South Jordan-based Merit Medical on Wednesday reported record earnings for the second quarter ended June 30.
Merit's revenues for the quarter were up 20 percent to $34.6 million, compared with $28.8 million for the same period last year. Net income for the quarter increased a record 56 percent to $4.2 million, or 28 cents per share, compared with $2.7 million, or 18 cents per share, during the second quarter 2002.
The company specializes in disposable medical products used primarily in cardiology and radiology diagnostic procedures.
For the first six months of 2003, Merit recorded $66.3 million in revenues, compared to $57.5 million for the same period last year. Net income was $8 million, or 53 cents per share, compared to $5 million for the first six months of 2002.
Merit attributed its increase in revenues to sales growth in each of its product categories: stand-alone devices, inflation devices, custom kit sales and catheter sales. The company also decreased its operating expenses and doubled its cash position during the year-over period to more than $20 million.
Merit Medical employs about 1,200 people worldwide, with manufacturing facilities in South Jordan, California, Texas and Ireland.
Merit released its earnings report after markets closed Wednesday. The company's stock closed up 84 cents at $23.89 per share. In the past year, the price has ranged from $15.51 to $24.80.