Merit Medical Systems, Inc. (NASDAQ:MMSI) Q3 2015 Earnings Conference Call Transcript

Oct 22, 2015 • 05:00 pm ET

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Merit Medical Systems, Inc. (NASDAQ:MMSI) Q3 2015 Earnings Conference Call Transcript

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Presentation
Operator
operator

Good day and welcome to the Merit Medical Systems, Incorporated 3Q 2015 conference call. At this time, I would like to turn the conference over to Mr. Fred Lampropoulos. Please go ahead, sir.

Executive
Fred Lampropoulos

Good afternoon, ladies and gentlemen and thank you for joining us. We are gathered here, all 50 of us, in Salt Lake City. And we appreciate you taking the time.

We will start our meeting by having Rashelle Perry, our Chief Legal Officer, read our legal disclaimer. Thank you.

Executive
Rashelle Perry

Thank you, Fred.

(Forward-Looking Cautionary Statements)

Although Merit's financial statements are prepared in accordance with accounting principles which are generally accepted in the United States, GAAP, 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 tables included in our release and discussed in this call sets forth supplemental financial data and corresponding reconciliations to GAAP financial statements.

Investors should consider these non-GAAP measures in addition to, not as a substitute for, financial reporting measures prepared in accordance with GAAP. These non-GAAP financial measures exclude some items that affect net income. Finally, these calculations may not be comparable with similarly titled measures of other companies.

Executive
Fred Lampropoulos

Rashelle, thank you very much. I suppose that some would like to call this, based on our last call, in which we talked about Twist and Shout, some of this would like -- some would like to call this Summertime Blues. I would prefer to call it Here We Go Again.

So with that said, let me go ahead and get started on our call. And let me -- another little snippet, if I could. I just left our facility, our R&D and administrative facility, where we currently have a Think Radial program which just started about 15 minutes ago. We have 22 physicians there, 11 interventional radiologists, and 11 interventional cardiologists. It's the first time we've had a mix of those individuals.

Now, why is this a big deal, and why would I start my call with it? Because recently, at the CIRSE meeting in Lisbon, we had a symposia in which we had 500 interventional radiologists there. And I think it would be fair to say that we had the busiest booth in this entire tradeshow. So I will come back to this a little bit later on as we talk about things Merit is doing, and let's start out by talking about revenues.

Our revenues were up 6%. Adjusted for FX, I think it's about 200 basis points more than that. And I did read one headline that said that we missed the revenue number. I just did a calculation. It was 0.1%. So, I apologize for that miss. In baseball, we call that just basically touching the outside corner. So I am going to call it a strike. But you will all have your own opinions on that. It was summertime. And in the summer, as I explained,