Merit Medical Systems, Inc. (MMSI) vs Pulse Biosciences, Inc (PLSE)

Merit Medical Systems, Inc. and Pulse Biosciences, Inc are both Medical Instruments & Supplies companies. Merit Medical Systems, Inc. is the larger, with a market value of $5.4B against $3.9B — 1.4× the size. Pulse Biosciences, Inc has negative trailing earnings, so its P/E is not meaningful; Merit Medical Systems, Inc. trades at 33.2×. Pulse Biosciences, Inc grew revenue faster over the last twelve months: 90.1% against 9.06%. Merit Medical Systems, Inc. has the higher net margin (9.94% vs −5,609.4%) and the higher return on invested capital (6.87% vs −37.0%). Across the 17 metrics below, Merit Medical Systems, Inc. leads on 14 and Pulse Biosciences, Inc on 3.

Valuation

Metric MMSI PLSE Medical Instruments & Supplies median
P/E 33.20 n/m 30.28
P/S 3.31 2,558.93 2.49
P/B 3.06 20.83 2.34
Price to free cash flow 23.64 n/m 23.49
EV/EBITDA 15.50 n/m 14.87
EV/Sales 3.46 2,578.39 2.75
Earnings yield 3.01% (2.28%) 0.00%
Free cash flow yield 4.23% (5.65%) 0.59%

Profitability

Metric MMSI PLSE Medical Instruments & Supplies median
Gross margin 49.41% 26.77% 53.60%
Operating margin 13.50% (5,821.08%) 1.97%
Net margin 9.94% (5,609.44%) 0.00%
Free cash flow margin 14.01% (14,462.52%) 2.36%
Return on equity 9.78% (60.67%) 0.00%
Return on assets 5.76% (54.01%) 0.00%
Return on invested capital 6.87% (37.01%) 0.13%

Growth

Metric MMSI PLSE Medical Instruments & Supplies median
Revenue growth (TTM) 9.06% 90.08% 8.97%
EPS growth (last fiscal year) 4.93% (17.39%) 6.51%
Revenue growth, 5-year CAGR 9.48% — 8.85%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric MMSI PLSE Medical Instruments & Supplies median
Debt to equity 0.42 0.00 0.10
Current ratio 4.52 14.35 2.47
Net debt to EBITDA 0.89 1.06 0.97

Dividend

Metric MMSI PLSE Medical Instruments & Supplies median
Dividend yield — — 1.02%
Payout ratio — — 0.27

Size

Metric MMSI PLSE Medical Instruments & Supplies median
Market cap 5.37b 3.86b 1.71b

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