SOUTH JORDAN, Utah - Merit Medical Systems , Inc. (NASDAQ: NASDAQ:MMSI), a company specializing in healthcare technology, announced today the resignation of its President, Joseph C. Wright, who is set to leave his position on January 3, 2025. The departure follows an internal investigation into allegations of misconduct against Mr. Wright, which, according to the company, are not related to Merit's operational or financial activities. The announcement comes as Merit trades near its 52-week high of $108.08, with the stock showing remarkable strength, up over 43% in the past year. According to InvestingPro analysis, the company maintains a "GREAT" financial health score, suggesting robust operational fundamentals despite the leadership change.
In response to the resignation, Merit’s Board of Directors has reinstated Fred P. Lampropoulos as the President. The company has not disclosed further details regarding the nature of the allegations against Mr. Wright or the findings of the investigation.
Merit Medical (TASE:PMCN), founded in 1987, develops, manufactures, and distributes disposable medical devices used across various medical specialties, including cardiology, radiology, oncology, critical care, and endoscopy. With a workforce of approximately 7,200 employees globally, Merit serves hospitals around the world through its extensive sales and clinical support teams. The company has demonstrated solid growth with revenue reaching $1.3 billion in the last twelve months and maintaining a healthy gross profit margin of 47%. For detailed analysis and comprehensive insights, investors can access Merit Medical's full Pro Research Report, available exclusively on InvestingPro.
The information in this article is based on a press release statement from Merit Medical Systems , Inc.
In other recent news, Merit Medical Systems, Inc. has been experiencing significant developments. Wells Fargo (NYSE:WFC) upgraded Merit Medical to Overweight from Equal Weight, signaling a positive outlook for the company. This upgrade comes after the company reported 17 consecutive quarters of revenue surpassing expectations and 14 quarters of operating margin growth.
Moreover, Merit Medical's third-quarter results showed strong financial performance with total revenue reaching $339.8 million, marking a 7.8% increase from the previous year. Non-GAAP operating profit also saw a 19% rise, and free cash flow reached $38 million for the quarter, a year-over-year increase of 116%.
The company also announced the acquisition of Cook Medical's lead management portfolio, which is expected to generate significant future revenue. Wells Fargo analysts have mentioned the upcoming launch of Wrapsody in the first quarter of 2025 as a significant catalyst for the company's growth in the coming years.
Despite potential supply chain challenges impacting Q4 2023, the company remains confident in the demand for its OEM products and the performance of its sales team. These are recent developments that reflect a company on a positive trajectory, with strategic acquisitions and promising product developments.
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