TacticScaleWhat Merit Medical Systems Does & How It Makes Money (MMSI)
Updated October 2026 · reflects Merit Medical Systems's latest reported financials
Utah-based maker of single-use devices for minimally invasive medical procedures. It earns revenue by manufacturing and selling single-use devices, kits, and procedure trays to hospitals and physicians through its own sales force, independent distributors, OEM partners, and custom tray makers.
How Merit Medical Systems makes money
It earns revenue by manufacturing and selling single-use devices, kits, and procedure trays to hospitals and physicians through its own sales force, independent distributors, OEM partners, and custom tray makers. Because the products are used once and thrown away, sales repeat with each procedure. It also earns revenue from coating services and sensor components.
What Merit Medical Systems does
Merit Medical Systems has been around since 1987 and is based in South Jordan, Utah. It makes the single-use tools that interventional doctors depend on. When a physician threads a wire into an artery, drains fluid, blocks blood flow to a tumor, takes a biopsy, or props open a narrowed esophagus or airway, Merit may have supplied the needle, sheath, wire, or stent. The company reports two segments. Cardiovascular is the larger one, covering vascular access, peripheral and cardiac intervention, oncology, spine, and custom procedure kits. Endoscopy covers gastroenterology and pulmonary devices. Merit's products are thrown away after each use, so its sales follow the number of procedures performed rather than one-time equipment purchases. It sells directly and through distributors, OEM partners, and tray manufacturers to hospitals and clinics in the U.S., China, Japan, Europe, and export markets. It also has smaller businesses in medical tube and wire coatings and in sensor components for microelectromechanical systems (MEMS).
Products & services
- Micropuncture kits, sheaths, and guide wires
- Embolotherapy and drainage products
- Cardiac intervention and hemodynamic monitoring products
- Vertebral augmentation and bone biopsy systems
- Esophageal and tracheobronchial stents
- Custom procedure trays, syringes, and manifold kits
What is Merit Medical Systems worth?
On an owner-earnings DCF, Merit Medical Systems's most-likely value is about $96 versus a recent price near $87 (10% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$38) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
Related companies
Medtronic (MDT) · Boston Scientific (BSX) · Micro-Tech (Nanjing) (688029.SS) · Teleflex (TFX) · CONMED (CNMD)