Merit Medical Q1 2019 Earnings Report
Reconciliation of Reported Revenue to Core Revenue (Non-GAAP), Constant Currency Revenue (Non-GAAP), and Core
Revenue on a Constant Currency Basis (Non-GAAP)
(Unaudited; in thousands except percentages)
Three Months Ended
March 31,
Reported Revenue
% Change
17.4%
2019
2018
$
238,349 $
203,035
Add: Impact of foreign exchange (a)
4,790
Constant Currency Revenue
19.8%
$
243,139 $
203,035
Reported Revenue
Less: Revenue from certain acquisitions (b)
Core Revenue
Add: Impact of foreign exchange (a)
Core Revenue on a Constant Currency Basis
Three Months Ended
March 31,
% Change
17.4%
2019
2018
$
238,349 $
203,035
(19,802)
7.6%
$
218,547 $
203,035
4,790
10.0%
$
223,337 $
203,035
(a) The constant currency revenue adjustment of $4.8 million to reported revenue and to core revenue for the three months ended March 31, 2019 was calculated using the applicable average foreign exchange rates
for the three months ended March 31, 2018.
(b) Merit's core revenue is defined (a) with respect to prior fiscal year periods, as GAAP revenue, and (b) with respect to current fiscal year periods, as GAAP revenue, less revenue from certain acquisitions and
strategic transactions. For the three-month period ended March 31, 2019, Merit's core revenue excludes revenues attributable to (i) the acquisition of (1) certain divested assets of Becton, Dickinson and Company
in February 2018 (excluded January 2019), (2) the assets of DirectACCESS Medical, LLC in May 2018, (3) Cianna Medical, Inc. in November 2018, and (4) the assets of Vascular Insights, LLC in December 2018,
and (ii) distribution arrangements executed with NinePoint Medical, Inc. in April 2018 and QXMedical, LLC in May 2018. Core revenue on a constant currency basis is defined as core revenue (as described in the
first sentence of this paragraph) adjusted to eliminate the foreign exchange impact related to those core revenues for the relevant period, using the applicable average foreign exchange rates in effect for the
comparable prior-year periods presented.
MA MERITAEDICA
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