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Merit Medical shares climb on higher 3Q earnings

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October 23, 2013 06:30 PM EST | AP


SOUTH JORDAN, Utah (AP) — Shares of Merit Medical Systems Inc. jumped in afterhours trading Wednesday after the disposable medical device maker reported better-than-expected third quarter earnings on higher sales.

The company said sales increased more than 20 percent to $115 million from $95.9 million in the prior year period ending Sept. 30. The company's net income fell 22 percent to $5.6 million, in part due to a write-down on intangible assets from an acquisition.

Excluding that $4.3 million charge, the company would have earned $10.5 million, or 25 cents per share, up from $8.5 million, or 20 cents per share.

Analysts polled by FactSet had been expecting adjusted earnings per share of 13 cents per share on sales of $110.5 million.

Company shares popped $2.03, or 14.5 percent, to $15.75 in afterhours trading, after closing earlier at $13.97.