SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2001.
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _____ TO _____.
Commission File Number 0-18592
MERIT MEDICAL SYSTEMS, INC.
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(Exact name of Registrant as specified in its charter)
Utah 87-0447695
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(State or other jurisdiction of (I.R.S. Identification No.)
incorporation or organization)
1600 West Merit Parkway, South Jordan UT, 84095
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(Address of Principal Executive Offices)
(801) 253-1600
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(Registrant's telephone number, including area code)
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes x No
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Indicate the number of shares outstanding of each of the Registrant's
classes of common stock, as of the latest practicable date.
Common Stock 10,648,348
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TITLE OR CLASS Number of Shares Outstanding at
November 13, 2001
MERIT MEDICAL SYSTEMS, INC.
INDEX TO FORM 10-Q
PART I. FINANCIAL INFORMATION PAGE
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Item 1. Financial Statements
Consolidated Balance Sheets as of September 30, 2001
and December 31, 2000 .........................................................1
Consolidated Statements of Operations for the three and nine months
ended September 30, 2001 and 2000..............................................3
Consolidated Statements of Cash Flows for the nine months
ended September 30, 2001 and 2000..............................................4
Notes to Consolidated Financial Statements.....................................6
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations......................................................7
Item 3. Market Risk Disclosure. . . . . . . . . . . . . . . . . . . . . . . . . . . . .9
PART II. OTHER INFORMATION
Item 4. Exhibits and Reports on Form 8-K.............................................10
SIGNATURES........................................................................ . . . .10
MERIT MEDICAL SYSTEMS, INC.
CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 2001 AND DECEMBER 31, 2000
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PART I - FINANCIAL INFORMATION
ITEM 1: Financial Statements
September 30, December 31,
ASSETS 2001 2000
------------ ------------
(Unaudited)
CURRENT ASSETS:
Cash and cash equivalents $ 648,998 $ 412,384
Trade receivables - net 14,246,477 13,235,858
Employee and related party receivables 347,405 440,654
Irish Development Agency grant receivable -- 177,477
Inventories 21,838,612 25,273,428
Prepaid expenses and other assets 698,765 663,101
Deferred income tax assets 1,183,944 1,183,944
Income tax refund receivable 192,075 588,640
------------ ------------
Total current assets 39,156,276 41,975,486
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PROPERTY AND EQUIPMENT:
Land 1,257,902 1,260,985
Building 1,500,000 1,500,000
Automobiles 91,651 131,036
Manufacturing equipment 22,886,102 19,696,550
Furniture and fixtures 9,697,422 9,576,084
Leasehold improvements 5,614,085 5,420,194
Construction-in-progress 1,239,321 2,120,671
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Total 42,286,483 39,705,520
Less accumulated depreciation
and amortization (20,627,297) (17,860,490)
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Property and equipment - net 21,659,186 21,845,030
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OTHER ASSETS:
Intangible assets - net 2,585,160 2,522,384
Cost in excess of the fair
value of assets acquired - net 4,839,062 5,062,458
Deposits 35,254 41,273
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Total other assets 7,459,476 7,626,115
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TOTAL ASSETS $ 68,274,938 $ 71,446,631
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Continued on Page 2
See Notes to Consolidated Financial Statements
1
MERIT MEDICAL SYSTEMS, INC.
CONSOLIDATED BALANCE SHEETS (Continued)
SEPTEMBER 30, 2001 AND DECEMBER 31, 2000
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LIABILITIES AND STOCKHOLDERS' EQUITY
September 30, December 31,
2001 2000
------------ ------------
(Unaudited)
CURRENT LIABILITIES:
Current portion of long-term debt $ 710,725 $ 1,091,725
Trade payables 4,829,004 4,835,517
Accrued expenses 6,331,812 3,471,039
Advances from employees 141,289 96,778
Income taxes payable 162,267 33,420
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Total current liabilities 12,175,097 9,528,479
DEFERRED INCOME TAX LIABILITIES 2,265,528 2,177,833
LONG-TERM DEBT 8,493,045 24,011,778
DEFERRED CREDITS 897,088 955,839
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Total liabilities 23,830,758 36,673,929
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STOCKHOLDERS' EQUITY:
Preferred stock 5,000,000 shares authorized
as of September 30, 2001, and
December 31, 2000, no shares issued
Common stock - no par value; 20,000,000 shares
authorized, 10,594,331 and
9,489,045 shares issued at September 30, 2001
and December 31, 2000, respectively 24,676,481 19,779,765
Retained earnings 20,407,289 15,617,075
Accumulated other comprehensive loss (639,590) (624,138)
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Total stockholders' equity 44,444,180 34,772,702
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 68,274,938 $ 71,446,631
============ ============
See Notes to Consolidated Financial Statements
2
MERIT MEDICAL SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2001 and 2000 (Unaudited)
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Three Months Ended Nine Months Ended
September 30, September 30,
---------------------------- -----------------------------
2001 2000 2001 2000
----------- ------------ ------------ ------------
NET SALES $25,694,128 $ 23,330,203 $78,746,516 $ 68,963,497
COST OF SALES 15,968,517 15,371,355 50,375,374 45,754,360
----------- ------------ ------------ ------------
GROSS PROFIT 9,725,611 7,958,848 28,371,142 23,209,137
----------- ------------ ------------ ------------
OPERATING EXPENSES:
Selling, general and administrative 6,051,068 5,738,691 18,215,271 17,766,023
Research and development 944,205 995,553 3,165,068 3,003,937
Severance Costs -- -- -- 277,300
----------- ------------ ------------ ------------
Total operating expenses 6,995,273 6,734,244 21,380,339 21,047,260
----------- ------------ ------------ ------------
INCOME FROM OPERATIONS 2,730,338 1,224,604 6,990,803 2,161,877
OTHER EXPENSE - NET 130,814 661,181 99,389 1,762,102
----------- ------------ ------------ ------------
INCOME BEFORE INCOME TAX EXPENSE 2,599,524 563,423 6,891,414 399,775
INCOME TAX EXPENSE 854,528 169,026 2,101,200 119,933
----------- ------------ ------------ ------------
NET INCOME $ 1,744,996 $ 394,397 $ 4,790,214 $ 279,842
=========== ============ ============ ============
EARNINGS PER COMMON SHARE -
Basic $ .17 $ .04 $ .48 $ .03
============ ============ =========== ============
Diluted $ .16 $ .04 $ .46 $ .03
============ ============ =========== ============
WEIGHTED AVERAGE COMMON SHARES -
Basic 10,307,373 9,709,323 9,975,947 9,641,224
============ ========== ============ ==========
Diluted 11,242,488 9,848,121 10,473,826 9,815,788
=========== ========== =========== ==========
See Notes to Consolidated Financial Statements
3
MERIT MEDICAL SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000 (Unaudited)
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September 30, September 30,
2001 2000
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $4,790,214 $279,842
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Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 3,442,261 3,283,694
Bad debt expense 184,787 573,906
(Gains) Losses on sales and abandonment of
property and equipment (785,695) 60,629
Amortization of deferred credits (126,697) (96,680)
Deferred income taxes 87,695 6,601
Changes in operating assets and liabilities net of
effects from acquisitions:
Trade receivables (1,195,406) (1,599,025)
Employee and related party receivables 93,249 100,766
Irish Development Agency grant receivable 245,423 (13,180)
Inventories 3,434,816 1,010,689
Prepaid expenses (35,664) (366,585)
Deposits 6,019 14,039
Trade payables (6,513) (1,827,504)
Accrued expenses 2,860,773 1,027,452
Advances from employees 44,511 13,001
Income taxes payable 525,412 (136,759)
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Total adjustments 8,774,971 2,051,044
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Net cash provided by operating activities 13,565,185 2,330,886
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CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures for:
Property and equipment (2,803,991) (3,532,240)
Intangible assets (174,140) (358,255)
Acquisitions (660,649)
Proceeds from the sale of property and equipment 939,198 33,188
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Net cash used in investing activities (2,038,933) (4,517,956)
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Continued on page 5
See Notes to Consolidated Financial Statements
4
MERIT MEDICAL SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000 (Unaudited)
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September 30, September 30,
2001 2000
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CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from:
Issuance of common stock 4,896,716 1,114,629
Issuance of long-term debt 2,592,404
Principal payments on long-term debt (16,170,902) (1,017,567)
Net cash provided by financing activities (11,274,186) 2,689,466
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EFFECT OF EXCHANGE RATES ON CASH (15,452) (129,386)
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NET INCREASE IN CASH AND CASH EQUIVALENTS 236,614 373,010
CASH AT BEGINNING OF PERIOD 412,384 668,711
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CASH AT END OF PERIOD $ 648,998 $ 1,041,721
============ ==============
SUPPLEMENTAL DISCLOSURES OF CASH- FLOW INFORMATION Cash paid during the period
for:
Interest (including capitalized interest
of $71,056 and $102,958, respectively) $ 948,131 $ 1,609,922
============ ==============
Income taxes $ 144,502 $ 250,091
============ ==============
SUPPLEMENTAL DISCLOSURES OF NONCASH
INVESTING AND FINANCING ACTIVITIES:
During the nine months ended September 30, 2001 and 2000 the Company issued
notes payable totaling $271,169 and $509,963, respectively, for manufacturing
equipment, furniture and fixtures, land and building.
See Notes to Consolidated Financial Statements
5
MERIT MEDICAL SYSTEMS, INC.
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1. Basis of Presentation. In the opinion of management, the accompanying
consolidated financial statements contain all adjustments, consisting only of
normal recurring accruals, necessary for a fair presentation of the financial
position of the Company as of September 30, 2001 and December 31, 2000, and the
results of its operations and cash flows for the three and nine months ended
September 30, 2001 and 2000, and its cash flows for the nine months ended
September 30, 2001 and 2000. The results of operations for the three and nine
months ended September 30, 2001 and 2000 are not necessarily indicative of the
results for a full-year period.
2. Inventories. Inventories at September 30, 2001 and December 31, 2000
consisted of the following:
September 30, December 31,
2001 2000
--------------- ---------------
Raw materials $ 8,400,291 $ 8,325,314
Work-in-process 4,450,466 3,678,807
Finished goods 12,045,988 15,255,622
Less reserve for obsolete inventory (3,058,133) (1,986,315)
--------------- ---------------
Total $ 21,838,612 $ 25,273,428
============== ==============
3. Income Taxes. The Company has not fully allocated income tax expense between
current and deferred for the quarters ended September 30, 2001 and 2000. The
effective tax rates for the three and nine months ended September 30, 2001 and
2000 were below the 35% federal statutory rate. Improvements in the effective
tax rate below the 35% federal statutory rate were largely the result of the
Company's operations in Ireland which are currently taxed at a lower rate than
the Company's overall effective tax rate as well as credits received from
research and development expenditures.
4. Reporting Comprehensive Income. The Company's only transaction considered to
be an additional component of comprehensive income is the cumulative effect of
foreign currency translation adjustments. As of September 30, 2001 and December
31, 2000, the cumulative effect of such transactions reduced stockholders'
equity by $639,590 and $624,138, respectively. Comprehensive income for the
three and nine months ended September 30, 2001 and 2000 is shown as follows:
Three months ended Nine months ended
September 30, September 30,
------------------------------------ -------------------------------
2001 2000 2001 2000
-------------- -------------- -------------- --------------
Net Income $ 1,744,996 $ 394,397$ 4,790,214 $ 279,842
Foreign currency translation 41,058 (76,470) (15,452) (129,386)
-------------- -------------- -------------- --------------
Comprehensive income $ 1,786,054 $ 317,927 $ 4,774,762 $ 150,456
============== ============== ============== ==============
5. Recently Issued Financial Accounting Standards. Statement of Financial
Accounting Standard No. 133,(Accounting for Derivative Instruments and Hedging
Activities), as amended, requires that all derivative instruments be recognized
as either assets or liabilities at fair market value. The Company adopted this
statement beginning January 1,2001. The effect on the Company's financial
statements of adopting this statement was not significant.
On June 29, 2001, Statement of Financial Accounting Standards (SFAS) No. l41,
"Business Combinations", was approved by the Financial Accounting Standards
Board (FASB). SFAS No. 141 requires that the purchase method of accounting be
used for all business combinations initiated after June 30, 2001 and addresses
the initial recogni- tion and measurement of goodwill and certain intangible
assets in a business combination. The Company has adopted this accounting
standard for business combinations initiated after June 30, 2001.
6
MEDICAL SYSTEMS, INC.
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On June 29, 2001, SFAS No. 142, "Goodwill and Other Intangible Assets",
was approved by the FASB. SFAS No. 142 changes the accounting for goodwill
from an amortization method to an impairment-only approach. Goodwill from
past business combinations will no longer be amortized, but will be
reviewed annually, or more frequently if impairment indicators arise. As
of September 30, 2001, the net book value of the Company's goodwill was
$4.8 million, and goodwill amortization for the first nine months of 2001
was $206,096. The Company is required to implement SFAS No. 142 on January
1, 2002 and it has not yet determined the impact on its earnings and
financial position of the required impairment tests of goodwill.
In August 2001, the FASB issued SFAS No. 144, (Accounting for the
Impairment or Disposal of Long-lived Assets),which addresses accounting
and financial reporting for the impairment or disposal of long-lived
assets. This statement is effective for the Company on January 1, 2002.
The Company does not expect that the adoption of this standard will have a
material effect on its results of operations or financial position.
6. Stock Split. On August 15, 2001, the Company announced a five-for-four
stock split effective August 28, 2001. All earnings per share and share
data have been adjusted to reflect this split
ITEM 2:
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
- ------------------------------------------------------------
Overview
Merit Medical Systems, Inc. reported its best third quarter and nine months in
history, with record revenues and earnings. Company sales increased over 10% for
third quarter 2001 compared to the third quarter of 2000, across most product
lines, particularly custom kits and stand-alone products. Continued positive
momentum in manufacturing efficiency has resulted in favorable labor and
overhead utilization as compared to the first nine months of 2000. Management
believes that this trend toward lower costs per unit and higher gross margins
will continue into the fourth quarter as the Company sells inventories produced
in the last four or five months.
The Company is also experiencing greater efficiencies in the sales, general and
administrative areas of the Company. Management has continued to reduce
inventory; with a reduction of in excess of $3.4 million since December 31, 2000
and almost $7 million during the last 21 months covering the prior fiscal year
and the current nine month period. This reduction in inventory has resulted in
lower inventory carrying costs. The Company's cash flow from operations was
$13.6 million for the first nine months of 2001, and the Company was able to
reduce its long-term debt by $16.2 million during the period. So in just over 14
months the Company has reduced its line of credit balance almost $25 million,
from $30.4 million at August 24, 2000 to $5.6 million as of October 31, 2001.
This lower debt, combined with falling interest rates, have resulted in a
significant decrease in interest expense.
Management is pleased to report that the fundamental financial performance of
the Company has improved over the last year in almost every area. Sales are up,
productivity has increased, gross margins have improved, operating expenses have
dropped as a percentage of sales, and debt balances and interest costs are down,
resulting in a much improved cash flow, net income, and earnings per share.
On August 15, 2001 the Company announced that its board of directors had
approved a five-for-four forward stock split with a record date of August 24,
2001, and an effective date of August 28, 2001. All applicable comparative
financial information have been restated to reflect this stock split.
7
MERIT MEDICAL SYSTEMS, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (continued)
- --------------------------------------------------------------------------------
Operations. The Company's sales and earnings for the three and nine months ended
September 30, 2001, improved compared to the same periods in 2000. The following
table sets forth certain operational data as a percentage of sales for the three
and nine months ended September 30, 2001 and 2000.
Three Months Ended Nine Months Ended
September 30, September 30,
--------------- -------------
2001 2000 2001 2000
---- ---- ---- ----
Sales 100.0 % 100.0 % 100.0 % 100.0 %
Gross Profit 37.9 34.1 36.0 33.7
Selling, General and Administrative 23.6 24.6 23.1 25.8
Research & Development 3.7 4.3 4.0 4.4
Income From Operations 10.6 5.2 8.9 3.1
Other Expense .5 2.8 .1 2.6
Net Income 6.8 1.7 6.1 .4
Sales. Sales for the third quarter of 2001 were $25.7 million compared to $23.3
million for the same period last year, which represents a gain of 10 percent.
During the quarter, the Company's inflation device sales increased by 18
percent, and custom kit business grew by 9 percent compared to the quarter ended
September 30, 2000. Sales of Stand-alone devices including syringes, manifolds
and needles grew by 13 percent. Growth in all segments reflects continued market
share gains and acceptance of the Company's products, as well as hospital
procedural growth. For example, sales of the Company's inflation devices not
sold in kits grew by 26 percent in the quarter due in part to increased sales
for new spinal procedures such as discography and kyphoplasty. For the
nine-month period ended September 30, 2001, total sales were $78.7 million
compared with $69 million for the same period in 2000, a gain of 14 percent.
These gains were led by sales of the Company's stand- alone inflation devices,
which rose 30 percent; syringes which were up 35%, and custom kits, (other than
inflation kits) which grew by 20 percent. Catheter sales declined by 14% and
10%, respectively, for the three and nine month periods of 2001 compared to the
same periods of 2000, primarily because last year this product line benefited
significantly from the misfortune of a recall by Merit's largest competitor for
these catheters.
Gross Profit. Gross profit as a percentage of sales for the third quarter of
2001 was 37.9% compared to 34.1% for the same period of 2000. For the nine
months ended September 30, 2001, gross profit was 36.0% compared to 33.7% for
the first nine months of 2000. The increase in gross profit for the three and
nine months ended September 30, 2001, was primarily due to the much higher
productivity from both labor and overhead applications compared to a year ago.
Gross margins as a percent of sales have improved quarter to quarter as well,
from 35.9% in the second quarter ended June 30th to 37.9% in the third quarter
of 2001 because of the Company's efforts to reduce inventory, lower costs and
increase employee productivity.
Operating Expenses. Operating expenses were 27.3% of sales for the three months
ended September 30, 2001 compared to 28.9% for the third quarter of 2000. For
the first nine months of 2001 operating expenses decreased to 27.1% compared to
30.2% for the same period in 2000. Selling, general and administrative expenses
as a percentage of sales were 23.6% and 23.1%, respectively, for the three and
nine months ended September 30, 2001, compared to 24.6% and 25.8%, respectively,
for the same periods in 2000. The decrease was primarily due to the successful
implementation of the Company's expense- reduction program as well as the strong
increase in sales. Research and development costs declined to 3.7% and 4.0% of
sales, respectively, for the three and nine months ended September 30, 2001,
down from 4.3% and 4.4% of sales, respectively, for the same periods of 2000.
Operating Income. During the quarter ended September 30, 2001, the Company
reported income from operations of $2.7 million compared to $1.2 million for the
comparable period in 2000. Operating income for the first nine months of 2001
was $7.0 million verses $2.2 million for the same period in 2000. The increase
in net earnings for the three and nine months ended September 30, 2001 was
mainly attributable to the improvement in gross margins discussed above,
increased sales, and reduced operating expenses as a percent of sales.
8
MERIT MEDICAL SYSTEMS, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (continued)
- -------------------------------------------------------------------------------
Liquidity and Capital Resources. At September 30, 2001, the Company's working
capital was $27.0 million which represented a current ratio of 3.2 to 1. During
the nine months ended September 30, 2001 the principal sources of funds were
$13.6 million generated from operations, $4.9 million from the issuance of
common stock, and $.9 million from the sale of land. During this same period,
$16.2 million was used to pay down long-term debt and $3.0 million to purchase
equipment and other long term assets. These factors resulted in an increase of
$.2 million in cash for the nine months ended September 30, 2001.
In March 2000, the Company increased its long-term revolving credit facilities
with a bank to $35 million for a term of six years. During September 2001, the
Company voluntarily reduced its line of credit under this obligation to $8
million. The credit facility bears interest at or below the bank's prime rate,
or can be fixed at between 140 and 160 points over LIBOR and contains various
conditions and restrictions. At September 30, 2001, the outstanding balance
under the credit facility was $7.7 million. Historically, the Company has
incurred significant expenses in connection with product development and
introduction of new products. Substantial capital has also been required to
finance growth in inventories and receivables, particularly with acquisitions
and the introduction of new product lines. The Company's principal source of
funding for these and other expenses has been the sale of equity and cash
generated from operations, secured loans on equipment and bank credit
facilities. The Company believes that its present sources of liquidity and
capital are adequate for its current operations.
Item 3: Quantitative and Qualitative Disclosure About Market Risk.
Market Risk Disclosures.
The Company principally hedges the following EURO currencies: Belgian Francs,
French Francs, German Marks, Dutch Gilders, and Irish Pounds. The Company enters
into forward foreign exchange contracts to protect the Company from the risk
that the eventual net dollar cash flows resulting from transactions with foreign
customers and suppliers may be adversely affected by changes in currency
exchange rates. Such contracts are not significant.
Forward-Looking Statements. This Report includes "Forward-Looking Statements"
within the meaning of Section 27A of the Securities Act of 1933, as amended and
Section 21E of the Securities Exchange Act of 1934, as amended. All statements
other than statements of historical fact are "Forward-Looking Statements" for
purpose of these provisions, including any projections of earnings, revenues or
other financial items, any statements of the plans and objectives of management
for future operations, any statements concerning proposed new products or
services, any statements regarding future economic conditions or performance,
and any statements of assumptions underlying any of the foregoing. All
Forward-Looking Statements included in this document are made as of the date
hereof and are based on information available to Merit as of such date. Merit
assumes no obligation to update any Forward-Looking Statement. In some cases,
Forward-Looking Statements can be identified by the use of terminology such as
"may," "will," "expects," "plans," "anticipates," "intends," "believes,"
"estimates," "potential," or "continue," or the negative thereof or other
comparable terminology. Although the Company believes that the expectations
reflected in the Forward-Looking Statements contained herein are reasonable,
there can be no assurance that such expectations or any of the Forward-Looking
Statements will prove to be correct, and actual results could differ materially
from those projected or assumed in the Forward-Looking Statements. Future
financial condition and results of operations, as well as any Forward-Looking
Statements are subject to inherent risks and uncertainties, including market
acceptance of the Company's products, the timing of price increases,
fluctuations in and obsolescence of inventory, price and product competition,
availability of labor and materials, development of new products and techniques
that render the Company's products obsolete, foreign currency fluctuation,
changes in health care markets related to health care reform initiatives and
other factors referred to in the Company's press releases and reports filed with
the Securities and Exchange Commission. All subsequent Forward- Looking
Statements attributable to the Company or person acting on its behalf are
expressly qualified in their entirety by these cautionary statements.
9
MERIT MEDICAL SYSTEMS, INC.
- ---------------------------
PART II - OTHER INFORMATION
ITEM 4: Exhibits and Reports on Form 8-K
(a) Reports on Form 8-K - none
(b) Exhibits - none
SIGNATURES
----------
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
MERIT MEDICAL SYSTEMS, INC.
REGISTRANT
Date: NOVEMBER 13, 2001 /s/FRED P. LAMPROPOULOS
---------------------- -------------------------------------------
FRED P. LAMPROPOULOS
PRESIDENT AND CHIEF EXECUTIVE OFFICER
Date: NOVEMBER 13, 2001 /s/ KENT W. STANGER
---------------------- -------------------------------------------
KENT W. STANGER
VICE PRESIDENT AND CHIEF FINANCIAL OFFICER
10