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 $3.3B — 1.6× the size. Pulse Biosciences, Inc has negative trailing earnings, so its P/E is not meaningful; Merit Medical Systems, Inc. trades at 36.4×. Merit Medical Systems, Inc. grew revenue faster over the last twelve months: 10.2% against −23.3%. Merit Medical Systems, Inc. has the higher net margin (9.22% vs −6,755.8%) and the higher return on invested capital (6.40% vs 0.00%). Across the 17 metrics below, Merit Medical Systems, Inc. leads on 15 and Pulse Biosciences, Inc on 2.

Valuation

Metric MMSI PLSE Medical Instruments & Supplies median
P/E 36.41 n/m 33.75
P/S 3.37 2,585.22 2.52
P/B 3.17 30.79 2.48
Price to free cash flow 26.65 n/m 25.19
EV/EBITDA 16.38 n/m 14.62
EV/Sales 3.56 2,554.99 2.88
Earnings yield 2.75% (2.67%) (2.67%)
Free cash flow yield 3.75% (2.00%) 0.09%

Profitability

Metric MMSI PLSE Medical Instruments & Supplies median
Gross margin 49.51% 0.25% 54.29%
Operating margin 12.75% (7,007.76%) 1.07%
Net margin 9.22% (6,755.78%) (1.61%)
Free cash flow margin 12.65% (5,180.42%) 1.08%
Return on equity 9.19% (78.49%) (1.32%)
Return on assets 5.34% (67.90%) 0.00%
Return on invested capital 6.40% 0.00% 0.00%

Growth

Metric MMSI PLSE Medical Instruments & Supplies median
Revenue growth (TTM) 10.19% (23.25%) 8.85%
EPS growth (last fiscal year) 4.93% (17.39%) 8.65%
Revenue growth, 5-year CAGR 9.48% — 9.17%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric MMSI PLSE Medical Instruments & Supplies median
Debt to equity 0.44 0.00 0.10
Current ratio 4.20 9.63 2.48
Net debt to EBITDA 0.89 1.06 0.89

Dividend

Metric MMSI PLSE Medical Instruments & Supplies median
Dividend yield — — 1.11%
Payout ratio — — 0.27

Size

Metric MMSI PLSE Medical Instruments & Supplies median
Market cap 5.35b 3.31b 619.84m

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