MMSI at a glance
MERIT MEDICAL SYSTEMS INC (MMSI, SEC CIK 856982) filed its latest 10-K annual report on February 24, 2026, a 10-Q quarterly report on July 30, 2026, an 8-K current report on August 20, 2026 and Form 4 insider filings as recently as September 9, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), MERIT MEDICAL SYSTEMS INC (MMSI) reported revenue of $1.5 billion (up 11.8% from FY2024) and net income of $128.5 million. Diluted EPS was $2.13.
- As of June 30, 2026, 34 institutional investment managers tracked by SignalX reported holding MERIT MEDICAL SYSTEMS INC (MMSI) shares worth $2.2 billion in 13F-HR filings.
- The most recent insider open-market sale reported on Form 4 was by Peterson Neil W. on August 24, 2026 of 7,500 shares at $90.45 per share.
- In the last 90 days, MMSI insiders reported 0 open-market purchases ($0) and 2 open-market sales ($2.5M) on Form 4, a net sale of $2.5M.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $1.5B
- +11.8% vs prior year
- Insiders · 90 days
- 0 buys · 2 sells
- Net −$2.5M
- 13F holders
- 34 funds
- $2.2B · −2 vs prior quarter
- Latest 8-K
- Aug 20, 2026
- Item 5.02 · Item 7.01
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Business Overview
- Core business model: design, manufacture, and sell medical devices globally with emphasis on regulatory compliance and product lifecycle management
- Regulatory challenges heightened by EU MDR certification delays, increased costs, and discontinuation of certain products in the E.U. this fiscal year
- Strategic shift toward development of increasingly therapeutic medical products requiring more clinical trials, raising innovation risk and regulatory complexity
- Notable compliance and risk exposure: expanded focus on global anti-bribery laws, extensive healthcare fraud and abuse scrutiny, and evolving privacy/data protection regulations impacting operations
- Environmental and social governance risks addressed with potential impacts from PFAS and ethylene oxide sterilization restrictions and growing corporate social responsibility requirements
Risk Factors
- Supply chain reliance on limited sterilization service providers risks production delays if any ceases operation or compliance, potentially halting sales
- Geopolitical tensions in Ukraine, Middle East, Venezuela increasing supply interruptions, elevating cost pressures on petroleum-based materials critical to manufacturing
- China’s Value-Based Purchasing (VBP) policy since 2022 negatively impacting pricing and revenue, with continued adverse effects expected in 2026
- Competition from larger medical device firms and tech entrants with greater AI integration capabilities threatening market share and product relevance
- CEO transition in Oct 2025 to Martha G. Aronson, with no key man insurance; potential disruption or loss of institutional knowledge poses material business risk
Management Discussion & Analysis
- Revenue $1.516B in 2025, up 11.8% YoY ($159.4M increase from $1.357B in 2024), driven by U.S. and EMEA demand
- Gross margin 48.7% in 2025 vs 47.4% in 2024; net income $128.5M (8.5% margin) vs $120.4M (8.9% margin)
- Best segment: Cardiovascular sales $1.443B (+10.9%), operating income $166.1M; Worst: Endoscopy sales $72.9M (+33.0%), operating income $18.6M
- Increased SG&A expenses by $55.5M (13.9%) and R&D by $9.9M (11.3%) in 2025; long-term debt $747.5M, contingent liabilities $4.5M, operating leases $87.5M
- Management highlights multi-year Continued Growth initiatives through 2026; key risks include increased effective tax rate (24.8% vs 19.8%) and foreign currency fluctuations
AI summary of the MMSI 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Management Discussion & Analysis
- Q2 revenue $418.8M, up 10% YoY from $382.5M
- Gross margin 51.4% vs 48.2%; operating margin 14.4% vs 12.3%
- Best platform Endoscopy, $23.6M, up 28.5%; worst Procedural Solutions, $27.9M, down 11.9%
- Cash $450.9M vs $448.5M; operating cash flow $110.0M vs $123.9M
- 2026 capital spending expected at $80–$100M; tariff refund recovery remains uncertain
Risk Factors
- New geopolitical risk: United States–Israel–Iran conflict threatens energy supplies, supply chains, input costs, and customer spending
- Most material financial update: Revolving borrowing capacity increased to $700 million, potentially tightening leverage-covenant compliance
- Debt compliance risk: $747.5 million of 3.00% Convertible Notes mature February 1, 2029, with covenant breaches potentially accelerating repayment
- Liquidity risk: Secured credit agreement pledges substantially all assets, allowing lenders to foreclose after default
AI summary of the MMSI 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 5.02: Departure/Appointment of Directors or Principal Officers
- COO role eliminated; Neil Peterson became Senior Advisor and resigns effective March 5, 2027 for good reason
- Sheri Lewis appointed Executive Vice President of Global Operations effective August 31, 2026
Item EX-99.1: Item EX-99.1
- Sheri Lewis joins as Executive Vice President of Global Operations on August 31, 2026
- Leadership transition targets supply-chain execution, product availability, and global operational scaling
Item 7.01: Regulation FD Disclosure
- Merit disclosed a global operations leadership transition, signaling potential changes in execution and operational oversight
- Details of the transition, including affected executives and timing, are in Exhibit 99.1
Item 7.01: Regulation FD Disclosure
- Conference call covers operating and financial results for quarter ended June 30, 2026
- Live webcast and presentation available through merit.com
Item 2.02: Results of Operations and Financial Condition
- Merit’s earnings release and conference presentation include non-GAAP results with GAAP reconciliations in Exhibits 99.1 and 99.2
- Revenue is the only GAAP financial measure for which Merit provides guidance
Item EX-99.1: Item EX-99.1
- Q2 revenue $418.8M, up 10%; organic constant-currency growth 9%, signaling broad-based demand acceleration
- Non-GAAP operating margin 22.6% vs 21.2%; GAAP EPS $0.65, up 20%, demonstrating strong operating leverage
Item 5.03: Amendments to Articles of Incorporation or Bylaws
- Board-adopted Fifth Amended and Restated Bylaws effective May 14, 2026, without shareholder approval
- Expanded remote participation and electronic meeting notices, improving meeting flexibility and administrative efficiency
Item 5.07: Submission of Matters to a Vote of Security Holders
- 52,532,073 of 59,648,292 eligible shares represented, indicating approximately 88% meeting participation
- All four director nominees elected, with terms extending through 2027 or 2029
Item 5.02: Departure/Appointment of Directors or Principal Officers
- Shareholders approved the 2026 Equity Incentive Plan and Employee Stock Purchase Plan on May 13, 2026
- Executive officers and directors eligible for equity awards, creating potential future share dilution
Item 7.01: Regulation FD Disclosure
- Scott R. Ward elected to Merit Medical’s board, adding a new director and potentially influencing governance and strategic oversight
- Press release furnished as Exhibit 99.3, containing the substantive election details
AI summaries of MMSI 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for MMSI
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- Fund moves. Which tracked funds opened, added or cut MMSI, by share count.
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| Lewis Sheri | A | Sep 4, 2026 | 8,371 | - |
| Voigt Michel J. | G | Aug 24, 2026 | 650 | - |
| Peterson Neil W. | Sell | Aug 24, 2026 | 7,500 | $90.45 |
| Peterson Neil W. | Sell | Aug 4, 2026 | 21,449 | $85.00 |
| Voigt Michel J. | G | Jun 15, 2026 | 65 | - |
| Lloyd Brian G. | G | Jun 5, 2026 | 2,000 | - |
| Gunderson Thomas J. | M | May 20, 2026 | 7,500 | $52.17 |
| Gunderson Thomas J. | M | May 20, 2026 | 13,750 | $52.17 |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | - | $1.4B | $1.5B |
| Gross Profit | - | $643.3M | $738.3M |
| Operating Income | - | $155.7M | $184.7M |
| Net Income | - | $120.4M | $128.5M |
| Gross Margin | - | 47.4% | 48.7% |
| Op. Margin | - | 11.5% | 12.2% |
| Net Margin | - | 8.9% | 8.5% |
| Balance Sheet | |||
| Total Assets | $2.3B | $2.4B | $2.7B |
| Equity | $1.2B | $1.4B | $1.6B |
| ROE | - | 8.7% | 8.1% |
| Per Share | |||
| EPS | - | $2.03 | $2.13 |
| Cash Flow | |||
| Operating CF | - | $220.8M | $297.4M |
| CapEx | - | $35.1M | $81.7M |
Source: XBRL data in MERIT MEDICAL SYSTEMS INC (MMSI)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate MMSI share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 34 | $2.18B |
| Q1 2026 | 36 | $2.10B |
| Q4 2025 | 31 | $2.80B |
| Q3 2025 | 33 | $2.70B |
| Q2 2025 | 33 | $3.23B |
| Q1 2025 | 31 | $2.55B |
| Q4 2024 | 29 | $1.88B |
| Q3 2024 | 26 | $921.0M |
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- Raymond James Financial−107.5K (-29%)
- M&T Bank+9.0K
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- HANCOCK WHITNEY CORP−4.7K
Source: 13F-HR filings on SEC EDGAR (aggregated from 253 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
MMSI filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 4 | Sep 9, 2026 | - | - | - |
| 4 | Aug 25, 2026 | - | - | - |
| 4 | Aug 25, 2026 | - | - | - |
| 8-K | Aug 20, 2026 | - | Analysis | - |
| 4 | Aug 5, 2026 | - | - | - |
| 8-K | Jul 30, 2026 | - | Analysis | - |
| 10-Q | Jul 30, 2026 | Jun 30, 2026 | Analysis | |
| 4 | Jun 17, 2026 | - | - | - |
| 4 | Jun 8, 2026 | - | - | |
| 4 | May 21, 2026 | - | - | |
| 4 | May 19, 2026 | - | - | |
| 4 | May 19, 2026 | - | - | |
| 4 | May 19, 2026 | - | - | |
| 4 | May 19, 2026 | - | - | |
| 8-K | May 19, 2026 | - | Analysis | |
| 4 | May 19, 2026 | - | - | |
| 4 | May 19, 2026 | - | - | |
| 4 | May 19, 2026 | - | - | |
| 4 | May 11, 2026 | - | - | |
| 4 | May 11, 2026 | - | - | |
| 4 | May 7, 2026 | - | - | |
| 4 | May 7, 2026 | - | - | |
| 4 | May 7, 2026 | - | - | |
| 10-Q | Apr 30, 2026 | Mar 31, 2026 | Analysis | |
| SC 13G | Apr 30, 2026 | - | - |
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MMSI SEC filings: frequently asked questions
Are MMSI insiders buying or selling?
In the last 90 days, MERIT MEDICAL SYSTEMS INC (MMSI) officers, directors and 10% owners reported no open-market purchases and 2 open-market sales worth $2.5 million by 1 insider on Form 4. Many insider sales are pre-planned or for taxes, so purchases usually carry more information.
Which institutions hold MMSI stock?
As of June 30, 2026, the largest MERIT MEDICAL SYSTEMS INC (MMSI) holders among the 13F filers tracked by SignalX were BlackRock ($656.3 million), Vanguard Portfolio Management LLC ($240.9 million), Vanguard Capital Management LLC ($179.6 million), State Street Corp ($171.6 million), Dimensional Fund Advisors ($101.2 million). 13F-HR reports are filed up to 45 days after each quarter ends.
What was MMSI's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), MERIT MEDICAL SYSTEMS INC (MMSI) reported revenue of $1.5 billion (up 11.8% from FY2024) and net income of $128.5 million. Diluted EPS was $2.13. The figures come from the XBRL data in the 10-K.
What are the main risks in MMSI's latest 10-K?
In the 10-K filed February 24, 2026, MERIT MEDICAL SYSTEMS INC (MMSI) flagged: Supply chain reliance on limited sterilization service providers risks production delays if any ceases operation or compliance, potentially halting sales. Geopolitical tensions in Ukraine, Middle East, Venezuela increasing supply interruptions, elevating cost pressures on petroleum-based materials critical to manufacturing. (AI summary of the Risk Factors section.)
What did MMSI report in its latest 8-K?
MERIT MEDICAL SYSTEMS INC (MMSI) filed an 8-K on August 20, 2026 reporting Item 5.02 (Departure/Appointment of Directors or Principal Officers) and Item 7.01 (Regulation FD Disclosure). COO role eliminated; Neil Peterson became Senior Advisor and resigns effective March 5, 2027 for good reason.
What are the latest MMSI SEC filings?
MERIT MEDICAL SYSTEMS INC (MMSI) filed its latest 10-K annual report on February 24, 2026, a 10-Q quarterly report on July 30, 2026, an 8-K current report on August 20, 2026 and a Form 4 insider filing on September 9, 2026.
What is MMSI's SEC CIK number?
MERIT MEDICAL SYSTEMS INC (MMSI)'s SEC Central Index Key (CIK) is 856982. EDGAR lists every MMSI filing under that number.
Ask anything about MMSI
The research agent reads MMSI's filings, financials, insider trades and 13F holders, then answers with sources.