Merit Medical Systems, Inc. (NASDAQ:MMSI) Q4 2014 Earnings Conference Call - Final Transcript
Feb 24, 2015 • 05:00 pm ET
Good day, everyone, and welcome to the MMSI's Fourth Quarter 2014 Earnings Conference Call.
At this time, I'd like to turn the conference over to Fred Lampropoulos, Chairman and CEO. Please go ahead, sir.
Good afternoon, ladies and gentlemen, and thank you very much for taking the time to join us this afternoon. We're broadcasting from Salt Lake City at our corporate headquarters where we have about 30 members of our general staff that are located here. And we will start our meeting today by having Rashelle Perry, our General Counsel, read our disclaimer. Rashelle?
Thank you, Fred. During our discussion today, reference may be made to projections, anticipated events or other information which is not purely historical. Please be aware that statements made in this call may be considered forward-looking statements. We caution you that all forward-looking statements involve risks, unanticipated events and uncertainties that could cause our actual results to differ materially from those anticipated in such statements. Many of these risks are discussed in our annual report on Form 10-K and other reports and filings with the SEC available on our website. Any forward-looking statements made in this call are made as of today's date and we do not assume obligations to update such statements.
Although Merit's financial statements are prepared in accordance with accounting principles generally accepted in the United States, Merit's management believes that certain non-GAAP financial measures 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.
The table included in our release and discussed on this call sets forth supplemental financial data and corresponding reconciliations of GAAP financial statements. Investors should consider these non-GAAP measures in addition to not as a substitute to -- for financial reporting measures prepared in accordance with GAAP. These non-GAAP financial measures exclude some but not all items that affect net income. Finally, these calculations may not be comparable with similarly titled measures of other companies.
Rashelle, thank you very much, and, again, welcome, we're delighted to have you with us.
As you can see from our press release that we had what we believe is a continuation of our third quarter results, and I think that we reported solid results across the board. If you'll take a look at our growth and you'll notice that we are in the double digits and I think that is very respectful, either the core was 11% and 12%, respectively, 14% overall and we're I think we are very pleased.
I would like to say essentially from the onset that last year, we reported to you our guidance and, of course, we changed that in the first quarter and we upped the revenues and lowered the earnings amount. The bottom line is, is that Merit hit every one of its original numbers, saves the updated sales forecast, which we missed by $1 million, but it still ended up by almost $12 million above our forecast.
So I think that