Merit Medical Systems, Inc. (NASDAQ: MMSI), a global leader in healthcare technology, today announced that its Board of Directors unanimously appointed F. Ann Millner, Ed.D., formerly Merit’s Lead Independent Director, as Chair of the Board effective January 5, 2026.
Dr. Millner has served as a director of Merit since 2015 and as the Lead Independent Director since July 2021. She previously served as the Chair of Merit’s Governance and Sustainability Committee. Dr. Millner currently serves as a member of the Utah State Senate, to which she was elected in 2015. She served as the President of Weber State University from 2002 through 2012 and as the Regents Professor and Professor of Health Administrative Services at Weber State University from 2013 through 2025.
Fred P. Lampropoulos informed the Board of Directors of his resignation as a director and Chair of the Board on January 4, 2026. This followed the conclusion of Mr. Lampropoulos’ employment as Executive Chair of the Board on January 3, 2026 pursuant to the Company’s CEO Transition Agreement, and his resignation as Merit’s President and Chief Executive Officer on October 3, 2025. Mr. Lampropoulos and Merit have entered into a consulting agreement through March 31, 2026.
“As I step down after 38 years since founding Merit, I am proud of how far we’ve come and believe the company is stronger than ever,” said Mr. Lampropoulos. “The management team and the Board are well positioned to guide Merit’s talented employees forward. Their commitment to excellence and innovation will further Merit’s mission of delivering products that improve lives around the world.”
Mr. Lampropoulos’ resignation is not the result of a dispute or disagreement with Merit’s management or Board of Directors, nor any matter related to Merit’s financial reporting, internal controls, operations, policies, or business practices.
“Fred’s vision and leadership have been instrumental in building Merit into the global healthcare company it is today,” said Dr. Millner. “On behalf of the Board and the entire organization, I want to express our gratitude for his decades of service and commitment to improving patient care. Merit remains focused on strong execution towards achievement of our Continued Growth Initiatives and related financial targets for the three-year period ending December 31, 2026 and delivering value to our customers, employees, and shareholders.”
PRELIMINARY REVENUE RESULTS FOR FOURTH QUARTER 2025
- Fourth quarter 2025 reported preliminary unaudited revenue in the range of approximately $389 million to $395 million, up approximately 10% to 11% year-over-year.
- Fourth quarter 2025 preliminary unaudited constant currency revenue* increased in the range of approximately 8% to 10% year-over-year.
* Constant currency revenue is a non-GAAP financial measure. A reconciliation of this financial measure to its most directly comparable GAAP financial measure is included under the heading “Non-GAAP Financial Measure” below.
CONFERENCE CALL
Merit plans to announce its financial results for the quarter and year ended December 31, 2025, and issue fiscal year 2026 guidance after the close of the stock market on Tuesday, February 24, 2026. Merit plans to hold its investor conference call on the same day (Tuesday, February 24, 2026) at 4:30 p.m. Eastern (3:30 p.m. Central, 2:30 p.m. Mountain, and 1:30 p.m. Pacific).
To access the conference call, please pre-register using the following link. Registrants will receive confirmation with dial-in details.
A live webcast and slide deck can be accessed using this link. A link to both register for the conference call and view the webcast will be made available at www.merit.com.
Non-GAAP Financial Measure
Although Merit’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), Merit’s management believes that the non-GAAP financial measure of constant currency revenue referenced in this release may provide investors with useful information regarding the underlying business trends and performance of Merit’s ongoing operations and can be useful for period-over-period comparisons of such operations.
Merit’s management team uses this non-GAAP financial measure to evaluate Merit’s profitability and efficiency, to compare operating and financial results to prior periods, to evaluate changes in the results of its operating segments, and to measure and allocate financial resources internally. However, Merit’s management does not consider this non-GAAP measure in isolation or as an alternative to measures determined in accordance with GAAP.
Readers should consider the non-GAAP measure used in this release in addition to, not as a substitute for, financial reporting measures prepared in accordance with GAAP. This non-GAAP financial measure generally excludes some, but not all, items that may affect Merit’s net income. In addition, it is subject to inherent limitations as it reflects the exercise of judgment by management about which items are excluded. The non-GAAP financial measure used in this release may not be comparable with similarly titled measures of other companies. Merit urges readers to review the reconciliation of the non-GAAP financial measure to its most directly comparable GAAP financial measure included herein, and not to rely on any single financial measure to evaluate Merit’s business or results of operations.
Constant Currency Revenue
Merit’s constant currency revenue is prepared by converting the current-period reported revenue of subsidiaries whose functional currency is a currency other than the U.S. dollar at the applicable foreign exchange rates in effect during the comparable prior-year period and adjusting for the effects of hedging transactions on reported revenue, which are recorded in the U.S. dollar. The preliminary approximate constant currency revenue adjustment of $(4.4) million to preliminary approximate reported revenue for the three-month period ended December 31, 2025 was calculated using the applicable average foreign exchange rates for the three-month period ended December 31, 2024.
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