Financial Analysis

3. ACQUISITIONS AND OTHER STRATEGIC TRANSACTIONS 2025 Acquisitions On November 3, 2025, we entered into an asset purchase agreement with Pentax of America, Inc., a subsidiary of PENTAX Medical, Inc. (Pentax), to acquire the C2 CryoBalloon device and related technology (the C2 Acquisition). The total purchase price consists of a $19 million cash payment at closing and potential contingent payments of up to $3 million payable in 2026 upon meeting certain milestones relating to the operational transition of the acquired assets. We accounted for this transaction under the acquisition method of accounting as a business combination. Our net sales of C2 products since the date of the C2 Acquisition were approximately $1.3 million for the year ended December 31, 2025. Acquisition-related costs associated with the C2 Acquisition, which are included in selling, general and administrative expenses in the accompanying consolidated statements of income, were approximately $0.4 million for the year ended December 31, 2025. The purchase price was preliminarily allocated as follows (in thousands): Assets Acquired Inventories $ 431 Property and equipment 139 Intangible assets Developed technology 16,000 Trade names 1,200 Customer list 1,200 Goodwill 2,906 Total net assets acquired $ 21,876 We are amortizing the C2 developed technology intangible assets over 12 years, the trade name intangible assets over 12 years, and the customer list intangible asset on an accelerated basis over 12 years. W …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

10. COMMITMENTS AND CONTINGENCIES We are obligated under non-terminable operating leases for manufacturing facilities, finished good distribution centers, office space, equipment, vehicles, and land. See Note 17, Leases for disclosures regarding these operating leases. Royalties . As of December 31, 2025, we had entered into a number of agreements to license or acquire rights to certain intellectual property which require us to make royalty payments during the term of the agreements generally based on a percentage of sales. During the years ended December 31, 2025, 2024 and 2023, total royalty expense approximated $8.8 million, $8.7 million and $8.6 million, respectively, and is recorded in cost of sales on the consolidated statements of income. Minimum contractual commitments under royalty agreements to be paid within twelve months of December 31, 2025 were not significant. See Note 15, Fair Value Measurements for discussion of future royalty commitments related to acquisitions. Litigation . In the ordinary course of business, we are involved in various claims and litigation matters. These proceedings, actions and claims may involve product liability, intellectual property, contract disputes, employment, governmental inquiries or other matters, including the matter described below. These matters generally involve inherent uncertainties and often require prolonged periods of time to resolve. In certain proceedings, the claimants may seek damages as well as other compensatory …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

14. EMPLOYEE BENEFIT PLANS We have defined contribution plans covering all U.S. full-time adult employees and certain of our foreign employees. Our contributions to these plans are discretionary in certain countries, including the U.S. Total expense for contributions made to these plans for the years ended December 31, 2025, 2024 and 2023 was $10.8 million, $9.6 million and $8.8 million, respectively.

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"8. DEBT Principal balances outstanding under our long-term debt obligations as of December 31, 2025 and 2024, consisted of the following (in thousands): December 31, 2025 December 31, 2024 Convertible notes $ 747,500 $ 747,500 Less unamortized debt issuance costs (13,462) (17,949) Total long-term debt 734,038 729,551 Less current portion Long-term portion $ 734,038 $ 729,551 Future minimum principal payments on our long-term debt as of December 31, 2025, are as follows (in thousands): Year Ending Future Minimum December 31, Principal Payments 2026 $ 2027 2028 2029 747,500 Total future minimum principal payments $ 747,500 Fourth Amended and Restated Credit Agreement On June 6, 2023, we entered into a Fourth Amended and Restated Credit Agreement (the ""Fourth A&R Credit Agreement""). The Fourth A&R Credit Agreement is a syndicated loan agreement with Wells Fargo Bank, National Association and other parties. The Fourth A&R Credit Agreement amended and restated in its entirety our previously outstanding Third Amended and Restated Credit Agreement and all amendments thereto. The Fourth A&R Credit Agreement provides for a term loan of $150 million and a revolving credit commitment of up to an aggregate amount of $700 million, inclusive of sub-facilities for multicurrency borrowings, standby letters of credit and swingline loans. On June 6, 2028, all principal, interest and other amounts outstanding under the Fourth A&R Credit Agreement are payable in full. At a …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table presents sales by operating segment disaggregated based on product category and geographic region for the years ended December 31, 2025, 2024 and 2023 (in thousands). 2025 2024* 2023* United States International Total United States International Total United States International Total Cardiovascular Peripheral Intervention $ 341,941 $ 237,899 $ 579,840 $ 312,667 $ 220,103 $ 532,770 $ 280,817 $ 202,448 $ 483,265 Cardiac Intervention 187,355 261,559 448,914 147,961 220,990 368,951 143,715 212,935 356,650 Custom Procedural Solutions 128,570 80,763 209,333 122,156 77,877 200,033 113,839 79,878 193,717 OEM 182,716 22,239 204,955 166,160 33,830 199,990 154,232 32,696 186,928 Total 840,582 602,460 1,443,042 748,944 552,800 1,301,744 692,603 527,957 1,220,560 Endoscopy Endoscopy Devices 68,884 3,980 72,864 51,836 2,934 54,770 34,386 2,420 36,806 Total $ 909,466 $ 606,440 $ 1,515,906 $ 800,780 $ 555,734 $ 1,356,514 $ 726,989 $ 530,377 $ 1,257,366 *Commencing January 1, 2025, we reorganized our sales teams and product categories to include revenues from the sale of our spine devices under our OEM product category. Revenue figures for 2024 and 2023 have been recast to reflect this realignment of our portfolio of spine products, representing approximately $22.6 million and $22.4 million in revenue, respectively, within the OEM product category to provide comparability between the reported periods. …

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"12. EMPLOYEE STOCK PURCHASE PLAN, STOCK OPTIONS AND WARRANTS Our stock-based compensation primarily consists of the following plans: 2018 Long-Term Incentive Plan . In June 2018, our Board of Directors adopted and our shareholders approved, the Merit Medical Systems, Inc. 2018 Long-Term Incentive Plan, which was subsequently amended effective December 14, 2018 (the 2018 Incentive Plan) to supplement the Merit Medical Systems, Inc. 2006 Long-Term Incentive Plan (the ""2006 Incentive Plan""). The 2018 Incentive Plan provides for the granting of several types of incentive awards (collectively, Plan Awards), including stock options, stock appreciation rights, restricted stock, stock units (including restricted stock units) and performance awards (including performance stock units). Plan Awards may be granted to directors, officers, outside consultants and key employees and may be granted upon such terms and such conditions as the Compensation Committee of our Board of Directors determines. Stock options typically vest on an annual basis over a three to five-year life with a contractual life of seven years. Restricted stock units typically vest on an annual basis over one to four years. Performance stock units vest at the end of the applicable performance measurement period, which is typically a three -year period. As of December 31, 2025, approximately 1.9 million shares remained available to be issued under the 2018 Incentive Plan. 2006 Long-Term Incentive Plan . In May 2006, o …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

15. FAIR VALUE MEASUREMENTS Assets (Liabilities) Measured at Fair Value on a Recurring Basis Our financial assets and (liabilities) carried at fair value measured on a recurring basis as of December 31, 2025 and 2024, consisted of the following (in thousands): Fair Value Measurements Using Total Fair Quoted prices in Significant other Significant Value at active markets observable inputs unobservable inputs December 31, 2025 (Level 1) (Level 2) (Level 3) Money market funds (1) $ 31,285 $ 31,285 $ $ United States treasury debt securities (2) 5,230 5,230 Foreign currency contract assets, current and long-term (3) 5,608 5,608 Foreign currency contract liabilities, current and long-term (4) (4,227) (4,227) Contingent consideration liabilities (4,537) (4,537) Fair Value Measurements Using Total Fair Quoted prices in Significant other Significant Value at active markets observable inputs unobservable inputs December 31, 2024 (Level 1) (Level 2) (Level 3) Money market funds (1) $ 10,034 $ 10,034 $ $ Marketable securities (5) 92 92 Foreign currency contract assets, current and long-term (3) 7,430 7,430 Foreign currency contract liabilities, current and long-term (4) (2,907) (2,907) Contingent consideration liabilities (3,486) (3,486) (1) Our money market fund represents a bank-managed money market fund which permits daily redemptions. The fund is recorded as cash equivalents in the consolidated balance sheets. (2) The fair value of U.S. treasury debt securities are determined using q …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

5. GOODWILL AND INTANGIBLE ASSETS The changes in the carrying amount of goodwill for the years ended December 31, 2025 and 2024, are as follows (in thousands): 2025 2024 Cardiovascular Endoscopy Total Cardiovascular Endoscopy Total Goodwill balance at January 1 $ 446,514 $ 16,997 $ 463,511 $ 382,240 $ $ 382,240 Effect of foreign exchange 2,813 2,813 (1,623) (1,623) Additions and adjustments as the result of acquisitions 37,607 2,906 40,513 65,897 16,997 82,894 Goodwill balance at December 31 $ 486,934 $ 19,903 $ 506,837 $ 446,514 $ 16,997 $ 463,511 We did not have any goodwill impairments for the years ended December 31, 2025, 2024 and 2023. Total accumulated goodwill impairment losses aggregated to $8.3 million as of December 31, 2025 and 2024. Other intangible assets at December 31, 2025 and 2024, consisted of the following (in thousands): December 31, 2025 Gross Carrying Accumulated Net Carrying Amount Amortization Amount Patents $ 33,979 $ (14,760) $ 19,219 Distribution agreements 3,250 (3,069) 181 License agreements 14,590 (10,218) 4,372 Trademarks 52,556 (28,293) 24,263 Customer lists 63,775 (40,096) 23,679 Total $ 168,150 $ (96,436) $ 71,714 December 31, 2024 Gross Carrying Accumulated Net Carrying Amount Amortization Amount Patents $ 31,489 $ (12,824) $ 18,665 Distribution agreements 3,250 (2,994) 256 License agreements 11,557 (9,125) 2,432 Trademarks 47,613 (24,177) 23,436 Customer lists 57,933 (36,223) 21,710 Total $ 151,842 $ (85,343) $ 66,499 Aggregate amortizatio …

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6. INCOME TAXES The Organization for Economic Cooperation and Development (OECD) Pillar 2 global minimum tax rules, which generally provide for a minimum effective tax rate of 15%, are intended to apply for tax years beginning in 2024. On February 2, 2023, the OECD issued administrative guidance providing transition and safe harbor rules around the implementation of the Pillar 2 global minimum tax. Under a transitional safe harbor released July 17, 2023, the undertaxed profits rule top-up tax in the jurisdiction of a company's ultimate parent entity will be zero for each fiscal year of the transition period, if that jurisdiction has a corporate tax rate of at least 20%. The safe harbor transition period will apply to fiscal years beginning on or before December 31, 2025 and ending before December 31, 2026. We are closely monitoring developments and evaluating the impact these new rules are anticipated to have on our tax rate, including eligibility to qualify for these safe harbor rules. Based on the 2025 financial results and safe harbor rules, we currently do not anticipate the Pillar 2 laws to have a material impact on our effective tax rate. On July 4, 2025, the U.S. enacted a budget reconciliation package (known as the One Big Beautiful Bill Act or OBBBA) which includes a broad range of tax provisions affecting businesses. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company has included t …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

17. LEASES We have operating leases for facilities used for manufacturing, research and development, sales and distribution, and office space, as well as leases for manufacturing and office equipment, vehicles, and land. Our leases have remaining terms ranging from less than one year to approximately 24 years . A number of our lease agreements contain options to renew at our discretion for periods of up to 15 years and options to terminate the leases within one year . The lease term used to calculate right-of-use assets and lease liabilities includes renewal and termination options that are deemed reasonably certain to be exercised. Lease agreements with lease and non-lease components are generally accounted for as a single lease component. We do not have any bargain purchase options in our leases. For leases with an initial term of one year or less, we do not record a right-of-use asset or lease liability on our consolidated balance sheet. From time to time, we enter into agreements to sublease a portion of our facilities to third parties. Such sublease income is not material. We also lease certain hardware consoles to customers and record rental revenue as a component of net sales. Rental revenue under such console leasing arrangements for the years ended December 31, 2025, 2024 and 2023 was not significant. The following was included in our consolidated balance sheet as of December 31, 2025 and 2024 (in thousands): December 31, 2025 December 31, 2024 Assets Right-of-use op …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Recently Adopted Financial Accounting Standards. In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2023-09, Improvements to Income Tax Disclosures , which amends Income Taxes (Topic 740) . The FASB issued this update to improve annual basis income tax disclosures related to (1) rate reconciliation, (2) income taxes paid, and (3) other disclosures related to pretax income (or loss) and income tax expense (or benefit) from continuing operations. We adopted this ASU on January 1, 2025, and applied the amendments retrospectively to all prior periods presented in our consolidated financial statements (see Note 6, Income Taxes). The adoption of this guidance did not have an impact on our consolidated financial position, results of operations or cash flows. Recently Issued Accounting Standards. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which requires a public entity to disclose certain operating expenses disaggregated into categories, such as purchases of inventory, employee compensation, depreciation, and intangible asset amortization on an annual and interim basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The provisions within the update may be applied retrospectively for all periods presented in the financial statements. While we are st …

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2. REVENUES Disaggregation of Revenue. Our revenue is disaggregated based on reporting segment, product category and geographical region. We design, develop, manufacture and market medical products for interventional and diagnostic procedures. For financial reporting purposes, we report our operations in two operating segments: cardiovascular and endoscopy. Our cardiovascular segment consists of four product categories: peripheral intervention, cardiac intervention, custom procedural solutions, and OEM. Within these product categories, we sell a variety of products, including cardiology and radiology devices (which assist in diagnosing and treating coronary arterial disease, peripheral vascular disease and other non-vascular diseases), as well as embolotherapeutic, cardiac rhythm management, electrophysiology, critical care, breast cancer localization and guidance, biopsy, and interventional oncology and spine devices. Our endoscopy segment consists of gastroenterology and pulmonology devices which assist in the palliative treatment of expanding esophageal, tracheobronchial and biliary strictures caused by malignant tumors. The following table presents sales by operating segment disaggregated based on product category and geographic region for the years ended December 31, 2025, 2024 and 2023 (in thousands). 2025 2024* 2023* United States International Total United States International Total United States International Total Cardiovascular Peripheral Intervention $ 341,941 $ 2 …

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13. SEGMENT REPORTING AND FOREIGN OPERATIONS We report our operations in two operating segments: cardiovascular and endoscopy. Our cardiovascular segment consists of four product categories: peripheral intervention, cardiac intervention, custom procedural solutions, and OEM. Within these product categories, we sell a variety of products, including cardiology and radiology devices (which assist in diagnosing and treating coronary arterial disease, peripheral vascular disease and other non-vascular diseases), as well as embolotherapeutic, cardiac rhythm management, electrophysiology, critical care, breast cancer localization and guidance, biopsy, and interventional oncology and spine devices. Our endoscopy segment consists of gastroenterology and pulmonology devices which assist in the palliative treatment of expanding esophageal, tracheobronchial and biliary strictures caused by malignant tumors. Our chief operating decision maker is our Chief Executive Officer. Our CODM uses segment profit or loss to assess performance and allocate resources to each segment, primarily through periodic budgeting and segment performance reviews. See Note 2, Revenues to our consolidated financial statements set forth in Item 8 of this report for a detailed breakout of our sales by operating segment and product category, disaggregated between domestic and international sales. Total assets by segment are not used by the CODM to assess performance or allocate resources to the Companys segments; the …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

18. SUBSEQUENT EVENTS On January 31, 2026, Merit and Health Line International Corporation (HL) entered into an Asset Purchase Agreement (the HL Purchase Agreement), pursuant to which Merit agreed to sell certain assets relating to the Dual Cap product line to HL for a purchase price of $28 million(the Purchase Price and such transaction, the HL Transaction). Merit and HL closed the HL Transaction on February 17, 2026. Pursuant to the terms of the HL Purchase Agreement, at the closing, HL (i) paid Merit $25.5 million of the Purchase Price and (ii) held back the remaining $2.5 million of the Purchase Price for a period of 18 months following closing as security (with a right of offset) for breaches of Merits representations and warranties and certain other obligations under the HL Purchase Agreement. In order to facilitate the transition of the DualCap business from Merit to HL, at the closing of the HL Transaction, Merit and HL entered into, among other agreements, a contract manufacturing agreement and a transition and distribution services agreement, pursuant to which Merit is obligated to perform certain manufacturing, transition and distribution services to HL for a period of up to 24 months after the closing. …

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4. Acquisitions and Divestitures. Acquisitions On April 1, 2026, Merit entered into an Agreement and Plan of Merger (the View Point Agreement) by and among Merit, View Point Medical, Inc., a Delaware corporation (View Point), VPM Merger Sub Inc, a Delaware corporation, and Fortis Advisors LLC, a Delaware limited liability company. Pursuant to the terms of the View Point Agreement, on April 1, 2026, VPM Merger Sub, Inc merged with and into View Point, with View Point continuing as the surviving corporation and a wholly-owned subsidiary of Merit (the View Point Merger). The purchase consideration consisted of an upfront payment of $90 million plus working capital and other adjustments of $2.8 million in cash, plus two deferred payments of $25 million each, due on the first and second anniversaries of the View Point Merger, respectively. Such deferred payments may be subject to acceleration based on the achievement of specified sales targets prior to the first and second anniversaries and were determined to have a total fair value of $47.2 million on the acquisition date, which is recorded within accrued expenses and other long-term obligations. View Point manufactures the OneMark Detection Imaging System and OneMark Tissue Markers. We accounted for the View Point Merger as a business combination. There were no sales of the acquired products for the three and six-month periods ended June 30, 2026. It is not practical to separately report earnings related to the products acquired …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

10. Commitments and Contingencies. Litigation. In the ordinary course of business, we are involved in various claims and litigation matters. These proceedings, actions and claims may involve product liability, intellectual property, contract disputes, employment, governmental inquiries or other matters. These matters generally involve inherent uncertainties and often require prolonged periods of time to resolve. In certain proceedings, the claimants may seek damages as well as other compensatory and equitable relief that could result in the payment of significant claims and settlements and/or the imposition of injunctions or other equitable relief. For legal matters for which our management had sufficient information to reasonably estimate our future obligations, a liability representing managements best estimate of the probable loss, or the minimum of the range of probable losses when a best estimate within the range is not known, is recorded. The estimates are based on consultation with legal counsel, previous settlement experience and settlement strategies. If actual outcomes are less favorable than those estimated by management, additional expense may be incurred, which could unfavorably affect our financial position, results of operations and cash flows. The ultimate cost to us with respect to actions and claims could be materially different than the amount of the current estimates and accruals and could have a material adverse effect on our financial position, results o …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"8. Debt. Principal balances outstanding under our long-term debt obligations as of June 30, 2026 and December 31, 2025 consisted of the following (in thousands): June 30, 2026 December 31, 2025 Convertible notes $ 747,500 $ 747,500 Less unamortized debt issuance costs (11,242) (13,462) Total long-term debt 736,258 734,038 Less current portion Long-term portion $ 736,258 $ 734,038 Future minimum principal payments on our long-term debt, as of June 30, 2026, were as follows (in thousands): Year Ending Future Minimum December 31, Principal Payments Remaining 2026 $ 2027 2028 2029 747,500 Total future minimum principal payments $ 747,500 Fourth Amended and Restated Credit Agreement On June 6, 2023, we entered into a Fourth Amended and Restated Credit Agreement (the ""Fourth A&R Credit Agreement""). The Fourth A&R Credit Agreement is a syndicated loan agreement with Wells Fargo Bank, National Association and other parties. The Fourth A&R Credit Agreement amended and restated in its entirety our previously outstanding Third Amended and Restated Credit Agreement and all amendments thereto. The Fourth A&R Credit Agreement provides for a term loan of $150 million and a revolving credit commitment of up to an aggregate amount of $700 million, inclusive of sub-facilities for multicurrency borrowings, standby letters of credit and swingline loans. On June 6, 2028, all principal, interest and other amounts outstanding under the Fourth A&R Credit Agreement are payable …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table presents revenue from contracts with customers by product category and platform for the three and six-month periods ended June 30, 2026 and 2025 (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Foundational Access $ 161,786 $ 152,122 $ 312,910 $ 286,520 OEM 48,338 43,218 87,878 86,641 Procedural Solutions 27,949 31,741 54,437 60,310 Vascular Intervention 41,652 34,955 80,690 67,804 Other 1,236 346 525 1,489 Total Foundational 280,961 262,382 536,440 502,764 Therapeutic Cardiac Therapies 28,510 22,930 55,914 43,489 Endoscopy 23,647 18,400 45,339 34,951 OEM 12,797 9,735 20,276 20,877 Oncology 25,774 23,943 49,282 45,994 Renal Therapies 12,713 12,817 24,225 26,206 Vascular Intervention 34,441 32,255 69,244 63,532 Total Therapeutic 137,882 120,080 264,280 235,049 Total $ 418,843 $ 382,462 $ 800,720 $ 737,813 The following table presents revenue from contracts with customers by geographic region for the the three and six-month periods ended June 30, 2026 and 2025 (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Domestic $ 252,051 $ 227,082 $ 478,567 $ 440,646 International 166,792 155,380 322,153 297,167 Total $ 418,843 $ 382,462 $ 800,720 $ 737,813 …

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12. Stock-Based Compensation Expense. Stock-based compensation expense before income tax expense for the three and six-month periods ended June 30, 2026 and 2025 consisted of the following (in thousands) : Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Cost of sales $ 727 $ 645 $ 1,368 $ 1,273 Research and development 718 685 1,298 1,354 Selling, general and administrative 11,470 9,543 19,210 17,324 Stock-based compensation expense before taxes $ 12,915 $ 10,873 $ 21,876 $ 19,951 We recognize stock-based compensation expense (net of a forfeiture rate), for those awards which are expected to vest, on a straight-line basis over the requisite service period. We estimate the forfeiture rate based on our historical experience and expectations about future forfeitures. Nonqualified Stock Options During the six months ended June 30, 2026 and 2025, we did not grant any stock options. As of June 30, 2026, the total remaining unrecognized compensation cost related to non-vested stock options was $2.5 million, which was expected to be recognized over a weighted average period of 0.9 years. Stock-Settled Performance-Based Restricted Stock Units (Performance Stock Units) During the six-month periods ended June 30, 2026 and 2025, we granted Performance Stock Units which represented awards of up to 490,985 and 290,120 shares of Common Stock, respectively. Settlement of the Performance Stock Units into shares of Common Stock occurs at the end of the relevant perfor …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

14. Fair Value Measurements. Assets (Liabilities) Measured at Fair Value on a Recurring Basis Our financial assets and (liabilities) carried at fair value and measured on a recurring basis as of June 30, 2026 and December 31, 2025 consisted of the following (in thousands): Fair Value Measurements Using Total Fair Quoted prices in Significant other Significant Value at active markets observable inputs unobservable inputs June 30, 2026 (Level 1) (Level 2) (Level 3) Money market funds (1) $ 31,840 $ 31,840 $ $ United States treasury debt securities (2) 4,310 4,310 Foreign currency contract assets, current and long-term (3) 5,944 5,944 Foreign currency contract liabilities, current and long-term (4) (4,217) (4,217) Contingent consideration liabilities (5) (1,385) (1,385) Fair Value Measurements Using Total Fair Quoted prices in Significant other Significant Value at active markets observable inputs unobservable inputs December 31, 2025 (Level 1) (Level 2) (Level 3) Money market funds (1) $ 31,285 $ 31,285 $ $ United States treasury debt securities (2) 5,230 5,230 Foreign currency contract assets, current and long-term (3) 5,608 5,608 Foreign currency contract liabilities, current and long-term (4) (4,227) (4,227) Contingent consideration liabilities (5) (4,537) (4,537) (1) Our money market fund represents a bank-managed money market fund which permits daily redemptions. Amounts in the fund are recorded as cash equivalents in the consolidated balance sheets. (2) The fair value of …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

6. Goodwill and Intangible Assets. The change in the carrying amount of goodwill for the six-month period ended June 30, 2026 is detailed as follows (in thousands): Six Months Ended June 30, 2026 Goodwill balance at January 1 $ 506,837 Effect of foreign exchange (514) Additions and adjustments as the result of acquisitions 36,377 Disposals as the result of divestitures (2,928) Goodwill balance at June 30 $ 539,772 Total accumulated goodwill impairment losses aggregated to $8.3 million as of June 30, 2026 and December 31, 2025, respectively. We did not have any goodwill impairments for the six-month periods ended June 30, 2026 or 2025. Other intangible assets at June 30, 2026 and December 31, 2025 consisted of the following (in thousands): June 30, 2026 Gross Carrying Accumulated Net Carrying Amount Amortization Amount Patents $ 34,575 $ (15,428) $ 19,147 Distribution agreements 3,250 (3,106) 144 License agreements 14,616 (10,958) 3,658 Trademarks 53,946 (27,703) 26,243 Customer lists 63,010 (41,155) 21,855 Total $ 169,397 $ (98,350) $ 71,047 December 31, 2025 Gross Carrying Accumulated Net Carrying Amount Amortization Amount Patents $ 33,979 $ (14,760) $ 19,219 Distribution agreements 3,250 (3,069) 181 License agreements 14,590 (10,218) 4,372 Trademarks 52,556 (28,293) 24,263 Customer lists 63,775 (40,096) 23,679 Total $ 168,150 $ (96,436) $ 71,714 Aggregate amortization expense for developed technology and other intangible assets for the three and six-month periods ended Jun …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

7. Income Taxes. On July 4, 2025, the U.S. enacted a budget reconciliation package (known as the One Big Beautiful Bill Act or OBBBA) which includes a broad range of tax provisions affecting businesses. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company has included the estimated impacts of the bill in the consolidated financial statements for the six-month period ended June 30, 2026. We will continue to evaluate the full impact of these legislative changes as additional guidance and results become available. Our provision for income taxes for the three-month periods ended June 30, 2026 and 2025 was a tax expense of $12.5 million and $10.8 million, respectively, which resulted in an effective tax rate of 24.4% and 24.9%, respectively. Our provision for income taxes for the six-month periods ended June 30, 2026 and 2025 was a tax expense of $25.1 million and $18.6 million, respectively, which resulted in an effective tax rate of 23.9% and 22.9%, respectively. The decrease in the effective income tax rate for the three-month period ended June 30, 2026, when compared to the prior-year period, was primarily due to increased benefit from discrete items such as deferred compensation. The increase in the effective income tax rate for the six-month period ended June 30, 2026, when compared to the prior-year period, was primarily due to decreased benefit from discrete items such as share-based compen …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Recently Issued Accounting Standards. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which requires a public entity to disclose certain operating expenses disaggregated into categories, such as purchases of inventory, employee compensation, depreciation, and intangible asset amortization on an annual and interim basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The provisions within the update may be applied retrospectively for all periods presented in the financial statements. While we are still evaluating the specific impacts and adoption method, we anticipate this guidance will have a significant impact on our consolidated financial statement disclosures.

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3. Revenue from Contracts with Customers. We recognize revenue when a customer obtains control of promised goods. The amount of revenue recognized reflects the consideration we expect to receive in exchange for these goods. Our revenue recognition policies have not changed from those disclosed in Note 1 to our consolidated financial statements in Item 8 of the 2025 Annual Report on Form 10-K. Disaggregation of Revenue Our revenue is disaggregated based on product category, platform and geographic region. In addition to the change in segments, beginning in the first quarter of 2026, we adjusted our product categories and platforms to better reflect the clinical uses of our products. As a result of these changes, our revenue categories have been recast for the historical periods presented. We design, develop, manufacture and market medical products for interventional, diagnostic and therapeutic procedures. For financial reporting purposes, we report our operations as a single operating segment with two product categories: foundational and therapeutic. Foundational products are used primarily for access and enabling functions in vascular and other procedures, and include product platforms such as access devices, procedural solutions, original equipment manufacturer (OEM) products, and vascular intervention. Therapeutic products are devices and systems used to treat a broad array of diseases, and include product platforms such as cardiac therapies, oncology, renal therapies, vasc …

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13. Segment Reporting. Beginning in the first quarter of 2026, we report our operations as a single operating segment that consists of two product categories: foundational and therapeutic. Foundational products are used primarily for access and enabling functions in vascular and other procedures, and include product platforms such as access devices, procedural solutions, OEM products, and vascular intervention. Therapeutic products are devices and systems used to treat a broad array of diseases, and include product platforms such as cardiac therapies, oncology, renal therapies, vascular intervention, OEM products and endoscopy. See Note 3, Revenues from Contracts with Customers for a detailed breakout of our sales by product category, platform and geography. Our CODM is our Chief Executive Officer, who uses consolidated net income to measure segment profit or loss, assess performance and allocate resources, primarily through periodic budgeting and performance reviews. The CODM does not use asset information to assess performance or allocate resources. All information previously reported by segment has been recast to conform to this single segment conclusion. The following represents total segment revenue and significant segment expenses for the periods indicated (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Net sales $ 418,843 $ 382,462 $ 800,720 $ 737,813 Cost of sales standard (1) 158,509 152,052 305,525 294,856 Cost of sales othe …

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