Disposable medical devices developer Merit Medical Systems reported revenue gains for its fourth quarter of 2023 and end-of-year financial results.
For the quarter unaudited (end-December 31, 2023), Merit reported total revenue of $324.5 million, an increase of 10.6% compared with the same quarter during the previous fiscal year. In its cardiovascular segment, the company reported $315.2 million in total revenue, an increase of 10.3% over the same quarter in 2022. The peripheral intervention division alone was up 19.4% compared with the fourth quarter of 2022. For the endoscopy devices segment, fourth-quarter revenue finished 19.9% higher than the same quarter of 2022, at $9.3 million.
For the year-end unaudited, Merit reported total revenue of $1.3 billion. The company's cardiovascular segment showed $1.2 billion in revenue in 2023, a 9.2% increase over 2022. Its peripheral intervention products captured the largest share of sales and were also the largest driver of increased sales, up 14.2% to end the year at $502.2 million in revenue, followed by original equipment manufacturer (OEM) which posted a 13.5% increase with revenue at $1.6 million. Endoscopy posted $36.8 million in revenue, up 12.4%.
Coinciding with its revenue results, the company also introduced its Continued Growth Initiatives Program to carry through 2026.
