3. Merit Medical Systems (MMSI) designs, develops, manufactures and markets single-use medical products for interventional and diagnostic procedures. The company's business is divided into four segments: cardiology, radiology, gastroenterology and pulmonary. Merit is scheduled to release its second quarter 2011 results on July 21 after market hours.
Analysts polled by Bloomberg foresee the company reporting second-quarter net income of $7.49 million or 20 cents per share, compared to $6.41 million or 18 cents per share in the same quarter prior year. Sales are seen rising by 19% to $89.40 million from $74.95 million in the year-ago quarter. Gross margin is likely to expand to 46.75% from 43.31% in the year-ago quarter. Operating profit for the quarter could increase by 29% to $11.31 million.
The company recently closed its public offering of 5.52 million shares of common stock, including 720,000 shares issued as a result of the underwriters' exercise of their over-allotment option. Net proceeds of the issue totaled $87.6 million, excluding underwriting discounts, commissions and estimated offering expenses.Of the nine analysts covering the stock, 56% recommend a buy and the rest rate a hold. There are no sell ratings on the stock. Analysts polled by Bloomberg foresee the stock gaining an average 22.6% to $21.67 in the upcoming 12 months.
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