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Merit Medical Systems, Inc. Q2 2010 Earnings Call Transcript

To the extent any forward-looking statements are made in this call, such statements are made only as of today’s date, and we do not assume any obligation to update any such statements.

Fred Lampropoulos

We are excited to talk to you about our second quarter. We hope we have explained as clearly as we can the data that’s in here but we are going to drill down and I think provide you with some data that will help you – we hope to appreciate what we think was a terrific quarter.

Let me just go through a few of the numbers. As you can all see the revenues, we are $74.9 million, 16%. Of note is that our core growth for the second quarter as compared to the second quarter of 2009 was up 13%. Nevertheless I think we would all agree and I hope you would agree that 16% is an extraordinary quarter in terms of growth. As we look at the earnings for the quarter, we were at $0.20 per share but it’s important that I think point out that that number is net of $697,000 of expenses which were onetime and were related to the proposed acquisition of BioSphere.

Additionally there were some additional charges and expenses that we will talk about that we think enhanced the overall performance for the business. Just as a teaser, as part of that, in the month of June, the company operated at 44.8% gross margins and had an operating profit of 15.4%. Now I will come back in a minute and talk about June because I know we are here to talk about the quarter but we want to talk about what we think is an acceleration in the business going forward and the opportunities. You will note that in terms of gross margins, they were 43.3%, that was a sequential improvement of $110 basis points. I would like to also point out that from the fourth quarter, it was an improvement of 280 basis points and it was up 60 basis points from the third quarter of last year.

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