Exhibit 99.1

Contacts:
PR/Media Inquiries: Teresa Johnson Merit Medical	Investor Inquiries: Mike Piccinino, CFA, IRC Westwicke - ICR
+1-801-208-4295	+1-443-213-0509
tjohnson@merit.com	mike.piccinino@westwicke.com

FOR IMMEDIATE RELEASE

MERIT MEDICAL REPORTS RESULTS FOR
FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2021,

ISSUES FY 2022 GUIDANCE

● Q4 2021 reported revenue of $278.5 million, up 7.9% on a reported basis and up 8.4% on a constant currency revenue, organic* basis, compared to Q4 2020

● Q4 2021 GAAP EPS increased 32% year-over-year to $0.36, compared to $0.27 in Q4 2020

● Q4 2021 non-GAAP EPS* increased 31% year-over-year to $0.71, compared to $0.54 in Q4 2020

● FY21 reported revenue of $1.075 billion, up 11.5% on a reported basis and up 10.4% on a constant currency revenue, organic* basis, compared to FY20

● FY21 GAAP EPS was $0.84, compared to loss per share of ($0.18) in FY20

● FY21 non-GAAP EPS* increased 43% year-over-year to $2.37, compared to $1.65 in FY20

*  Constant currency revenue; constant currency revenue, organic; core revenue; non-GAAP EPS; non-GAAP net income; non-GAAP operating income and margin; non-GAAP gross margin; and free cash flow are non-GAAP financial measures. A reconciliation of these financial measures to their most directly comparable GAAP financial measures is included under the heading “Non-GAAP Financial Measures” below.

SOUTH JORDAN, Utah, February 24, 2022 -- Merit Medical Systems, Inc. (NASDAQ: MMSI), a leading manufacturer and marketer of proprietary medical devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care and endoscopy, today announced revenue of $278.5 million for the quarter ended December 31, 2021, an increase of 7.9% compared to the quarter ended December 31, 2020. Constant currency revenue, organic for the fourth quarter of 2021 increased 8.4% compared to the prior year period. For the year ended December 31, 2021, Merit's revenue was $1.075 billion, up 11.5%  compared to 2020. Constant currency revenue, organic for the year ended December 31, 2021 increased 10.4% when compared to 2020.

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Merit’s revenue by operating segment and product category for the three and twelve-month periods ended December 31, 2021 and 2020 was as follows (unaudited; in thousands, except for percentages):

			Three Months Ended						Year Ended
			December 31,						December 31,
	% Change		2021		2020		% Change		2021		2020
Cardiovascular
Peripheral Intervention	11.0	%	$	105,543	$	95,080	18.6	%	$	405,116	$	341,568
Cardiac Intervention	11.7	%		80,438		71,986	14.6	%		320,641		279,671
Custom Procedural Solutions	(6.3)	%		50,450		53,827	(4.6)	%		193,942		203,196
OEM	15.8	%		33,794		29,175	12.5	%		123,528		109,767
Total	8.1	%		270,225		250,068	11.7	%		1,043,227		934,202
Endoscopy
Endoscopy devices	4.2	%		8,267		7,936	6.2	%		31,524		29,673
Total	7.9	%	$	278,492	$	258,004	11.5	%	$	1,074,751	$	963,875

Merit’s GAAP gross margin for the fourth quarter of 2021 was 46.3%, compared to GAAP gross margin of 43.1% for the prior year period. Merit’s non-GAAP gross margin for the fourth quarter of 2021 was 50.0%, compared to non-GAAP gross margin of 47.9% for the prior year period. Merit’s GAAP gross margin for the year ended December 31, 2021 was 45.2%, compared to GAAP gross margin of 41.6% for the prior year. Merit’s non-GAAP gross margin for the year ended December 31, 2021 was 49.3%, compared to non-GAAP gross margin of 47.1% for the prior year.

Merit’s GAAP net income for the fourth quarter of 2021 increased 34% year-over-year to $20.6 million, or $0.36 per share, compared to GAAP net income of $15.4 million, or $0.27 per share, for the fourth quarter of 2020. Merit’s non-GAAP net income for the fourth quarter of 2021 increased 33% year-over-year to $40.8 million, or $0.71 per share, compared to non-GAAP net income of $30.8 million, or $0.54 per share, for the prior year period.

Merit’s GAAP net income for the year ended December 31, 2021 was $48.5 million, or $0.84 per share, compared to GAAP net loss of ($9.8) million, or ($0.18) per share, for 2020. Merit’s non-GAAP net income for the year ended December 31, 2021 increased 46% year-over-year to $136.2 million, or $2.37 per share, compared to non-GAAP net income of $93.3 million, or $1.65 per share, for 2020.

“We delivered fourth quarter performance that drove our 2021 financial results above the high end of our revenue and non-GAAP EPS guidance ranges, reflecting strong execution from our team despite the challenging operating environment,”  said Fred P. Lampropoulos, Merit’s Chairman and Chief Executive Officer. “Fourth quarter total revenue increased 8.4% on a constant currency, organic basis, driven by 6.6% growth in the U.S. and 10.8% growth outside the U.S. during the period. By product category, fourth quarter sales growth was driven primarily by low double-digit growth year-over-year in sales of our peripheral intervention and cardiac intervention products and mid-teens growth year-over-year in sales of OEM products. We delivered strong non-GAAP gross margin performance in the fourth quarter driven, in part, by early benefits attributable to our Foundations for Growth initiatives, which offset inflationary pressures in raw materials, freight and logistics expenses in the period. The strong increase in non-GAAP gross margins, combined with prudent operating expense control, resulted in growth in our non-GAAP net income and non-GAAP EPS of 33% and 31%, respectively, year-over-year.”  

Mr. Lampropoulos continued: “Our operating and financial performance in fiscal year 2021 was impressive. We delivered more than 10% constant currency revenue growth, expanded our non-GAAP gross and operating margins approximately 220 basis points year-over-year, grew non-GAAP EPS 43% year-over-year and generated more than $119 million of free cash flow. We also made considerable progress in the first year of our Foundations for Growth Program in 2021 and remain committed to the significant improvements in profitability and notable free cash flow generation we have targeted over the course of this multi-year strategic initiative. We introduced our financial guidance for fiscal year 2022 in this afternoon’s press release which calls for total revenue growth, on a constant currency basis, of approximately 4% to 6% year-over-year, continued expansion in our non-GAAP gross and operating margins and strong free cash flow generation.”

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As of December 31, 2021, Merit had cash on hand of $68 million, long term debt obligations of $243 million, and available borrowing capacity of $490 million, compared to cash on hand of $57 million, long term debt obligations of $352 million, and available borrowing capacity of $389 million as of December 31, 2020.

Fiscal Year 2022 Financial Guidance

Based upon information currently available to Merit’s management,  Merit estimates for the year ending December 31, 2022, absent material acquisitions, non-recurring transactions or other factors beyond Merit’s current expectations, the following:

● Net revenue in the range of $1.117 billion to $1.140 billion, representing an increase of approximately 4% to 6% year over year, as compared to net revenue of $1.075 billion for the twelve months ended December 31, 2021. The fiscal year 2022 revenue guidance range assumes:

o Net revenue from the cardiovascular segment of between $1.083 billion and $1.106 billion, representing an increase of approximately 4% to 6% year-over-year as compared to net revenue of $1.043 billion for the twelve months ended December 31, 2021.

o Net revenue from the endoscopy segment of between $33.5 million and $34.1 million, representing an increase of approximately 6% to 8% year-over-year as compared to net revenue of $31.5 million for the twelve months ended December 31, 2021.

● GAAP net income in the range of $75.4 million to $84.0 million, or $1.30 to $1.45 per diluted share, compared to GAAP net income of $48.5 million, or $0.84 per diluted share, for the twelve months ended December 31, 2021.

● Non-GAAP net income in the range of $140.0 million to $148.7 million, or $2.41 to $2.56 per diluted share, compared to non-GAAP net income of $136.2 million, or $2.37 per diluted share, for the twelve months ended December 31, 2021.

Merit’s financial guidance for the year ending December 31, 2022 is subject to risks and uncertainties identified in this release and Merit’s filings with the U.S. Securities and Exchange Commission (the “SEC”).

CONFERENCE CALL

Merit will hold its investor conference call (conference ID 5259615) today, Thursday, February 24, 2022, at 5:00 p.m. Eastern (4:00 p.m. Central, 3:00 p.m. Mountain, and 2:00 p.m. Pacific). The domestic telephone number is (844) 578-9672 and the international number is (508) 637-5656. A live webcast and slide deck will also be available at merit.com.

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CONSOLIDATED BALANCE SHEETS

(in thousands)

	December 31,
	2021		December 31,
	(Unaudited)		2020
ASSETS
Current Assets
Cash and cash equivalents	$	67,750	$	56,916
Trade receivables, net		152,301		146,641
Other receivables		17,763		7,774
Inventories		221,922		198,019
Prepaid expenses and other assets		16,149		13,120
Prepaid income taxes		3,550		3,688
Income tax refund receivables		2,777		3,549
Total current assets		482,212		429,707
Property and equipment, net		371,658		382,728
Intangible assets, net		319,269		367,915
Goodwill		361,741		363,533
Deferred income tax assets		6,080		4,597
Operating lease right-of-use assets		65,913		78,240
Other assets		41,421		37,676
Total Assets	$	1,648,294	$	1,664,396
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Trade payables	$	55,624	$	49,837
Accrued expenses		159,014		111,944
Current portion of long-term debt		8,438		7,500
Current operating lease liabilities		10,668		12,903
Income taxes payable		2,536		2,820
Total current liabilities		236,280		185,004
Long-term debt		234,397		343,722
Deferred income tax liabilities		31,503		33,312
Long-term income taxes payable		347		347
Liabilities related to unrecognized tax benefits		932		1,016
Deferred compensation payable		18,111		16,808
Deferred credits		1,815		1,923
Long-term operating lease liabilities		61,526		70,941
Other long-term obligations		23,584		52,748
Total liabilities		608,495		705,821
Stockholders' Equity
Common stock		641,533		606,224
Retained earnings		406,257		357,803
Accumulated other comprehensive loss		(7,991)		(5,452)
Total stockholders' equity		1,039,799		958,575
Total Liabilities and Stockholders' Equity	$	1,648,294	$	1,664,396

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CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(Unaudited; in thousands except per share amounts)

	Three Months Ended				Year Ended
	December 31,				December 31,
	2021		2020		2021		2020
Net sales	$	278,492	$	258,004	$	1,074,751	$	963,875
Cost of sales		149,686		146,841		589,418		562,698
Gross profit		128,806		111,163		485,333		401,177
Operating expenses:
Selling, general and administrative		76,629		79,934		335,690		297,724
Research and development		20,406		15,133		71,247		57,537
Legal settlement		10,036		484		10,036		18,684
Impairment charges		—		8,199		4,283		36,504
Contingent consideration expense (benefit)		(161)		(8,844)		3,161		(7,960)
Acquired in-process research and development		—		250		—		250
Total operating expenses		106,910		95,156		424,417		402,739
Income (loss) from operations		21,896		16,007		60,916		(1,562)
Other income (expense):
Interest income		101		370		769		604
Interest expense		(1,105)		(1,938)		(5,261)		(9,994)
Other expense - net		(711)		(1,194)		(2,507)		(2,279)
Total other expense — net		(1,715)		(2,762)		(6,999)		(11,669)
Income (loss) before income taxes		20,181		13,245		53,917		(13,231)
Income tax expense (benefit)		(432)		(2,133)		5,463		(3,388)
Net income (loss)	$	20,613	$	15,378	$	48,454	$	(9,843)
Earnings (loss) per common share
Basic	$	0.36	$	0.28	$	0.86	$	(0.18)
Diluted	$	0.36	$	0.27	$	0.84	$	(0.18)
Weighted average shares outstanding
Basic		56,489		55,577		56,145		55,434
Diluted		57,624		56,736		57,359		55,434

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CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands - unaudited)

	Year Ended
	December 31,
	2021		2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	48,454	$	(9,843)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		84,066		94,070
Write-off of certain intangible assets and other long-term assets		4,412		36,609
Amortization of right-of-use operating lease assets		11,718		12,746
Fair value adjustments to contingent consideration		3,161		(7,960)
Deferred income taxes		(4,631)		(11,295)
Stock-based compensation expense		16,090		14,339
Other adjustments		1,799		2,366
Changes in operating assets and liabilities, net of acquisitions and divestitures		(17,838)		34,238
Total adjustments		98,777		175,113
Net cash provided by operating activities		147,231		165,270
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures for property and equipment		(27,939)		(45,988)
Cash paid in acquisitions, net of cash acquired		(7,171)		(10,953)
Other investing, net		(2,051)		(1,711)
Net cash used in investing activities		(37,161)		(58,652)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock		21,306		6,635
Payments on long-term debt, net		(108,500)		(88,375)
Contingent payments related to acquisitions		(10,665)		(13,100)
Payment of taxes related to an exchange of common stock		(576)		(866)
Net cash used in financing activities		(98,435)		(95,706)
Effect of exchange rates on cash		(801)		1,684
Net increase in cash and cash equivalents		10,834		12,596
CASH AND CASH EQUIVALENTS:
Beginning of period		56,916		44,320
End of period	$	67,750	$	56,916

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Non-GAAP Financial Measures

Although Merit’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), Merit’s management believes that certain non-GAAP financial measures referenced in this release provide investors with useful information regarding the underlying business trends and performance of Merit’s ongoing operations and can be useful for period-over-period comparisons of such operations. Non-GAAP financial measures used in this release include:

● constant currency revenue;

● constant currency revenue, organic;

● core revenue;

● non-GAAP gross margin;

● non-GAAP operating income and margin;

● non-GAAP net income;

● non-GAAP earnings per share; and

● free cash flow.

Merit’s management team uses these non-GAAP financial measures to evaluate Merit’s profitability and efficiency, to compare operating and financial results to prior periods, to evaluate changes in the results of its operating segments, and to measure and allocate financial resources internally. However, Merit’s management does not consider such non-GAAP measures in isolation or as an alternative to measures determined in accordance with GAAP.

Readers should consider non-GAAP measures used in this release in addition to, not as a substitute for, financial reporting measures prepared in accordance with GAAP. These non-GAAP financial measures generally exclude some, but not all, items that may affect Merit’s net income. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which items are excluded. Merit believes it is useful to exclude such items in the calculation of non-GAAP earnings per share, non-GAAP gross margin, non-GAAP operating income and margin, and non-GAAP net income (in each case, as further illustrated in the reconciliation tables below) because such amounts in any specific period may not directly correlate to the underlying performance of Merit’s business operations and can vary significantly between periods as a result of factors such as acquisition or other extraordinary transactions, non-cash expenses related to amortization or write-off of previously acquired tangible and intangible assets, certain severance expenses, expenses resulting from non-ordinary course litigation or administrative proceedings and resulting settlements, corporate transformation expenses, governmental proceedings or changes in tax or industry regulations, gains or losses on disposal of certain assets, and debt issuance costs. Merit may incur similar types of expenses in the future, and the non-GAAP financial information included in this release should not be viewed as a statement or indication that these types of expenses will not recur. Additionally, the non-GAAP financial measures used in this release may not be comparable with similarly titled measures of other companies. Merit urges readers to review the reconciliations of its non-GAAP financial measures to the comparable GAAP financial measures, and not to rely on any single financial measure to evaluate Merit’s business or results of operations.

Constant Currency Revenue

Merit’s constant currency revenue is prepared by converting the current-period reported revenue of subsidiaries whose functional currency is a currency other than the U.S. dollar at the applicable foreign exchange rates in effect during the comparable prior-year period, and adjusting for the effects of hedging transactions on reported revenue, which are recorded in the U.S. The constant currency revenue adjustments of $1.1 million and ($10.3) million to reported revenue for the three and twelve-month periods ended December 31, 2021 were calculated using the applicable average foreign exchange rates for the three and twelve-month periods ended December 31, 2020, respectively.

Constant Currency Revenue, Organic

Merit’s constant currency revenue, organic, is defined, with respect to prior fiscal year periods, as GAAP revenue. With respect to current fiscal year periods, constant currency revenue, organic, is defined as constant currency revenue (as defined above), less revenue from certain acquisitions. For the three and twelve-month periods ended December 31, 2021, Merit’s constant

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currency revenue, organic, excludes revenues attributable to the acquisition of KA Medical, LLC in November 2020 (excluded through October 2021).

Core Revenue

For the three and twelve-month periods ended December 31, 2020, Merit’s core revenue excludes revenues attributable to its distribution agreement with NinePoint Medical, Inc., which was suspended during the first quarter of 2020, revenues attributable to the manufacture of Merit’s Hypotube product which was divested in August 2020, revenues attributable to the ITL Healthcare Pty Ltd (“ITL”) procedure pack business in Australia which was closed in December 2020, and revenue attributable to sales of the Cultura^TM nasopharyngeal swabs and test kits (which benefited from high demand in 2020 resulting from the COVID-19 pandemic but which are not expected to contribute significant revenue in the future).

With respect to the three and twelve-month periods ended December 31, 2021, core revenue is defined as constant currency revenue, organic (as defined above), less revenue attributable to sales of the Cultura nasopharyngeal swabs and test kits and revenue attributable to the final sales of products from the closed ITL procedure pack business.

Non-GAAP Gross Margin

Non-GAAP gross margin is calculated by reducing GAAP cost of sales by amounts recorded for amortization of intangible assets, certain inventory write-offs, and inventory mark-up related to acquisitions, divided by reported net sales.

Non-GAAPOperating Income and Margin

Non-GAAP operating income is calculated by adjusting GAAP operating income (loss) for certain items which are deemed by Merit’s management to be outside of core operations and vary in amount and frequency among periods, such as expenses related to acquisitions or other extraordinary transactions, non-cash expenses related to amortization or write-off of previously acquired tangible and intangible assets, certain severance expenses, performance-based stock compensation expenses, corporate transformation expenses, expenses resulting from non-ordinary course litigation or administrative proceedings and resulting settlements, governmental proceedings or changes in industry regulations, as well as other items referenced in the tables below. Non-GAAP operating margin is calculated by dividing non-GAAP operating income by reported net sales.

Non-GAAP Net Income

Non-GAAP net income is calculated by adjusting GAAP net income (loss) for the items set forth in the definition of non-GAAP operating income above, as well as for expenses related to debt issuance costs, gains or losses on disposal of certain assets, changes in tax regulations, and other items set forth in the tables below.

Non-GAAP EPS

Non-GAAP EPS is defined as non-GAAP net income divided by the diluted shares outstanding for the corresponding period.

Free Cash Flow

Free cash flow is defined as cash flow from operations calculated in accordance with GAAP, less capital expenditures for property and equipment calculated in accordance with GAAP, as set forth in the consolidated statement of cash flows.

Non-GAAP Financial Measure Reconciliations

The following tables set forth supplemental financial data and corresponding reconciliations of non-GAAP financial measures to Merit’s corresponding financial measures prepared in accordance with GAAP, in each case, for the three and twelve-month periods ended December 31, 2021 and 2020. The non-GAAP income adjustments referenced in the following tables do not reflect non-performance-based stock compensation expense of approximately $3.5 million and $3.0 million for the three-month periods ended December 31, 2021 and 2020, respectively, and approximately $11.1 million and $10.6 million for the twelve-month periods ended December 31, 2021 and 2020.

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Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income

(Unaudited; in thousands except per share amounts)

	Three Months Ended
	December 31, 2021
	Pre-Tax		Tax Impact		After-Tax		Per Share Impact
GAAP net income	$	20,181	$	432	$	20,613	$	0.36
Non-GAAP adjustments:
Cost of Sales
Amortization of intangibles		10,570		(2,625)		7,945		0.14
Operating Expenses
Contingent consideration benefit		(161)		53		(108)		(0.00)
Amortization of intangibles		1,786		(447)		1,339		0.02
Performance-based share-based compensation (a)		1,036		(110)		926		0.02
Corporate transformation and restructuring (b)		1,605		(398)		1,207		0.02
Acquisition-related		(2)		—		(2)		(0.00)
Medical Device Regulation expenses (c)		1,513		(375)		1,138		0.02
Other (d)		10,118		(2,508)		7,610		0.13
Other (Income) Expense
Amortization of long-term debt issuance costs		151		(37)		114		0.00
Non-GAAP net income	$	46,797	$	(6,015)	$	40,782	$	0.71
Diluted shares								57,624

	Three Months Ended
	December 31, 2020
	Pre-Tax		Tax Impact		After-Tax		Per Share Impact
GAAP net income	$	13,245	$	2,133	$	15,378	$	0.27
Non-GAAP adjustments:
Cost of Sales
Amortization of intangibles		12,543		(3,233)		9,310		0.16
Inventory write-off (e)		(24)		7		(17)		(0.00)
Inventory mark-up related to acquisitions		4		(1)		3		0.00
Operating Expenses
Contingent consideration benefit		(8,844)		(93)		(8,937)		(0.16)
Impairment charges		8,199		(2,751)		5,448		0.10
Amortization of intangibles		1,893		(508)		1,385		0.02
Performance-based share-based compensation (a)		1,112		(141)		971		0.02
Corporate transformation and restructuring (b)		7,890		(1,985)		5,905		0.10
Acquisition-related		393		(101)		292		0.01
Medical Device Regulation expenses (c)		365		(98)		267		0.00
Other (d)		962		(304)		658		0.01
Other (Income) Expense
Amortization of long-term debt issuance costs		151		(39)		112		0.00
Gain on disposal of business unit		(10)		2		(8)		(0.00)
Non-GAAP net income	$	37,879	$	(7,112)	$	30,767	$	0.54
Diluted shares								56,736

Note: Certain per share impacts may not sum to totals due torounding.

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Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income

(Unaudited; in thousands except per share amounts)

	Year Ended
	December 31, 2021
	Pre-Tax		Tax Impact		After-Tax		Per Share Impact
GAAP net income	$	53,917	$	(5,463)	$	48,454	$	0.84
Non-GAAP adjustments:
Cost of Sales
Amortization of intangibles		42,453		(10,543)		31,910		0.56
Inventory write-off (e)		1,620		(202)		1,418		0.02
Operating Expenses
Contingent consideration expense		3,161		52		3,213		0.06
Impairment charges		4,283		(481)		3,802		0.07
Amortization of intangibles		7,183		(1,798)		5,385		0.09
Performance-based share-based compensation (a)		5,035		(604)		4,431		0.08
Corporate transformation and restructuring (b)		18,649		(4,620)		14,029		0.24
Acquisition-related		8,473		(2,100)		6,373		0.11
Medical Device Regulation expenses (c)		4,036		(1,001)		3,035		0.05
Other (d)		16,652		(2,977)		13,675		0.24
Other (Income) Expense
Amortization of long-term debt issuance costs		604		(150)		454		0.01
Non-GAAP net income	$	166,066	$	(29,887)	$	136,179	$	2.37
Diluted shares								57,359

	Year Ended
	December 31, 2020
	Pre-Tax		Tax Impact		After-Tax		Per Share Impact
GAAP net loss	$	(13,231)	$	3,388	$	(9,843)	$	(0.18)
Non-GAAP adjustments:
Cost of Sales
Amortization of intangibles		50,696		(13,065)		37,631		0.67
Inventory write-off (e)		1,752		(465)		1,287		0.02
Inventory mark-up related to acquisitions		191		(49)		142		0.00
Operating Expenses
Contingent consideration benefit		(7,960)		466		(7,494)		(0.13)
Impairment charges		36,504		(7,115)		29,389		0.52
Amortization of intangibles		7,943		(2,141)		5,802		0.10
Performance-based share-based compensation (a)		3,735		(475)		3,260		0.06
Corporate transformation and restructuring (b)		14,175		(3,700)		10,475		0.19
Acquisition-related		1,229		(317)		912		0.02
Medical Device Regulation expenses (c)		1,379		(359)		1,020		0.02
Other (d)		24,438		(3,815)		20,623		0.37
Other (Income) Expense
Amortization of long-term debt issuance costs		604		(155)		449		0.01
Gain on disposal of business unit		(517)		133		(384)		(0.01)
Non-GAAP net income	$	120,938	$	(27,669)	$	93,269	$	1.65
Diluted shares (f)								56,374

Note: Certain per share impacts may not sum to totals due torounding.

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Reconciliation of Reported Operating Income (Loss) to Non-GAAP Operating Income

(Unaudited; in thousands except percentages)

	Three Months Ended				Three Months Ended				Year Ended				Year Ended
	December 31, 2021				December 31, 2020				December 31, 2021				December 31, 2020
	Amounts		% Sales		Amounts		% Sales		Amounts		% Sales		Amounts		% Sales
Net Sales as Reported	$	278,492			$	258,004			$	1,074,751			$	963,875
GAAP Operating Income (Loss)		21,896	7.9	%		16,007	6.2	%		60,916	5.7	%		(1,562)	(0.2)	%
Cost of Sales
Amortization of intangibles		10,570	3.8	%		12,543	4.9	%		42,453	4.0	%		50,696	5.3	%
Inventory write-off (e)		—	—			(24)	(0.0)	%		1,620	0.2	%		1,752	0.2	%
Inventory mark-up related to acquisitions		—	—			4	0.0	%		—	—			191	0.0	%
Operating Expenses
Contingent consideration expense (benefit)		(161)	(0.1)	%		(8,844)	(3.4)	%		3,161	0.3	%		(7,960)	(0.8)	%
Impairment charges		—	—			8,199	3.2	%		4,283	0.4	%		36,504	3.8	%
Amortization of intangibles		1,786	0.6	%		1,893	0.7	%		7,183	0.7	%		7,943	0.8	%
Performance-based share-based compensation (a)		1,036	0.4	%		1,112	0.4	%		5,035	0.5	%		3,735	0.4	%
Corporate transformation and restructuring (b)		1,605	0.6	%		7,890	3.1	%		18,649	1.7	%		14,175	1.5	%
Acquisition-related		(2)	(0.0)	%		393	0.2	%		8,473	0.8	%		1,229	0.1	%
Medical Device Regulation expenses (c)		1,513	0.5	%		365	0.1	%		4,036	0.4	%		1,379	0.1	%
Other (d)		10,118	3.6	%		962	0.4	%		16,652	1.5	%		24,438	2.5	%
Non-GAAP Operating Income	$	48,361	17.4	%	$	40,500	15.7	%	$	172,461	16.0	%	$	132,520	13.7	%

Note: Certain percentages may not sum to totals due to rounding

a) Represents performance-based share-based compensation expense, including stock-settled and cash-settled awards.

b) Includes severance related to corporate initiatives, write-offs and valuation adjustments of other long-term assets associated with restructuring activities, expenses related to the Foundations for Growth Program, and other transformation costs.

c) Represents incremental expenses incurred to comply with the Medical Device Regulation (“MDR”) in Europe.

d) The 2021 periods include accrued class action litigation settlement costs in the fourth quarter of approximately $10 million, net of expected insurance proceeds, accrued contract termination costs of approximately $6 million to renegotiate certain terms of an acquisition agreement, and costs to comply with Merit’s settlement agreement with the U.S. Department of Justice (the “DOJ”). The 2020 periods include $18.7 million of settlement costs to fully resolve an investigation conducted by the DOJ, costs incurred in responding to the DOJ inquiry, activist shareholder settlement fees, and expense from abandoned patents.

e) Represents the write-off of inventory related to the divestiture or exit of certain businesses or product lines.

f) For the twelve-month period ended December 31, 2020, the non-GAAP net income per diluted share calculation includes approximately 940,000 shares that were excluded from the GAAP net loss per diluted share calculation.

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Reconciliation of Reported Revenue to Constant Currency Revenue (Non-GAAP), Constant Currency Revenue, Organic (Non-GAAP), and Core Revenue (Non-GAAP)

(Unaudited; in thousands except percentages)

			Three Months Ended						Year Ended
			December 31,						December 31,
	% Change		2021		2020		% Change		2021		2020
Reported Revenue	7.9	%	$	278,492	$	258,004	11.5	%	$	1,074,751	$	963,875
Add: Impact of foreign exchange				1,135		—				(10,307)		—
Constant Currency Revenue (a)	8.4	%	$	279,627	$	258,004	10.4	%	$	1,064,444	$	963,875
Less: Revenue from certain acquisitions				(18)		—				(227)		—
Constant Currency Revenue, Organic (a)	8.4	%	$	279,609	$	258,004	10.4	%	$	1,064,217	$	963,875
Less: Revenue from certain dispositions				—		(2,532)				(179)		(11,273)
Less: Revenue from Cultura				(951)		(4,946)				(3,257)		(19,115)
Core Revenue (a)	11.2	%	$	278,658	$	250,526	13.6	%	$	1,060,781	$	933,487

(a) A non-GAAP financial measure. For a definition of this and other non-GAAP financial measures, see the Non-GAAP Financial Measures section above in this release.

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Reconciliation of Reported Gross Margin to Non-GAAP Gross Margin (Non-GAAP)

(Unaudited; as a percentage of reported revenue)

	Three Months Ended				Year Ended
	December 31,				December 31,
	2021		2020		2021		2020
Reported Gross Margin	46.3	%	43.1	%	45.2	%	41.6	%
Add back impact of:
Amortization of intangibles	3.8	%	4.9	%	4.0	%	5.3	%
Inventory write-off (a)	—		(0.0)	%	0.2	%	0.2	%
Inventory mark-up related to acquisitions	—		0.0	%	—		0.0	%
Non-GAAP Gross Margin	50.0	%	47.9	%	49.3	%	47.1	%

Note: Certain percentages may not sum to totals due to rounding

(a) Represents the write-off of inventory related to the divestiture or exit of certain businesses or product lines.

ABOUT MERIT

Founded in 1987, Merit Medical Systems, Inc. is a leading manufacturer and marketer of proprietary medical devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care and endoscopy. Merit serves client hospitals worldwide with a domestic and international sales force and clinical support team totaling in excess of 500 individuals. Merit employs approximately 6,700 people worldwide with facilities in South Jordan, Utah; Pearland, Texas; Richmond, Virginia; Aliso Viejo, California; Maastricht and Venlo, The Netherlands; Paris, France; Galway, Ireland; Beijing, China; Tijuana, Mexico; Joinville, Brazil; Ontario, Canada; Melbourne, Australia; Tokyo, Japan; Reading, United Kingdom; Johannesburg, South Africa; and Singapore.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Statements contained in this release which are not purely historical, including, without limitation, statements regarding Merit’s forecasted plans, net sales, net income or loss (GAAP and non-GAAP), operating income and margin (GAAP and non-GAAP), gross margin (GAAP and non-GAAP), earnings per share (GAAP and non-GAAP), free cash flow, and other financial measures, the potential impact, scope and duration of, and Merit’s response to, the COVID-19 pandemic and the potential for recovery from that pandemic, future growth and profit expectations or forecasted economic conditions, or the implementation of, and results achieved through, Merit’s Foundations for Growth Program or other expense reduction initiatives, or the development and commercialization of new products, are 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, and are subject to risks and uncertainties such as those described in Merit’s Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Annual Report”) and other filings with the SEC. Such risks and uncertainties include inherent risks and uncertainties relating to Merit’s internal models or the projections in this release; risks and uncertainties associated with the COVID-19 pandemic and Merit’s response thereto; disruptions in Merit’s supply chain, manufacturing or sterilization processes; reduced availability of, and price increases associated with, commodity components; risks relating to Merit’s potential inability to successfully manage growth through acquisitions generally, including the inability to effectively integrate acquired operations or products or commercialize technology developed internally or acquired through completed, proposed or future transactions; negative changes in economic and industry conditions in the United States or other countries; risks and uncertainties associated with Merit’s information technology systems, including the potential for breaches of security and evolving regulations regarding privacy and data protection; governmental scrutiny and regulation of the medical device industry, including governmental inquiries, investigations and proceedings involving Merit; litigation and other judicial proceedings affecting Merit; restrictions on Merit’s liquidity or business operations resulting from its debt agreements; infringement of Merit’s technology or the assertion that Merit’s technology infringes the rights of other parties; product recalls and product liability claims; changes in customer purchasing patterns or the mix of products Merit sells; expenditures relating to research, development, testing and regulatory approval or clearance of Merit’s products and risks that such products may not be developed successfully or approved for commercial use; the potential of fines, penalties or other adverse consequences if Merit’s employees or agents violate the U.S. Foreign Corrupt Practices Act or other laws or regulations; laws and regulations

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targeting fraud and abuse in the healthcare industry; potential for significant adverse changes in governing regulations, including reforms to the procedures for approval or clearance of Merit’s products by the U.S. Food & Drug Administration or comparable regulatory authorities in other jurisdictions; changes in tax laws and regulations in the United States or other countries; termination of relationships with Merit’s suppliers, or failure of such suppliers to perform; fluctuations in exchange rates; concentration of a substantial portion of Merit’s revenues among a few products and procedures; development of new products and technology that could render Merit’s existing or future products obsolete; market acceptance of new products; volatility in the market price of Merit’s common stock; modification or limitation of governmental or private insurance reimbursement policies; changes in healthcare policies or markets related to healthcare reform initiatives; failure to comply with applicable environmental laws; changes in key personnel; work stoppage or transportation risks; failure to introduce products in a timely fashion; price and product competition; availability of labor and materials; fluctuations in and obsolescence of inventory; and other factors referenced in the 2020 Annual Report and other materials filed with the SEC. All subsequent forward-looking statements attributable to Merit or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Actual results will likely differ, and may differ materially, from anticipated results. Financial estimates are subject to change and are not intended to be relied upon as predictions of future operating results. Those estimates and all other forward-looking statements included in this document are made only as of the date of this document, and except as otherwise required by applicable law, Merit assumes no obligation to update or disclose revisions to estimates and all other forward-looking statements.

TRADEMARKS

Unless noted otherwise, trademarks and registered trademarks used in this release are the property of Merit Medical Systems, Inc. and its subsidiaries in the United States and other jurisdictions.

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