Merit Medical Systems Inc (NASDAQ: MMSI)

Merit Medical Systems, Inc. is a leading manufacturer and marketer of proprietary medical devices used in interventional diagnostic and therapeutic procedures particularly in cardiology radiology oncology critical care and endoscopy. We strive to be the most customer focused company in healthcare. Each day we are determined to make a difference by understanding our customer needs and innovating and delivering a diverse range of products that improve the lives of people and communities throughout the world. We believe that long term value is created for our customers employees shareholders and communities when we focus outward and are determined to deliver an exceptional customer experience. Merit Medical Systems, Inc. was founded in 1987 by Fred P. Lampropoulos Kent W. Stanger Darla Gill and William Padilla. Initially we focused our operations on injection and insert molding of plastics. Our first product was a specialized control syringe used to inject contrast solution into a patient's arteries for a diagnostic cardiac procedure called an angiogram. Since that time our products and product lines have expanded substantially both through internal research and development projects and through strategic acquisitions.

We generate revenue by designing developing marketing and manufacturing medical products that are sold to hospitals alternate site based physicians technicians nurses and original equipment manufacturer customers. Our core offerings include devices for vascular access embolotherapy drainage delivery systems biopsy tumor localization and endoscopy interventions. We also earn income from the sale of components finished devices custom kits and coated tubes and wires to other medical device manufacturers through our OEM division. Sales are made through a direct sales force in the United States and through a network of independent distributors and sales representatives internationally.

The company operates through the following segments: cardiovascular and endoscopy.

• The cardiovascular segment includes peripheral intervention cardiac intervention custom procedural solutions and original equipment manufacturer activities. Peripheral intervention products support minimally invasive diagnosis and treatment of diseases in peripheral vessels and organs excluding the heart. These products are organized into access angiography drainage delivery systems embolotherapy and intervention product groups. Cardiac intervention products treat various heart conditions and include access angiography electrophysiology and cardiac rhythm management fluid management hemodynamic monitoring hemostasis and intervention product groups. Custom procedural solutions comprise standard and custom kit and pack solutions that contain items needed for peripheral procedures safety and waste management products and hemostasis accessories. The OEM division sells components and finished devices including molded components sub assembled goods custom kits and bulk non sterile goods to other medical device manufacturers and also provides coating services for medical tubes and wires and manufactures sensor components for microelectromechanical systems.

• The endoscopy operating segment is known as Merit Medical Endotek and is organized into gastroenterology and pulmonary product portfolios. Gastroenterology products include the Resilience Through the Scope Esophageal Stent the recently acquired C2 CryoBalloon device and related technology the EsophyX Z+ system for minimally invasive non pharmacological treatment of gastroesophageal reflux disease the Alimaxx ES™ and EndoMAXX® Fully Covered Esophageal Stents for maintaining esophageal luminal patency the BIG60® and BIG60 ALPHA® Inflation Devices that are 60 mL syringes and gauges designed to inflate and deflate non vascular balloon dilators while monitoring and displaying inflation pressures up to 12 atmospheres and the Elation® Fixed Wire Wire Guided and new 5 stage Balloon Dilators intended for use in the alimentary tract. Pulmonary products consist of laser cut tracheobronchial stents advanced over the wire and direct visualization delivery systems and dilation balloons to endoscopically dilate strictures and include the AERO® AEROmini® and AERO DV® Fully Covered Tracheobronchial Stents for the treatment of tracheobronchial strictures produced by malignant neoplasms and the Elation® Pulmonary™ Balloon Dilator for the dilation of strictures of the trachea and bronchi. The segment also offers a variety of kits and accessories for endoscopy and bronchoscopy procedures.

Merit Medical Systems, Inc. holds a strong position in the interventional medical device market particularly in cardiology radiology oncology critical care and endoscopy. The company competes with large diversified firms such as Teleflex Cook Medical Medtronic Boston Scientific and Becton Dickinson and Company as well as with specialized players in niches like spine and oncology. Its competitive advantages stem from a broad line of ancillary products manufacturing integration that secures the supply chain a steady cadence of new product introductions and a deep focus on customer needs. The company also believes it is a leading provider of digital inflation technology worldwide and a market leader in the United States for analog inflation devices control syringes radar localization waste disposal systems embolic beads tubing and manifolds.

Merit Medical Systems, Inc. provides its products to hospitals and alternate site based physicians technicians and nurses. In the United States hospitals and acute care facilities purchase through the direct sales force distributors OEM partners or custom procedure tray manufacturers that assemble products into custom kits and packs. Outside the United States hospitals and acute care facilities generally purchase through the direct sales force or through independent distributors or OEM partners. The company also serves original equipment manufacturer customers that buy components and finished devices for incorporation into their own product lines.