Starting the year with multiple regulatory clearances and commercial introductions, Merit Medical posted 5.6% increase in revenue in the second quarter of 2024 compared to Q2 2023.
For the period (end-June 30), the company reported revenue of $338 million at 6.6% constant currency revenue growth, compared with $320.1 million in the corresponding quarter of 2023. It also posted 2024 year-to-date revenue of $661.5 million, up 7.1%, with operating margin growth of 38.5% compared with the same period 2023, based on generally accepted accounting principles (GAAP).
The company's U.S. region generated the most revenue during Q2 at $194.6 million up 8.4% over Q2 2023 ($179.6 million) with the rest of its regions trailing significantly and a drop of 2.8% in the Asia-Pacific region (APAC). Year to date, the U.S. market generated $380.8 million in revenue, while international business generated $280.8 million in revenue (up 5.3% overall).
Growth in Merit's cardiovascular segment highlighted the six-month period; at the top, a 14.3% increase for peripheral intervention product revenue ($273.9 million), which makes up nearly 80% of the total cardiovascular segment. Revenue from cardiac intervention products grew 3% to $184.6 million, custom procedural solutions grew 2.2% to $99.2 million, and OEM products grew at only 0.2% to $83.6 million. The cardiovascular segment reported a combined $641.2 million for the period.
Merit's endoscopy segment reported $20.3 million in revenue for the six-month period.
