7,580
  8,059
  8,558
  9,078
  9,620
Total liabilities, $m
  445
  539
  658
  791
  940
  1,103
  1,281
  1,474
  1,681
  1,902
  2,136
  2,384
  2,645
  2,918
  3,204
  3,503
  3,814
  4,139
  4,476
  4,827
  5,191
  5,570
  5,964
  6,373
  6,799
  7,241
  7,701
  8,180
  8,679
  9,199
  9,741
Total equity, $m
  498
  605
  739
  889
  1,055
  1,239
  1,439
  1,656
  1,888
  2,136
  2,400
  2,678
  2,970
  3,277
  3,599
  3,934
  4,284
  4,648
  5,027
  5,421
  5,831
  6,256
  6,698
  7,158
  7,636
  8,133
  8,650
  9,188
  9,748
  10,332
  10,941
Total liabilities and equity, $m
  943
  1,144
  1,397
  1,680
  1,995
  2,342
  2,720
  3,130
  3,569
  4,038
  4,536
  5,062
  5,615
  6,195
  6,803
  7,437
  8,098
  8,787
  9,503
  10,248
  11,022
  11,826
  12,662
  13,531
  14,435
  15,374
  16,351
  17,368
  18,427
  19,531
  20,682
Debt-to-equity ratio
  0.651
  0.690
  0.730
  0.750
  0.780
  0.790
  0.810
  0.820
  0.830
  0.830
  0.840
  0.850
  0.850
  0.850
  0.860
  0.860
  0.860
  0.860
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
Adjusted equity ratio
  0.518
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  20
  33
  43
  53
  66
  79
  93
  109
  126
  143
  162
  198
  219
  240
  263
  287
  312
  338
  365
  393
  422
  453
  484
  517
  551
  586
  623
  661
  701
  743
  786
Depreciation, amort., depletion, $m
  44
  58
  66
  76
  86
  97
  109
  123
  137
  152
  168
  164
  182
  201
  220
  241
  262
  284
  308
  332
  357
  383
  410
  438
  467
  498
  529
  562
  597
  632
  670
Funds from operations, $m
  41
  91
  109
  129
  151
  176
  203
  231
  262
  295
  330
  362
  400
  441
  484
  528
  574
  623
  673
  725
  779
  835
  894
  955
  1,018
  1,084
  1,152
  1,223
  1,298
  1,375
  1,456
Change in working capital, $m
  -13
  35
  40
  45
  50
  55
  60
  65
  70
  74
  79
  83
  88
  92
  96
  100
  105
  109
  113
  118
  123
  127
  132
  138
  143
  149
  155
  161
  168
  175
  182
Cash from operations, $m
  54
  98
  69
  84
  101
  121
  143
  167
  193
  221
  252
  278
  313
  349
  387
  428
  470
  514
  559
  607
  657
  708
  762
  817
  875
  935
  998
  1,062
  1,130
  1,200
  1,273
Maintenance CAPEX, $m
  0
  -30
  -37
  -45
  -54
  -65
  -76
  -88
  -101
  -116
  -131
  -147
  -164
  -182
  -201
  -220
  -241
  -262
  -284
  -308
  -332
  -357
  -383
  -410
  -438
  -467
  -498
  -529
  -562
  -597
  -632
New CAPEX, $m
  -35
  -100
  -114
  -129
  -143
  -157
  -172
  -186
  -199
  -213
  -226
  -238
  -251
  -263
  -275
  -287
  -300
  -312
  -325
  -338
  -351
  -365
  -379
  -394
  -409
  -426
  -443
  -461
  -480
  -500
  -521
Cash from investing activities, $m
  -159
  -130
  -151
  -174
  -197
  -222
  -248
  -274
  -300
  -329
  -357
  -385
  -415
  -445
  -476
  -507
  -541
  -574
  -609
  -646
  -683
  -722
  -762
  -804
  -847
  -893
  -941
  -990
  -1,042
  -1,097
  -1,153
Free cash flow, $m
  -105
  -32
  -82
  -90
  -96
  -101
  -105
  -107
  -108
  -107
  -105
  -107
  -102
  -96
  -88
  -80
  -71
  -61
  -50
  -38
  -26
  -13
  0
  14
  28
  42
  57
  72
  88
  104
  120
Issuance/(repayment) of debt, $m
  117
  104
  119
  134
  149
  164
  178
  193
  207
  221
  234
  248
  261
  273
  286
  299
  311
  324
  337
  351
  365
  379
  394
  409
  425
  442
  460
  479
  499
  520
  542
Issuance/(repurchase) of shares, $m
  5
  36
  97
  106
  114
  121
  127
  131
  133
  134
  134
  137
  134
  129
  124
  117
  109
  101
  91
  81
  71
  60
  49
  37
  25
  12
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  121
  140
  216
  240
  263
  285
  305
  324
  340
  355
  368
  385
  395
  402
  410
  416
  420
  425
  428
  432
  436
  439
  443
  446
  450
  454
  460
  479
  499
  520
  542
Total cash flow (excl. dividends), $m
  15
  72
  37
  44
  53
  63
  74
  86
  99
  114
  130
  141
  159
  178
  198
  219
  241
  264
  288
  313
  339
  366
  394
  423
  453
  485
  517
  551
  587
  623
  662
Retained Cash Flow (-), $m
  -32
  -116
  -133
  -150
  -167
  -184
  -200
  -217
  -232
  -248
  -263
  -278
  -293
  -307
  -321
  -336
  -350
  -364
  -379
  -394
  -409
  -426
  -442
  -460
  -478
  -497
  -517
  -538
  -560
  -584
  -609
Prev. year cash balance distribution, $m
 
  9
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  13
  26
  40
  53
Discount rate, %
 
  6.90
  7.25
  7.61
  7.99
  8.39
  8.81
  9.25
  9.71
  10.19
  10.70
  11.24
  11.80
  12.39
  13.01
  13.66
  14.34
  15.06
  15.81
  16.61
  17.44
  18.31
  19.22
  20.18
  21.19
  22.25
  23.37
  24.53
  25.76
  27.05
  28.40
PV of cash for distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  97.9
  93.6
  89.9
  86.7
  84.0
  81.6
  79.5
  77.7
  76.1
  74.8
  73.6
  72.5
  71.6
  70.9
  70.2
  69.7
  69.2
  68.8
  68.5
  68.2
  68.0
  67.9
  67.8
  67.7
  67.7
  67.7
  67.7
  67.7
  67.7
  67.7

Merit Medical Systems, Inc. designs, develops, manufactures, and markets medical devices for interventional and diagnostic procedures worldwide. The company’s Cardiovascular segment offers cardiology and radiology devices for diagnosing and treating coronary arterial, peripheral vascular, and other non-vascular diseases; and embolotherapeutic products. It also provides vascular access products; guide wires, inflation devices, and diagnostic catheters for use in angiography procedures; drainage catheters and drainage access products, therapeutic products, support catheters, vascular retrieval devices, and dialysis access products; and embolic microspheres and delivery systems, and microcatheters. In addition, this segment offers needles, scalpels, hemostasis devices, arm boards, and sheath introducers for cardiology procedures; guide wires, fluid management and tubing, manifolds, syringes, transducers, and diagnostic catheters; hemostasis valves, MAP Merit Angioplasty Packs, and angioplasty accessories; cardiac rhythm management and electrophysiology devices; and various devices, accessories, kits, and procedure trays. The company’s Endoscopy segment provides gastroenterology and pulmonology medical devices for expanding esophageal, tracheobronchial, and biliary strictures caused by malignant tumors. It also offers non-vascular, esophageal, and biliary stents; esophageal balloon dilators; kits and accessories for the endoscopy and bronchoscopy markets; coating services for medical tubes and wires under OEM brands; and microelectromechanical systems pressure sensor components. The company serves hospitals and clinic-based cardiologists, radiologists, neurologists, nephrologists, vascular surgeons, interventional gastroenterologists and pulmonologists, thoracic surgeons, physiatrists, general surgeons, oncologists, electrophysiologists, technicians, and nurses. Merit Medical Systems, Inc. was founded in 1987 and is headquartered in South Jordan, Utah.

FINANCIAL RATIOS  of  Merit Medical Systems (MMSI)

Valuation Ratios
P/E Ratio 77.6
Price to Sales 2.6
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 28.7
Price to Free Cash Flow 81.7
Growth Rates
Sales Growth Rate 11.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -34%
Cap. Spend. - 3 Yr. Gr. Rate -10.5%
Financial Strength
Quick Ratio 2
Current Ratio 0.1
LT Debt to Equity 63.1%
Total Debt to Equity 65.1%
Interest Coverage 4
Management Effectiveness
Return On Assets 3.2%
Ret/ On Assets - 3 Yr. Avg. 3.6%
Return On Total Capital 2.7%
Ret/ On T. Cap. - 3 Yr. Avg. 3.3%
Return On Equity 4.1%
Return On Equity - 3 Yr. Avg. 5%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 43.9%
Gross Margin - 3 Yr. Avg. 43.8%
EBITDA Margin 12.9%
EBITDA Margin - 3 Yr. Avg. 13.9%
Operating Margin 5.8%
Oper. Margin - 3 Yr. Avg. 6.8%
Pre-Tax Margin 4.1%
Pre-Tax Margin - 3 Yr. Avg. 5.4%
Net Profit Margin 3.3%
Net Profit Margin - 3 Yr. Avg. 4.1%
Effective Tax Rate 20%
Eff/ Tax Rate - 3 Yr. Avg. 23.6%
Payout Ratio 0%

MMSI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MMSI stock intrinsic value calculation we used $604 million for the last fiscal year's total revenue generated by Merit Medical Systems. The default revenue input number comes from 2016 income statement of Merit Medical Systems. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our MMSI stock valuation model: a) initial revenue growth rate of 23.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 6.9%, whose default value for MMSI is calculated based on our internal credit rating of Merit Medical Systems, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Merit Medical Systems.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of MMSI stock the variable cost ratio is equal to 93.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for MMSI stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Merit Medical Systems.

Corporate tax rate of 27% is the nominal tax rate for Merit Medical Systems. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the MMSI stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for MMSI are equal to 69.3%.

Life of production assets of 14 years is the average useful life of capital assets used in Merit Medical Systems operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for MMSI is equal to 24.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $498 million for Merit Medical Systems - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 49.854 million for Merit Medical Systems is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Merit Medical Systems at the current share price and the inputted number of shares is $1.7 billion.


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COMPANY NEWS

▶ Merit Medical Announces Appointment of New Director   [May-26-17 09:29AM  GlobeNewswire]
▶ Stocks To Buy And Watch: Top IPOs, Big And Small Caps, Growth Stocks   [May-23-17 05:10PM  Investor's Business Daily]
▶ Merit Medical to Participate at Three Conferences   [May-03-17 09:29AM  GlobeNewswire]
▶ Merit Medical beats 1Q profit forecasts   [Apr-27-17 05:48PM  Associated Press]
▶ [$$] Evercore ISI Sees 20% Upside in Salesforce.com   [Apr-08-17 12:02AM  Barrons.com]
▶ After-hours buzz: ESPR, NKTR, MMSI & more   [Mar-20-17 06:21PM  at CNBC]
▶ SA medical technology company lands major European deal   [Mar-08-17 09:48AM  at bizjournals.com]
▶ [$$] Home Depot Looks Fit, UPS Looks Squeezed   [Feb-25-17 12:25AM  at Barrons.com]
▶ Merit Medical to Participate at RBC Conference   [Feb-07-17 09:25AM  GlobeNewswire]
▶ Is Merit Medical Systems, Inc. (MMSI) A Good Stock To Buy?   [Dec-05-16 06:14AM  at Insider Monkey]
▶ Merit Medical to Present at Four Conferences in November   [Nov-01-16 04:01PM  GlobeNewswire]
▶ Merit Medical Completes Enrollment in EVOLVE Study   [Oct-19-16 09:25AM  GlobeNewswire]
▶ Merit Medical Launches Super HeRO and HeRO Ally Products   [Oct-18-16 04:00PM  GlobeNewswire]
▶ Merit Medical to Present at Five Conferences   [Aug-25-16 09:25AM  GlobeNewswire]
▶ Merit Medical to Present at Two Conferences   [Aug-01-16 09:25AM  GlobeNewswire]
▶ Merit Medical Announces Appointment of New Director   [Jul-26-16 04:00PM  GlobeNewswire]
▶ Why Cryolife Inc's Shares Turned Hot Today   [01:04PM  at Motley Fool]
Stock chart of MMSI Financial statements of MMSI Annual reports of MMSI
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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