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COPYRIGHT 2006 Business Wire
SOUTH JORDAN, Utah -- Merit Medical Systems Inc. (NASDAQ: MMSI), a manufacturer and marketer of proprietary disposable accessories used primarily in cardiology and radiology procedures, today announced financial results for the fourth quarter and fiscal year ended Dec. 31, 2005.
For the fourth quarter of 2005, the company reported record revenue of $42.7 million, a 9% increase over $39.3 million for the fourth quarter of 2004. Net income for the fourth quarter was $3.7 million, or $0.13 per share. This compares to net income of $4.3 million, or $0.16 per share, reported in the fourth quarter of 2004. Earnings per share for the fourth quarter of 2005 were negatively impacted by a reduction in gross margins due to the start up of new facilities and equipment, the increased cost of direct labor, higher overhead expenses, and new product launches; a 1.3% reduction resulting from the new procedure tray business in Richmond, Va.; and a 1.1% reduction due to the expense of the one-time adoption of SFAS No. 151, Inventory Costs. Earnings per share were also affected by the hiring of new salespeople, and increased costs relating to research and development and product introductions.
For the year ended Dec. 31, 2005, the company reported record revenue of $166.6 million, a 10% increase over $151.4 million in revenue reported for the year ended Dec. 31, 2004. In addition, the company reported net income of $15.8 million, or $0.57 per share, for calendar year 2005. This compares to net income...
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