Merit Medical Systems Inc. (South Jordan, UT), a manufacturer and marketer of proprietary disposable products used in cardiology and radiology procedures, reported a 32% gain in net income for the first quarter ended March 31.
Revenues for the first quarter reached $17.7 million, a gain of eight percent. Net income for the quarter grew 32% to $565,123, or $0.08 per share. Total operating expenses for the quarter rose slightly to 31.8%.
The rise was almost entirely in selling, general and administrative costs, reflecting an increase in MIS personnel associated with implementing the company's Oracle integrated business information system and Y2K compliance issues, as well as strengthening its OEM sales and new business development departments.
Fred P. Lampropoulos, president and CEO of Merit Medical Systems, said, "We are negotiating with several other companies regarding distribution rights for new products which we believe will positively impact the outlook for Merit."
Gross profit for the quarter was 37.8%, compared to 37.4% in last year's first quarter.
Founded in 1987, Merit Medical Systems Inc. manufactures disposable, proprietary medical products used in interventional and diagnostic procedures, particularly in cardiology and radiology.