8-K

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (date of earliest event reported): April 21, 2005

Merit Medical Systems, Inc.
(Exact Name of Registrant as Specified in its Charter)

Utah	0-18592	87-0447695
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(IRS Employer Identification No.)
1600 West Merit Parkway South Jordan, Utah		84095
(Address of Principal Executive Offices)		(Zip Code)

Registrant's Telephone Number, Including Area Code:
(801) 253-1600

N/A
(Former name, former address, and formal fiscal year, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)

Item 2.02 Results of Operations and Financial Condition.

        On April 21, 2005, Merit Medical Systems, Inc. ("Merit") issued a press release announcing its financial results for the quarter ended March 31, 2005. The full text of Merit's press release, together with related unaudited financial statements, is furnished herewith as Exhibit 99.1.

        The information in this Current Report on Form 8-K (including the exhibit) shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(c)

Exhibits

        99.1 Press Release Issued by Merit Medical Systems, Inc., dated April 21, 2005, entitled "Merit Medical Systems Reports Record Revenues for First Quarter 2005," together with related unaudited financial statements.

Forward-Looking Statements

        Statements contained in this release which are not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Act of 1995 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, 2004. Such risks and uncertainties include, market acceptance of new products, introduction of products in a timely fashion, product recalls, delays in obtaining regulatory approvals, or the failure to maintain such approvals, cost increases, fluctuations in and obsolescence of inventory, price and product competition, availability of labor and materials, development of new products and technology that could render the Company's products obsolete, product liability claims, modification or limitation of governmental or private insurance reimbursement, infringement of our technology or the assertion that our technology infringes the rights of other parties, foreign currency fluctuations, challenges associated with the Company's growth strategy, changes in health care markets related to healthcare reform initiatives, litigation and other factors referred to in the Company's 10-K and other reports filed with the Securities and Exchange Commission. All subsequent forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Actual results 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, and Merit assumes no obligation to update or disclose revisions to those estimates.

SIGNATURES

        Pursuant to the requirements of the Securities Exchange of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Merit Medical Systems, Inc.
Dated: April 21, 2005	By:	/s/  KENT W. STANGER Kent W. Stanger, Chief Financial Officer, Secretary and Treasurer

EXHIBIT INDEX

Exhibit Number	Description
99.1	Press Release Issued by Merit Medical Systems, Inc., dated April 21, 2005, entitled "Merit Medical Systems Reports Record Revenues for First Quarter 2005," together with related unaudited financial statements.

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Item 2.02 Results of Operations and Financial Condition.
Item 9.01. Financial Statements and Exhibits.

SIGNATURES
EXHIBIT INDEX

EX-99.1

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Exhibit 99.1

1600 West Merit Parkway    •    South Jordan, UT 84095
Telephone: 801-253-1600    •    Fax: 801-253-1688

PRESS RELEASE

FOR IMMEDIATE RELEASE

Date:	April 21, 2005
Contact:	Anne-Marie Wright, Director of Corporate Communications
Phone:	(801) 208-4167 E-mail: awright@merit.com Fax: (801) 253-1681

MERIT MEDICAL SYSTEMS REPORTS RECORD REVENUES
FOR FIRST QUARTER 2005

        SOUTH JORDAN, UTAH—Merit Medical Systems, Inc. (NASDAQ:NMS:MMSI), a leading manufacturer and marketer of proprietary disposable accessories used primarily in cardiology and radiology procedures, today reported net income of $4.1 million, or $0.15 per share, on record revenues of $40.3 million, up 7% for its quarter ended March 31, 2005. For the comparable quarter of 2004, the Company reported net income of $4.4 million, or $0.16 per share, on revenues of $37.7 million. Earnings per share for the first quarter of 2005 were negatively impacted by a one-time buy-out of a distribution agreement and severance for two employees for a total of approximately $227,000 (net of tax), or $0.01 per share.

        "Merit is actively developing the ability to provide full service in cardiology and radiology with our 'stick to stitch' strategy," said Fred P. Lampropoulos, Merit's Chairman and Chief Executive Officer. "As we plan for future growth, we continue to invest in the completion of new facilities and the introduction of many significant products this year."

        All product categories of Merit's business contributed to revenue growth in the first quarter of 2005. Compared to the first quarter of 2004, custom kit sales increased 6%; catheter sales rose 6%; inflation device sales grew 5%; stand-alone device sales went up 5%; and procedure trays, a new category, contributed more than 1% to sales.

        Gross margins were down slightly from 43.6% of sales in the first quarter of 2004 to 43.4% of sales in the first quarter of 2005, due primarily to Merit's newly acquired procedure tray business in Richmond, Virginia.

        Selling, general and administrative expenses were 24.1% of sales for the first quarter of 2005, compared with 22.7% of sales in the previous year's comparable period. The increase in the first quarter of 2005 was primarily the result of costs associated with the buy-out of a distribution agreement and severance for two employees mentioned above.

        Research and development costs for the first quarter of 2005 were 3.8% of sales, compared with 3.2% of sales for the same period last year. The increase in the first quarter of 2005 can be attributed to additional staff and expenses to support the launch of new products. Total operating expenses increased as a percentage of sales to 27.9%, compared with 25.8% for the same period of 2004.

        Merit's effective tax rate for the three-month period ended March 31, 2005 was 36.0%, compared with 36.7% for the comparable period of 2004.

        The Company's cash on hand was $28.6 million as of March 31, 2005. This cash balance is net of $4.7 million spent during the three months ended March 31, 2005 on land and construction of new facilities in South Jordan, Utah.

INCOME STATEMENT
(Unaudited, in thousands except per share data)

			Three Months Ended March 31,
			2005			2004
SALES			$	40,274		$	37,663
COST OF SALES				22,813			21,230
GROSS PROFIT				17,461			16,433
OPERATING EXPENSES
	Selling, general and administrative			9,707			8,536
	Research and development			1,547			1,191
		Total		11,254			9,727
INCOME FROM OPERATIONS				6,207			6,706
OTHER INCOME (EXPENSE)
	Litigation settlement						100
	Interest income			182			123
	Miscellaneous expense			(21	)		(16	)
		Total Other Income—net		161			207
INCOME BEFORE INCOME TAX EXPENSE				6,368			6,913
INCOME TAX EXPENSE				2,294			2,537
NET INCOME			$	4,074		$	4,376
EARNINGS PER SHARE
	Basic		$	0.15		$	0.17
	Diluted		$	0.15		$	0.16
AVERAGE COMMON SHARES
	Basic			26,506,733			26,057,803
	Diluted			27,598,050			27,771,834

BALANCE SHEET
(Unaudited in thousands)

			March 31, 2005			December 31, 2004
ASSETS
Current Assets
	Cash and cash equivalents		$	28,617		$	33,037
	Trade receivables, net			20,544			19,724
	Employee and other receivables			203			157
	Inventories			24,493			23,096
	Prepaid and other assets			741			797
	Deferred income tax assets			38			56
		Total Current Assets		74,636			76,867
Property and equipment, net				61,227			52,492
Other intangibles, net				2,767			1,990
Goodwill				5,717			5,570
Other assets				1,856			1,822
Note receivable							1,000
Deposits				137			136
Total Assets			$	146,340		$	139,877
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
	Current portion of long-term debt		$	5		$	7
	Trade payables			12,359			10,728
	Accrued expenses			7,667			8,467
	Advances from employees			146			221
	Deferred income tax liabilities			449			227
	Income taxes payable			3,237			2,273
		Total Current Liabilities		23,863			21,923
Deferred income tax liabilities				2,412			2,580
Long-term debt				5			5
Deferred compensation payable				1,918			1,702
Deferred credits				2,561			2,615
Other liabilities				138
		Total Liabilities		30,897			28,825
Stockholders' Equity
	Common stock			42,887			42,559
	Retained earnings			72,965			68,891
	Accumulated other comprehensive loss			(409	)		(398	)
		Total stockholders' equity		115,443			111,052
Total Liabilities and Stockholders' Equity			$	146,340		$	139,877

CONFERENCE CALL

        Merit Medical invites all interested parties to join its officers in its first quarter earnings conference call to be held today, April 21, 2005, at 5:00 p.m. Eastern (4:00 p.m. Central; 3:00 p.m. Mountain; and 2:00 p.m. Pacific). The telephone numbers to call are: (domestic) 866-249-2157 and (international) 303-262-2006.

        A live webcast as well as a rebroadcast of the conference call will be available at www.merit.com and www.fulldisclosure.com. To listen to the live broadcast, please enter the site 10-15 minutes prior to the call in order to download any necessary media players. To access the webcast, click on the "CCBN Webcast" logo on the lower right-hand corner of Merit's home page. The webcast will be archived on both sites. There is no other replay access to the call.

ABOUT MERIT

        Founded in 1987, Merit Medical Systems, Inc. is engaged in the development, manufacture and distribution of proprietary disposable medical accessories used in interventional and diagnostic procedures, particularly in cardiology and radiology. Merit serves client hospitals worldwide with a domestic and international sales force totaling approximately 70 individuals. Merit employs approximately 1,360 people worldwide, with manufacturing facilities in Salt Lake City and South Jordan, Utah; Santa Clara, California; Angleton, Texas; Richmond, Virginia; Maastricht, The Netherlands; and Galway, Ireland.

        Statements contained in this release which are not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Act of 1995 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, 2004. Such risks and uncertainties include, market acceptance of new products, introduction of products in a timely fashion, product recalls, delays in obtaining regulatory approvals, or the failure to maintain such approvals, cost increases, fluctuations in and obsolescence of inventory, price and product competition, availability of labor and materials, development of new products and technology that could render or products obsolete, product liability claims, modification or limitation of governmental or private insurance reimbursement, infringement of our technology or the assertion that our technology infringes the rights of other parties, foreign currency fluctuations, challenges associated with the Company's growth strategy, changes in health care markets related to healthcare reform initiatives, litigation and other factors referred to in the Company's 10-K and other reports filed with the Securities and Exchange Commission. All subsequent forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Actual results 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, and Merit assumes no obligation to update or disclose revisions to those estimates.

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MERIT MEDICAL SYSTEMS REPORTS RECORD REVENUES FOR FIRST QUARTER 2005