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Merit Medical Systems, Inc. Q2 2010 Earnings Call Transcript

So our performance in the second quarter, in terms of gross margins was higher than both of the year ago or the fourth quarter as well as the third quarter. So it shows what we think our accelerating trends in terms of gross margins and I think another really important thing to point out is that the negative variances that were accumulated in the fourth quarter that last year because of the slowdown and carried on into the first quarter have been all resolved, they are gone and there are now positive variances on the books, we will then roll out assuming – we get the positive because we have the four-month, which we will explain or have dialog if you can decided to (inaudible) you attack on a month and drop off a month and the month that we drop off is going to be a positive variance.

So we continue to be very, very busy and in fact we had a scheduled plant shut down during the July 4th holiday and we had to modify that to make sure that we could meet the needs of our customers. So we are very, very active in that area.

If we take a look at the overall sales because I think there is some very interesting trends here as well, in the second quarter catheter sales increased 30%. The standalone devices rose 17%, inflation devices grew at 15% and we will discuss what’s going on there, we did have some contribution there both in terms of gross margin from some accelerated orders, some larger orders than we have seen in the past from Kyphon (ph). Nevertheless the core business (inaudible) is still growing at some of the highest levels that we have seen in a number of years and we expect that that’s going to continue on because of some difficulties that our competitors are having meeting the needs of their customers.

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