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On Wednesday, Needham analysts increased their price target on Merit Medical Systems , Inc. (NASDAQ: NASDAQ:MMSI) shares from $109.00 to $122.00, while reiterating a Buy rating for the company. The stock, currently trading near its 52-week high with a market capitalization of $6.35 billion, has shown strong momentum with a 27% gain over the past six months. The adjustment follows a conference call held by Merit Medical (TASE:PMCN) to discuss the U.S. market opportunity and commercialization strategy for its WRAPSODY covered stent.
Merit Medical has identified approximately 95,000 annual dialysis-access related stent procedures in the U.S. and estimates the market for WRAPSODY to be greater than $230 million. The company is actively seeking additional payments from Medicare, with decisions expected in June. Despite management’s forecast that WRAPSODY will generate $7-9 million in sales for 2025, which is below previous estimates, analysts believe these figures will likely be on the conservative side. According to InvestingPro data, the company maintains excellent financial health with a "GREAT" overall score, suggesting strong operational stability.
The analysts’ optimism is based on the expectation that the launch of WRAPSODY will boost Merit Medical’s revenue growth, building upon its current 8.12% revenue growth rate. The revised price target reflects a shift to valuing the company based on the 2026 earnings per share (EPS) estimate. The analysts anticipate that the introduction of the WRAPSODY stent will play a significant role in accelerating the company’s financial performance in the coming years. InvestingPro analysis indicates the stock is currently trading above its Fair Value, with 13 additional ProTips available to subscribers for deeper insight into MMSI’s investment potential.
In other recent news, Merit Medical Systems has been making significant strides in its financial performance and growth strategy. The company’s robust Q3 results were highlighted, with total revenue reaching $339.8 million, marking a 7.8% increase from the previous year. The company also acquired Cook Medical’s lead management portfolio, which is expected to generate significant future revenue. In a significant leadership change, the company’s President, Joseph C. Wright, resigned, with Fred P. Lampropoulos reinstated as the President.
The company’s Wrapsody Cell-Impermeable Endoprosthesis received premarket approval from the US Food and Drug Administration, with commercialization set to commence in 2025. This development is expected to enhance the company’s revenue stream and bolster its market position.
Piper Sandler has shown confidence in the company by raising the stock target from $110.00 to $114.00, maintaining an Overweight rating. Similarly, Needham reaffirmed its positive stance with a Buy rating, and Raymond (NSE:RYMD) James increased its price target while retaining an Outperform rating. These are recent developments for Merit Medical Systems.
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